By Dean Seal
Shares of Arcutis Biotherapeutics jumped after the company offered fourth-quarter preliminary product revenue results that topped analyst expectations.
The stock was up 8% at $14.92 in premarket trading. Shares were trading at around $3.64 this time a year ago.
The commercial-stage biopharmaceutical company said on Sunday that it expects to post about $63 million in product revenue for the quarter of 2024, which would be up from $13.5 million in the same quarter a year ago and $44.8 million in the prior quarter. Analysts polled by FactSet had been projecting $57.8 million.
That would result in product revenue of about $160 million for the full year, up more than fivefold from the 2023 total, Arcutis said.
The company said revenue growth was driven by strong demand for its Zoryve skin treatment products.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 13, 2025 07:21 ET (12:21 GMT)
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