Factor Model (net +0.6)
Factor Model
net +0.6 2.1 / 10Guggenheim raises PT 27% on strong VYJUVEK ramp
Watch: Track Q1 2026 patient additions and Italy launch timing in the spring/summer. Both data points directly answer whether international revenue can replicate U.S. traction or if VYJUVEK adoption plateaus outside the U.S. market.
Guggenheim lifted its KRYS price target to $284 from $224 on February 25, maintaining its Buy rating following full-year 2025 results that show VYJUVEK generating $389.1 million in net product revenue. The gene therapy for dystrophic epidermolysis bullosa has secured over 660 U.S. reimbursement approvals and is expanding internationally — 90+ patients dosed across Germany, France, and Japan, with Italy set to launch in H2 2026. Cash position sits strong at $955.9 million, funding runway beyond profitability.
VYJUVEK's $389M annual revenue run-rate validates commercial execution in a first-mover rare disease gene therapy market. The 27% price target raise paired with sustained Buy conviction signals Guggenheim sees clear visibility to sustained growth as international expansion accelerates and reimbursement penetration deepens in the U.S. — this is a pathway to durable, profitable growth in one of biotech's most capital-efficient franchises.
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