Shares of Krystal Biotech Inc. (KRYS) surged 5.85% in premarket trading on Wednesday following the company's impressive fourth quarter 2024 financial results and positive updates on its drug pipeline.
The biotech company reported a whopping 406% year-over-year increase in net income to $1.52 per diluted share for Q4, handily beating analyst estimates of $1.16. Revenue soared 116% to $91.1 million, driven by growing sales of VYJUVEK, the first-ever FDA-approved redosable gene therapy for dystrophic epidermolysis bullosa (DEB).
For the full year 2024, VYJUVEK net product revenue skyrocketed 473% to $290.5 million. Krystal ended the year with a robust balance sheet, holding $749.6 million in cash and investments to fund its ambitious drug development plans.
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