Arcutis Biotherapeutics (ARQT)


Market Price (10/20/2026): $32.22 | Market Cap: $4.2 BilSector: Health Care | Industry: Biotechnology

Arcutis Biotherapeutics (ARQT)


Market Price (10/20/2026): $32.22
Market Cap: $4.2 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, and Dermatological Drug Development.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 96x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 106x, P/EPrice/Earnings or Price/(Net Income) is 146x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7%

Key risks
ARQT key risks include [1] heavy product concentration on its ZORYVE franchise, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Targeted Therapies, and Dermatological Drug Development.
2 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 96x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 106x, P/EPrice/Earnings or Price/(Net Income) is 146x
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7%
6 Key risks
ARQT key risks include [1] heavy product concentration on its ZORYVE franchise, Show more.

ARQT in ETFs

Weight = ARQT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.11%
IJR0.18%
XBI0.80%
SLYG0.37%
IJT0.32%
IBB0.21%
+10 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/19/2026

Arcutis Biotherapeutics (ARQT) stock has gained about 20% since 6/30/2026 because of the following key factors:

1. Arcutis Biotherapeutics reported strong financial results for fiscal Q2 2026 and subsequently raised its full-year revenue guidance. The company announced an Earnings Per Share (EPS) of $0.11 on August 5, 2026, significantly surpassing analysts' consensus estimates of $0.05 by 120%. Additionally, Q2 2026 revenue reached $129.9 million, exceeding estimates of $118.85 million. Following these results, Arcutis increased its full-year 2026 net product sales guidance to a range of $525 million to $540 million, up from the previous range of $480 million to $495 million, signaling robust commercial momentum.

2. The company’s flagship product, Zoryve, demonstrated strong sales growth and expanded its market reach. Zoryve (roflumilast) cream continues to be a primary growth driver, maintaining market leadership in branded topical treatments for plaque psoriasis and seborrheic dermatitis. In June 2026, the U.S. Food and Drug Administration (FDA) approved Zoryve cream 0.3% for children as young as two years old with plaque psoriasis, marking the company's seventh FDA approval since 2022. This expansion into a younger patient demographic and existing strong demand contributed to increased investor confidence.

Show more
Updated on 10/19/2026

Arcutis Biotherapeutics (ARQT) stock has gained about 20% since 6/30/2026 because of the following key factors:

1. Arcutis Biotherapeutics reported strong financial results for fiscal Q2 2026 and subsequently raised its full-year revenue guidance. The company announced an Earnings Per Share (EPS) of $0.11 on August 5, 2026, significantly surpassing analysts' consensus estimates of $0.05 by 120%. Additionally, Q2 2026 revenue reached $129.9 million, exceeding estimates of $118.85 million. Following these results, Arcutis increased its full-year 2026 net product sales guidance to a range of $525 million to $540 million, up from the previous range of $480 million to $495 million, signaling robust commercial momentum.

2. The company’s flagship product, Zoryve, demonstrated strong sales growth and expanded its market reach. Zoryve (roflumilast) cream continues to be a primary growth driver, maintaining market leadership in branded topical treatments for plaque psoriasis and seborrheic dermatitis. In June 2026, the U.S. Food and Drug Administration (FDA) approved Zoryve cream 0.3% for children as young as two years old with plaque psoriasis, marking the company's seventh FDA approval since 2022. This expansion into a younger patient demographic and existing strong demand contributed to increased investor confidence.

3. Positive analyst coverage and increased price targets fueled investor optimism. Cantor Fitzgerald initiated coverage with an "Overweight" rating and a price target of $48, citing strong Zoryve sales and expansion opportunities. Similarly, Guggenheim raised its price target to $44 from $38 while maintaining a "Buy" recommendation, reflecting increased conviction for 2027. Jefferies also reiterated a "Buy" rating, pointing to strong quarter-over-quarter growth in Zoryve prescriptions in fiscal Q3 2026.

4. The stock exhibited strong market momentum, reaching a new 52-week high. Arcutis Biotherapeutics shares surged, closing at $31.89 on October 19, 2026, after hitting a new 52-week high of $32.985. This represented an almost 11% gain on that day and followed a robust 10% increase from the previous Thursday, indicating sustained investor enthusiasm and positive market sentiment for ARQT's prospects.

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Stock Movement Drivers

Fundamental Drivers

The 21.6% change in ARQT stock from 6/30/2026 to 10/19/2026 was primarily driven by a 11.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610192026Change
Stock Price ($)26.2231.8921.6%
Change Contribution By: 
Total Revenues ($ Mil)41646411.6%
P/S Multiple8.29.09.9%
Shares Outstanding (Mil)129131-0.9%
Cumulative Contribution21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/19/2026
ReturnCorrelation
ARQT21.6% 
Market (SPY)2.6%6.6%
Sector (XLV)10.7%27.8%

Fundamental Drivers

The 35.4% change in ARQT stock from 3/31/2026 to 10/19/2026 was primarily driven by a 23.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610192026Change
Stock Price ($)23.5631.8935.4%
Change Contribution By: 
Total Revenues ($ Mil)37646423.4%
P/S Multiple8.09.011.6%
Shares Outstanding (Mil)128131-1.7%
Cumulative Contribution35.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/19/2026
ReturnCorrelation
ARQT35.4% 
Market (SPY)18.2%22.2%
Sector (XLV)20.3%26.9%

