Q3 2024 Krystal Biotech Inc Earnings Call Transcript
Key Points
- Krystal Biotech Inc (KRYS) reported a significant increase in net VYJUVEK revenue, reaching $83.8 million for the quarter, surpassing $250 million since its launch in August 2023.
- The company achieved a gross margin of 92%, indicating strong profitability from its operations.
- Krystal Biotech Inc (KRYS) is on track for a CHMP opinion in Europe before year-end and has secured early reimbursed access in France, reflecting strong demand for VYJUVEK.
- The company reported a positive readout for Jeune Aesthetics' KB301, showing clear efficacy signals, and plans to progress to a Phase 2 study next year.
- Krystal Biotech Inc (KRYS) ended the quarter with $694.2 million in total cash and investments, marking continued growth in its financial position.
- The company accrued $12.5 million in litigation expenses, impacting its earnings per share.
- Reimbursement approvals were modestly impacted by transient summer seasonality effects, causing some disruptions.
- The company anticipates some disruption over the holiday season, which may affect patient dosing schedules and revenue.
- There is uncertainty regarding the pricing strategy in Europe, with expectations ranging from 50% to the full US price.
- Declining compliance to weekly treatment is expected to impact revenue, as patients may cycle between treatment pauses due to wound closure.
Thank you for standing by and welcome to Krystal Biotech's third-quarter 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, Stephane Paquette, Vice President of Corporate Development. Please begin.
Good morning, and thank you all for joining today's call. Earlier today, we released our financial results for the third 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 Accounting
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