Arcutis Biotherapeutics (ARQT) Q4 2025 earnings summary

Executive summary

• Achieved robust growth in 2025, with net product revenues reaching $372.1M, up 123% year-over-year, driven by ZORYVE's strong adoption across all approved indications and age groups.

• ZORYVE became the #1 branded non-steroidal topical, capturing ~45% share of its segment across three approved indications.

• Expanded ZORYVE's label with two new FDA approvals: foam for scalp/body psoriasis (12+) and cream for atopic dermatitis in children (2–5), plus sNDA submission for psoriasis in children (2–5).

• Completed enrollment and reported positive top-line results for the INTEGUMENT-INFANT phase 2 trial in infants with atopic dermatitis, supporting further label expansion; sNDA planned for Q2 2026.

• Expanded dermatology salesforce by 20% and began building a targeted primary care/pediatric sales team to drive further growth.

Financial highlights

• Q4 2025 net product revenues were $127.5M, up 84% year-over-year and 29% sequentially from Q3; full-year 2025 net product revenues reached $372.1M, a 123% increase over 2024.

• Q4 2025 net income was $17.4M, compared to a net loss of $10.8M in Q4 2024 and $7.4M in Q3 2025.

• Full-year 2025 net loss narrowed to $16.1M from $140M in 2024, reflecting strong revenue growth outpacing expense increases.

• Achieved positive cash flow in Q4 2025, with $221.3M in cash and marketable securities at year-end.

• Total Q4 2025 revenues were $129.5M, up from $71.4M in Q4 2024; full year revenues were $376.1M, up from $196.5M in 2024.

Outlook and guidance

• Raised 2026 full-year net product revenue guidance to $480M–$495M, up from prior $455M–$470M.

• Expect positive cash flow on a quarterly basis throughout 2026, despite increased investments in salesforce and pipeline.

• Anticipate typical Q1 seasonality with lower revenues due to deductible resets, but expect sequential growth through the year.

• Investments in expanded salesforce and primary care/pediatric outreach expected to impact results in the second half of 2026.

• Plan to reinvest ZORYVE proceeds into franchise and pipeline.