Fundamental Drivers

The 69.2% change in ARQT stock from 9/30/2025 to 10/19/2026 was primarily driven by a 76.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510192026Change
Stock Price ($)18.8531.8969.2%
Change Contribution By: 
Total Revenues ($ Mil)26346476.1%
P/S Multiple9.19.0-1.3%
Shares Outstanding (Mil)127131-2.7%
Cumulative Contribution69.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/19/2026
ReturnCorrelation
ARQT69.2% 
Market (SPY)16.0%24.2%
Sector (XLV)27.8%22.2%

Fundamental Drivers

The 500.6% change in ARQT stock from 9/30/2023 to 10/19/2026 was primarily driven by a 3880.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310192026Change
Stock Price ($)5.3131.89500.6%
Change Contribution By: 
Total Revenues ($ Mil)124643880.3%
P/S Multiple28.09.0-67.9%
Shares Outstanding (Mil)61131-52.9%
Cumulative Contribution500.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/19/2026
ReturnCorrelation
ARQT500.6% 
Market (SPY)85.5%27.0%
Sector (XLV)42.9%27.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ARQT Return-26%-29%-78%331%108%-1%2%
Peers Return23%20%15%7%31%20%186%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
ARQT Win Rate42%58%42%67%67%50% 
Peers Win Rate57%63%57%57%60%64% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ARQT Max Drawdown-59%-48%-89%-42%-28%-35% 
Peers Max Drawdown-22%-19%-22%-26%-27%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: INCY, AMGN, ABBV, LLY, REGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/19/2026 (YTD)

How Low Can It Go

EventARQTS&P 500
2024 Yen Carry Trade Unwind
  % Loss-13.5%-7.8%
  % Gain to Breakeven15.5%8.5%
  Time to Breakeven7 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-82.5%-9.5%
  % Gain to Breakeven470.1%10.5%
  Time to Breakeven89 days24 days
2023 SVB Regional Banking Crisis
  % Loss-55.4%-6.7%
  % Gain to Breakeven124.1%7.1%
  Time to Breakeven660 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.9%-24.5%
  % Gain to Breakeven58.5%32.4%
  Time to Breakeven161 days427 days
2020 COVID-19 Crash
  % Loss-30.4%-33.7%
  % Gain to Breakeven43.7%50.9%
  Time to Breakeven2 days140 days

Compare to INCY, AMGN, ABBV, LLY, REGN

In The Past

Arcutis Biotherapeutics's stock fell -6.1% during the 2025 US Tariff Shock. Such a loss loss requires a 6.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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EventARQTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-82.5%-9.5%
  % Gain to Breakeven470.1%10.5%
  Time to Breakeven89 days24 days
2023 SVB Regional Banking Crisis
  % Loss-55.4%-6.7%
  % Gain to Breakeven124.1%7.1%
  Time to Breakeven660 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.9%-24.5%
  % Gain to Breakeven58.5%32.4%
  Time to Breakeven161 days427 days
2020 COVID-19 Crash
  % Loss-30.4%-33.7%
  % Gain to Breakeven43.7%50.9%
  Time to Breakeven2 days140 days

Compare to INCY, AMGN, ABBV, LLY, REGN

In The Past

Arcutis Biotherapeutics's stock fell -6.1% during the 2025 US Tariff Shock. Such a loss loss requires a 6.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Arcutis Biotherapeutics (ARQT)

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Arcutis Biotherapeutics (ARQT) is a biopharmaceutical company focused on the development and commercialization of new treatments for various dermatological diseases. Headquartered in Westlake Village, California, the company aims to address unmet medical needs for patients with common and often chronic skin conditions by developing innovative topical therapies.

The company's primary product candidate is ARQ-151, a topical roflumilast cream, which has successfully completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis. Arcutis also has a pipeline of other topical formulations, including ARQ-154, a roflumilast foam designed for seborrheic dermatitis and scalp psoriasis. Additionally, ARQ-252, a selective topical janus kinase type 1 inhibitor, is in development for hand eczema and vitiligo, with ARQ-255 being a related formulation targeting alopecia areata.

Arcutis Biotherapeutics serves patients afflicted with a range of dermatological conditions that include, but are not limited to, plaque psoriasis, atopic dermatitis (eczema), seborrheic dermatitis, hand eczema, vitiligo, and alopecia areata. By targeting these specific skin disorders, the company seeks to provide advanced topical solutions to improve the lives of these patient populations.

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Here are 1-3 brief analogies for Arcutis Biotherapeutics (ARQT):

  • Like AbbVie, but exclusively focused on developing topical treatments for skin diseases.
  • Imagine Johnson & Johnson, but purely dedicated to prescription dermatology.

