Rhythm Pharmaceuticals Reports $57.3M in Q4 Revenue

By Chris Stiles • Thursday, February 26 12:34 • Permanent Link

Rhythm Pharmaceuticals, Inc. (NASDAQ: RYTM) has reported its financial results for the fourth quarter and full year ended December 31, 2025. The company's net product revenue from global sales of Imcivree® (setmelanotide) for the fourth quarter of 2025 was $57.3 million, reflecting a 12% sequential increase from the third quarter of 2025.

In the same period, revenue of $39.0 million, or 68% of product revenue, was generated in the United States, marking a 2% sequential increase. Revenue of $18.3 million, or 32% of product revenue, was generated outside the United States, representing a sequential increase of $5.2 million or 40%. This sequential rise in ex-US revenue was primarily due to a one-time, $3.2 million charge recorded during the third quarter of 2025, following an agreement between Rhythm and the French Economic Committee for Health Products (CEPS) on the final reimbursed price for Imcivree for Bardet-Biedl Syndrome (BBS) and pro-opiomelanocortin (POMC) and leptin receptor (LEPR) deficiencies.

The company's cash, cash equivalents, and short-term investments were approximately $388.9 million as of December 31, 2025, compared to $320.6 million as of December 31, 2024. Net product revenues relating to global sales of Imcivree were $194.8 million for the full year of 2025, representing an increase from $130.1 million for the full year of 2024.

R&D expenses for the full year of 2025 were $167.3 million, compared to $238.0 million for the full year of 2024. SG&A expenses were $194.9 million for the full year of 2025, compared to $144.3 million for the full year of 2024. The net loss attributable to common stockholders was $201.9 million for the full year of 2025, compared to $264.6 million for the full year of 2024.

Looking ahead, Rhythm anticipates approximately $385 million to $415 million in non-GAAP operating expenses for the year ending December 31, 2026, derived from various components including SG&A expenses of approximately $197 million to $213 million and R&D expenses of approximately $188 million to $202 million.

As a result of these announcements, the company's shares have moved -4.18% on the market, and are now trading at a price of $101.63. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.