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Mar 31, 2024
Arcutis Q1 2024 Earnings Report
Arcutis reported first quarter 2024 financial results and provided a business update.
Key Takeaways
Arcutis Biotherapeutics, Inc. reported strong first-quarter performance, driven by the successful launch of ZORYVE foam and continued growth of ZORYVE cream. Total revenues reached $49.6 million, including $21.6 million in product revenue and $28.0 million from collaboration agreements. The company's net loss was $35.4 million, and cash reserves remained strong at $404.5 million.
ZORYVE franchise achieved net product revenues of $21.6 million, with $15 million from ZORYVE cream and $6.5 million from ZORYVE foam.
Sales growth for ZORYVE franchise increased by 675% compared to Q1 2023 and 59% compared to Q4 2023.
Gross-to-net (GTN) improved, with a blended GTN in the low 60 percent range.
FDA has set a PDUFA action date of July 7, 2024, for roflumilast cream, 0.15%, for atopic dermatitis treatment.
Arcutis
Arcutis
Forward Guidance
Arcutis anticipates a transformative year in 2024, driven by the growth of ZORYVE cream and foam, a potential FDA approval for ZORYVE cream in atopic dermatitis, and a robust development pipeline.
Positive Outlook
- Potential approval of roflumilast cream for atopic dermatitis with a PDUFA date of July 7, 2024.
- Submission of sNDA for scalp and body psoriasis in Q3 2024.
- Continued growth and market penetration of ZORYVE cream for psoriasis.
- Successful launch and uptake of ZORYVE foam for seborrheic dermatitis.
- GTN improvement throughout 2024 as GTN for the cream approaches steady state.
Challenges Ahead
- Risks inherent in the clinical development process.
- Uncertainty of future commercial sales and related items that can impact net sales.
- Potential delays or rejections in regulatory approval process.
- Dependence on intellectual property and potential challenges to its defense.
- Competition from existing and future treatments.