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Dec 31, 2024
Rhythm Pharmaceuticals Q4 2024 Earnings Report
Rhythm Pharmaceuticals reported growth in global sales and strategic progress in Q4 2024.
Key Takeaways
Rhythm Pharmaceuticals reported solid growth in global sales of IMCIVREE during Q4 2024, driven by treatment of Bardet-Biedl syndrome. The company also raised $75 million in gross proceeds under its ATM equity offering program, extending its cash runway into 2027.
Q4 2024 net revenue from IMCIVREE sales was $41.8 million, a 26% increase sequentially.
U.S. revenue accounted for 76% of product sales, increasing 36.2% sequentially.
Net loss for Q4 2024 was $44.6 million, compared to $41.6 million in Q4 2023.
Cash, cash equivalents, and short-term investments totaled $320.6 million as of December 31, 2024.
Revenue by Geographic Location
Forward Guidance
Rhythm Pharmaceuticals expects continued growth in 2025 with key milestones in its ongoing clinical programs.
Positive Outlook
- Phase 3 trial topline data for setmelanotide in acquired HO expected in Q2 2025.
- Enrollment in a 34-week substudy for congenital HO to begin in Q1 2025.
- Continued growth in IMCIVREE sales expected.
- Proceeds from ATM program extend cash runway into 2027.
- Ongoing expansion of global IMCIVREE market.
Challenges Ahead
- Continued high R&D expenses for ongoing trials.
- Ongoing SG&A expenses due to increased headcount and marketing costs.
- Net losses expected to continue into 2025.
- Potential risks in achieving regulatory milestones.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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