Arcutis Biotherapeutics Inc. published the transcript of its Fourth Quarter Fiscal Year 2025 earnings conference call held on February 25, 2026. Company attendees included Frank Watanabe (President and CEO), Todd Edwards (Chief Commercial Officer), Patrick Burnett (Chief Medical Officer), Latha Vairavan (Chief Financial Officer), and Brian Schoelkopf (Head of Investor Relations), with analysts from firms including Guggenheim, TD Cowen, Morgan Stanley, Mizuho, Jefferies, Needham, Goldman Sachs, and HC Wainwright participating in Q&A. Management highlighted strong 2025 performance for ZORYVE (topical roflumilast), with full-year net product revenue rising to $372 million, up 123% year over year, and Q4 net product revenue of $127.5 million, up 84% year over year. Watanabe said ZORYVE has become the “number1 branded nonsteroidal topical treatment” across the company’s approved indications (psoriasis, seborrheic dermatitis, and atopic dermatitis) and noted Arcutis now holds “roughly 45% and a growing share of prescription volume” in the branded nonsteroidal topical segment. Arcutis raised its 2026 net product revenue guidance to $480 million to $495 million, up from its prior $455 million to $470 million range, citing continued demand momentum and planned commercial investment. “We are raising our 2026 full year net product revenue guidance range…to now $480 million to $495 million,” Watanabe said. The company also reaffirmed expectations for positive quarterly cash flow throughout 2026 after achieving positive cash flow in Q4 2025. Commercially, Edwards emphasized stable gross-to-net expectations and improving market access, stating, “We do not anticipate any material erosion of our gross to net resulting from actions to increase our access in 2026.” He added that “more than 80% of patients insured by commercial insurance have access to ZORYVE,” and highlighted new Medicare Part D coverage effective January 1, with “roughly a third of all Medicare Part D recipients now having access to ZORYVE.” On R&D and lifecycle expansion, Burnett reviewed positive topline Phase II INTEGUMENT-INFANT results for ZORYVE cream 0.05% in infants aged three to less than 24 months with mild to moderate atopic dermatitis, reporting that “58% of participants achieved…EASI-75…at week 4,” with rapid onset as “a third of patients reached EASI-75 already after only two weeks.” Arcutis plans to submit an sNDA for this infant indication in Q2. The company also reiterated a June 29 PDUFA date for an sNDA seeking to expand ZORYVE cream 0.3% for plaque psoriasis in children ages two to five. Arcutis also discussed pipeline expansion efforts, with ongoing Phase II proof-of-concept studies of ZORYVE foam 0.3% in vitiligo and hidradenitis suppurativa, and said it expects to begin dosing patients “very soon” in a Phase I trial of ARQ-234, a biologic targeting CD200R. The full transcript can be accessed through the link below.
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