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Sep 30, 2025
Rhythm Pharmaceuticals Q3 2025 Earnings Report
Rhythm Pharmaceuticals reported Q3 2025 financial results, showing continued revenue growth driven by IMCIVREE sales, while posting a wider net loss.
Key Takeaways
Rhythm Pharmaceuticals generated $51.3 million in product revenue during Q3 2025, primarily from U.S. IMCIVREE sales, but reported a net loss of $54.3 million due to higher R&D and SG&A expenses.
Q3 product revenue reached $51.3 million, with 74% generated in the U.S.
Net loss widened to $54.3 million from $45.0 million a year ago.
Cash and short-term investments totaled $416.1 million at quarter-end.
FDA PDUFA date for acquired hypothalamic obesity set for December 20, 2025.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Rhythm expects full-year 2025 non-GAAP operating expenses between $295M and $315M, supported by a strong cash position expected to fund operations for at least 24 months.
Positive Outlook
- Cash and investments of $416.1M provide over 24 months of runway
- Q3 U.S. revenue grew sequentially by 19%
- Price reimbursement agreement reached in France
- Continued growth from BBS commercial efforts
- FDA Priority Review accepted for setmelanotide in acquired HO
Challenges Ahead
- Q3 net loss increased to $54.3M
- International sales decreased 21% sequentially
- One-time $3.2M revenue adjustment in France
- Higher SG&A expenses driven by headcount and marketing
- R&D costs increased due to headcount and stock-based compensation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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