What factors drove the changes in Rhythm's revenue and profit?

What is Rhythm's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Rhythm year over year?

What does Rhythm do and what are its main business segments?

What were the key takeaways from Rhythm’s earnings call?

Did Rhythm beat or miss consensus estimates last quarter?

What is Rhythm's gross profit margin?

What guidance did Rhythm's management provide for the next earnings period?

- **Revenue Growth**: Q4 2025 revenue up 12% QoQ, 50% YoY, driven by global IMCIVREE expansion.
- **Pipeline Momentum**: Bivamelagon Phase 3 on track for mid-2026 data; Japan/Europe reimbursement programs pending approval.
- **Financial Expansion**: R&D/Sales expenses +35% YoY due to clinical trial growth and commercial infrastructure build-up.
- **Regulatory Focus**: Acquired HO PDUFA March 2026; Japan/Europe reimbursement programs pending.

**【Core Details】**
- **Revenue Performance**: Q4 2025 revenue increased by 12% QoQ and 50% YoY, driven by global sales growth, particularly in the US and Europe.
- **Product Pipeline**: Bivamelagon Phase 3 trial in acquired HO is on track for mid-2026 data, with 600mg dose showing promise. IMCIVREE sales in Japan and Europe expanded due to increased HCP engagement and reimbursement programs.
- **Financials**: Q4 2025 GAAP net loss of $15.4 million, with R&D and SG&A expenses increasing by 35% YoY due to clinical trial expansions and commercial infrastructure build-up.
- **Strategic Initiatives**: Expansion of rare disease education programs in Japan and Europe, targeting MC4R pathway disorders, with 2026 guidance for 500-600 patients enrolled in rare disease programs.
- **Regulatory Updates**: PDUFA date for acquired HO set for March 2026, with Japan and Europe reimbursement programs pending approval.
- **Operational Milestones**: 2025 global sales of $194.8 million, up 50% YoY, with US and ex-US sales growth driven by IMCIVREE and setmelanotide.

Rhythm Pharmaceuticals, Inc.(RYTM)-20260226-2025 Q4 Earnings call transcript

- **Q3 Momentum**: 10% global patient growth on IMCIVREE, $51.3M revenue, $416M cash runway
- **Upcoming Milestones**: HO FDA PDUFA 12/20, PWS Phase II data Q1 2026, Japan NDA submission
- **Strategic Focus**: MC4R pathway expansion into acquired obesity, international launches 2027
- **Operational Strength**: 84% U.S. gross-to-net, disciplined R&D/S&G spend


**【CEO Summary Section】**
- CEO David Meeker highlighted Q3 progress, including 10% global patient growth on IMCIVREE and preparations for the December 20 HO launch. He emphasized the MC4R pathway's therapeutic potential for rare obesity disorders.
- CEO outlined upcoming milestones: Phase II PWS top-line data release in Q1 2026 and Phase III HO trial initiation in 2026. He noted FDA feedback aligns with a 5% BMI change threshold for Phase III design.

**【CFO Financial Commentary】**
- CFO Hunter Smith reported Q3 revenue of $51.3M (10% patient growth), with $38.2M (74%) from U.S. sales. Cash balance of $416M provides >24-month runway. R&D/S&G expenses totaled $98.5M, supporting HO launch readiness.
- CFO emphasized financial discipline, with 84% gross-to-net in the U.S. and 74% international revenue from early access programs.

**【Q&A Highlights】**
- **Trial Design Clarity**: CEO provided details on the Phase III HO trial (52-week double-blind, 10-20 patient cohort) and FDA feedback on BMI change metrics.
- **Reimbursement Strategy**: Jennifer Chien outlined payer engagement for acquired HO, with 2,000 target physicians and 2,000 potential patients identified through claims analysis.
- **International Launch Timing**: Yann Mazabraud detailed Europe and Japan timelines (2027), leveraging existing BBS infrastructure.
- **PWS Observational Data**: CEO highlighted liver function improvements in BBS patients, suggesting broader MC4R benefits.