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  • ARQ-151: A topical roflumilast cream for the treatment of plaque psoriasis and atopic dermatitis.
  • ARQ-154: A topical foam formulation of roflumilast for the treatment of seborrheic dermatitis and scalp psoriasis.
  • ARQ-252: A selective topical janus kinase type 1 inhibitor developed for hand eczema and vitiligo.
  • ARQ-255: A topical formulation of ARQ-252 designed to reach deeper into the skin to treat alopecia areata.

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Arcutis Biotherapeutics (ARQT) is a biopharmaceutical company that develops and commercializes prescription treatments for dermatological diseases. As such, it sells its products primarily to other companies within the pharmaceutical supply chain, rather than directly to individual patients.

The major customers for a biopharmaceutical company like Arcutis typically include large drug wholesalers and distributors, which then supply pharmacies, hospitals, and clinics. While specific contractual details are not publicly disclosed, the primary "major customers" for a company commercializing pharmaceutical products in the United States would be the major pharmaceutical wholesalers. These companies purchase drugs in bulk from manufacturers and distribute them to points of care.

The major customer companies that Arcutis Biotherapeutics would likely sell its products to are:

  • McKesson Corporation (Symbol: MCK)
  • AmerisourceBergen Corporation (Symbol: ABC)
  • Cardinal Health, Inc. (Symbol: CAH)

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Frank Watanabe, President and Chief Executive Officer

Mr. Watanabe has served as the President of Arcutis since 2016 and Chief Executive Officer since 2017. Prior to joining Arcutis, he was the co-founder and Chief Operating Officer of Kanan Therapeutics, a cardiovascular drug development company, and previously served as Vice President of Strategy and Corporate Development at Kythera Biopharmaceuticals. He held executive roles at Amgen Inc. from 2005 to 2013, and at Eli Lilly and Company starting in 1996. Mr. Watanabe also served as an official in the U.S. government and was a commissioned officer in the U.S. Navy Reserves for 25 years. He has served on the board of Amunix Pharmaceuticals.

Latha Vairavan, Chief Financial Officer

Ms. Vairavan was promoted to Chief Financial Officer in May 2025, overseeing all financial operations for Arcutis. She joined Arcutis in 2020 and has held positions of increasing responsibility, including Executive Director of Financial Planning and Analysis and Vice President, Finance and Corporate Controller. With over 20 years of finance and accounting experience in the biotech industry, Ms. Vairavan previously spent 12 years at Amgen, where she held various finance roles, ultimately serving as finance director for U.S. value and access. She began her career as a financial consultant with KPMG and Arthur Andersen.

Patrick Burnett, MD, PhD, FAAD, Executive Vice President, Chief Medical Officer

Dr. Burnett was promoted to Executive Vice President, Chief Medical Officer in December 2024 and joined Arcutis in August 2020. A dermatologist, he previously served as Chief Medical Officer at Verrica Pharmaceuticals since April 2018. Prior to that, Dr. Burnett was Associate Vice President of Clinical Development at Sun Pharmaceuticals from September 2015 to March 2018, where he oversaw the dermatology and rheumatology pipeline, and was a Global Program Medical Director at Novartis from 2010 to August 2015.

L. Todd Edwards, Executive Vice President, Chief Commercial Officer

Mr. Edwards was promoted to Executive Vice President, Chief Commercial Officer in December 2024 and joined Arcutis in September 2023. He brings over 25 years of experience in sales, marketing, market access, and general management. Before Arcutis, he was Group Vice President and Business Unit Head of Immunology at Incyte, where he led the successful launch and commercialization of a topical JAK inhibitor for atopic dermatitis. Mr. Edwards also spent nearly eight years at UCB as Senior Vice President and Head of Global Immunology Operations and Strategy, and held senior roles at AbbVie and TAP Pharmaceuticals.

Todd Tucker, Chief Human Resources Officer

Mr. Tucker serves as the Chief Human Resources Officer at Arcutis, having joined the company in July 2020 as Executive Director of HR. Prior to Arcutis, he was the Senior Director of Total Rewards at Atara Biotherapeutics. He also held the role of Senior Director and Head of Human Resources at Sienna Biopharmaceuticals, where he established and led the human resources function during the company's transition from a private to a publicly traded entity.

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Key Risks to Arcutis Biotherapeutics (ARQT)

  1. Reliance on ZORYVE (roflumilast) and Pipeline Success: Arcutis Biotherapeutics' financial performance and competitive position are heavily dependent on the successful commercialization of its lead product, ZORYVE (roflumilast), and the development and regulatory approval of its other pipeline candidates. Setbacks such as delays in regulatory approvals, failure to achieve market acceptance, or intense competition for ZORYVE or its other product candidates could significantly impact the company. Several sources highlight that the company's valuation is largely tied to its overall pipeline, and its heavy dependence on the ZORYVE franchise is considered a primary business risk.
  2. Financial Viability and High Operating Expenses: Arcutis Biotherapeutics faces ongoing financial challenges, including a significant accumulated deficit and persistent net losses, driven by substantial expenses related to research, development, and commercialization efforts. The company anticipates continuing to incur losses and significant expenses as it advances its product candidates and expands the market reach of ZORYVE. Its reliance on capital markets for additional financing to support operations and strategic initiatives poses a risk; an inability to secure necessary funds could lead to operational constraints.
  3. Intense Industry Competition and Regulatory Hurdles: The biopharmaceutical industry, particularly in dermatology, is highly competitive, with Arcutis contending against larger companies possessing more substantial resources. Furthermore, the company's product candidates must navigate complex and evolving regulatory landscapes. Delays or denials in regulatory approvals for new indications or pipeline drugs could hinder commercialization efforts and impact the company's ability to bring new therapies to market.

