Arcutis Biotherapeutics Inc. (NASDAQ: ARQT) saw its stock soar over 5% in premarket trading on November 7, 2024, following the release of its impressive third-quarter 2024 financial results. The biopharmaceutical company reported robust growth in its Zarife portfolio, driven by strong sales and expanded coverage.
The key highlights from Arcutis' Q3 2024 earnings report include: - Zarife portfolio sales grew a staggering 452% year-over-year and 45% quarter-over-quarter, reaching $44.8 million. - The company improved its gross-to-net percentages to the low 50% range, a significant improvement from the previous quarter's high 50s, indicating better profitability. - Arcutis secured Medicaid coverage in several states, representing roughly four in ten Americans, and is making progress with Medicare Part D programs.
According to Arcutis' President and CEO, Frank Watanabe, the company anticipates reaching breakeven by 2026 with its current capital and growing product revenues, without the need for additional equity financing. This positive outlook, coupled with the strong financial performance, has fueled investor confidence and contributed to the premarket surge in ARQT's stock price.
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