Arcutis Biotherapeutics (ARQT) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 net product revenue of $129.9 million, up 59% year-over-year and 23% sequentially, driven by strong demand for ZORYVE across all indications and new product launches.

• Net income reached $15.0 million in Q2 2026, reversing a net loss of $15.9 million in Q2 2025.

• Raised full-year 2026 net revenue guidance to $525–$540 million, reflecting robust sales momentum and successful commercial initiatives.

• Expanded ZORYVE's reach with FDA approval for use in children as young as two for plaque psoriasis and FDA acceptance of a supplemental NDA for atopic dermatitis in infants down to three months.

• Launched new patient access initiatives, including a virtual health platform and AI-enabled prescription workflow, and expanded commercial infrastructure.

Financial highlights

• Q2 2026 product revenues: $129.9 million, up from $81.5 million in Q2 2025; net income of $15.0 million ($0.11 per share) versus net loss of $15.9 million in Q2 2025.

• Cost of sales was $10.9 million, up from $7.5 million in Q2 2025; R&D expenses were $20.4 million; SG&A expenses rose to $82.1 million.

• Cash, cash equivalents, and marketable securities totaled $238.9 million as of June 30, 2026; total debt was $101.9 million.

• Generated $12.6 million in positive operating cash flow during Q2 2026.

• Operating expenses increased due to higher R&D and SG&A, reflecting expanded commercialization and clinical development activities.

Outlook and guidance

• Full-year 2026 net revenue guidance increased to $525–$540 million, up from $480–$495 million.

• Expect continued quarter-over-quarter net sales growth, primarily driven by demand, commercial initiatives, and expanded indications.

• Gross-to-net expected to remain in the 50s, trending toward the low 50s by year-end.

• Anticipate positive cash flow from operations for the remainder of 2026.

• Existing capital resources are believed sufficient for at least 12 months; may seek additional funding if needed.