Rhythm Pharmaceuticals
Markets IMCIVREE and develops MC4R agonists for rare neuroendocrine obesity disorders.
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Profile
Markets IMCIVREE, a setmelanotide injection for severe obesity and hyperphagia caused by rare MC4R-pathway and hypothalamic disorders, while developing oral and weekly MC4R agonists. Product revenue comes entirely from IMCIVREE, with commercialization dependent on diagnosis, regulatory approval, reimbursement and outsourced manufacturing.
Develops and commercializes therapies for rare neuroendocrine diseases in which impaired melanocortin-4 receptor signaling drives hyperphagia and severe obesity. IMCIVREE, the injectable form of setmelanotide, is its sole marketed product, with U.S. approvals spanning Bardet-Biedl syndrome, POMC, PCSK1 and LEPR deficiency obesity, and acquired hypothalamic obesity. European and UK authorizations cover several of these indications.
Extends the same MC4R franchise through bivamelagon, an oral agonist, RM-718, a weekly injectable agonist, and additional setmelanotide studies; it also has preclinical small molecules for congenital hyperinsulinism. Commercial execution combines genetic diagnosis support, specialist prescriber education, patient access and reimbursement work across the United States and international markets.
Generates product revenue only from IMCIVREE and reports one aggregated segment. Sales depend on disease identification, regulatory approval, coverage and reimbursement, while all clinical and commercial drug supply is manufactured by third parties.
Company facts
Key statistics
Year to date +2.2% · Average volume (30d) 616.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 28, 2026 | Deutsche Bank | Initiate | Hold | $120 | |
| Aug 5, 2026 | Canaccord Genuity | Target | $151 | $154 | |
| Aug 5, 2026 | National Bank | Target | $160 | ||
| Jul 7, 2026 | RBC Capital | Reiterate | Outperform | $145 | $141 |
| Jun 16, 2026 | Canaccord Genuity | Reiterate | Buy | $143 | $151 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | −$0.81 | −$0.73 | +9.6% | $67.7M | $71.3M | +5.3% | +2.92% |
| May 5, 2026Q1 FY26 | −$0.86 | −$0.83 | +3.5% | $55.8M | $60.1M | +7.8% | +4.66% |
| Feb 26, 2026Q4 FY25 | −$0.79 | −$0.73 | +7.6% | $56.2M | $57.3M | +1.9% | −5.45% |
| Nov 4, 2025Q3 FY25 | −$0.72 | −$0.82 | −13.9% | $56.0M | $51.3M | −8.4% | −5.26% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $32.7M | $48.5M | $51.3M | $57.3M | $60.1M | $71.3M | |
| Gross profit | $29.1M | $43.0M | $45.8M | $52.5M | $53.0M | $62.3M | |
| Operating income | −$47.0M | −$45.3M | −$52.7M | −$47.1M | −$52.4M | −$48.6M | |
| Net income | −$49.5M | −$46.6M | −$52.9M | −$47.5M | −$55.6M | −$49.3M | |
| Diluted EPS | −$0.81 | −$0.75 | −$0.82 | −$0.73 | −$0.83 | −$0.73 | |
| Gross margin | 88.8% | 88.6% | 89.3% | 91.6% | 88.1% | 87.5% | |
| Operating margin | -143.7% | -93.4% | -102.6% | -82.2% | -87.1% | -68.1% |
Fiscal years (4-quarter sums)FY21 $3.2M · FY22 $23.6M · FY23 $77.4M · FY24 $130.1M · FY25 $189.8M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $330.9M · Total debt $3.7M · Total assets $437.3M · Shareholders' equity $217.3M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 68.59M · Float 55.93M · 81.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ra Capital Management, L.P. | 6.67M | 9.72% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 6.16M | 8.98% | 13F | Aug 7, 2026 |
| Baker Bros. Advisors LP | 5.60M | 8.17% | 13F | Aug 14, 2026 |
| Primecap Management Co/CA/ | 3.17M | 4.62% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 3.14M | 4.57% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Alastair Garfield | officer: Chief Scientific Officer | −7,763 | $117.57 |
| Aug 13, 2026 | Joseph Shulman | officer: Chief Technical Officer | −5,079 | $119.75 |
| Aug 13, 2026 | Jennifer Kayden Lee | officer: EVP, Head of North America | −75,834 | $117.38 |
| Aug 12, 2026 | Yann Mazabraud | officer: EVP, Head of International | −57,000 | $116.15 |
| Jun 22, 2026 | Lynn A. Tetrault | director | −37,000 | $100.32 |
Peers
- Eli Lilly
Zepbound creates broad obesity substitute pressure.
- Novo Nordisk (ADR)
Broad GLP-1 obesity scale sets access benchmarks.
- Neurocrine Biosciences
Rare hyperphagia overlap through VYKAT XR in PWS.
- Amgen
MariTide could shift broad obesity dosing expectations.
- Aardvark Therapeutics
Paused PWS hyperphagia program overlaps rare hunger biology.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rhythm Pharmaceuticals | $107.17 | −0.09% | $7.35B | — | — | 30.6 | +46.9% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Novo Nordisk (ADR) | $45.60 | +0.00% | $202.54B | 11.2 | 18.4 | 4.0 | +0.0% |
| Neurocrine Biosciences | $154.94 | +0.57% | $15.49B | 22.6 | 16.9 | 4.6 | +39.5% |
| Amgen | $430.27 | −0.49% | $233.38B | 26.9 | 18.4 | 6.1 | +9.7% |
| Aardvark Therapeutics | $6.14 | +6.23% | $126.7M | — | — | — | — |
| Median | 24.7 | 18.4 | 5.4 | +24.6% |