Rhythm Pharmaceuticals, Inc. (RYTM) Q3 2025 Earnings Call Transcript

- **Revenue Growth & Cash Strength**: Q2 2025 revenue $48.5M (+29% QoQ), $189M equity raise provides >24-month cash runway.
- **Clinical Milestones**: Setmelanotide Phase III in HO shows 19.8% BMI reduction vs placebo; bivamelagon Phase II -9.7% BMI at 12 weeks.
- **Pipeline Expansion**: Targeting 2026 Phase III for bivamelagon and EMANATE trial; Japan team building for 2026 filings.
- **Financial Discipline**: Non-GAAP OpEx $285-315M, R&D/Sales & Marketing up 14%/18% QoQ.
- **Risk Points**: Prader-Willi Phase II 50-50 success odds; minimal U.S. HO off-label use.

**【CEO Summary Section】**
- Rhythm reported strong Q2 2025 performance with global revenue of $48.5 million, up 29% QoQ, driven by BBS and early access HO sales.
- CEO David Meeker highlighted Phase III setmelanotide data in acquired HO (BMI -19.8% vs placebo) and Phase II bivamelagon results (BMI -9.7% at 12 weeks), positioning for 2026 Phase III trials.
- $189M equity raise in July 2025, providing >24-month cash runway, with $291M cash on hand.
- HO prevalence estimates at 5,000-10,000 in U.S., with 10,000+ globally, targeting 2026 EMANATE trial readout.

**【CFO Financial Commentary】**
- Q2 2025 GAAP net loss $0.75/sh, non-GAAP R&D/Sales & Marketing expenses $42.3M/$45.9M, up 14%/18% QoQ due to clinical trial expansion and commercial headcount growth.
- U.S. revenue +31% QoQ to $31.5M, international +24% to $11.5M (EUR/GBP appreciation +$1.2M), with 12% patient growth.
- Cost of sales 11.4% of revenue, stable vs prior quarters.
- 2025 non-GAAP OpEx guidance $285-315M (R&D $150-170M, SG&A $135-145M).

**【Q&A Highlights】**
- Prader-Willi Phase II open-label trial (n=10-20) targeting 6-month data, with 5mg dose escalation; CEO cautious on 50-50 success odds due to disease complexity.
- Japan team building for 2026 regulatory filings; named patient sales in Poland, Czech Republic.
- HO off-label use minimal in U.S., but 10%+ of international patients already on therapy via early access programs.
- 718 Phase II targeting Q1 2026 enrollment, with weekly dosing and 6-month data readout.
- Stock comp $15.9M Q2, driven by $85/sh equity raise, complicating OpEx forecasting.

Rhythm Pharmaceuticals (RYTM)-5 Aug 25-2025 Q2 Earnings call transcript

- **HO Phase 3 success**: 16.5% BMI reduction vs. placebo, with consistent pediatric response (ages 4-18). FDA filing on track for Q3 2025.
- **Commercial resilience**: $37.7M Q1 revenue despite $8.3M inventory swing, driven by 14% global patient growth and ex-US expansion.
- **Key strategic moves**: Reacquired China rights, preparing for 2027 cash runway, and targeting >10% BMI reduction in bivamelagon Phase 2.

**【CEO Summary Section】**
- Phase 3 trial results for acquired hypothalamic obesity (HO) showed a 16.5% BMI reduction in setmelanotide-treated patients vs. a 3.3% increase in placebo, with consistent responses across age groups (including children as young as 4). FDA Type D meeting scheduled for Q3 2025 filing.
- US commercial demand for IMCIVREE (Bardet-Biedl syndrome) grew despite a $8.3 million inventory swing at the specialty pharmacy, with sequential patient growth of 14% globally.
- International expansion in France and Italy drove HO revenue, with 24 patients in the French real-world experience showing significant weight loss.

**【CFO Financial Commentary】**
- Q1 2025 revenue: $37.7 million (IMCIVREE), up 45% YoY, with US revenue impacted by inventory swings but ex-US growth of $3.1 million.
- Net loss: $0.81 per share (GAAP), driven by $6.3 million China rights reacquisition and $40.4 million cash used in operations.
- Cash runway: $314.5 million, sufficient for operations into 2027.

**【Commercial Highlights】**
- US prescriber growth: 13% QoQ, with 1/3 of new prescribers becoming repeat prescribers.
- Medicaid access expanded to cover >95% of Medicaid lives, reducing Bridge program usage to pre-Q1 levels.
- HO patient persistence: <10% discontinuation rate in Phase 3, with high compliance despite complex medical needs.

