Key Highlights

  • Net loss of USD 0.61 per share was narrower than the consensus estimate of a USD 0.71 loss.
  • Net product Revenue of USD 92.1 million topped the consensus estimate of USD 85.57 million, up 29% sequentially.
  • Over 700 patient start forms for acquired hypothalamic obesity had come from more than 500 prescribers by September 30.
  • A five-year term Loan Facility provides access to up to USD 750 million, with USD 250 million drawn initially.

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) reported third quarter 2026 net product revenue of USD 92.1 million from global Imcivree (setmelanotide) sales, up from USD 51.3 million a year earlier and above a consensus estimate of USD 85.57 million. The net loss attributable to common stockholders was USD 42.4 million, or USD 0.61 per share, against USD 54.3 million, or USD 0.82 per share, in the year earlier quarter and a consensus estimate of a USD 0.71 loss per share.

Sales grew 29% from the second quarter, and patients on reimbursed therapy worldwide increased 20% over the same period. Chairman, Chief Executive Officer and President David Meeker pointed to the United States launch in acquired hypothalamic obesity, approved by the FDA on March 19, 2026, and to the start of the Japan launch as milestones.

Geographic Mix, Spending and Pipeline Changes

United States revenue was USD 67.5 million, or 73% of the total, up USD 16.5 million or 32% sequentially, driven mainly by Demand in acquired hypothalamic obesity and continued growth in Bardet-Biedl syndrome. Revenue outside the United States was USD 24.7 million, up USD 4.4 million or 22%. Nine month product revenue reached USD 223.5 million against USD 137.5 million a year earlier.

Research and development expense rose to USD 52.5 million from USD 46.0 million on manufacturing, clinical trial and personnel costs, while selling, general and administrative expense rose to USD 66.8 million from USD 52.4 million on higher personnel costs. On November 2 the company amended its bivamelagon license with LG Chem, agreeing to pay USD 350 million in fixed payments over four years to cut the Royalty to 1% of net product revenue from its MC4R portfolio. Bivamelagon is advancing into pivotal development in Prader-Willi syndrome and acquired hypothalamic obesity.

Financing and 2026 Spending Guidance

For 2026 the company guided to non-GAAP operating expenses of USD 360 to 380 million, built on Research and Development expense of about USD 165 to 175 million and selling, general and administrative expense of about USD 195 to 205 million, excluding stock-based compensation. Management projects that cash, cash equivalents and short-term investments held at September 30 would fund planned operations for at least 24 months.

Cash, cash equivalents and short-term investments were about USD 320.9 million at quarter end, and that figure excludes the USD 250 million initial draw on the new term loan facility and the USD 70 million payment due to LG Chem. The facility, led by a healthcare royalty investor in Partnership with a life sciences Investment firm, comes with an amended and restated revenue interest financing agreement.

Liquidity and Launch Milestones Against Prior Levels

Cash of USD 320.9 million at September 30 compares with USD 388.9 million at December 31, 2025, before a USD 250 million loan draw and a USD 70 million payment due to LG Chem under the amended agreement. Third quarter research and development expense of USD 52.5 million and selling, general and administrative expense of USD 66.8 million sit against USD 46.0 million and USD 52.4 million a year earlier.

The company is scheduled to start a pivotal Phase 3 bivamelagon trial in acquired hypothalamic obesity by year end 2026, and five presentations are accepted for ObesityWeek, held November 14 to 17, 2026. Country level launches in Europe begin with Germany in 2027, while ex-US revenue of USD 24.7 million represents 27% of the total.