Rhythm Pharmaceuticals stock: IMCIVREE growth drives Q3 update

Rhythm Pharmaceuticals reported third-quarter results on November 3, highlighting continued commercial momentum for IMCIVREE and progress across its rare-disease pipeline. In its November 3 release, the company said global IMCIVREE product revenue reached 92.1 million dollars in the third quarter, up 29 percent from the second quarter.

Rhythm Pharmaceuticals stock traded at 93.50 euros on Lang & Schwarz at 23:00 CET on Thursday, November 5.

IMCIVREE launch gains breadth

The company said it had received more than 700 patient start forms for IMCIVREE in acquired hypothalamic obesity from more than 500 prescribers as of September 30. U.S. revenue was 67.5 million dollars, accounting for 73 percent of product revenue, while revenue outside the United States reached 24.7 million dollars.

The number of patients on reimbursed therapy worldwide increased 20 percent from the second quarter. Rhythm also launched IMCIVREE in Japan on October 13 for patients with acquired hypothalamic obesity, adding another market to its commercial rollout.

Pipeline milestones move closer

Rhythm expects to begin a pivotal Phase 3 trial of bivamelagon in acquired hypothalamic obesity by the end of 2026. The company also plans to complete enrollment in the RM-718 Phase 1/2 Part D trial in Prader-Willi syndrome during the second half of 2026.

Five presentations from the company have been accepted for ObesityWeek 2026 from November 14 to November 17. The program includes final Phase 3 results and longer-term data for setmelanotide in acquired hypothalamic obesity.

Financial position and outlook

Rhythm reported a third-quarter net loss attributable to common stockholders of 42.4 million dollars, or 0.61 dollars per diluted share, compared with a loss of 54.3 million dollars, or 0.82 dollars per share, a year earlier. Cash, cash equivalents and short-term investments totaled 320.9 million dollars at September 30.

For 2026, management expects non-GAAP operating expenses of 360 million to 380 million dollars and said its cash, cash equivalents and short-term investments at September 30 should fund planned operations for at least 24 months. That outlook excludes the initial draw on the new term loan facility and a payment due to LG Chem under the amended bivamelagon license.

Company profile

Rhythm Pharmaceuticals is a Boston-based commercial-stage biopharmaceutical company focused on rare neuroendocrine diseases. Its lead product, IMCIVREE, is an MC4R agonist used for selected forms of severe obesity and hunger disorders. The company is also developing bivamelagon, RM-718 and preclinical small molecules for congenital hyperinsulinism. Its investor overview identifies North America, Europe and other regions as commercial markets.

The broader U.S. equity market remains relevant for the company through the S&P 500.

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