**【Q&A Highlights】**
- **Non-responders**: 3/8 dropouts had pre-existing conditions (e.g., seizures), while 3/9 completers had alternative measures of response (Z-score reduction).
- **Bivamelagon Phase 2**: Expected Q3 readout; targeting >10% BMI reduction threshold, with focus on safety and tolerability.
- **HO launch prep**: Endocrinologist engagement >50%, with similar prescribing patterns to BBS but faster uptake due to diagnosed patient pool.
- **China strategy**: Reacquired rights; evaluating go-it-alone vs. partner approach for Asia-Pacific expansion.

Rhythm Pharmaceuticals, Inc. (RYTM) Q1 2025 Earnings Call Transcript

- **Financial Strength**: $320.6M cash on hand, supporting 2025-2027 pipeline execution.
- **Revenue Growth**: Q4 2024 net revenue up 72% YoY, driven by BBS and international expansion.
- **HO Trial Momentum**: Q2 2025 Phase 3 readout targeting 50/50 pediatric-adult split, with Japan 2026 data.
- **Next-Gen Pipeline**: Bivamelagon and RM-718 trials progressing, with H2 2025 data readouts.
- **Strategic Expansion**: Turkey partnership and Japan focus capitalize on high HO prevalence.

**【CEO Summary Section】**
- Entered 2025 with $320.6M cash, extended runway to 2027 through ATM program.
- Completed enrollment in Phase 2 daily oral bivamelagon study for acquired HO.
- BBS market opportunity expected to grow steadily, with U.S. sales at $41.8M in Q4 2024.
- Next-gen compounds (bivamelagon, RM-718) designed for improved convenience and MC4R specificity, with Phase 2 data expected H2 2025.

**【CFO Financial Commentary】**
- Q4 2024 net revenue $41.8M, +72% YoY; full year $138.1M, +85% YoY.
- R&D expenses $41.2M (Q4), driven by bivamelagon and RM-718 trials.
- SG&A expenses $38.1M (Q4), up 8% QoQ due to headcount and marketing.
- 2025 non-GAAP OpEx guidance: $285M-$315M, reflecting HO launch preparation.

**【Q&A Key Highlights】**
- HO Phase 3 trial expected Q2 2025 readout, targeting 50/50 pediatric/adult split.
- Japan has higher HO prevalence, with potential 2026 data from 12-patient cohort.
- Pediatric label expansion for BBS (2+ years) shows strong adherence, but minimal near-term revenue impact.
- Strategic partnership in Turkey to leverage local rare disease expertise.
- RM-718 Phase 1 Part C enrollment begins Q1 2025, with data expected late 2025.
- Bivamelagon Phase 2 HO data expected H2 2025, with focus on MC4R agonism vs. setmelanotide.


Rhythm Pharmaceuticals, Inc. (RYTM) Q4 2024 Earnings Call Transcript

Rhythm Pharmaceuticals (RYTM)-5 Nov 24-2024 Q3 Earnings call transcript

Rhythm Pharmaceuticals (RYTM)-6 Aug 24-2024 Q2 Earnings call transcript

Rhythm Pharmaceuticals (RYTM)-7 May 24-2024 Q1 Earnings call transcript

- **Revenue Growth**: Q4 2023 revenue $24.2M (175% YoY), driven by international expansion.
- **Japan Market Potential**: 5,000-8,000 patients with streamlined regulatory path, targeting 2025 filings.
- **New Drug Pipeline**: Weekly RM17 and oral LB-54640 expected to dose patients in 2024, addressing hyperpigmentation concerns.
- **Pediatric Expansion**: EU label for 2-5-year-olds with 18% weight loss data, U.S. filing Q3 2024.
- **Operational Risks**: 20% discontinuation rate, 30 patients on bridge program, and $100M upfront costs for LB-54640.

**【CEO Summary Section】**
- **Transformational Year**: 2023 marked significant progress in commercial, developmental, and strategic growth, with 2024 focused on execution and 2025 milestone achievements.
- **Japan Regulatory Breakthrough**: Secured PMDA agreement to include 12 Japanese patients in the Phase III trial, avoiding separate PK studies. Japan's higher prevalence (5,000-8,000 patients) positions it as a key market.
- **New Drug Acquisitions**: Acquired LB-54640 (daily oral MC4R agonist) from LG Chem, with $100M upfront costs. Weekly injectable RM17 expected to dose first patients in March 2024.
- **Pediatric Expansion**: Filed for EU label expansion to children aged 2-5, with U.S. filing planned for Q3 2024. Data shows 18% weight loss at 1 year in pediatric patients.

