second quarter 2026
Filed Aug 4, 2026Rhythm Pharmaceuticals Reports Second Quarter 2026 Financial Results and Business Update
Global IMCIVREE revenue increased to $71.3 million, with U.S. revenue up $14.1 million sequentially, but SG&A expenses increased to $67.4 million and net loss attributable to common stockholders widened to $(50.4) million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net product revenues from global sales of IMCIVREEGAAP | $71.3 million | 19% | – |
| U.S. revenueGAAP | $51.0 million | 38% | – |
| Ex-U.S. revenueGAAP | $20.3 million | (13)% | – |
| R&D expensesGAAP | $43.4 million | – | – |
| SG&A expensesGAAP | $67.4 million | – | – |
| Other expense, netGAAP | $(0.3) million | – | – |
| Net loss attributable to common stockholdersGAAP | $(50.4) million | – | – |
| Net loss per basic and diluted shareGAAP | $(0.73) | – | – |
| Net product revenues relating to sales of IMCIVREEGAAP | $131.4 million | – | – |
| R&D expenses, six months ended June 30GAAP | $85.2 million | – | – |
| SG&A expenses, six months ended June 30GAAP | $131.0 million | – | – |
| Other income (expense), net, six months ended June 30GAAP | $(3.0) million | – | – |
| Net loss attributable to common stockholders, six months ended June 30GAAP | $(107.1) million | – | – |
| Net loss attributable to common stockholders per basic and diluted share, six months ended June 30GAAP | $(1.57) | – | – |
| Mean BMI reduction with RM-718 in acquired HO patients after 16 weeks of treatmentother | 11.6% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| United StatesSequential quarter over quarter growth in U.S. revenue was driven primarily by increased patient demand for IMCIVREE in acquired HO, as well as continued growth in demand in Bardet-Biedl syndrome (BBS). | $51.0 million | 38% | – |
| Ex-U.S.The Company incurred a $3.8 million retrospective charge associated with the Contribution M mechanism in France, of which $3.1 million was related to revenue booked in periods prior to the second quarter of 2026. The number of reimbursed patients on IMCIVREE continued to increase in the second quarter of 2026. | $20.3 million | (13)% | – |
For the year ending December 31, 2026 outlook
- Operating expensesapproximately $363 million to $397 million in Non-GAAP Operating Expenses
What drove it
- More than 400 patient start forms had been received for IMCIVREE for acquired HO from approximately 300 prescribers as of June 30, 2026, since FDA approval on March 19, 2026.
- The number of patients on reimbursed therapy globally increased by greater than 20% as compared to the first quarter of 2026.
- Positive six-month Phase 2 setmelanotide data in Prader-Willi Syndrome reported clinically meaningful BMI or BMI z-score reductions, reductions in fat mass with preservation of lean mass, and improvements in hyperphagia and anxiety measures.
- Preliminary Part C Phase 1/2 RM-718 data in acquired HO patients reported mean BMI reduction of 11.6% in patients with acquired HO (n=7) after 16 weeks of treatment.
Concerns
- Ex-U.S. revenue decreased $(2.9) million or (13)% sequentially, reflecting a $3.8 million retrospective charge associated with the Contribution M mechanism in France.
- SG&A expenses increased to $67.4 million from $45.9 million, primarily due to increased personnel costs, including stock-based compensation, related to expanded business operations.
- Net loss attributable to common stockholders was $(50.4) million, compared with $(48.0) million in the second quarter of 2025.
- Cash, cash equivalents and short-term investments were approximately $330.9 million as of June 30, 2026, compared with $388.9 million as of December 31, 2025.
What to watch
- Completion of enrollment in the setmelanotide substudy in congenital HO in the second half of 2026.
- Completion of enrollment in the Phase 1/2, Part D trial evaluating RM-718 in PWS in the second half of 2026.
- Potential IMCIVREE launch for acquired HO in Japan pending a decision by Japan's Ministry of Health, Labour and Welfare by year-end 2026.
- Initiation of a pivotal Phase 3 trial evaluating bivamelagon in acquired HO by year-end 2026.