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Arcutis Biotherapeutics (ARQT) focuses on developing and commercializing treatments for various dermatological diseases. The addressable markets for their main product candidates are as follows:

  • ARQ-151 (roflumilast cream) for Plaque Psoriasis: The U.S. plaque psoriasis market size was approximately USD 14,000 million in 2023. The global plaque psoriasis treatment market was expected to be worth USD 18.0 billion in 2022 and projected to grow at a 10.0% CAGR from 2023 to 2029.
  • ARQ-151 (roflumilast cream) for Atopic Dermatitis: The global atopic dermatitis drugs market size was estimated at USD 17.64 billion in 2024 and is projected to reach USD 29.88 billion by 2030. In the U.S., the atopic dermatitis drugs industry generated USD 4.7 billion in 2023.
  • ARQ-154 (roflumilast foam) for Seborrheic Dermatitis: The global seborrheic dermatitis market size was valued at USD 2.95 billion in 2024 and is expected to reach USD 6.80 billion by 2032.
  • ARQ-154 (roflumilast foam) for Scalp Psoriasis: While a specific market size for scalp psoriasis alone was not available, it is a form of psoriasis. Plaque psoriasis, the most common type of psoriasis, accounts for 80%-90% of all psoriasis cases. The market for scalp psoriasis is therefore encompassed within the broader psoriasis or plaque psoriasis market, as noted above.
  • ARQ-252 (selective topical janus kinase type 1 inhibitor) for Hand Eczema: The 7 major chronic hand eczema markets (United States, Germany, France, Italy, Spain, United Kingdom, and Japan) reached a value of USD 12.6 Billion in 2024. The chronic hand eczema market size in the U.S. accounted for nearly USD 431 million in 2023.
  • ARQ-252 (selective topical janus kinase type 1 inhibitor) for Vitiligo: The market size for vitiligo in the 7MM (United States, EU4 countries, United Kingdom, and Japan) was found to be USD 1.1 billion in 2024. The United States accounted for approximately 61% of this total market size in 2024.
  • ARQ-255 (topical formulation of ARQ-252) for Alopecia Areata: The global alopecia areata market size is calculated at USD 3.32 billion in 2024 and is expected to be worth USD 6.92 billion by 2034. In the U.S., the alopecia areata market size was around USD 202 million in 2023.

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Arcutis Biotherapeutics (ARQT) is expected to drive future revenue growth over the next two to three years through several key initiatives centered around its flagship product, ZORYVE (roflumilast), and its expanding pipeline.

Here are the expected drivers of future revenue growth:

  1. Continued Robust Growth of ZORYVE Across Approved Indications: Arcutis anticipates sustained and significant sales growth for its ZORYVE portfolio (cream and foam formulations) for already approved indications, including plaque psoriasis, atopic dermatitis, and seborrheic dermatitis. The company has provided strong full-year net product sales guidance for 2026, initially ranging from $455 million to $470 million, which was later raised to between $480 million and $495 million. ZORYVE is strategically positioned as a leading non-steroidal topical treatment, aiming to capture market share from traditional topical corticosteroids.
  2. Expansion of ZORYVE into New Patient Populations and Indications: A significant driver will be the expansion of ZORYVE's label to new age groups and additional dermatological conditions. The FDA approved ZORYVE cream 0.05% for atopic dermatitis in children as young as two years old in October 2025, broadening its addressable market. Additionally, a supplemental New Drug Application (sNDA) for ZORYVE cream 0.3% for plaque psoriasis in children aged 2 to 5 years has a Prescription Drug User Fee Act (PDUFA) target action date of June 2026. The company also expects to submit an sNDA for ZORYVE cream 0.05% for infants with atopic dermatitis in Q2 2026, following positive Phase 2 trial results. Beyond these, Arcutis is exploring new indications with Phase 2 proof-of-concept studies for ZORYVE foam in vitiligo and hidradenitis suppurativa, with potential advancement decisions in late 2026 and early 2027, respectively.
  3. Enhanced Commercialization and Market Access Efforts: Arcutis is investing in its commercial capabilities to deepen the adoption of ZORYVE. This includes a targeted approximately 20% expansion of its dermatology sales force in 2026 to optimize prescriber targeting and call frequency. Furthermore, the company has secured Medicare access for ZORYVE beginning January 2026, providing non-preferred access for about one in three Medicare patients. Arcutis is also taking over direct sales and promotion of ZORYVE in pediatric and primary care settings with a dedicated sales team, following the termination of a promotion agreement with Kowa. Improved gross-to-net pricing and strong reimbursement rates are also contributing factors.
  4. Advancement of the Pipeline Beyond Roflumilast: While ZORYVE remains the primary focus, Arcutis is also advancing its pipeline with new molecules. The company initiated a Phase 1a/1b clinical study for ARQ-234, a CD200R agonist, in healthy volunteers and adults with atopic dermatitis in March 2026. Although early-stage, this program represents a potential future revenue stream beyond the roflumilast franchise and could contribute to diversifying the company's product offerings and reducing its reliance on a single product over the longer term.

