Q2 2024 Krystal Biotech Inc Earnings Call Transcript
Key Points
- Krystal Biotech Inc (KRYS) reported a 55% increase in net product revenue for Q2 2024 compared to Q1 2024.
- The company achieved a gross margin of 91% for the quarter.
- VYJUVEK, the company's corrective therapy for DEB, has seen strong patient demand and high compliance rates.
- Krystal Biotech Inc (KRYS) is on track for launches in Europe and Japan by 2025.
- The company reported another profitable quarter with earnings of $0.54 per share.
- Krystal Biotech Inc (KRYS) accrued $12.5 million in litigation expenses, impacting EPS.
- There is a time lag of two to three weeks from insurance authorization to the first home treatment, affecting immediate revenue realization.
- The company faces challenges in converting prescriptions from community prescribers due to less familiarity with rare disease reimbursement.
- Research and development expenses increased to $15.6 million, partly due to higher R&D-related manufacturing and process optimization expenses.
- Selling, general, and administrative expenses rose to $27.6 million, driven by increased stock-based compensation and commercial-related professional services fees.
Thank you for standing by, and welcome to Krystal Biotech 's second-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 second 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 today 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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