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WESTLAKE VILLAGE, Calif. - Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw its stock jump 9.3% after reporting fourth-quarter results that beat analyst expectations, driven by robust sales growth of its flagship product ZORYVE.
The biopharmaceutical company posted adjusted earnings per share of -$0.09, surpassing the analyst consensus of -$0.28 by $0.19. Revenue for the quarter came in at $71.3 million, significantly above the $54.72 million estimate and representing a 413% increase YoY.
ZORYVE, Arcutis’ topical cream for plaque psoriasis and atopic dermatitis, generated net product revenue of $69.4 million in Q4, up 413% from the same period last year and 55% sequentially. The results included a one-time $4.1 million adjustment due to reduced product return reserves.
For the full year 2024, ZORYVE net product revenue reached $166.5 million, soaring 471% compared to 2023. The company noted that ZORYVE is now the most prescribed branded non-steroidal topical treatment across three major inflammatory skin conditions in the U.S.
"Our success in 2024 was driven by growing ZORYVE momentum, including commercial launches for two new indications for ZORYVE, and our pricing and access strategy that led to strong commercial and government reimbursement," said Frank Watanabe, President and CEO of Arcutis.
The company ended the quarter with $228.6 million in cash and equivalents. Arcutis also made a partial prepayment of $100 million on its outstanding debt in October, while retaining the ability to redraw the amount if needed.
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