Rhythm Pharmaceuticals reports Q2 EPS (82c), consensus (79c)

Reports Q2 revenue $19.2M, consensus $15.03M. “The first half of 2023 was marked by strong execution across global commercial and clinical development programs. Our strong revenue performance was supported by robust patient demand for IMCIVREE in the U.S. with more than 125 Bardet-Biedl syndrome prescriptions written in the second quarter of 2023. Globally, we have expanded our footprint with IMCIVREE to include Canada and in Gulf Cooperation Council countries,” said David Meeker, M.D., Chair, President and Chief Executive Officer of Rhythm. “And in July, we achieved the specified sales milestone under our Revenue Interest Financing Agreement with Healthcare Royalty Partners, making us eligible to receive an additional investment of $25 million in non-dilutive capital. Based on rapid progress and substantial patient and physician interest in our ongoing pivotal Phase 3 clinical trial of setmelanotide in hypothalamic obesity, we now expect to complete enrollment by the end of 2023. Finally, we look forward to providing additional details on our pre-clinical development programs later this year, including RM-718, a new weekly, MC4R-specific agonist designed not to cause hyperpigmentation. This program is on track for an IND submission by the end of this year.”