Arcutis Biotherapeutics
Develops ZORYVE topical treatments for plaque psoriasis, atopic dermatitis, and seborrheic dermatitis.
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Profile
Sells ZORYVE roflumilast creams and foam for plaque psoriasis, atopic dermatitis, and seborrheic dermatitis in the United States and Canada, while licensing the franchise in parts of Asia. Revenue is concentrated in ZORYVE and depends on approved labels, prescriber adoption, payer access, and third-party supply.
Develops and commercializes prescription treatments for chronic inflammatory skin diseases. The ZORYVE franchise uses once-daily topical roflumilast in cream and foam formulations for plaque psoriasis, atopic dermatitis, and seborrheic dermatitis. Products are sold in the United States and Canada, while partners hold topical-roflumilast rights in Greater China, Southeast Asia, and Japan.
Builds the franchise by extending a validated target across formulations, age groups, and indications, and is testing ZORYVE in additional skin diseases. The pipeline also includes ARQ-234, an early-stage biologic candidate for atopic dermatitis. Operations form one reportable segment and product revenue comes entirely from ZORYVE; commercialization depends on regulatory approvals and label expansions, prescriber adoption, payer coverage and reimbursement, and third-party manufacturing.
Company facts
Key statistics
Year to date −18.0% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 6, 2026 | Morgan Stanley | Reiterate | Overweight | $51 | $38 |
| Aug 6, 2026 | Guggenheim | Reiterate | Buy | $38 | |
| Feb 26, 2026 | H.C. Wainwright | Target | $30 | $34 | |
| Nov 28, 2025 | Mizuho Securities | Target | $32 | $37 | |
| Oct 30, 2025 | Goldman Sachs | Reiterate | Neutral | $37 | $29 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.06 | $0.11 | +99.7% | $118.9M | $129.9M | +9.3% | −2.47% |
| May 6, 2026Q1 FY26 | −$0.02 | −$0.09 | −350.0% | $103.7M | $105.4M | +1.7% | −14.52% |
| Feb 25, 2026Q4 FY25 | $0.03 | $0.13 | +333.3% | $113.1M | $129.5M | +14.5% | +5.78% |
| Oct 28, 2025Q3 FY25 | −$0.10 | $0.06 | +160.0% | $110.8M | $99.2M | −10.4% | +1.36% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $65.8M | $81.5M | $99.2M | $129.5M | $105.4M | $129.9M | |
| Gross profit | $57.0M | $74.0M | $90.5M | $117.8M | $95.6M | $118.9M | |
| Operating income | −$24.5M | −$14.6M | $8.5M | $18.4M | −$9.1M | $16.4M | |
| Net income | −$25.1M | −$15.9M | $7.4M | $17.4M | −$11.3M | $15.0M | |
| Diluted EPS | −$0.20 | −$0.13 | $0.06 | $0.13 | −$0.09 | $0.11 | |
| Gross margin | 86.6% | 90.8% | 91.2% | 91.0% | 90.7% | 91.6% | |
| Operating margin | -37.3% | -17.9% | 8.6% | 14.2% | -8.6% | 12.7% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $3.7M · FY23 $59.6M · FY24 $196.5M · FY25 $376.1M
Balance sheet, Jun 30, 2026Cash & short-term investments $238.6M · Total debt $114.1M · Total assets $488.5M · Shareholders' equity $220.6M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 125.08M · Float 110.19M · 88.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Suvretta Capital Management, LLC | 12.44M | 9.94% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 10.55M | 8.43% | 13F | Aug 7, 2026 |
| Frazier Life Sciences Management, L.P. | 9.87M | 7.89% | 13F | Aug 14, 2026 |
| Rubric Capital Management LP | 8.27M | 6.61% | 13F | Aug 14, 2026 |
| Polar Capital Holdings Plc | 6.61M | 5.28% | 13G | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Terrie Curran | director | −27,052 | $25.03 |
| Aug 20, 2026 | Terrie Curran | director | −1,072 | $26.04 |
| Aug 19, 2026 | Patrick Burnett | officer: See Remarks | −1,697 | $27.00 |
| Aug 17, 2026 | Howard G. Welgus | director | −4,730 | $26.18 |
| Aug 12, 2026 | Patrick Burnett | officer: See Remarks | −6,700 | $26.08 |
Peers
- Organon
Direct topical non-steroidal rival through VTAMA
- Incyte
Topical JAK alternative in atopic dermatitis
- AbbVie
Scale immunology rival across psoriasis and AD
- Pfizer
Older topical PDE4 option for mild-to-moderate AD
- Regeneron
Biologic benchmark in moderate-to-severe AD
- Amgen
Oral PDE4 competitor in plaque psoriasis
- Bristol-Myers Squibb
Oral TYK2 option for systemic psoriasis care
- Eli Lilly
Biologic competitor in AD and psoriasis pathways
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Arcutis Biotherapeutics | $23.74 | −0.13% | $2.97B | 114.1 | 30.3 | 6.4 | +59.3% |
| Organon | $13.76 | 0.00% | $3.61B | 17.9 | 3.9 | 0.6 | −2.3% |
| Incyte | $124.37 | −0.03% | $25.21B | 15.8 | 43.0 | 4.3 | +37.7% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Pfizer | $27.95 | −0.04% | $159.36B | 36.9 | 10.0 | 2.5 | +2.6% |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| Amgen | $430.27 | −0.49% | $233.38B | 26.9 | 18.4 | 6.1 | +9.7% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Median | 23.3 | 15.0 | 4.8 | +9.9% |