Stock Track | Arcutis Biotherapeutics Jumps 5% as Q3 Earnings Top Estimates

Stock Track11-08 22:56

Shares of Arcutis Biotherapeutics Inc. (NASDAQ: ARQT) soared over 5% on Thursday after the biopharmaceutical company reported better-than-expected financial results for the third quarter of 2024.

For Q3 2024, Arcutis Biotherapeutics posted revenue of $44.8 million, up 17% from the year-ago period. The company's net loss narrowed to $41.5 million, or $0.33 per share, compared to a net loss of $44.6 million, or $0.72 per share, in Q3 2023.

Arcutis exceeded analysts' expectations for both revenue and earnings per share. Revenue surpassed estimates by 20%, while EPS beat forecasts by 21%. Looking ahead, the company's revenue is projected to grow at an average annual rate of 35% over the next three years, outpacing the 21% growth forecast for the U.S. biotechnology industry.

The strong quarterly performance and positive outlook have fueled a rally in Arcutis Biotherapeutics' stock, which has gained around 25% over the past week. Investors appear to be taking an optimistic view on the company's prospects, driven by its robust revenue growth and improving profitability.

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(NASDAQ: ARQT) soared over 5% on Thursday after the biopharmaceutical company reported better-than-expected financial results for the third quarter of 2024.\nFor ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ARQT","symbol_name":"Arcutis Biotherapeutics Inc.","start_time":0,"source_url":"","article_id":"1164296955","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1164296955","pubTimestamp":1731077766,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Arcutis Biotherapeutics Inc.  soared over 5% on Thursday after the biopharmaceutical company reported better-than-expected financial results for the third quarter of 2024.For Q3 2024, Arcutis Biotherapeutics posted revenue of $44.8 million, up 17% from the year-ago period. 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