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Jun 30, 2023
Rhythm Pharmaceuticals Q2 2023 Earnings Report
Reported second quarter 2023 financial results and provided a business update.
Key Takeaways
Rhythm Pharmaceuticals reported strong revenue performance in Q2 2023, driven by robust patient demand for IMCIVREE® in the U.S. The company achieved a commercial sales milestone, making them eligible for an additional $25 million investment. Enrollment in the pivotal Phase 3 trial for setmelanotide in hypothalamic obesity is expected to be completed by the end of 2023.
Second quarter 2023 net revenue of $19.2 million from global sales of IMCIVREE® (setmelanotide).
Strong U.S. commercial progress continues with more than 125 new prescriptions for Bardet-Biedl syndrome (BBS) in 2Q 2023, more than 425 since FDA approval.
Achieved commercial sales milestone and now eligible to receive third investment tranche of $25 million from Healthcare Royalty Partners.
Enrollment ongoing in pivotal Phase 3 trial evaluating setmelanotide in hypothalamic obesity; based on rapid progress, study now expected to be fully enrolled by the end of 2023.
Rhythm Pharmaceuticals
Rhythm Pharmaceuticals
Forward Guidance
For the year ending December 31, 2023, Rhythm continues to anticipate approximately $200 million to $220 million in Non-GAAP Operating Expenses, comprised of $120 million to $130 million from R&D expenses and $80 million to $90 million from S,G&A expenses. Based on its current operating plans, Rhythm expects that its existing cash, cash equivalents and short-term investments as of June 30, 2023, together with the anticipated $25 million milestone payment based on commercial sales from Healthcare Royalty Partners, will be sufficient to fund its operating expenses and capital expenditure requirements into 2025.