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3rd Quarter 2026 Financial Results November 4, 2026
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2©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Legal Disclaimers This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our current and future financial performance, business plans and objectives, current and future clinical and preclinical development activities, current and future commercialization activities (including payer coverage), timing and success of our ongoing and planned clinical trials and related data, the timing of announcements, updates and results of our clinical trials and related data, timing of submissions and our ability to obtain and maintain regulatory approval, the potential therapeutic benefits and economic value of our product candidates, competitive position, industry environment, and potential market opportunities. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors including, but not limited to, those related to the success, cost and timing of our product candidate development activities and ongoing and planned clinical trials; our plans to develop and commercialize targeted therapeutics, including roflumilast cream and roflumilast foam; the progress of patient enrollment and dosing in our clinical trials; the ability of our product candidates to achieve applicable endpoints in the clinical trials; the safety profile of our product candidates; the potential for data from our clinical trials to support a marketing application, as well as the timing of these events; our ability to obtain funding for our operations, development and commercialization of our product candidates; the timing of submissions and our ability to obtain and maintain regulatory approvals; the rate and degree of market acceptance and clinical utility of our product candidates; the size and growth potential of the markets for our product candidates, and our ability to serve those markets; our commercialization, marketing and manufacturing capabilities and strategy; current and future agreements with third parties in connection with the commercialization of our product candidates; the timing and our ability to obtain and maintain quality payer coverage; the management of gross-to-net; our expectations regarding our ability to obtain and maintain intellectual property protection; our dependence on third party manufacturers; the success of competing therapies that are or may become available; our ability to attract and retain key scientific or management personnel; our ability to identify additional product candidates with significant commercial potential consistent with our commercial objectives; product sales guidance; and our estimates regarding expenses, future revenue, gross-to-net, operating cash flows, capital requirements and needs for additional financing. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC), as well as any subsequent filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward- looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed herein may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Any forward-looking statement that we make in this presentation or the accompanying oral presentation is made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speaks only as of the date of such statement. Except as required by law, we undertake no obligation to revise or update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. For further information with respect to Arcutis, we refer you to our most recent annual report on Form 10-K, as amended, and our most recent quarterly report on Form 10-Q, filed with the SEC. In addition, we are subject to the information and reporting requirements of the Securities Exchange Act of 1934 and, accordingly, we file periodic reports, current reports, proxy statements and other information with the SEC. These periodic reports, current reports, proxy statements and other information are available for review at the SEC’s website at http://www.sec.gov. All product and company names are trademarks TM or registered® trademarks of their respective holders.
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3©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Today’s Speakers Frank Watanabe President & CEO Patrick Burnett, MD, PhD, FAAD Chief Medical Officer Latha Vairavan Chief Financial Officer Rob Lisicki Chief Commercial Officer
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4©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Business Review Frank Watanabe President & CEO Speakers & Agenda
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5©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Our Strategy to Sustain Near- and Long-term Growth AD = atopic dermatitis; AE = adverse event; POC = proof of concept • Launched Skin to Believe In awareness campaign with Simone Biles • Initiated Ph 3 trial of ZORYVE® (roflumilast) cream 0.3% in moderate-severe AD • PDUFA for ZORYVE cream 0.05% for infants with AD February 2027 • Enrolling AD patients in multiple ascending dose cohorts of Ph 1a/1b trial for ARQ-234 Grow current ZORYVE business Build our pipeline • Fully enrolled Ph 2 vitiligo POC trial • Continue to enroll Ph 2 hidradenitis suppurativa POC trials • Preparing to enroll PD- (L)1 cutaneous AE trial • Evaluating additional Ph 2 POC trials Expand ZORYVE into new markets
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6©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Integration of AI Applications at Arcutis: A Measured and Intentional Approach Current AI Projects AI driven sales team effectiveness tools AI-enabled patient access support Leveraging AI tools to evaluate current TCS labeling AI-enabled automation of key financial processes Key criteria for AI Project Selection Offers distinct advantages over traditional approaches Impacts most valuable business priorities Measurable value with high ROI Maintain security of proprietary data and information Each application must meet specific guidelines: Over 30 discrete AI projects currently ongoing ROI = return on investment; TCS = topical corticosteroid
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7©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Commercial Update Speakers & Agenda Rob Lisicki Chief Commercial Officer
