Arcutis Biotherapeutics Inc. (NASDAQ: ARQT) witnessed a remarkable surge in its stock price, soaring over 6% in premarket trading on November 7, 2024. This rally was fueled by the release of the company's impressive third-quarter 2024 financial results, which showcased robust growth and a promising outlook for the biopharmaceutical firm.
The key driver behind the stock's upward momentum was the exceptional performance of Arcutis' Zarife portfolio. Sales from this portfolio skyrocketed by an astonishing 452% year-over-year and 45% quarter-over-quarter, reaching $44.8 million. This remarkable growth was underpinned by strong sales and expanded coverage for the company's innovative products.
Furthermore, Arcutis demonstrated improved profitability by achieving gross-to-net percentages in the low 50% range, a significant improvement from the previous quarter's high 50s. This development not only enhances the company's financial efficiency but also strengthens investor confidence in its long-term prospects.
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