Shares of Arcutis Biotherapeutics Inc. (NASDAQ: ARQT) soared over 5% on Thursday after the biopharmaceutical company reported better-than-expected financial results for the third quarter of 2024.
For Q3 2024, Arcutis Biotherapeutics posted revenue of $44.8 million, up 17% from the year-ago period. The company's net loss narrowed to $41.5 million, or $0.33 per share, compared to a net loss of $44.6 million, or $0.72 per share, in Q3 2023.
Arcutis exceeded analysts' expectations for both revenue and earnings per share. Revenue surpassed estimates by 20%, while EPS beat forecasts by 21%. Looking ahead, the company's revenue is projected to grow at an average annual rate of 35% over the next three years, outpacing the 21% growth forecast for the U.S. biotechnology industry.
The strong quarterly performance and positive outlook have fueled a rally in Arcutis Biotherapeutics' stock, which has gained around 25% over the past week. Investors appear to be taking an optimistic view on the company's prospects, driven by its robust revenue growth and improving profitability.
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