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Arcutis Q1 2025 Earnings Report
Arcutis Biotherapeutics reported its financial results for the first quarter ended March 31, 2025, showing significant revenue growth driven by strong demand for its ZORYVE portfolio.
Key Takeaways
Arcutis Biotherapeutics delivered excellent performance in Q1 2025, with net product revenue for ZORYVE reaching $63.8 million, a 196% increase year-over-year. The company reported a net loss of $25.1 million, or $0.20 per basic and diluted share, an improvement from the $35.4 million net loss in the prior year. Demand for ZORYVE continued to grow, solidifying its position as a leading non-steroidal topical treatment.
Q1 2025 net product revenue for ZORYVE was $63.8 million, a 196% increase compared to Q1 2024.
ZORYVE maintained its position as the most prescribed branded non-steroidal topical treatment across three major inflammatory skin conditions.
The company reported a net loss of $25.1 million, or $0.20 per basic and diluted share, an improvement from the previous year.
Cash, cash equivalents, restricted cash, and marketable securities totaled $198.7 million as of March 31, 2025.
Revenue by Segment
Forward Guidance
Arcutis is confident in its continued growth in 2025 and beyond, driven by strong demand for ZORYVE, expanding coverage, upcoming catalysts, and a promising pipeline.
Positive Outlook
- Continued demand growth for ZORYVE, solidifying its position as most prescribed branded non-steroidal topical treatment.
- Broad commercial coverage and expanding Medicaid coverage for ZORYVE.
- Anticipated continued improvement in gross-to-net for ZORYVE cream 0.15% in 2025.
- May 22, 2025 PDUFA action date for ZORYVE foam 0.3% for plaque psoriasis of the scalp and body.
- Data expected in mid-2025 from Phase 1b study evaluating ARQ-255 for alopecia areata.
Challenges Ahead
- Typical first-quarter deductible resets and insurance changes impacting revenue compared to Q4 2024.
- Exclusion of non-recurring reduction in reserves for product return of $4.1 million reported in Q4 2024.
- Ongoing patent litigation against Padagis, though currently stayed.
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