Howard G. Welgus, a director at Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently sold 10,000 shares of the company's common stock. The sale, executed on December 2, 2024, was conducted under a pre-arranged 10b5-1 trading plan. The shares were sold at a weighted average price of $12.5133, with prices ranging from $12.37 to $13.00. Following this transaction, Welgus retains ownership of 161,944 shares in the company. The sale comes amid impressive performance for ARQT, which has seen a 284% gain year-to-date and maintains strong gross profit margins of nearly 90%. The stock is currently trading near its 52-week high of $13.50, with a market capitalization of $1.43 billion. InvestingPro analysis indicates the stock is trading close to its Fair Value, with 12 additional ProTips available for subscribers.
In other recent news, Arcutis Biotherapeutics reported a significant increase in revenue from its ZORYVE portfolio, with a 452% year-over-year increase, totaling approximately $45 million. The company has also announced key executive promotions, including Patrick Burnett to Executive Vice President, Chief Medical (TASE:PMCN) Officer, and L. Todd Edwards to Executive Vice President, Chief Commercial Officer, to bolster its growth. Kent Taylor has been promoted to Senior Vice President of Sales, reflecting his strong performance in launching ZORYVE products.
These developments come alongside plans to expand ZORYVE's label, with expected approvals for additional indications by mid-2025. Arcutis has also reported a rise in total prescriptions for ZORYVE by 25%, with new prescriptions up by 23% quarter-over-quarter. The company has secured Medicaid coverage in several states and is in ongoing negotiations for Medicare Part B.
Despite an increase in SG&A expenses due to product launches and an expanded field force, Arcutis expressed confidence in reaching breakeven by 2026 without the need for further equity market funding. The company also anticipates label expansion for ZORYVE to reach an additional 3.3 million patients and expects approvals for scalp and body psoriasis by mid-2025. A supplemental NDA for mild to moderate atopic dermatitis in children aged 2-5 is planned for submission in Q1 2025.
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