Arcutis announces key executive promotions

WESTLAKE VILLAGE, Calif. - Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), a biopharmaceutical company specializing in immuno-dermatology treatments with a market capitalization of $1.45 billion, today announced the promotion of several key executives to bolster the growth and future prospects of the company and its ZORYVE® product line. The company has demonstrated remarkable market performance, with its stock surging over 280% year-to-date, according to InvestingPro data.

Patrick Burnett, MD, PhD, FAAD, previously Chief Medical (TASE:PMCN) Officer, has been elevated to Executive Vice President, Chief Medical Officer. Since joining Arcutis in August 2020, Dr. Burnett has successfully led the Arcutis pipeline and scientific evidence generation, including the completion of numerous Phase 3 programs and securing multiple regulatory approvals for ZORYVE in the United States and Canada. The company's commercial success is reflected in its impressive gross profit margin of nearly 90%, as reported in InvestingPro's latest financial analysis.

L. Todd Edwards, who has over 25 years of industry experience, has been promoted from Chief Commercial Officer to Executive Vice President, Chief Commercial Officer. Edwards, who joined the company in September 2023, has been credited with revamping the commercial operations and significantly growing the ZORYVE franchise.

In recognition of his strong sales performance and leadership in launching ZORYVE foam and ZORYVE cream, Kent Taylor has been promoted from Vice President of Sales to Senior Vice President of Sales. Taylor, a veteran with over two decades of experience in dermatology, joined Arcutis in late November 2023.

Frank Watanabe, President and CEO of Arcutis, expressed confidence in the promoted leaders' abilities to drive the organization forward, citing their "outstanding contributions and dedication" and their pivotal roles in the market adoption of ZORYVE.

Arcutis is known for its portfolio of FDA-approved products that address immune-mediated dermatological diseases and conditions. The company's dermatology development platform includes several clinical programs targeting inflammatory conditions such as psoriasis, atopic dermatitis, and alopecia areata.

The company's ZORYVE product line includes treatments for plaque psoriasis, atopic dermatitis, and seborrheic dermatitis, with safety information and indications specified in the full Prescribing Information.

The information in this article is based on a press release statement from Arcutis Biotherapeutics, Inc.

In other recent news, Arcutis Biotherapeutics has reported a substantial growth in its ZORYVE portfolio, with a 452% year-over-year increase in net product revenues, totaling approximately $45 million. This surge in sales is attributed to the success of ZORYVE in treating various skin conditions. The company has also announced plans to expand ZORYVE's label, expecting approvals for additional indications by mid-2025. Despite a decrease in R&D expenses, SG&A expenses have seen an uptick due to product launches and an expanded field force.

Furthermore, Arcutis Biotherapeutics has reported a 25% rise in total prescriptions for ZORYVE, with new prescriptions up by 23% quarter-over-quarter. Alongside these developments, the company has secured Medicaid coverage in several states and is in ongoing negotiations for Medicare Part B. Arcutis has expressed confidence in reaching breakeven by 2026 without the need for further equity market funding.

While Arcutis Biotherapeutics anticipates label expansion for ZORYVE to reach an additional 3.3 million patients, it also expects approvals for scalp and body psoriasis by mid-2025. The company is also planning to submit a supplemental NDA for mild to moderate atopic dermatitis in children aged 2-5 in Q1 2025. Despite potential delays, positive coverage discussions with Medicare Part D payers are anticipated.

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