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Share Repurchases

No information available on share repurchase programs or actual repurchases within the last 3-5 years.

Share Issuance

  • In February 2021, Arcutis announced an underwritten public offering of $150.0 million of its common stock.
  • In February 2026, the company filed an omnibus shelf registration for multiple securities, establishing flexible funding tools for future needs.

Inbound Investments

No specific large inbound investments by third-parties were identified within the last 3-5 years.

Outbound Investments

No information available on outbound investments or acquisitions made by Arcutis Biotherapeutics.

Capital Expenditures

  • Capital expenditures for the last 12 months (prior to March 2026) were approximately -$686,000.
  • In Q4 2025, capital expenditures were reported as $0.
  • Capital investments are generally focused on long-term assets and infrastructure to support the company's research and development efforts and commercialization of dermatological treatments.

Better Bets vs. Arcutis Biotherapeutics (ARQT)

Peer Outperformance in Biotechnology

ARQT has outperformed 85% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that ARQT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
82%
of 452 industry peers · 52.7% return
3Y
98%
of 398 industry peers · 1193.7% return
5Y
85%
of 363 industry peers · 45.1% return
No Biotechnology peer with a comparable growth profile has beaten ARQT by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is ARQT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 17.3%53.8%104.1% CAH 475% · MCK 411% · COR 199%
Health Care Services 20 17.9%38.1%10.3% HIMS 241% · RDNT 138% · DGX 78%
Managed Health Care 8 39.2%-2.4%5.5% OSCR 111% · HQY 42% · ELV 18%
Health Care Facilities 24 2.2%14.6%2.5% THC 313% · NHC 286% · EHC 137%
Health Care Equipment 50 -2.9%2.7%-12.1% UFPT 363% · GKOS 264% · TMDX 164%
Pharmaceuticals 61 -10.6%2.1%-33.0% LQDA 878% · KNSA 625% · CORT 471%
Health Care Supplies 11 14.2%-8.8%-41.7% LNTH 332% · HAE 71% · MMSI 29%
Life Sciences Tools & Services 109 -12.6%-13.8%-66.8% NTRA 251% · MEDP 234% · IRTC 55%
Biotechnology ← 364 -24.5%-25.6%-81.9% DNTH 1068% · ELVN 940% · ADMA 897%
Health Care Technology 22 -32.8%-62.7%-83.8% VEEV -1% · DOCS -56%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ARQTINCYAMGNABBVLLYREGNMedian
NameArcutis .Incyte Amgen AbbVie Eli LillyRegenero. 
Mkt Price32.22113.20424.87282.611,241.14785.00353.74
Mkt Cap4.222.7229.4499.91,107.680.7155.1
Rev LTM4645,82038,09564,38679,66615,53526,815
Op Inc LTM341,84011,42621,85039,6084,1747,800
FCF LTM391,89010,17518,21013,5603,5756,875
FCF 3Y Avg-738998,75418,0763,2943,4393,366
CFO LTM391,98012,47819,50728,0834,6818,580
CFO 3Y Avg-6897410,31219,14314,5104,4987,405

Growth & Margins

ARQTINCYAMGNABBVLLYREGNMedian
NameArcutis .Incyte Amgen AbbVie Eli LillyRegenero. 
Rev Chg LTM76.1%26.9%9.1%10.4%49.6%9.3%18.7%
Rev Chg 3Y Avg402.8%18.5%12.8%4.9%39.4%7.0%15.7%
Rev Chg Q59.3%37.7%9.5%10.2%47.7%16.7%27.2%
QoQ Delta Rev Chg LTM11.6%8.6%2.4%2.5%10.3%4.1%6.3%
Op Inc Chg LTM139.9%85.0%39.5%59.5%76.5%6.1%68.0%
Op Inc Chg 3Y Avg78.4%552.7%12.3%11.2%71.3%-1.7%41.8%
Op Mgn LTM7.4%31.6%30.0%33.9%49.7%26.9%30.8%
Op Mgn 3Y Avg-53.8%18.3%24.5%27.5%42.1%28.2%26.0%
QoQ Delta Op Mgn LTM6.6%4.6%1.6%0.8%2.4%1.1%2.0%
CFO/Rev LTM8.5%34.0%32.8%30.3%35.3%30.1%31.5%
CFO/Rev 3Y Avg-50.1%18.1%29.3%32.4%22.5%31.2%25.9%
FCF/Rev LTM8.5%32.5%26.7%28.3%17.0%23.0%24.9%
FCF/Rev 3Y Avg-52.1%16.5%24.9%30.6%2.5%23.9%20.2%

