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Sep 30
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.
Rhythm Pharmaceuticals
Rhythm Pharmaceuticals
Rhythm Pharmaceuticals Revenue by Segment
Rhythm Pharmaceuticals Revenue by Geographic Location
Revenue by Segment
Product Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comOutside United States Revenue
CapyFin.com 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