Rhythm Pharmaceuticals (RYTM) Q1 2026 earnings summary

Executive summary

• Achieved $60.1 million in global net revenues in Q1 2026, up 5% sequentially, driven by growth in Bardet-Biedl syndrome (BBS) and the U.S. launch of IMCIVREE for acquired hypothalamic obesity (HO), with over 150 start forms and strong early physician and payer engagement.

• FDA approval and U.S. launch of IMCIVREE for acquired HO in March 2026, with over 110 unique prescribers in six weeks, 80% new to IMCIVREE.

• European Commission granted marketing authorization for IMCIVREE in acquired HO, with launches in Europe expected to begin in 2027.

• NDA filing for IMCIVREE in Japan accepted, with anticipated approval and launch by end of 2026.

• Positive data from the Japanese cohort of the Phase 3 TRANSCEND study and ongoing clinical pipeline development.

Financial highlights

• Q1 2026 global net revenues reached $60.1 million, a 5% increase from Q4 2025 and up from $37.7 million in Q1 2025.

• U.S. accounted for 61% of Q1 revenue ($36.9 million); international revenue was $23.2 million, up 27% sequentially, driven by Germany, France, Saudi Arabia, and Greece.

• R&D expenses were $41.7 million (up from $37 million YoY); SG&A expenses were $63.6 million (up from $39.1 million YoY).

• GAAP net loss attributable to common stockholders was $(56.7) million, or $(0.83) per share.

• Cash, cash equivalents, and short-term investments totaled $340.6 million at quarter end.

Outlook and guidance

• Non-GAAP operating expenses for FY 2026 expected to be $385–$415 million, with R&D at $197–$213 million and SG&A at $188–$202 million.

• Cash position expected to fund operations for at least 24 months.

• Anticipate steady growth in HO prescriptions and continued payer policy development over the next 3–9 months.

• Key milestones in 2026 include clinical trial readouts for setmelanotide in Prader-Willi syndrome and RM-718 in acquired HO, and regulatory decisions in Japan.

• European launches for HO expected in 2027; Japan launch anticipated by end of 2026.