Valuation

ARQTINCYAMGNABBVLLYREGNMedian
NameArcutis .Incyte Amgen AbbVie Eli LillyRegenero. 
Mkt Cap4.222.7229.4499.91,107.680.7155.1
P/S9.13.96.07.813.95.26.9
P/Op Inc122.812.320.122.928.019.321.5
P/EBIT97.511.517.743.026.915.522.3
P/E147.514.126.279.241.518.633.9
P/CFO107.011.518.425.639.417.222.0
Total Yield0.7%7.1%6.1%3.7%2.9%5.9%4.8%
Dividend Yield0.0%0.0%2.3%2.4%0.5%0.5%0.5%
FCF Yield 3Y Avg-5.9%4.8%4.9%4.5%0.3%4.9%4.7%
D/E0.00.00.20.10.00.00.0
Net D/E-0.0-0.20.20.10.0-0.10.0

Returns

ARQTINCYAMGNABBVLLYREGNMedian
NameArcutis .Incyte Amgen AbbVie Eli LillyRegenero. 
1M Rtn27.0%-9.7%10.2%7.7%7.7%0.0%7.7%
3M Rtn17.0%-2.1%17.3%12.2%8.4%16.9%14.6%
6M Rtn31.7%16.8%23.0%40.6%35.3%5.0%27.3%
12M Rtn54.3%29.3%46.1%26.8%55.6%36.5%41.3%
3Y Rtn1,207.1%105.3%66.7%113.5%116.7%-2.0%109.4%
1M Excs Rtn26.8%-9.8%10.1%7.6%7.5%-0.1%7.6%
3M Excs Rtn12.0%-5.6%14.7%9.0%3.7%14.4%10.5%
6M Excs Rtn23.9%9.1%15.2%32.8%27.6%-2.7%19.5%
12M Excs Rtn38.4%14.1%32.1%12.8%36.9%23.0%27.5%
3Y Excs Rtn653.5%24.0%-13.0%34.5%31.4%-81.9%27.7%

Comparison Analyses

null

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA217242  ZORYVEroflumilastfoam12152023336.9%253.7%420.1%1,089.3%1,207.0%
NDA215985  ZORYVEroflumilastcream7292022-27.9%-31.7%-55.2%-58.5%31.5%
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA217242  ZORYVEroflumilastfoam12152023336.9%253.7%420.1%1,089.3%1,207.0%
NDA215985  ZORYVEroflumilastcream7292022-27.9%-31.7%-55.2%-58.5%31.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
ZORYVE foam182720  
ZORYVE cream 0.3%1218529  
ZORYVE cream 0.15%68100  
Other revenue4303000
ZORYVE cream 0.05%100  
Product revenue, net   40
Total3761976040


Assets by Segment
$ Mil2021202020192018
Single segment40829810751
Total40829810751


Price Behavior

Price Behavior
Market Price$31.89 
Market Cap ($ Bil)4.2 
First Trading Date01/31/2020 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$25.61$25.09
DMA Trenddowndown
Distance from DMA24.5%27.1%
 3M1YR
Volatility55.8%58.2%
Downside Capture-9.5066.56
Upside Capture2.5893.02
Correlation (S&P 500)4.4%22.5%
ARQT Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.890.060.150.941.101.31
Up Beta0.31-0.01-0.161.651.811.03
Down Beta2.572.631.260.380.561.28
Up Capture140%-19%6%81%126%629%
Bmk +ve Days6162766132424
Stock +ve Days12213266125368
Down Capture-47%-9%2%92%94%107%
Bmk -ve Days16263760120328
Stock -ve Days10213260125374

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ARQT
ARQT52.8%58.2%0.93-
Sector ETF (XLV)25.1%16.1%1.1922.2%
Equity (SPY)17.1%12.7%0.9522.9%
Gold (GLD)-4.2%29.3%-0.159.5%
Commodities (DBC)52.6%20.7%1.93-26.0%
Real Estate (VNQ)3.9%13.7%0.037.2%
Bitcoin (BTCUSD)-24.8%43.7%-0.532.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ARQT
ARQT8.5%71.7%0.42-
Sector ETF (XLV)8.6%15.2%0.3627.9%
Equity (SPY)13.5%17.1%0.6028.6%
Gold (GLD)18.3%18.9%0.788.1%
Commodities (DBC)9.8%19.5%0.381.4%
Real Estate (VNQ)1.3%18.8%-0.0426.3%
Bitcoin (BTCUSD)7.2%51.8%0.3215.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ARQT
ARQT4.2%75.8%0.41-
Sector ETF (XLV)11.2%16.7%0.5523.7%
Equity (SPY)15.3%17.9%0.7227.0%
Gold (GLD)12.2%16.4%0.618.0%
Commodities (DBC)8.3%18.1%0.378.3%
Real Estate (VNQ)5.1%20.7%0.2125.1%
Bitcoin (BTCUSD)63.0%66.2%1.0317.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity21.7 Mil
Short Interest: % Change Since 915202617.5%
Average Daily Volume4.5 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity130.5 Mil
Short % of Basic Shares16.6%

