Q1 2024 Krystal Biotech Inc Earnings Call Transcript
Key Points
- Krystal Biotech Inc (KRYS) reported a strong start to 2024, continuing the momentum from 2023 with robust demand and rapid growth in U.S. commercial launch.
- Net Visorback revenues for the quarter were $45.3 million, with total net revenues since launch now exceeding $95 million, keeping pace with top tier recent rare disease launches.
- Gross margins improved to 95% for the quarter, with expectations of maintaining margins above 90% in future quarters.
- Expansion into international markets is progressing, with successful completion of an efficacy study in Japan and ongoing regulatory processes in Europe and Japan for expected launches in 2025.
- Krystal Biotech Inc (KRYS) has a strong pipeline with multiple clinical trials underway, including advancements in treatments for solid tumors and cystic fibrosis.
- The switch to a permanent J-Code negatively impacted revenues in Q1 2024 due to the need to bridge patients with free vials, approximately costing 403 vials.
- A cybersecurity incident affecting the specialty pharmacy provider temporarily slowed down reimbursement approvals during Q1.
- Conversion times to get patients started on treatment are longer than expected, particularly in community settings where additional support is needed.
- The company faces the challenge of ensuring continuity of therapy amidst insurance verification processes and the reauthorization of the permanent J-Code.
- Despite high compliance rates, there is a noted need for flexibility as patients may occasionally miss weekly doses, which could impact overall treatment efficacy.
Thank you for standing by, and welcome to Krystal biotech's First Quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's conference is being recorded.
I would now like to hand the conference over to your host, Stéphane Paquette, Vice President of Corporate Development. Please begin.
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Good morning, and thank you all for joining today's call. Earlier today, we released our financial results for the first quarter of 2024 the press release is available on our website at www.krystalbio.com. We also filed our earnings 8-K and 10-Q with the SEC earlier today.
Joining me will be Krish Krishnan, Chairman and Chief Executive Officer; Suma Krishnan, President of Research and Development; Jennifer McDonough, Senior Vice President of Patient Access Analytics and Operations; Christine Wilson, Senior Vice President and Head of US Sales and marketing; and Kate Romano, Chief
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