[2Q26 EPS Preview] KYRS Solid Base with Ex-US for Growth; NK Likely Larger Oppy

研报英文原文证据摘录

[2Q26 EPS Preview] KYRS Solid Base with Ex-US for Growth; NK Likely Larger Oppy

USA | Biotechnology

Krystal Biotech EquityJulyResearch10, 2026

TARGET | ESTIMATE CHANGE[2Q26 EPS Preview] KYRS Solid Base with Ex-US

RATING BUYfor Growth; NK Likely Larger Oppy

PRICE $371.24^

We caught up w/ mgmt ahead of Q2 EPS. KRYS's NT focus remains steady US

penetration + ex-US expansion. Mgmt reiterated ~60% target is within reach/ PRICE TARGET | % TO PT $474.00 ($399.00) | +28%

should not represent a ceiling; ex-US launches continue to progress ahead of 52W HIGH-LOW $382.54 - $130.50

expectations, although NT rev remains influenced by country-specific pricing FLOAT (%) | ADV MM (USD) 88.0% | 126.11

dynamics. Pipeline execution on track w/ oDEB/NK pivotal data by 4Q/YE26. MARKET CAP $10.9B

We increase PT to $474, given updated findings on higher-than-expected NK TICKER KRYS ^Prior trading day's closing price unless otherwise

market oppy. noted.

Bottom line. Stock has re-rated post Q1 EPS (↑30+%), as investors are more comfortable FY (Dec) CHANGE TO JEFe JEF vs CONS

with durability of US Vyjuvek build/gain confidence in the ex-US opportunity. For 2Q, we expect 2026 2027 2026 2027

another solid result of commercial execution supported by sustained US demand/growing ex-US REV <-1% -2% NA NA

contributions, though pt demand vs. GN pricing accrual adjustments could create some ex-US

EPS <-1% -3% NA NA

volatility vs. strong 1Q with partial free price. Long-term, we stay focused on three key value drivers:

1) continued US penetration expansion beyond 60%, 2) meaningful ex-US revenue contribution as

2026 ($) Q1A Q2 Q3 Q4 FY

pricing negotiations mature, and 3) a pipeline that could generate meaningful upside, starting with

EPS 1.91 1.47 1.69 2.12 7.19