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8©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Strong Net Product Revenues in Q3 2026 • Q3‘26 net product revenues of $143.9M, +45% vs. prior year ‐ +11% net product revenues quarter over quarter • GTN stable in the 50s • Expect demand-driven quarter-over-quarter net sales growth in Q4 ’26 Net Product Revenues $M Figures may not tie due to rounding GTN = gross to net 63.8 81.5 99.2 127.5 105.4 129.9 143.9 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 +45% YoY
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9©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 22,500 25,000 27,500 Sustained TRx Growth for ZORYVE Portfolio – Reaching ~25,000 Weekly TRx (Rolling 4-Week Basis) vs. Q2’26 vs. Q3’25 Q3’26 +11% +34% TRx GrowthFoam 0.3% (SebD) Launch Cream 0.15% (AD) Launch Prior period demand updated per IQVIA restatement Data Source: ZORYVE – IQVIA Xponent data (data from 2024-01-01 to 2026-10-02) TRx = total prescriptions; AD = atopic dermatitis; PsO = plaque psoriasis, SebD = seborrheic dermatitis Foam 0.3% (PsO) Launch R4 WEEK WEEKLY TRx Cream 0.05% (AD) Launch 20262024 2025
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Simone Biles Has Partnered with Arcutis to Launch Skin to Believe In Campaign “I believe in being a champion for my skin. I BELIEVE IT, so I ZORYVE® IT”
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11©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Three Commercial Pillars to Drive ZORYVE Sales Inflection ZORYVE Clinical Profile Dermatology sales force expansion and initiation of PCP and pediatric sales team increases depth and breadth of HCP interactions Win Share ZORYVE Growth Enable Patient Access Grow Awareness Skin to Believe In campaign with Simone Biles and Free to be Me campaign with Tori Spelling and Max Homa will build patient awareness for approved ZORYVE indications Virtual health platform provides more flexible way to engage with care and AI-enabled support tools to streamline prescription fulfillment HCP = healthcare provider; PCP = primary care provider
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12©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. R&D Update Speakers & Agenda Patrick Burnett, MD, PhD, FAAD Chief Medical Officer
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13©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Q1 2026 Initiated Ph 1a/1b trial of ARQ-234; now enrolling AD patients in MAD portion of trial Breadth of Clinical Activity Is Setting the Foundation for Long-term, Sustainable ZORYVE Growth Breadth of Clinical Activity Is Setting the Foundation for Long-term, Sustainable ZORYVE Growth Q1 2026 Reported topline data for ZORYVE cream 0.05% in infants with AD Q2 2026 Submitted sNDA for ZORYVE cream 0.05% in infants with AD; PDUFA February 23, 2027 Q2 2026 Received FDA approval of ZORYVE cream 0.3% in ages 2-5 in PsO Q2 2026 Initiated nail-involved PsO and INTEGUMENT-ITCH trials Q3 2026 Initiated Ph 3 trial of ZORYVE cream 0.3% in AD Grow current ZORYVE business Expand ZORYVE into new markets Build our pipeline Q2 2026 Initiated PD-(L)1 cutaneous AE trial Q4 2026 Advancement decision for ZORYVE foam 0.3% incl. Ph 2 data in vitiligo Q1 2027 Advancement decision for ZORYVE foam 0.3% incl. Ph 2 data in HS AD = atopic dermatitis; AE = adverse event; HS = hidradenitis suppurativa; MAD = multiple ascending dose; PsO = plaque psoriasis; sNDA = supplemental new drug application
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14©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Id ZORYVE Pleiotropic Mechanism of Action The specific mechanism(s) by which roflumilast exerts its therapeutic action is not well defined. ROFLUMILAST Th1/Th2/Th17 cytokine expression Immune dysregulation Keratinocyte function Sensory neuron signaling Melanocyte stimulation PDE4 inhibition modulates: Sensory Neuron Melanocyte Antigen-presenting cell Th2 cell Th1 cell Th17 cell PDE4 = phosphodiesterase 4; Th = T helper Fibrosis Fibroblast
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15©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Phase 2 Trial Seeks to Validate Emerging Evidence of ZORYVE Efficacy in Vitiligo Indication Expansions Recalcitrant Adult Facial Vitiligo Successfully Treated with Roflumilast Cream 0.3% Once Daily By Maninder Longowal, MD, and Sofia O. Maruschak-Love | Dr. Longowal and Ms. Maruschak-Love with the University of Alberta in Edmonton, Alberta, Canada | J DRUGS DERMATOL. 2026;25(7):662 Initial 4 months 7 months Initial 4 months 7 months Individual results may vary
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16©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Financial Results Speakers & Agenda Latha Vairavan Chief Financial Officer
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17©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. 17 $ Millions, Except Per Share Amounts Q3 2026 Q3 2025 YoY Change Q2 2026 QoQ Change Product Revenues, Net 143.9 99.2 45% 129.9 11% Other Revenues 0.0 0.0 - 0.0 - Total Revenues $143.9 $99.2 45% $129.9 11% Cost of Sales 12.5 8.7 43% 10.9 14% R&D Expense 22.4 19.6 14% 20.4 10% SG&A Expense 99.6 62.4 60% 82.1 21% Total Operating Expense 134.5 90.7 48% 113.4 19% Net Income 8.8 7.4 19% 15.0 (41%) Net Income Per Share – Diluted 0.06 0.06 15% 0.11 (42%) Figures may not tie due to rounding GAAP Reported Q3 2026 Financial Results
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18©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Positive Cash Flow Generation from ZORYVE Franchise Allows for Investment to Inflect Growth 2026 Guidance Capital Allocation Raised Product Sales Guidance to $535M-$545M Sustained Positive Cash Flow Reinvest ZORYVE Proceeds in Franchise Continue to Invest in Innovation Across Pipeline Balance Sheet Strength $260M Q3’26 Cash Balance* $102M Long-term Debt, Net $19M Net Cash Generated from Operating Activities in Q3’26 *Cash, cash equivalents, and marketable securities
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19©Copyright 2026. Arcutis Biotherapeutics, Inc. — Presentation designed for an investor audience. Q&A Frank Watanabe President & CEO Patrick Burnett, MD, PhD, FAAD Chief Medical Officer Latha Vairavan Chief Financial Officer Rob Lisicki Chief Commercial Officer