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Dec 31, 2025
Arcutis Q4 2025 Earnings Report
Arcutis Q4 2025 Earnings Report
Key Takeaways
Arcutis achieved a significant milestone by reaching profitability and positive operating cash flow in Q4 2025, driven by an 84% year-over-year increase in ZORYVE net product revenue and improved gross-to-net pricing.
Achieved positive net income of $17.4 million and positive operating cash flow of $26.2 million in Q4.
ZORYVE net product revenue grew 84% year-over-year to $127.5 million.
Raised full-year 2026 net product revenue guidance to a range of $480 million to $495 million.
Expanded commercial footprint by assuming full responsibility for pediatric and primary care sales following the termination of the Kowa agreement.
Revenue by Segment
Forward Guidance
The company increased its 2026 outlook based on strong ZORYVE momentum and expects to maintain quarterly positive operating cash flow.
Positive Outlook
- Raised 2026 net product revenue guidance to $480M - $495M.
- Anticipates maintaining positive operating cash flow on a quarterly basis.
- Secured Medicare access for ZORYVE beginning January 2026.
- PDUFA date set for June 29, 2026, for plaque psoriasis in children down to 2 years.
- Planned sNDA submission for infants with atopic dermatitis in Q2 2026.
Challenges Ahead
- Termination of Kowa promotion agreement requires Arcutis to assume all primary care sales costs.
- Increased SG&A expenses expected due to sales force expansion.
- Ongoing R&D investment required for pipeline programs like ARQ-234.
- Potential for increased competition in the topical steroid-free market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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