- Country-level launches of IMCIVREE for acquired HO in Europe beginning in 2027.
Balance sheet and cash flow
- As of June 30, 2026, cash, cash equivalents and short-term investments were approximately $330.9 million, as compared to $388.9 million as of December 31, 2025.
Analysis
Second-quarter commercial performance was led by IMCIVREE net product revenue of $71.3 million, compared with $48.5 million in the second quarter of 2025 and up 19% sequentially. U.S. revenue was $51.0 million, or 72% of product revenue, and increased $14.1 million or 38% from the first quarter of 2026. Management attributed U.S. growth primarily to increased patient demand in acquired HO and continued demand growth in BBS. More than 400 patient start forms from approximately 300 prescribers had been received for acquired HO as of June 30, 2026, while reimbursed patients globally increased by greater than 20% sequentially.
Ex-U.S. revenue was $20.3 million, or 28% of product revenue, and declined $(2.9) million or (13)% sequentially. The reported decline included a $3.8 million retrospective France Contribution M charge, including $3.1 million related to revenue booked before the second quarter. Rhythm stated that the number of reimbursed IMCIVREE patients continued to increase during the quarter, separating patient expansion from the reported geographic revenue effect.
Expenses remained elevated as the company expanded its operations. R&D expenses were $43.4 million compared with $42.3 million in the second quarter of 2025, driven by personnel costs, genetic-testing data analytics, pre-clinical expense and bivamelagon trials, partly offset by lower CMC activity and lower clinical trial costs following the winding down of EMANATE and TRANSCEND. SG&A expenses increased to $67.4 million from $45.9 million, driven by personnel costs, including stock-based compensation. Net loss attributable to common stockholders was $(50.4) million, or $(0.73) per basic and diluted share, compared with $(48.0) million, or $(0.75) per share.
The company ended the quarter with approximately $330.9 million of cash, cash equivalents and short-term investments, compared with $388.9 million as of December 31, 2025. For the year ending December 31, 2026, Rhythm anticipates approximately $363 million to $397 million in Non-GAAP Operating Expenses. Near-term execution items include enrollment completion in the congenital HO substudy and RM-718 PWS trial during the second half of 2026, a potential Japan acquired-HO launch by year-end pending an MHLW decision, and planned initiation of a pivotal bivamelagon Phase 3 trial by year-end 2026.
Management, verbatim
Rhythm continues to demonstrate strong commercial and clinical development progress, highlighted by a strong start in the U.S. launch of IMCIVREE for acquired hypothalamic obesity (HO).
David Meeker, M.D., Chairman, Chief Executive Officer and President of Rhythm Pharmaceuticals
The demand we are seeing from both patients and physicians reinforces the significant unmet need in acquired HO and the opportunity for IMCIVREE to transform the treatment paradigm for this devastating disease.
David Meeker, M.D., Chairman, Chief Executive Officer and President of Rhythm Pharmaceuticals
During the quarter, we strengthened Rhythm’s foundation for long-term growth with positive Phase 2 results for setmelanotide in Prader-Willi syndrome (PWS), as well as positive RM-718 results in acquired HO patients.
David Meeker, M.D., Chairman, Chief Executive Officer and President of Rhythm Pharmaceuticals
Not in the filing
stated, not guessed- Prior-quarter dollar amount for total IMCIVREE net product revenue.
- Prior-quarter dollar amounts for U.S. revenue and Ex-U.S. revenue.
- Year-over-year percentage change for total IMCIVREE net product revenue.
- Year-over-year comparisons for U.S. and Ex-U.S. revenue.
- Cost of revenue, gross profit and gross margin.
- Operating income or loss.
- Income tax expense or benefit and tax rate.
- Non-GAAP income, loss, EPS, gross margin, or cash-flow measures.
- Operating cash flow and free cash flow.
- Debt balance.
- Share repurchases, dividends, or other capital-return amounts.
- Full-year 2026 revenue guidance.
- Full-year 2026 gross-margin guidance.
- Full-year 2026 tax-rate guidance.
- Prior outlook for comparison with actual results.
- Financial guidance details following the truncated Non-GAAP Operating Expenses derivation.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.