Jan. 1 at 5:09 PM
$ARQT ZORYVE sales have grown rapidly: Q3 2025 net product revenue was
$99.2 M — up 122% YoY.
Arcutis Biotherapeutics
Full‑year ZORYVE product revenue in 2024 was
$166.5 M with continuing strong momentum.
Arcutis Investors
Arcutis expects ~
$455 M–
$470 M net product revenue in 2026.
Fintool
Shares outstanding: ~122.5 M as of Q3 2025.
Fintool
Cash position: roughly ~
$190 M on a recent reported basis.
Arcutis Investors
Assume by 2028 peak annual ZORYVE sales =
$780 M (your base).
SAM/TAM context: U.S. immuno‑dermatology market is large (chronic inflammatory skin disease therapeutics market ~tens of billions), with ZORYVE capturing share across multiple indications.
Forecast ZORYVE peak gross margin ~60–65% (topical biologic category norm).
ZORYVE EBITDA at peak: ~
$780 M × ~60% ≈
$468 M.
Biotech commercial franchises with steady revenue often trade at EV/EBITDA ~10–14× (peer group average for successful commercial small/mid biotech).
