On August 3, Krystal Biotech Inc. fell 7.65% in pre-market trading, trading at $315.54/share, with turnover of $1.0 million. The decline was triggered by the company's Q2 earnings report released before market open, which revealed a revenue miss on its flagship product despite an earnings beat.

Specifically, Q2 EPS came in at $1.79, surpassing the FactSet consensus estimate of $1.62, and net income rose 43% year-over-year to $54.8 million. However, VYJUVEK global net sales totaled $119.2 million, falling short of the $122 million consensus forecast. Year-over-year revenue growth of 24% also disappointed against the 32.72% growth expectation. Notably, Q1 revenue had already reached $116.4 million, meaning sequential growth in Q2 was minimal, raising market concerns about the pace of commercial ramp for the gene therapy product.

Prior to the report, analyst sentiment had been largely bullish following strong Q1 results, with multiple firms raising forecasts. The company had also recently been elevated to the S&P MidCap 400 index and secured UK MHRA approval for VYJUVEK, reinforcing positive expectations that amplified the disappointment from the revenue shortfall.

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