Loading...
•
Jun 30, 2024
Rhythm Pharmaceuticals Q2 2024 Earnings Report
Reported financial results for the second quarter ended June 30, 2024 and provided a business update.
Key Takeaways
Rhythm Pharmaceuticals reported strong Q2 2024 results with $29.1 million in net revenue from global IMCIVREE sales. The company is progressing with clinical trials and regulatory submissions, including expanding IMCIVREE's label to treat pediatric patients as young as 2 years old. Existing cash is expected to fund operations into 2026.
Net revenue from global sales of IMCIVREE® (setmelanotide) was $29.1 million.
Dosed first patients in supplemental, 12-patient Japanese cohort in global Phase 3 trial evaluating setmelanotide in hypothalamic obesity.
Completed sNDA submission seeking to expand U.S. label of IMCIVREE to treat pediatric patients as young as 2 years old in approved indications.
Cash on-hand expected to support planned operations into 2026.
Revenue by Segment
Forward Guidance
For the year ending December 31, 2024, Rhythm anticipates approximately $250 million to $270 million in Non-GAAP Operating Expenses. Based on its current operating plans, Rhythm expects that its existing cash, cash equivalents and short-term investments as of June 30, 2024, will be sufficient to fund its operating expenses and capital expenditure requirements into 2026.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...