Krystal outlines $400M share repurchase over 2 years as it revises 2026 non-GAAP opex to $155M-$165M

What happened: Krystal Biotech's board authorized a share repurchase program of up to $400 million, expected to be deployed over the next 2 years, and the company revised its full year non-GAAP R&D and SG&A guidance to $155 million to $165 million. Key numbers: Q3 VYJUVEK revenue $127.3 million; international revenue $32 million; Why it matters: Management said the company has flexibility to return capital to shareholders alongside global expansion and pipeline investment, and tied buyback timing to clarity on global VYJUVEK revenue, stating the intrinsic value is dislocated at the moment. Market: -11.0% today ($295.68), +19.8% YTD, 3.2x vol — as of 20:18 UTC

Krystal Biotech's board authorized a share repurchase program of up to $400 million, expected to be deployed over the next 2 years, and the company revised its full year non-GAAP R&D and SG&A guidance to $155 million to $165 million.

Management said the company has flexibility to return capital to shareholders alongside global expansion and pipeline investment, and tied buyback timing to clarity on global VYJUVEK revenue, stating the intrinsic value is dislocated at the moment. Market: -11.0% today ($295.68), +19.8% YTD, 3.2x vol — as of 20:18 UTC