Earnings Returns History

Updated 9/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-2.5%-3.0%-12.7%
2/25/20265.8%-10.7%-17.1%
10/28/202527.0%26.1%56.5%
8/6/2025-8.1%1.8%11.7%
5/6/2025-4.3%-3.5%-5.7%
2/25/20258.4%9.8%35.0%
11/6/20247.7%8.4%28.4%
8/14/2024-11.3%-12.9%11.3%
...
SUMMARY STATS   
# Positive13119
# Negative101214
Median Positive5.8%9.3%14.9%
Median Negative-4.4%-10.8%-11.0%
Max Positive27.0%26.1%56.5%
Max Negative-18.8%-32.7%-33.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-2.5%-3.0%-12.7%
2/25/20265.8%-10.7%-17.1%
10/28/202527.0%26.1%56.5%
8/6/2025-8.1%1.8%11.7%
5/6/2025-4.3%-3.5%-5.7%
2/25/20258.4%9.8%35.0%
11/6/20247.7%8.4%28.4%
8/14/2024-11.3%-12.9%11.3%
5/14/202413.7%16.6%14.9%
2/27/20249.7%13.0%-4.3%
11/3/20239.9%-9.9%0.9%
8/8/2023-4.5%-13.8%-23.0%
5/9/2023-18.8%-32.7%-32.5%
2/28/20233.2%-15.4%-33.8%
11/8/2022-0.4%4.0%-9.3%
8/4/20222.2%0.9%-2.0%
5/5/2022-7.7%-16.8%-2.2%
2/22/20220.9%9.3%9.8%
11/4/20212.3%-1.5%-28.0%
8/5/2021-1.7%-1.2%-0.8%
5/4/20211.0%-10.9%-19.5%
2/16/20214.0%6.4%-4.0%
11/5/2020-2.2%11.6%42.1%
SUMMARY STATS   
# Positive13119
# Negative101214
Median Positive5.8%9.3%14.9%
Median Negative-4.4%-10.8%-11.0%
Max Positive27.0%26.1%56.5%
Max Negative-18.8%-32.7%-33.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202510/28/202510-Q
06/30/202508/06/202510-Q
03/31/202505/06/202510-Q
12/31/202402/25/202510-K
09/30/202411/06/202410-Q
06/30/202408/14/202410-Q
03/31/202405/14/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202510/28/202510-Q
06/30/202508/06/202510-Q
03/31/202505/06/202510-Q
12/31/202402/25/202510-K
09/30/202411/06/202410-Q
06/30/202408/14/202410-Q
03/31/202405/14/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/22/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/06/202110-Q
12/31/202002/16/202110-K
09/30/202011/05/202010-Q
06/30/202008/11/202010-Q
03/31/202005/12/202010-Q
12/31/201903/19/202010-K
09/30/201901/31/2020424B4

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net Product SalesReported525.00 Mil532.50 Mil540.00 Mil9.2% RaisedGuidance: 487.50 Mil for 2026


Prior: Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net Product SalesReported480.00 Mil487.50 Mil495.00 Mil5.4% RaisedGuidance: 462.50 Mil for 2026

Q3 2025 Earnings Reported 10/28/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net Product RevenueReported455.00 Mil462.50 Mil470.00 Mil   
2025 Peak ZORYVE SalesReported2.60 Bil3.05 Bil3.50 Bil   

