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Dermatology pharma selling Zoryve, a topical treatment for psoriasis, eczema and seborrheic dermatitis.
Dermatology pharma selling Zoryve, a topical treatment for psoriasis, eczema and seborrheic dermatitis.
Rests almost entirely on Zoryve, sold in the US through wholesalers and pharmacies and paid for by insurers and pharmacy-benefit managers, the intermediaries that decide how easily patients can get it. Sales therefore depend on insurance coverage and on persuading doctors to prescribe a newer topical drug.
Moat: narrow (IP / patents). Zoryve's steroid-free mechanism and patents differentiate it from generic topical steroids.
Headquarters: Westlake Village, California, US · Founded: 2016 · Employees: 354
Size Arcutis Biotherapeutics (ARQT) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $3.21B, the 1497th largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.55 on 6 Nov 2026.
Performance Over six months the shares gained 20.7%, against -3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 76.1% over the last twelve months (peer median +15.6%); the operating margin is 7.4% (peer median 15.3%).
Valuation It trades at 37.9× forward earnings against a peer median of 21.3× (6th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 49% a year for seven years (Req g). Recent delivered growth is +367%, so the hurdle is -318 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.3 points above its cost of capital (12.9% WACC).
Short interest Short interest is 16.3% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $464M | $376M | $197M | $59.6M | $3.69M |
| Revenue growth | — | +91% | +230% | +1,517% | — |
| Gross profit | $423M | $339M | $177M | $53.5M | $1.99M |
| EBITDA | $37.2M | -$6.86M | -$126M | -$239M | -$300M |
| Net income | $28.5M | -$16.1M | -$140M | -$262M | -$311M |
| Free cash flow | $39.2M | -$6.31M | -$112M | -$247M | -$258M |
| Capital expenditure | $158,000 | $10.7M | $5.14M | $428,000 | $7.83M |
| Total debt | $114M | $114M | $111M | $206M | $203M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Arcutis Biotherapeutics ARQT | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% |
| Incyte INCY | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Organon & OGN | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% |
| Galderma GALD.SW | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARQT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +0.6% | 8th highest of 21 |
| 6-month return | +20.7% | -3.7% | 4th highest of 20 |
| Distance from 52-week high | -26.6% | -24.0% | 10th lowest of 21 |
| Revenue growth (TTM) | +76.1% | +15.6% | 3rd highest of 19 |
| Operating margin | 7.4% | 15.3% | 7th lowest of 19 |
| Forward P/E | 37.9× | 21.3× | 6th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 48.9% | 2.9% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +367.3% | +7.0% | highest of 14 |
| Hurdle (Req g minus delivered) | -318.3 pp | -13.4 pp | least demanding of 14 |
| ROIC minus cost of capital | +15.3 pp | +2.0 pp | 4th highest of 16 |
| EV / EBITDA | 83.0× | 25.7× | most expensive of 7 |
| Net debt / EBITDA | -3.4× | -0.5× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |
| China Medical System 0867.HK | Hong Kong | $3.30B | -16% | +15% | 20% | 10.9× | 2.9% | +2.7% |
| China National Medicines 600511.SS | China | $3.31B | +2% | +3% | 4% | 10.7× | -9.8% | +5.4% |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | n/a | 56.9% | +4.2% |
| Piramal Pharma PPLPHARMA.NS | India | $3.37B | +30% | +9% | 3% | 159.9× | n/a | n/a |
| Tarsus Pharmaceuticals TARS | United States | $3.38B | +12% | +86% | -10% | n/a | 31.9% | +159.5% |
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% | +61.4% |
| IDEAYA Biosciences IDYA | United States | $3.02B | +10% | -83% | -1,267% | n/a | n/a | n/a |
| Betta Pharmaceuticals 300558.SZ | China | $3.01B | -9% | +16% | 11% | 44.2× | 25.2% | +14.0% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 19.6× | -2.2% | +12.0% |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Sam Chun Dang Pharm 000250.KS | South Korea | $2.91B | -59% | +21% | 7% | n/a | n/a | n/a |
| Joincare Pharmaceutical Group Industry 600380.SS | China | $2.86B | -4% | -12% | 18% | 15.6× | -13.1% | +2.4% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |