Rhythm Pharmaceuticals, Inc. (RYTM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$239.9M

Revenue growth

53.5%

Net income, last twelve months

-$205.3M

Earnings per share

-$3.11

Gross margin

89.0%

Operating margin

-83.6%

Net margin

-85.6%

Return on equity

-199.4%

Market value

$6.3B

Cash

$65.6M

Debt

$106.1M

Debt to equity

1.03

Shares outstanding

68.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Product revenue rose 19% sequentially. Global IMCIVREE revenue was $71.3 million, up from $48.5 million in the second quarter of 2025. Management attributed the sequential growth mainly to U.S. acquired HO demand and continued BBS demand.
• Net loss attributable rose year over year. Net loss attributable to common stockholders was $(48.0) million a year earlier, at $(0.75) per share. Weighted-average shares were 68.6 million, up from 63.7 million.
• Six-month product revenue reached $131.4 million. First-half IMCIVREE product revenue compares with $86.2 million in the first half of 2025. First-half net loss attributable to common stockholders was $(107.1) million, or $(1.57) per share.
• U.S. revenue rose 38% sequentially. U.S. revenue was $51.0 million, 72% of product revenue, up $14.1 million from the first quarter. Management attributed the sequential increase primarily to patient demand for IMCIVREE in acquired HO.
• Ex-U.S. revenue fell 13% sequentially. Ex-U.S. revenue was $20.3 million, 28% of product revenue, down $2.9 million from the first quarter. The number of reimbursed patients on IMCIVREE continued to increase.
• Contribution M charge in France. A $3.8 million retrospective charge under France's Contribution M mechanism is recorded in the ex-U.S. figures. Of that amount, $3.1 million relates to revenue from periods before the second quarter.
• Over 400 acquired HO start forms. More than 400 patient start forms for acquired HO had been received from approximately 300 prescribers by June 30, 2026, since FDA approval on March 19, 2026. The earlier count, in the first-quarter release, was more than 150 within six weeks.
• BBS demand kept growing. Management cited continued growth in demand in Bardet-Biedl syndrome as a contributor to the sequential U.S. increase, alongside acquired HO demand.
• Reimbursed patients rose over 20%. The reimbursed patient figure is reported at the global level, covering both U.S. and ex-U.S. patients on IMCIVREE.
• RM-718 showed 11.6% BMI reduction. Preliminary Part C data from the Phase 1/2 study covered seven patients with acquired HO. The company announced the data the same day as its quarterly results.
• Prader-Willi six-month data presented. The open-label Phase 2 trial in PWS reported fat mass reductions with lean mass preserved, plus improvements in hyperphagia and anxiety measures.
• TRANSCEND results published in NEJM. The publication by Dr. Jennifer Miller and colleagues was accompanied by a 'Science Behind the Study' editorial by Professor Sadaf Farooqi.
• Consensus BBS diagnostic algorithm published. The peer-reviewed paper was announced on May 28, 2026, and is the basis for the new diagnostic approach described in it.
• SG&A rose on personnel costs. SG&A rose from $45.9 million a year earlier, driven by personnel costs including stock-based compensation. SG&A was $63.6 million in the first quarter.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2024

Company events

The newest 8-K filings of 107 held.

Every filing

The newest filings with the SEC of 227 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

348 funds held it at 30 Jun 2026: 161 added and 100 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Rhythm Pharmaceuticals is a commercial-stage biopharmaceutical company that works on rare neuroendocrine diseases. It develops melanocortin-4 receptor (MC4R) agonists, with IMCIVREE (setmelanotide) as its lead product, for hyperphagia and severe obesity caused by rare MC4R pathway diseases. IMCIVREE is marketed in the United States, the European Union, the United Kingdom, Canada and several other countries and regions. As of 1 February 2026 the company had 414 employees, including 126 in 11 countries outside North America.

What it sells

IMCIVREE is the company's marketed product. The FDA has approved it to reduce excess body weight and maintain weight reduction long term in adults and children aged 2 years and older with obesity due to Bardet-Biedl syndrome (BBS) or POMC, PCSK1 or LEPR deficiency. The European Commission and the United Kingdom's Medicines & Healthcare Products Regulatory Agency authorise it for genetically confirmed BBS and biallelic POMC, PCSK1 or LEPR deficiency in patients aged 2 years and above. In Canada it is approved for patients aged 6 years and older. Each 1 mL of the injection contains 10 mg of setmelanotide, and the filing describes it as a once-daily administration.

The company reports market access or named patient sales in more than 25 countries outside the United States, including named patient sales in Austria, Greece, Russia, Switzerland and Turkey. In the United States the product is distributed through a specialty pharmacy. In the European Union and the United Kingdom, third-party service providers deliver it to patients.

The diseases it targets

The MC4R pathway is a brain pathway that regulates hunger, caloric intake and energy expenditure. The company focuses on diseases where genetic variants or injury impair it. It estimates 4,000 to 5,000 people with BBS in the United States. It also estimates approximately 10,000 people in the United States with acquired hypothalamic obesity, a condition caused by injury to the hypothalamus. Regulatory reviews of IMCIVREE for acquired hypothalamic obesity are under way in the United States and Europe, and the FDA has set a goal date of 20 March 2026. The company has added a 12-patient Japanese cohort to its Phase 3 trial and estimates 5,000 to 8,000 patients in Japan. It says it anticipates launching in the United States in 2026 if approved.

What is in development

Beyond IMCIVREE, the company has two earlier-stage MC4R agonists. Bivamelagon is an oral small molecule licensed from LG Chem, Ltd. RM-718 is designed for weekly injection and is in a Phase 1/2 trial in hypothalamic obesity and Prader-Willi syndrome (PWS). The company estimates approximately 20,000 people with PWS in the United States and approximately 400,000 worldwide. An exploratory Phase 2 trial of setmelanotide in PWS enrolled 18 patients.

The Phase 3 EMANATE trial has four independent substudies in genetically defined obesities: heterozygous POMC/PCSK1, LEPR, SRC1 and SH2B1. The earlier Phase 2 DAYBREAK trial studied variants in one of 31 pre-identified genes. The company also runs a congenital hyperinsulinism program, which came from its acquisition of Xinvento B.V. in February 2023.

How it finds patients

The company keeps a DNA database of approximately 120,000 sequencing samples as of 31 December 2025, and more than 90% of it comes from the United States population. Samples come mainly from two sponsored genetic testing programs. Uncovering Rare Obesity (URO) operates in North America, with testing by Prevention Genetics. Rare Obesity Advanced Diagnosis (ROAD) operates outside the United States, with testing by CGC Genetics Unilabs. Both programs cover the cost of the test for participants. The company also has field teams in the United States and Europe and a team in Japan.

Manufacturing, licences and patents

The company contracts third parties to make setmelanotide, including PolyPeptide Group, Neuland Laboratories and Astrea Monts S.A.S. It says it has no plans to build its own clinical or commercial scale manufacturing.

- Ipsen Pharma S.A.S. granted an exclusive worldwide licence from 2013 covering setmelanotide. - Camurus granted a licence to its FluidCrystal technology for a once-weekly formulation of setmelanotide. The company has paused that work in favour of RM-718. - LG Chem granted worldwide rights to bivamelagon.

The MC4R portfolio consists of 45 patent families filed in over 40 jurisdictions. For the key peptide agonist families, including setmelanotide, the company reports 20 issued United States patents and over 240 issued non-United States patents.

How it competes

The company says IMCIVREE is the only approved treatment for weight management in patients with obesity due to BBS or POMC, PCSK1 or LEPR deficiencies. It notes that drugs for general obesity, including GLP-1 and GIP therapies, do not specifically target the impaired MC4R signalling. It also says several other companies have early-stage MC4R programs, most in the pre-clinical or discovery phase.

*From Rhythm Pharmaceuticals's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1649904/000162828026012399/rytm-20251231.htm)*

From the company's 10-K.