Insider Activity

Updated 10/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Welgus, Howard GDirectSell1019202626.934,728127,325948,125Form
2Matsuda, MasaruSee RemarksDirectSell918202625.003,67491,8532,812,801Form
3Welgus, Howard GDirectSell917202624.184,730114,371866,635Form
4Matsuda, MasaruSee RemarksDirectSell910202625.039,989249,9862,907,582Form
5Curran, Terrie DirectSell828202625.0338,200956,123588,842Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Welgus, Howard GDirectSell1019202626.934,728127,325948,125Form
2Matsuda, MasaruSee RemarksDirectSell918202625.003,67491,8532,812,801Form
3Welgus, Howard GDirectSell917202624.184,730114,371866,635Form
4Matsuda, MasaruSee RemarksDirectSell910202625.039,989249,9862,907,582Form
5Curran, Terrie DirectSell828202625.0338,200956,123588,842Form
6Curran, Terrie DirectSell824202626.041,07227,912612,561Form
7Burnett, PatrickSee RemarksDirectSell821202627.001,69745,8193,174,984Form
8Welgus, Howard GDirectSell819202626.184,730123,835954,941Form
9Burnett, PatrickSee RemarksDirectSell813202626.086,700174,7673,111,618Form
10Burnett, PatrickSee RemarksDirectSell813202626.528,300220,1293,163,735Form
11Burnett, PatrickSee RemarksDirectSell805202626.1295524,9423,115,447Form
12Matsuda, MasaruSee RemarksDirectSell805202626.121,23032,1243,295,183Form
13Watanabe, ToddSee RemarksDirectSell805202626.124,375114,26118,731,047Form
14Welgus, Howard GDirectSell717202626.914,730127,284998,603Form
15Welgus, Howard GDirectSell617202625.6763516,300968,863Form
16Lin, Sue-Jean DirectSell617202624.384,946120,587672,103Form
17Welgus, Howard GDirectSell617202624.414,09699,980936,780Form
18Vairavan, LathaSVP Chief Financial OfficerDirectSell513202621.054359,1571,809,837Form
19Burnett, PatrickSee RemarksDirectSell513202621.052224,6732,531,136Form
20Welgus, Howard GDirectSell505202622.997,144164,220749,379Form
21Welgus, Howard GDirectSell403202623.8810,000238,801949,091Form
22Edwards, Larry ToddSee RemarksDirectSell303202625.183,68792,8464,411,343Form
23Watanabe, ToddSee RemarksDirectSell303202625.1837,349940,52819,792,080Form
24Matsuda, MasaruSee RemarksDirectSell303202625.308,733220,9433,464,356Form
25Vairavan, LathaSVP Chief Financial OfficerDirectSell303202625.182,85371,8442,209,812Form
26Burnett, PatrickSee RemarksDirectSell303202625.186,287158,3203,050,811Form
27Matsuda, MasaruSee RemarksDirectSell303202627.953,32592,9344,015,800Form
28Burnett, PatrickSee RemarksDirectSell204202625.819,794252,7482,081,312Form
29Matsuda, MasaruSee RemarksDirectSell204202625.2840,6381,027,2932,780,778Form
30Burnett, PatrickSee RemarksDirectSell204202625.503,67593,7072,306,203Form
31Watanabe, ToddSee RemarksDirectSell204202625.5019,833505,71018,392,149Form
32Vairavan, LathaSVP Chief Financial OfficerDirectSell204202625.501,32033,6581,621,877Form
33Welgus, Howard GDirectSell204202625.0510,000250,4831,496,486Form
34Edwards, Larry ToddSee RemarksDirectSell204202625.502,05252,3233,795,819Form
35Welgus, Howard GDirectSell106202628.9610,000289,6062,019,828Form
36Burnett, PatrickSee RemarksDirectSell102202629.201,69749,5602,821,458Form
37Burnett, PatrickSee RemarksDirectSell1217202528.9411,500332,8512,845,358Form
38Matsuda, MasaruSee RemarksDirectSell1203202530.231,65750,0914,553,877Form
39Welgus, Howard GDirectSell1203202530.2110,000302,1332,409,329Form
40Lin, Sue-Jean DirectSell1125202530.7825,272777,956822,992Form
41Watanabe, ToddSee RemarksDirectSell1124202530.3648,9451,485,75522,479,445Form
42Watanabe, ToddSee RemarksDirectSell1124202530.001,05531,65023,815,140Form
43Gilbert, Halley EDirectSell1121202527.5516,532455,442609,469Form
44Matsuda, MasaruSee RemarksDirectSell1121202528.292,55072,1354,284,995Form
45Krishnamohan, Neha DirectSell1117202523.2040,504939,494513,145Form
46Edwards, Larry ToddSee RemarksDirectSell1110202525.1629,131732,9273,778,811Form
47Burnett, PatrickSee RemarksDirectSell1110202524.1817,250417,1452,377,725Form
48Burnett, PatrickSee RemarksDirectSell1105202523.723,86491,6432,331,994Form
49Burnett, PatrickSee RemarksDirectSell1105202524.722,62264,8062,525,737Form
50Welgus, Howard GDirectSell1105202525.2710,000252,6692,267,553Form
51Vairavan, LathaSVP Chief Financial OfficerDirectSell1105202524.72882,1751,604,898Form
52Watanabe, ToddSee RemarksDirectSell1105202524.7211,547285,39919,646,818Form
53Matsuda, MasaruSee RemarksDirectSell1105202524.727,208178,1563,806,967Form
54Watanabe, ToddSee RemarksDirectSell1030202525.0340,0001,001,03220,181,806Form
55Edwards, Larry ToddSee RemarksDirectSell1006202520.044,50490,2633,585,221Form
56Watanabe, ToddSee RemarksDirectSell1003202520.0420,739415,57416,961,219Form
57Watanabe, ToddSee RemarksDirectSell1003202519.3324,261469,07416,766,475Form
58Welgus, Howard GDirectSell1003202518.9210,000189,2271,887,426Form

Investor Activity (13F)

Updated Oct 20, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Pivotal bioVenture Partners Investment Advisor LLC$31.9 Mil11.4%13Hold13F
Frazier Life Sciences Management, L.P.$232.6 Mil6.0%38Hold13F
Patient Square Capital LP$9.4 Mil1.7%29ADD +90.8%13F
MPM Bioimpact LLC$17.3 Mil1.3%41ADD +38.2%13F
Cormorant Asset Management, LP$10.6 Mil0.5%46TRIM -10.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Patient Square Capital LP$9.4 Mil1.7%29ADD +90.8%13F
MPM Bioimpact LLC$17.3 Mil1.3%41ADD +38.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cormorant Asset Management, LP$10.6 Mil0.5%46TRIM -10.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Frazier Life Sciences Management, L.P.$232.6 Mil6.0%38Hold13F
Pivotal bioVenture Partners Investment Advisor LLC$31.9 Mil11.4%13Hold13F
MPM Bioimpact LLC$17.3 Mil1.3%41ADD +38.2%13F
Cormorant Asset Management, LP$10.6 Mil0.5%46TRIM -10.0%13F
Patient Square Capital LP$9.4 Mil1.7%29ADD +90.8%13F
Core Cache Last Updated: 10/19/2026