Post Earnings Huddle: Momentum Strong Into Q2 & Pipeline Is Coming Into Focus

研报英文原文证据摘录

Post Earnings Huddle: Momentum Strong Into Q2 & Pipeline Is Coming Into Focus

Biotechnology

Arcutis Biotherapeutics

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

May 11, 2026

Price: $21.17 (05/8/2026) Post Earnings Huddle: Momentum Strong Into

Price Target: $35.00 Q2 & Pipeline Is Coming Into Focus

BUY (1)

ESG SCORE: 69/100

Tyler Van Buren THE TD COWEN INSIGHT

646 562 1343

Q1 reflected seasonal and weather-driven pressure, with TRx down Q/Q, but outperforming

tyler.vanburen@tdsecurities.com

the BNST category and supported by improved Y/Y pricing. Early Q2 trends (+13% QTD) point

Ikenna Okafor, Ph.D. to significant recovery, with completed/ongoing sales force/DTC expansions supporting H2

646 562 1395 growth. Pipeline (HS/vitiligo, ARQ-234) remains underappreciated and represents meaningful

ikenna.okafor@tdsecurities.com

upside not yet reflected in valuation.

Nicholas Lorusso

646 562 1390 Q1 Performance Impacted By Seasonality And Weather; Pricing Offset Volume Pressure

nick.lorusso@tdsecurities.com

Following Arcutis' earnings (note here), we hosted management to discuss the quarter.

Sam Rollenhagen Management characterized Q1 results as primarily impacted by typical seasonality and

212 468 7785

weather-related headwind (i.e., derm office closures, missed visits, and delayed Rxs), which

samuel.rollenhagen@tdsecurities.com

drove broad-based prescription declines across dermatology, including branded and generic

Greg W. Torres, Ph.D. topicals as well as systemics. Despite Zoryve TRx declining ~6% Q/Q, this compared favorably

646 562 1351 to ~15% declines within branded non-steroidal topicals, supporting continued relative share

gregory.wiessner@tdsecurities.com gains.

Key Data

Symbol NASDAQ: ARQT

Market Cap $2.6B

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