Arcutis Biotherapeutics Stock Climbs After Blockbuster Q1 Results

Arcutis Biotherapeutics, Inc. ARQT reported its first-quarter financial results after the bell Tuesday. Here's a look at the highlights. 

The Details: Arcutis Biotherapeutics reported quarterly earnings of 32 cents per share which beat the analyst consensus estimate of losses of 73 cents.

Quarterly sales clocked in at $49.57 million, beating the analyst consensus estimate of $14.68 million by 237.66% and represented 1,680% increase over sales of $2.78 million from the same period last year.

The company reported first-quarter net product revenues for its ZORYVE franchise of $21.6 million, with $15 million for ZORYVE (roflumilast) cream 0.3%, and $6.5 million for ZORYVE (roflumilast) topical foam, 0.3%.

“Our strong performance in the first quarter, with the incredibly well-received launch of ZORYVE foam for seborrheic dermatitis, and continued growth of ZORYVE cream in psoriasis, reinforces the demand for new and novel steroid-free treatment options and physician adoption of the ZORYVE portfolio,” said Frank Watanabe, CEO of Arcutis.

“The growth of ZORYVE cream and foam, along with a July 7^th PDUFA date for ZORYVE cream as a potential treatment for atopic dermatitis, as well as our robust development pipeline, position Arcutis for a potentially transformative year in 2024.”

ARQT Price Action: According to Benzinga Pro, Arcutis Biotherapeutics shares are up 15.01% at $9.35 after-hours at the time of publication Tuesday.

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