# Arcutis Biotherapeutics, Inc. (ARQT)

> Source: Nexqual · https://nexqual.com/ARQT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Arcutis Biotherapeutics, Inc. (ARQT), nexqual.com/ARQT" · informational, not investment advice.

**Price:** USD 32.2 (+1.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.87 · day 31.35–32.5 · 52w 19.3–33.3 · market cap $4.05B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $464M, net income $28.5M (6.1% margin), free cash flow $39.2M (SEC filings).
- Valuation: P/E 141.9x, net cash $130M.
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 39.13 (range 34–48).
- Total return with dividends: 1Y +60.4% vs S&P 500 +14.9%; 5Y +49.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.17, revenue estimate $143M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $3.7M | $59.6M | $197M | $376M | $464M |
| Gross profit | $0K | $2.9M | $54.6M | $177M | $339M | — |
| Operating income | -$207M | -$302M | -$241M | -$128M | -$12.2M | $34.3M |
| Net income | -$206M | -$311M | -$262M | -$140M | -$16.1M | $28.5M |
| EPS (diluted) | -$4.18 | -$5.66 | -$3.78 | -$1.16 | -$0.13 | — |
| Free cash flow | -$176M | -$258M | -$247M | -$112M | -$6.3M | $39.2M |
| Gross margin | — | 79.5% | 91.6% | 90.3% | 90.2% | — |
| Operating margin | — | -8183.0% | -404.5% | -65.3% | -3.3% | 7.4% |
| Net margin | — | -8449.8% | -439.8% | -71.3% | -4.3% | 6.1% |
| Revenue growth | — | — | +1517.1% | +229.7% | +91.3% | — |
| Cash + short-term investments | $387M | $410M | $272M | $228M | $221M | — |
| Total debt | $72.3M | $198M | $202M | $107M | $109M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 141.9x · P/S 8.7x · EV/Sales 8.4x · P/FCF 103.4x · P/B 18.4x · FCF yield 0.97% · Earnings yield 0.70% · Net cash $130M · EV $3.92B

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 8 analysts; mean target USD 39.13 (low 34, high 48).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Guggenheim | Target raised | Buy | $38 → $44 |
| 2026-10-15 | Cantor Fitzgerald | Initiated | Overweight | $48 |
| 2026-08-06 | Morgan Stanley | Target raised | Overweight | $34 → $38 |
| 2026-08-06 | Guggenheim | Target raised | Buy | $35 → $38 |
| 2026-08-06 | Needham | Target raised | Buy | $36 → $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +60.4% | +49.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +60.6% | +8.3% |
| Volatility (annualized) | 56.9% | 72.4% |
| Max drawdown | -37.5% (Dec 2025→May 2026) | -92.6% (Aug 2022→Nov 2023) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/ARQT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ARQT's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1787306/000178730626000018/arqt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Kowa Pharmaceuticals America | "In July 2024, we entered into a promotion agreement with Kowa Pharmaceuticals America, Inc. (Kowa) to leverage Kowa's primary care sales force to exclusively market and promote ZORYVE in the United States to primary care…" |
| Partner | Jiangsu Hengrui Medicine | "In January 2018, we entered into an exclusive option and license agreement (the Hengrui License Agreement) with Jiangsu Hengrui Medicine Co., Ltd (Hengrui), whereby Hengrui granted us an exclusive option to obtain certai…" |
| Partner | Sato Pharmaceutical | "On February 27, 2024, we entered into the Sato Agreement with Sato." |
| Partner | Hangzhou Zhongmei Huadong Pharmaceutical | "In August 2023, we entered the Huadong Agreement with Huadong, pursuant to which we granted to Huadong an exclusive, sublicensable (under certain circumstances) license under certain patent rights and know-" |
| Partner | SLR Investment Corp. (SLRC) | "•our ability to satisfy the conditions, covenants, and obligations under our amended loan and security agreement with SLR Investment Corp.;" |
| Competitor | AbbVie (ABBV) | "•injected biologic therapies such as Skyrizi®, marketed by AbbVie Inc., and Bimzelex®, marketed by UCB, Inc.;" |
| Competitor | Pfizer (PFE) | "•topical therapies such as Eucrisa, marketed by Pfizer Inc.;" |
| Competitor | Johnson & Johnson (JNJ) | "In addition, there are several product candidates under development that could potentially be used to treat psoriasis and compete with ZORYVE and ARQ-234, including but not limited to: Ustekinumab biosimilars, under deve…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| ZORYVE Foam | $67.4M | 51.9% | +71.8% |
| ZORYVE Cream0.3 | $35.3M | 27.2% | +27.6% |
| ZORYVE Cream0.15 | $24.2M | 18.7% | +65.8% |
| ZORYVE Cream0.05 | $2.9M | 2.3% | — |
| Total revenue | $129.9M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 17%, 12%, 11%, 11% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Company outlook (8-K filed 2026-08-05)

- "The Company raised net product sales guidance for the full year 2026 from $480 million–$495 million to $525 million–$540 million. 3027 Townsgate Road, Suite 300 Westlake Village, CA 91361 | arcutis.com Conference Call and Webcast Arcutis management will host a conference call and webcast today at 4:30 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.17 | $0.08 | +114.9% | $142.6M | 6 |
| Next quarter (ends 2026-12-31) | $0.23 | $0.14 | +63.5% | $160.7M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.42 | $0.18 | +140.6% | $538.6M | 6 |
| Next fiscal year (ends 2027-12-31) | $1.34 | $1.13 | +18.1% | $695.7M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±11.7%; last 8 reports averaged ±9.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 51.9% | ±11.7% |
| 2026-12-18 | 56 | 56.4% | ±17.8% |
| 2027-01-15 | 84 | 47.2% | ±18.2% |
| 2027-03-19 | 147 | 57.7% | ±29.0% |
| 2027-06-17 | 237 | 55.6% | ±35.2% |