**【CFO Financial Commentary】**
- **Q4 2023 Revenue**: $24.2M (175% YoY growth), driven by international expansion. U.S. revenue flat due to 30 patients transitioning to a bridge program.
- **Operating Expenses**: Non-GAAP OpEx $250-270M for 2024, including $10-15M for LB-54640 development. Cash reserves $276M, sufficient for 2025 activities.
- **Cost Structure**: Gross to net 85%, with Medicaid rebate adjustments. R&D and SG&A growth expected at 15-18% YoY.

**【Q&A Highlights】**
- **U.S. Medicaid Cluster**: Unique state policy requiring ophthalmology confirmation led to $2M revenue loss. 30 patients remain on bridge therapy, with reauthorization rates >90%.
- **Japan Pricing Strategy**: Expected to align with Europe, using U.S. and European references. PK consistency with Western trials.
- **Next-Gen Drugs**: Weekly RM17 and oral LB-54640 aim to reduce hyperpigmentation and improve compliance. SIGNAL trial efficacy vs. setmelanotide.
- **Commercial Dynamics**: 20% discontinuation rate, driven by side effects and adherence. Spain and Italy launches in 2025.

Actual										-0.78	-0.71	-0.77	-0.79	0.9	-0.7	-0.7	-0.85	-1.05	-0.89	-0.79	-0.75	-0.92	-0.82	-0.76	-0.7	-2.35	-0.55	-0.73	-0.72	-0.81	-0.75	-0.82	-0.73
Forecast										-0.82	-0.825	-0.7913	-0.7888	0.2988	-0.7038	-0.8067	-0.9129	-1.0133	-0.955	-0.9988	-0.8089	-0.7175	-0.7978	-0.74	-0.7056	-2.3563	-0.7089	-0.8045	-0.6936	-0.6942	-0.6701	-0.7081	-0.8045
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+4.88%	+13.94%	+2.69%	-0.15%	+201.20%	+0.54%	+13.23%	+6.89%	-3.62%	+6.81%	+20.91%	+7.28%	-28.22%	-2.78%	-2.70%	+0.79%	+0.27%	+22.42%	+9.26%	-3.81%	-16.68%	-11.92%	-15.80%	+9.26%

Actual	--	--	--	--	--	--	--	--	--	0	0	0	0	0	274.00K	1.03M	1.82M	1.50M	9.07M	4.28M	8.79M	11.47M	19.22M	22.50M	24.23M	25.97M	29.08M	33.25M	41.83M	32.70M	48.50M	51.30M	57.25M
Forecast	--	--	--	--	--	--	--	--	--	0	0	500.00K	60.00K	49.90M	551.00K	934.20K	1.70M	2.30M	2.57M	4.76M	7.22M	12.12M	15.03M	22.18M	25.38M	26.90M	28.79M	32.52M	38.48M	40.16M	43.64M	50.71M	56.21M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-100.00%	-100.00%	-50.27%	+10.04%	+6.75%	-34.87%	+253.38%	-10.02%	+21.77%	-5.36%	+27.90%	+1.47%	-4.51%	-3.45%	+1.00%	+2.24%	+8.69%	-18.57%	+11.15%	+1.16%	+1.86%

RYTM

RYTM fundamentals

RYTM Q4 2025 Earnings

Earnings Call

You can ask Aime

RYTM

RYTM fundamentals

RYTM Q4 2025 Earnings

Earnings Call

RYTM Earnings Call Summary for Q4/20259:00 AM on Feb 26, 2026

RYTM Earnings Call Summary for Q3/20258:00 AM on Nov 4, 2025

RYTM Earnings Call Summary for Q2/20258:00 AM on Aug 5, 2025

RYTM Earnings Call Summary for Q1/20258:00 AM on May 7, 2025

RYTM Earnings Call Summary for Q4/20248:00 AM on Feb 26, 2025

You can ask Aime