Jun 2026 (Q2 FY26) — Aug 4, 2026
Rhythm Pharmaceuticals Q2 FY26 — Strong IMCIVREE HO Launch and Promising RM-718 Data
Read the full callRhythm Pharmaceuticals (RYTM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Rhythm Pharmaceuticals earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 71.3 | +46.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -68.1 | +25.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -49.3 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
13 of 16 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Prader-Willi syndrome (PWS) Phase II full 6-month data disclosure | full 6-month data by midyear (2026) | Dec 2025 | In June, we presented positive 6-month data in Prader-Willi at ENDO showing setmelanotide achieved clinically meaningful BMI and BMI-Z score reductions, reductions in fat mass and preservation of lean mass and improvements in hyperphagia and anxiety measures. | Achieved |
| Congenital HO substudy enrollment (39-patient trial) — start and completion | enroll the first patients with congenital HO in Q1 2025; complete enrollment by first half of 2026 | Dec 2024 | Ghosted | |
| FY2026 non-GAAP operating expense guidance | $385 million to $415 million non-GAAP OpEx, comprising $197M-$213M R&D and $188M-$202M SG&A | Dec 2025 | We now anticipate approximately $363 million to $397 million in non-GAAP operating expenses for 2026 comprised of non-GAAP R&D expenses of $175 million to $195 million and non-GAAP SG&A expenses of $188 million to $202 million. | Revised Up |
3 of RHYTHM PHARMACEUTICALS, INC.'s 21 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 18 more targets are in the full ledger.
Claimed
- Global net product sales totaled $71.3 million, representing 19% sequential growth over Q1 FY26.
- U.S. launch of IMCIVREE for acquired hypothalamic obesity (HO) saw strong demand with over 400 start forms from approximately 300 prescribers in 14 weeks.
- RM-718, a weekly MC4R agonist, demonstrated clinically meaningful BMI reductions of 11.6% at week 16 in HO patients, comparable to setmelanotide and bivamelagon, with no generalized hyperpigmentation.
- Secured positive payer policies for HO covering approximately 25% of Medicaid and 35% of commercial covered lives by end of Q2 FY26.
- Continued growth in patients on reimbursed therapy globally, increasing by over 20% quarter-over-quarter.
Qualified
- International revenue decreased from $23.2 million in Q1 FY26 to $20.3 million in Q2 FY26, primarily due to a $3.8 million retrospective charge associated with the French contribution M mechanism.
- Two patients discontinued RM-718 Phase II trial due to adverse events (injection site reactions, nausea) within the first 4 weeks of treatment.
Price
$88.23 +2.39% · +$2.06
Performance −20.0% 1Y
1Y: $110.28 on 17 Oct 2025 → $88.23. High $117.62 (11 Dec 2025), low $75.82 (27 Mar 2026).
- Previous close
- $86.17
- 52-week range
- $75.82 – $117.62
- One year
- −21.50%
Overview
- Symbol
- RYTM
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 16 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Prader-Willi syndrome (PWS) Phase II full 6-month data disclosure | full 6-month data by midyear (2026) | Dec 2025 | In June, we presented positive 6-month data in Prader-Willi at ENDO showing setmelanotide achieved clinically meaningful BMI and BMI-Z score reductions, reductions in fat mass and preservation of lean mass and improvements in hyperphagia and anxiety measures. | Achieved |
| Congenital HO substudy enrollment (39-patient trial) — start and completion | enroll the first patients with congenital HO in Q1 2025; complete enrollment by first half of 2026 | Dec 2024 | Ghosted | |
| FY2026 non-GAAP operating expense guidance | $385 million to $415 million non-GAAP OpEx, comprising $197M-$213M R&D and $188M-$202M SG&A | Dec 2025 | We now anticipate approximately $363 million to $397 million in non-GAAP operating expenses for 2026 comprised of non-GAAP R&D expenses of $175 million to $195 million and non-GAAP SG&A expenses of $188 million to $202 million. | Revised Up |
Claimed
- Global net product sales totaled $71.3 million, representing 19% sequential growth over Q1 FY26.
- U.S. launch of IMCIVREE for acquired hypothalamic obesity (HO) saw strong demand with over 400 start forms from approximately 300 prescribers in 14 weeks.
- RM-718, a weekly MC4R agonist, demonstrated clinically meaningful BMI reductions of 11.6% at week 16 in HO patients, comparable to setmelanotide and bivamelagon, with no generalized hyperpigmentation.
- Secured positive payer policies for HO covering approximately 25% of Medicaid and 35% of commercial covered lives by end of Q2 FY26.
- Continued growth in patients on reimbursed therapy globally, increasing by over 20% quarter-over-quarter.
Qualified
- International revenue decreased from $23.2 million in Q1 FY26 to $20.3 million in Q2 FY26, primarily due to a $3.8 million retrospective charge associated with the French contribution M mechanism.
- Two patients discontinued RM-718 Phase II trial due to adverse events (injection site reactions, nausea) within the first 4 weeks of treatment.
