Arcutis Biotherapeutics, Inc., a commercial-stage biopharmaceutical company, reported its financial results for the second quarter ended June 30, 2024. The company announced significant sales growth for its ZORYVE franchise, with net product revenues reaching $30.9 million, a 547% increase compared to the same quarter in the previous year, and a 43% increase from the first quarter of 2024. The growth was attributed to strong demand for ZORYVE cream and foam, as well as improved gross-to-net (GTN) percentages. Arcutis also entered into a co-promotion agreement with Kowa Pharmaceuticals America, Inc. to expand promotional efforts for ZORYVE. Additionally, the company submitted a Supplemental New Drug Application for ZORYVE foam for the treatment of scalp and body psoriasis. To enhance financial flexibility, Arcutis amended its...Show More

Arcutis Biotherapeutics, Inc., a commercial-stage biopharmaceutical company, reported its financial results for the second quarter ended June 30, 2024. The company announced significant sales growth for its ZORYVE franchise, with net product revenues reaching $30.9 million, a 547% increase compared to the same quarter in the previous year, and a 43% increase from the first quarter of 2024. The growth was attributed to strong demand for ZORYVE cream and foam, as well as improved gross-to-net (GTN) percentages. Arcutis also entered into a co-promotion agreement with Kowa Pharmaceuticals America, Inc. to expand promotional efforts for ZORYVE. Additionally, the company submitted a Supplemental New Drug Application for ZORYVE foam for the treatment of scalp and body psoriasis. To enhance financial flexibility, Arcutis amended its existing $200 million term-loan on favorable terms. The company's president and CEO, Frank Watanabe, highlighted the robust sales growth and the company's strategic position to drive further growth. CFO David Topper expressed satisfaction with the financial results and the amended debt agreement, which provides extended maturity and lower interest rates. Arcutis also reported on the progress of its product pipeline, including the FDA approval of ZORYVE cream 0.15% for atopic dermatitis and the ongoing development of other dermatological treatments. The company's net loss for the quarter was $52.3 million, or $0.42 per share, an improvement from the net loss of $71.0 million, or $1.16 per share, in the same period of the previous year. As of June 30, 2024, Arcutis had cash, cash equivalents, restricted cash, and marketable securities totaling $363.1 million.