Arcutis Biotherapeutics Reports Significant Revenue Growth in 2024

2025-01-12 companies

Westlake Village, Sunday, 12 January 2025.
Arcutis Biotherapeutics announces a 449% increase in 2024 product revenue, reaching $160 million, driven by strong demand for ZORYVE. Full financial results to be released February 25, 2025.

Remarkable Revenue Performance

Arcutis Biotherapeutics (NASDAQ: ARQT) has demonstrated exceptional growth in 2024, with preliminary unaudited fourth-quarter product revenue reaching approximately $63 million [1][2]. This represents a substantial increase of 366% compared to Q4 2023 and a 41% growth from Q3 2024 [1][4]. The company’s full-year 2024 product revenue is expected to hit approximately $160 million, marking a 449% increase from 2023 [1][2].

Strong Financial Position

As of December 31, 2024, Arcutis maintains a robust financial position with approximately $229 million in cash, cash equivalents, restricted cash, and marketable securities [1]. The company’s total liquidity, including available debt, stands at approximately $329 million [1]. Currently valued at $1.61 billion in market capitalization [3], Arcutis has positioned itself as a significant player in the biopharmaceutical sector, particularly in immuno-dermatology [2].

ZORYVE Success and Future Growth

The company’s impressive performance has been primarily driven by expanding demand for its ZORYVE franchise [1]. Recent developments include FDA approval for ZORYVE cream 0.15% as the first FDA-approved once-daily topical treatment for mild to moderate atopic dermatitis, announced on November 13, 2024 [2]. The company has also submitted a supplemental new drug application for ZORYVE on December 16, 2024, targeting treatment for children with mild to moderate atopic dermatitis [2].

Looking Ahead

Frank Watanabe, President and CEO of Arcutis, has expressed enthusiasm about the company’s momentum, stating their commitment to maintaining growth through product expansion and improved insurance coverage via strategic partnerships [4]. The company will release complete Q4 and full-year 2024 financial results during a conference call scheduled for February 25, 2025 [1][4]. Analyst sentiment remains positive, with HC Wainwright initiating coverage with a “buy” rating and a target price of $19.00 on December 30, 2024, while Mizuho raised their target price to $20.00 with an “outperform” rating in early January 2025 [5].

Sources

Arcutis revenues