Rhythm Pharmaceuticals earnings date
Rhythm Pharmaceuticals (RYTM) Q3 2026 Earnings Report
MX:RYTM Q3 2026 EPS Results
- Actual EPS
- -MXN 11.35
- Consensus EPS
- -MXN 13.21
- Beat/Miss
- Beat by +MXN 1.86
- One Year Ago EPS
- -MXN 15.25
MX:RYTM Q3 2026 Revenue Results
- Actual Revenue
- MXN 1.71B
- Expected Revenue
- MXN 1.59B
- Beat/Miss
- Beat by +MXN 122.09M
- YoY Revenue Growth
- +79.59%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
Rhythm Pharmaceuticals's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, led by 29% sequential revenue growth, a solid U.S. acquired HO launch, improving payer coverage, strong prescriber and reimbursed-patient trends, the Japan launch, and progress toward phase III studies in acquired HO and Prader-Willi syndrome. The company also reported substantial liquidity and expanded financing flexibility. Offsetting factors included a GAAP loss, higher R&D spending, the operational limitation of Japan's two-week prescription supply during its first year, ongoing physician-education and diagnosis work, and significant payments associated with the LG Chem amendment. Highlights significantly outweighed the lowlights.
Rhythm anticipates approximately $360 million-$380 million in non-GAAP operating expenses for 2026, comprised of non-GAAP R&D of $165 million-$175 million and non-GAAP SG&A of $195 million-$205 million; approximately $321 million in cash equivalents and short-term investments is expected to be sufficient to fund planned operations for at least 24 months. The company hopes to begin screening patients at the first sites for its 52-week bivamelagon HO study by the end of the year and expects to dose the first patients in January, with a six-month phase III PWS study targeted for 2027. In Japan, prescriptions are limited to a two-week supply during the first year, the restriction is expected to be lifted in November 2027, eligible patients may then receive prescription supply for up to three months, and the company anticipates a greater commercial contribution from Japan in the second and third years of launch; country-level acquired HO launches in Europe are expected during 2027, beginning with Germany.
- Strong Q3 Revenue and U.S. Acquired HO LaunchGlobal net product sales of IMCIVREE were $92.1 million in Q3, representing 29% sequential growth from $71.3 million in Q2. The U.S. generated $67.5 million, or 73% of product revenue, and the U.S. acquired hypothalamic obesity launch was the primary driver of quarterly growth.
- Growth in Reimbursed Patients and International RevenueThe global number of reimbursed patients on therapy increased 20% during the quarter. International revenue increased $4.4 million sequentially to $24.7 million, and international patients on reimbursed therapy grew by almost 10% during Q3.
- Broad U.S. Patient DemandSince the March 19 launch, Rhythm received more than 700 acquired HO patient start forms, including 71 clinical trial patients. Approximately 20% of start forms came from patients ages 4 to 12, approximately 15% of prescriptions came from patients whose hypothalamic injury occurred within the prior two years, and more than one-third came from patients injured 10 or more years ago.
- Expansion of the U.S. Prescriber BaseRhythm has received start forms from more than 500 acquired HO prescribers, including approximately 200 first-time acquired HO prescribers during Q3. Approximately 25% of acquired HO prescribers have written two or more IMCIVREE prescriptions, up from 20% at the end of Q2, and 80% of prescribers are endocrinologists.
- Encouraging Payer Access MetricsOf payer approvals launched to date, 75% were obtained by the prior-authorization stage and more than 80% were received within 60 days of the start form. By the end of Q3, IMCIVREE policies covered approximately 60% of Medicaid-covered lives and approximately 75% of commercial-covered lives for acquired HO.
- Positive Patient Retention CommentaryManagement said acquired HO patient retention has been strong to date, with the vast majority of patients remaining on drug. Rhythm expects retention dynamics in acquired HO may differ from BBS because of the observed BMI reduction in the clinical study and patients' familiarity with injectable therapies for other hormone deficiencies.
- Japan Commercial LaunchRhythm launched IMCIVREE for acquired HO in Japan on October 14 following approval by Japan's Ministry of Health, Labour, and Welfare and inclusion on the National Health Insurance Drug Price List. IMCIVREE is the first approved therapy specifically for acquired HO in Japan, where management estimates a patient population of 5,000-8,000.
