Rhythm Pharmaceuticals, Inc.

rhythmtx.com

What Do They Do?

Sells IMCIVREE and develops other medicines for patients with rare neuroendocrine diseases that cause severe obesity and extreme hunger.

How Do They Make Money?

Rhythm sells IMCIVREE to specialty pharmacies in the United States and distributors, pharmacy chains, and hospitals internationally; customers pay after delivery.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Product revenue, net Sold outright	103% FY2022: 71%		Sold outright
License revenue	−2.6% FY2022: 29%

Who Are Their Customers?

In the United States, a specialty pharmacy buys the product and distributes it to patients. International sales go mainly to specialty distributors, retail pharmacy chains, and hospitals.

Do Revenues Turn Into Profits?

No. It lost $196.5M in FY2025.

Operating income, FY2025

−101% of revenue

▼ −28% (Loss) vs FY2024 (−$265.5M, −204%)

Net income, FY2025

−104% of revenue

▼ −25% (Loss) vs FY2024 (−$260.6M, −200%)

Free cash flow, FY2025

−61% of revenue

▲ +2% (Loss) vs FY2024 (−$113.9M, −88%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +47%; vs $48.5M in Q2 FY2025
Net income: ▲ +6% (Loss); vs −$46.6M in Q2 FY2025

Product revenue, net share of revenue vs 100.0% in Q2 FY2025

Mar 26, 2026 European committee recommends broader IMCIVREE authorization The recommendation covers acquired hypothalamic obesity; the European Commission still had to decide.
Mar 20, 2026 FDA approves IMCIVREE for acquired hypothalamic obesity The expanded indication covers adults and children aged 4 years and older.

Growing. Revenue grew 60.2x in 4 years, from $3.2M in FY2021 to $189.8M in FY2025, about 179% a year.

Broader drug pipeline The older report centered development on setmelanotide; the latest describes an additional oral investigational medicine and a weekly injectable candidate.

Revenue over time

Product revenue, net License revenue

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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