July 20, 2024
Loading...
You are here:  Home  >  Banking & Finance  >  Tri-County Public Companies  >  Earnings  >  Current Article

Arcutis gearing up for active 2023

IN THIS ARTICLE

Arcutis Biotherapeutics generated sales from its first treatment during the fourth quarter of 2022, helping usher in a new era for the company.

Based in Westlake Village, Arcutis recognized $3 million in revenue for the quarter that ended Dec. 31, all of it coming from its Zoryve cream aimed to treat plaque psoriasis. For the year, revenue was $3.7 million.

During the fourth quarter, the company also secured expanded commercial payer coverage for Zoryve with the second of the top three pharmacy benefit managers in the U.S., as well as an additional national health plan.

“Arcutis’ execution in 2022 was extraordinary, setting us up very well for 2023 and beyond. We are well on our way towards building one of the industry’s leading medical dermatology companies focused on long-term growth from our broad, innovative pipeline,” Frank Watanabe, Arcutis’ president and CEO, said in a press release.

He added since June the company has delivered “four successful pivotal Phase 3 trial readouts” and has raised nearly $300 million “to bolster a strong balance sheet.”

“The momentum around the Zoryve psoriasis launch continues to build, with confirmatory feedback on our differentiated product profile and access strategy setting the foundation for commercial success in psoriasis as well as our next three indications,” he said.

Arcutis’ net loss in the fourth quarter was $72 million, in line with last fourth quarter’s $71.2 million net loss.

For the year, the company’s net loss was $311.5 million compared to $206.4 million in 2021 as Arcutis’ research and development costs rose.

Shares of Arcutis were up 3.5% on March 1, the day after its earnings release with the stock hovering above $16.60 a share.