The full ledger
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Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Rhythm Pharmaceuticals Q1 FY26 — Strong HO Launch and Pipeline Progress
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Rhythm Pharmaceuticals Q4 FY25 — Strong IMCIVREE Sales and Bivamelagon Phase 3 Progress
Read the full callEvery analysed call
Rhythm Pharmaceuticals earnings calls (RYTM)
Financials
What the filings say
Net profit, year on year: −6% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 33 | 42 | 33 | 49 | 51 | 57 | 60 | 71 |
| Expenses | 77 | 83 | 80 | 94 | 104 | 104 | 112 | 120 |
| Operating profit | -44 | -41 | -47 | -45 | -53 | -47 | -52 | -49 |
| Operating margin | −132.0% | −98.6% | −143.7% | −93.4% | −102.6% | −82.2% | −87.1% | −68.1% |
| Other income | -0 | — | -2 | -1 | -0 | -0 | -3 | -0 |
| Interest | 5 | — | 5 | 6 | 5 | 5 | 5 | 5 |
| Profit before tax | -44 | -43 | -49 | -46 | -53 | -48 | -55 | -49 |
| Tax rate | 0.8% | 0.2% | −0.2% | −0.7% | −0.2% | 0.1% | −1.0% | −0.9% |
| Net profit | -44 | -43 | -49 | -47 | -53 | -48 | -56 | -49 |
| EPS ($ per share) | -0.73 | — | -0.81 | -0.75 | -0.82 | — | -0.83 | -0.73 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -185 | -325 | -459 | -529 | -710 | -895 | -1,155 | -1,352 |
| Total liabilities | 14 | 28 | 21 | 45 | 118 | 163 | 228 | 210 |
| Fixed assets | 1 | 4 | 3 | 3 | 2 | 1 | 1 | 1 |
| Investments | — | 230 | 72 | 236 | 206 | 216 | 231 | 335 |
| Total assets | 260 | 309 | 187 | 330 | 382 | 333 | 392 | 480 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -62 | -123 | -122 | -146 | -173 | -136 | -114 | -116 |
| Cash from investing | -87 | -28 | 159 | -62 | 28 | -6 | -48 | -137 |
| Cash from financing | 165 | 163 | 2 | 166 | 214 | 74 | 191 | 218 |
| Net cash flow | 15 | 13 | 39 | -42 | 68 | -68 | 29 | -35 |
| Capital expenditure | -1 | -3 | -0 | -0 | -0 | -0 | 0 | -1 |
| Free cash flow | -63 | -126 | -122 | -146 | -174 | -136 | -114 | -117 |
RYTM revenue by segment
| Segment | Q1 FY2024 | Q2 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Single Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +46.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 143% ↑ 73 pt
- Non Us 57%
As RYTM cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
101 filings between Oct 28, 2025 and Sep 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$40.09M
52 sales by 9 insiders
96% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 38
- Option exercise — converted options into shares
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Lee Jennifer Kayden | — | $8.90M | Aug 13, 2026 |
| Smith Hunter C | — | $8.84M | Aug 31, 2026 |
| Mazabraud Yann | — | $6.62M | Aug 12, 2026 |
| Meeker David P | — | $5.13M | Sep 14, 2026 |
| TETRAULT LYNN A. | — | $3.71M | Jun 22, 2026 |
| Cramer Pamela J. | — | $2.99M | Dec 11, 2025 |
| Shulman Joseph | — | $2.06M | Aug 13, 2026 |
| German Christopher Paul | — | $930.9K | May 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Meeker David P President and CEO | Sale 10b5-1 plan | 1,817 | $190.0K |
| Sep 14, 2026 | Meeker David P President and CEO | Option exercise 10b5-1 plan | 50,000 | $302.5K |
| Sep 14, 2026 | Meeker David P President and CEO | Sale 10b5-1 plan | 8,698 | $899.6K |
| Sep 14, 2026 | Meeker David P President and CEO | Sale 10b5-1 plan | 2,300 | $241.9K |
| Sep 14, 2026 | Meeker David P President and CEO | Sale 10b5-1 plan | 6,439 | $655.1K |
| Sep 14, 2026 | Meeker David P President and CEO | Sale 10b5-1 plan | 30,746 | $3.15M |
| Aug 31, 2026 | Smith Hunter C Chief Financial Officer | Sale 10b5-1 plan | 23,072 | $2.41M |
| Aug 31, 2026 | Smith Hunter C Chief Financial Officer | Option exercise 10b5-1 plan | 57,187 | $1.47M |
| Aug 31, 2026 | Smith Hunter C Chief Financial Officer | Sale 10b5-1 plan | 28,188 | $2.99M |
| Aug 31, 2026 | Smith Hunter C Chief Financial Officer | Sale 10b5-1 plan | 11,514 | $1.21M |
