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Jun 30, 2025
Rhythm Pharmaceuticals Q2 2025 Earnings Report
Rhythm Pharmaceuticals reported its second quarter 2025 financial results, highlighting significant progress in its melanocortin-4 receptor agonism platform and global commercial sales growth of IMCIVREE.
Key Takeaways
Rhythm Pharmaceuticals delivered strong second-quarter results, with global IMCIVREE sales reaching $48.5 million, a 29% sequential increase. The company also strengthened its financial position with a $189.2 million public offering and reported positive clinical data for bivamelagon and setmelanotide in acquired hypothalamic obesity.
Global net product revenue from IMCIVREE sales reached $48.5 million in Q2 2025, marking a 29% sequential increase.
The company successfully closed an upsized public offering, raising approximately $189.2 million in net proceeds.
Positive Phase 2 trial results for bivamelagon in acquired hypothalamic obesity showed statistically significant and clinically meaningful BMI reductions.
Regulatory submissions for setmelanotide in acquired hypothalamic obesity in the U.S. and EU are on track for Q3 2025.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Rhythm Pharmaceuticals anticipates Non-GAAP Operating Expenses between $285 million and $315 million for the full year 2025 and expects its current cash position, combined with recent offering proceeds, to fund operations for at least 24 months.
Positive Outlook
- Completion of U.S. and EU regulatory submissions for setmelanotide in acquired hypothalamic obesity in Q3 2025.
- Preliminary results from setmelanotide Phase 2 trial in Prader-Willi syndrome expected in H2 2025.
- Completion of enrollment in Phase 1, Part C trial for RM-718 in acquired hypothalamic obesity in Q1 2026.
- Topline data from Japanese cohort of setmelanotide Phase 3 trial in acquired hypothalamic obesity expected in Q1 2026.
- Cash, cash equivalents, and short-term investments, combined with recent offering proceeds, are expected to fund operations for at least 24 months.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text beyond general risks associated with clinical trials and regulatory approvals.
- Uncertainty in calculating stock-based compensation expenses for GAAP operating expenses.
Historical Earnings Impact
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