Rhythm Pharmaceuticals (RYTM) Q2 2026 earnings summary

Executive summary

• Strong U.S. launch of IMCIVREE for acquired hypothalamic obesity (HO) with over 400 patient start forms from 300 prescribers since FDA approval in March 2026, driving robust early demand and broad prescriber engagement.

• Positive clinical data for setmelanotide in Prader-Willi syndrome (PWS) and for RM-718 in acquired HO, including meaningful BMI and behavioral improvements and favorable tolerability.

• Publication of pivotal Phase 3 TRANSCEND trial results for setmelanotide in acquired HO in The New England Journal of Medicine.

• International expansion progressing, with anticipated IMCIVREE launches in Japan by year-end 2026 and Europe in 2027.

• Multiple anticipated milestones for H2 2026 and 2027, including clinical trial progress and expanded scientific engagement.

Financial highlights

• Q2 2026 global net product revenue for IMCIVREE reached $71.3 million, up 19% sequentially and 47% year-over-year; U.S. revenue was $51.0 million (72% of total), international $20.3 million.

• International revenue declined due to a $3.8 million retrospective charge in France, though underlying patient growth remained strong.

• R&D expenses were $43.4 million and SG&A expenses $67.4 million in Q2 2026, both up year-over-year due to increased clinical and commercial activity.

• Net loss attributable to common stockholders was $(50.4) million, or $(0.73) per share, for Q2 2026.

• Cash, cash equivalents, and short-term investments totaled $330.9 million as of June 30, 2026, supporting at least 24 months of operations.

Outlook and guidance

• 2026 non-GAAP operating expenses guidance set at $363–$397 million, with R&D of $175–$195 million and SG&A of $188–$202 million; R&D midpoint reduced by $20 million due to timing shifts.

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

• Anticipates continued IMCIVREE revenue growth, with launches in Japan by year-end 2026 and Europe in 2027, and ongoing clinical trial enrollment.