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 the strong U.S. launch of IMCIVREE for acquired hypothalamic obesity (HO) and international growth.

• Over 150 patient start forms received for IMCIVREE in the U.S. within six weeks post-FDA approval, with broad prescriber and payer engagement.

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

• NDA for IMCIVREE in acquired HO accepted in Japan, with anticipated approval and launch by late 2026.

• Continued steady growth in Bardet-Biedl syndrome (BBS) prescriptions and expansion of commercial infrastructure.

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 rose 27% sequentially to $23.2 million.

• R&D expenses were $41.7 million, up from $37 million year-over-year; SG&A expenses rose to $63.6 million from $39.1 million.

• 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 runway expected to fund operations for at least 24 months from March 31, 2026.

• Anticipate steady growth in HO prescriptions and continued international expansion throughout 2026.

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