Rhythm Pharmaceuticals Q3 IMCIVREE Sales Jump 79.5% to $92.1 Million on Hypothalamic Obesity Launch
Rhythm Pharmaceuticals said third-quarter sales of its obesity drug IMCIVREE rose 79.5% from a year earlier to $92.1 million, as the U.S. launch for acquired hypothalamic obesity drew more than 700 patient start forms in its first two quarters.
Revenue climbed from $51.3 million a year ago and rose 29.2% from $71.3 million in the second quarter, according to the earnings release Rhythm filed with an 8-K on Tuesday. The net loss attributable to common stockholders narrowed to $42.4 million, or $0.61 per share, from $54.3 million, or $0.82 per share.
The Boston biotech also disclosed a restructured royalty deal with LG Chem and a new term loan facility providing access to up to $750 million.
Acquired HO launch drives growth
The FDA approved IMCIVREE for acquired hypothalamic obesity on March 19, 2026. As of Sept. 30, Rhythm had received more than 700 patient start forms from more than 500 prescribers, the company said.
U.S. revenue reached $67.5 million, or 73% of product revenue, up 32.4% from the second quarter, driven mainly by demand in acquired HO along with continued growth in Bardet-Biedl syndrome. Revenue outside the United States rose 21.7% sequentially to $24.7 million. Rhythm launched IMCIVREE for acquired HO in Japan in October.
"The strength of the U.S. launch through two quarters reinforces both the significant unmet need in acquired HO and our opportunity to transform care for patients living with this serious disease," Chairman and CEO David Meeker said in the release.
Spending and financing
Research and development expenses rose 14.1% to $52.5 million, while selling, general and administrative expenses increased 27.5% to $66.8 million on higher personnel costs tied to expanded operations.
Under the amended LG Chem license for bivamelagon, Rhythm agreed to pay $350 million in fixed payments over four years to cut its royalty to 1% of net product revenue from its MC4R portfolio. The new five-year term loan facility is led by HealthCare Royalty in partnership with Blackstone Life Sciences.
Cash, cash equivalents and short-term investments stood at an estimated $320.9 million at Sept. 30, the company said, down from $388.9 million at the end of 2025. That figure excludes the $250 million initial draw on the term loan and the $70 million payment due to LG Chem under the amendment. Rhythm said it expects its cash to fund planned operations for at least 24 months.
Outlook
For 2026, Rhythm expects non-GAAP operating expenses of an estimated $360 million to $380 million, the company said. It plans to start a pivotal Phase 3 trial of bivamelagon in acquired HO by year-end, advance the drug into pivotal development in Prader-Willi syndrome and begin European country launches of IMCIVREE for acquired HO with Germany in 2027.
By the numbers
- IMCIVREE net product revenue: $92.1 million, up 79.5% year over year
- Sequential revenue growth: 29.2%
- U.S. revenue: $67.5 million
- Net loss per share: $0.61, versus $0.82
- Nine-month revenue: $223.5 million, up 62.5%
Sources
- Rhythm Pharmaceuticals Form 8-K with third-quarter 2026 earnings release, filed Nov. 3, 2026 (accession 0001628280-26-069106)
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