Arcutis Biotherapeutics, Inc. has announced its preliminary unaudited financial information for the fourth quarter and full-year 2024. The company's preliminary unaudited product revenue for the fourth quarter of 2024 is expected to be approximately $63 million, marking a significant increase of approximately 366% compared to the fourth quarter of 2023 and approximately 41% compared to the third quarter of 2024.
Furthermore, the preliminary unaudited product revenue for the full year 2024 is expected to be approximately $160 million, reflecting a substantial growth of approximately 449% compared to 2023. The revenue growth in the fourth quarter was attributed to strong demand for all Zoryte (roflumilast) indications, with gross-to-net (GTN) similar to the prior quarter.
In terms of financial position, the company's preliminary unaudited cash, cash equivalents, restricted cash, and marketable securities as of December 31, 2024, are expected to be approximately $229 million. Notably, the company also repaid $100 million of its long-term debt and has the option to re-draw approximately $100 million by the first half of 2026, bringing the total liquidity as of December 31, 2024, from cash, cash equivalents, restricted cash, marketable securities, and available debt to approximately $329 million.
Frank Watanabe, President and Chief Executive Officer of Arcutis, expressed excitement about the significant sales momentum and robust revenue growth driven by expanding demand for the entire Zoryte franchise. He anticipates sustained Zoryte sales growth throughout 2025 as multiple product launches gain further traction and the company secures new approvals, expands insurance coverage, and broadens access to primary care and pediatric practices through a commercial partnership with Kowa.
While the company has not completed the preparation of its financial statements for the fourth quarter or full-year 2024, the provided financial information is preliminary and unaudited, subject to the close of the quarter and year, completion of quarter-end and year-end closing procedures, and further financial review. The company plans to report complete fourth quarter and full-year 2024 financial results and provide a business update on February 25, 2025, after the U.S. financial markets close. As a result of these announcements, the company's shares have moved -0.2% on the market, and are now trading at a price of $13.79. For more information, read the company's full 8-K submission here.
