Arcutis Biotherapeutics Inc (NAS:ARQT)
$ 10.25 -0.59 (-5.44%) Market Cap: 1.20 Bil Enterprise Value: 1.15 Bil PE Ratio: 0 PB Ratio: 7.65 GF Score: 29/100
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Q2 2024 Arcutis Biotherapeutics Inc Earnings Call Transcript

Aug 14, 2024 / 08:30PM GMT
Release Date Price: $9.58 (-3.72%)

Key Points

Positve
  • Strong revenue growth with net revenues of $30.9 million, up 547% year-over-year and 43% quarter-over-quarter.
  • Successful launch and positive reception of ZORYVE cream and foam for psoriasis and seborrheic dermatitis.
  • Expansion into the primary care and pediatric space through a co-promotion deal with Kowa Pharmaceuticals.
  • Improved gross-to-net percentages, with ZORYVE cream and foam achieving high coverage rates.
  • Favorable renegotiation of debt terms with SLR, providing improved financial flexibility and reduced interest rates.
Negative
  • High SG&A expenses, which increased to $58.2 million, impacting profitability.
  • Continued reliance on prescription growth for revenue, with potential moderation in gross-to-net improvements.
  • Uncertainty around the timing of meaningful revenue contributions from the primary care and pediatric expansion.
  • Challenges in achieving broad Medicare and Medicaid coverage, with ongoing negotiations required.
  • Potential delays in pipeline developments, with specific timelines for new indications and products still uncertain.
Operator

Hello, and thank you for standing by. Welcome to our Arcutis Biotherapeutics Q2 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to turn the call over to Latha Vairavan, Vice President, Finance, and Investor Relations. You may begin.

Latha Vairavan
Arcutis Biotherapeutics Inc - Vice President, Finance and Head of Investor Relations

Thank you, Tywanda. Good afternoon, everyone, and thank you for joining us today to review our second quarter 2024 financial results and business update. Slides for today's call are available on the Investor section of the Arcutis website. On the call today are Frank Watanabe, President, and CEO; Patrick Burnett, Chief Medical Officer; Todd Edwards, Chief Commercial Officer; and David Topper, Chief Financial Officer.

I would like to remind everyone that we will be making forward-looking statements during this call. These statements are subject to certain risks and uncertainties, and our actual results may differ. We encourage you to review

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