| Aug 13, 2026 | Garfield Alastair Chief Scientific Officer | Sale 10b5-1 plan | 3,400 | $402.2K |
| Aug 13, 2026 | Garfield Alastair Chief Scientific Officer | Sale 10b5-1 plan | 2,007 | $233.0K |
| Aug 13, 2026 | Shulman Joseph Chief Technical Officer | Sale 10b5-1 plan | 5,079 | $608.2K |
| Aug 13, 2026 | Shulman Joseph Chief Technical Officer | Option exercise 10b5-1 plan | 2,024 | $13.8K |
| Aug 13, 2026 | Garfield Alastair Chief Scientific Officer | Sale 10b5-1 plan | 1,556 | $182.2K |
| Aug 13, 2026 | Garfield Alastair Chief Scientific Officer | Sale 10b5-1 plan | 800 | $95.3K |
| Aug 13, 2026 | Lee Jennifer Kayden EVP, Head of North America | Option exercise 10b5-1 plan | 21,601 | $146.9K |
| Aug 13, 2026 | Lee Jennifer Kayden EVP, Head of North America | Option exercise 10b5-1 plan | 35,000 | $850.1K |
| Aug 13, 2026 | Lee Jennifer Kayden EVP, Head of North America | Sale 10b5-1 plan | 75,834 | $8.90M |
| Aug 12, 2026 | Mazabraud Yann EVP, Head of International | Sale 10b5-1 plan | 17,319 | $2.03M |
| Aug 12, 2026 | Mazabraud Yann EVP, Head of International | Sale 10b5-1 plan | 18,208 | $2.12M |
| Aug 12, 2026 | Mazabraud Yann EVP, Head of International | Sale 10b5-1 plan | 14,568 | $1.68M |
| Aug 12, 2026 | Mazabraud Yann EVP, Head of International | Sale 10b5-1 plan | 3,605 | $413.5K |
| Aug 12, 2026 | Mazabraud Yann EVP, Head of International | Sale 10b5-1 plan | 2,300 | $257.1K |
| Aug 12, 2026 | Mazabraud Yann EVP, Head of International | Option exercise 10b5-1 plan | 46,625 | $317.1K |
| Aug 12, 2026 | Mazabraud Yann EVP, Head of International | Sale 10b5-1 plan | 1,000 | $112.9K |
| Jul 1, 2026 | Garfield Alastair Chief Scientific Officer | Option exercise | 4,445 | — |
| Jul 1, 2026 | Garfield Alastair Chief Scientific Officer | Tax withheld | 2,150 | $237.4K |
| Jun 23, 2026 | MCGIRR DAVID W J Director | Option exercise | 4,712 | — |
| Jun 23, 2026 | Arbuckle Stuart A Director | Option exercise | 4,712 | — |
| Jun 23, 2026 | GOOD JENNIFER L Director | Option exercise | 4,712 | — |
| Jun 23, 2026 | TETRAULT LYNN A. Director | Option exercise | 4,712 | — |
| Jun 23, 2026 | JEAN CHRISTOPHE Director | Option exercise | 4,712 | — |
| Jun 22, 2026 | TETRAULT LYNN A. Director | Sale 10b5-1 plan | 37,000 | $3.71M |
| Jun 22, 2026 | TETRAULT LYNN A. Director | Option exercise 10b5-1 plan | 37,000 | $1.05M |
| May 18, 2026 | Smith Hunter C Chief Financial Officer | Option exercise | 3,000 | $53.6K |
| May 15, 2026 | German Christopher Paul Corporate Controller & CAO | Option exercise | 1,406 | $25.3K |
| May 15, 2026 | German Christopher Paul Corporate Controller & CAO | Option exercise | 1,349 | $66.4K |
| May 15, 2026 | German Christopher Paul Corporate Controller & CAO | Option exercise | 1,687 | $95.6K |
| May 15, 2026 | German Christopher Paul Corporate Controller & CAO | Sale | 4,643 | $428.1K |
| Apr 1, 2026 | Mazabraud Yann EVP, Head of International | Option exercise | 12,875 | — |
| Mar 12, 2026 | Mathers Edward T Director | Other | 4,199 | $0 |
| Mar 4, 2026 | German Christopher Paul Corporate Controller & CAO | Option exercise | 1,500 | $27.0K |
| Mar 4, 2026 | German Christopher Paul Corporate Controller & CAO | Sale | 5,614 | $502.8K |
| Mar 2, 2026 | Mathers Edward T Director | Other | 4,198 | $0 |
| Mar 2, 2026 | Smith Hunter C Chief Financial Officer | Option exercise | 6,099 | $41.5K |
| Mar 1, 2026 | German Christopher Paul Corporate Controller & CAO | Option exercise | 1,162 | — |
| Mar 1, 2026 | German Christopher Paul Corporate Controller & CAO | Tax withheld | 342 | $32.5K |
| Feb 19, 2026 | Smith Hunter C Chief Financial Officer | Sale 10b5-1 plan | 585 | $60.4K |
| Feb 19, 2026 | Smith Hunter C Chief Financial Officer | Sale 10b5-1 plan | 800 | $81.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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