- Strong Early Japan Market PreparationRhythm has more than 50 employees in Japan, has targeted 350 priority hospitals, engaged with 300 of them, and identified more than 1,000 patients who may be eligible for IMCIVREE. Management stated that the Japanese price is $2,200 per vial, or 60% of the U.S. WAC, and is set for the next 10 years subject to applicable capping processes.
- Japan Treatment Guidelines and Medical SupportThe Japan Endocrine Society and an MHLW-funded research group published official acquired HO diagnosis and treatment guidelines in September. In October, three Japanese medical societies issued a joint statement on the safe and appropriate use of setmelanotide for acquired HO.
- European Market Access ProgressRhythm estimates approximately 10,000 acquired HO patients in Europe. Physicians in France and Italy have treated well over 100 patients through paid early access programs. The German G-BA process is nearing completion, and reimbursement dossiers have been submitted in France, Italy, the U.K., Spain, and the Netherlands, with country-level launches expected during 2027 beginning with Germany.
- Bivamelagon Phase III DevelopmentRhythm expects to begin screening patients in its 52-week, comparably sized-to-TRANSCEND phase III bivamelagon acquired HO study by the end of 2026 and dose the first patients in January. The study will use BMI as the primary endpoint.
- Planned Prader-Willi Syndrome Phase III StudyRhythm plans to engage regulators with the goal of initiating a six-month phase III bivamelagon study in Prader-Willi syndrome in 2027, with hyperphagia measured by HQ-CT as the primary endpoint. BMI will also be collected, and management expects BMI changes to be reflected in the label if results are positive.
- Bivamelagon Development Milestones CompletedIn preparation for the phase III studies, Rhythm completed a bioequivalence study with a new formulation, a food-effect study, a drug-drug interaction study, and a hepatic-impairment study, all satisfactorily during the past year.
- LG Chem Royalty AmendmentRhythm amended its bivamelagon license with LG Chem, reducing the projected cross-portfolio royalty obligation from 5%-7% under the previous agreement to 1% flat, assuming U.S. approval for bivamelagon. The company will pay LG Chem $350 million in installments over four years, while patent protection for bivamelagon and RM-718 extends into the 2040s.
- Expanded Financing FlexibilityRhythm entered into a five-year term loan facility providing access to as much as $750 million, consisting of a $500 million commitment and an additional $250 million available by mutual option. The company plans to draw $250 million initially, with borrowings carrying interest at SOFR plus 4.6%, no scheduled principal amortization before maturity, no equity component, and no exit fee.
- Solid Liquidity PositionRhythm ended Q3 with approximately $321 million in cash equivalents and short-term investments, excluding the term-loan proceeds and the initial $70 million LG Chem payment. Management expects this cash amount to fund planned operations for at least 24 months.
- BBS Business Continued to GrowRhythm reported continued growth in the BBS business during Q3 through territory managers now exclusively focused on BBS and described BBS as an important contributor to the company's success.
- Operating Expense Guidance UpdatedRhythm updated 2026 non-GAAP operating expense guidance to approximately $360 million-$380 million, consisting of non-GAAP R&D of $165 million-$175 million and non-GAAP SG&A of $195 million-$205 million. The midpoint of R&D guidance was reduced by $15 million because research and formulation development activities planned for late 2026 are now likely to occur in early 2027.
- Low Quarterly Cash UseCash used in operations was approximately $3 million during Q3.
MX:RYTM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | -48.23- | -13.58 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | -13.21-11.35 | -15.25 | 25.61% (+3.91) | |
| Aug 04, 2026 | 2026 (Q2) | -15.01-13.58 | -13.95 | 2.67% (+0.37) | |
| May 05, 2026 | 2026 (Q1) | -15.29-15.44 | -15.07 | -2.47% (-0.37) | |
| Feb 26, 2026 | 2025 (Q4) | -14.97-13.58 | -13.39 | -1.39% (-0.19) | |
| Nov 04, 2025 | 2025 (Q3) | -13.17-15.25 | -13.58 | -12.33% (-1.67) | |
| Aug 05, 2025 | 2025 (Q2) | -12.46-13.95 | -10.23 | -36.36% (-3.72) | |
| May 07, 2025 | 2025 (Q1) | -12.91-15.07 | -43.71 | 65.53% (+28.64) | |
| Feb 26, 2025 | 2024 (Q4) | -12.91-13.39 | -13.02 | -2.86% (-0.37) | |
| Nov 05, 2024 | 2024 (Q3) | -14.97-13.58 | -14.14 | 3.95% (+0.56) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
