Krystal Biotech (KRY.S.O): Vyjuvek Accrual Noise Obscures Good Demand in Germany, 3 Key Catalysts in 4Q Despite NK Data Now Early 2027. TP to $386

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Krystal Biotech (KRY.S.O): Vyjuvek Accrual Noise Obscures Good Demand in Germany, 3 Key Catalysts in 4Q Despite NK Data Now Early 2027. TP to $386

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03 Aug 2026 14:54:35 ET │ 14 pages

Krystal Biotech (KRYS.O)

Vyjuvek Accrual Noise Obscures Good Demand In Germany, 3 Key

Catalysts in 4Q Despite NK Data Now Early 2027. TP to $386

CITI'S TAKE

While KRYS delivered slightly soft 2Q26 VYJUVEK revenue of $119.2M, vs. Buy / High Risk

ours/cons of ~$123.3M/$120.8M (here), continued US/ex-US growth

points to good underlying demand. In Germany, mgmt. implied double- Price (03 Aug 26 13:04) US$299.86

digit volume growth, which clarifies a noisier revenue picture given the Target price US$386.00↑

accrual process. Once accruals roll off, likely in mid 3Q26, the future revenue

from US$378.00path will appropriately reflect underlying demand. US trends also remained

durable, with $91.6M in revenue, >730 reimbursement approvals, and >640 Expected share price return 28.7%

unique prescribers. Late-stage catalyst density remains strong with KB803 Expected dividend yield 0.0%

ocular DEB topline in 4Q26, as well as repeat-dose KB407 CF interim and

Expected total return 28.7%KB111 Hailey-Hailey interim data by YE26. NK (KB801) data timelines shifted

to early 2027, vs. prev. YE26, given additional screening to enrich for Market Cap US$8,876M

patients with stable baseline lesions and to add limited EU enrollment to

support future global rollout (more below). We view weakness as an

enhanced buying opportunity and raise our TP to $386 (+$8).

Price Performance

Topline from KB801 (NK) shifted to early 2027. The move from YE26 topline data to (RIC: KRYS.O, BB: KRYS US)

YE26 enrollment completion takes some near-term momentum out of the story, but

the KB801 thesis is fully intact.