Rhythm Pharmaceuticals disclosed preliminary unaudited net product revenues of $57 million for the fourth quarter of 2025, an 11% sequential increase from the $51.3 million reported in Q3. The company also reported full‑year 2025 net product revenues of approximately $194 million, representing a 50% year‑over‑year rise from $130 million in 2024.
The growth is driven by robust demand for the company’s flagship drug, IMCIVREE (setmelanotide), which treats rare genetic obesity disorders. The 11% sequential rise reflects a steady expansion of the patient base in both the United States and international markets, as more patients gain reimbursement coverage and additional indications are pursued.
David Meeker, M.D., Chairman, CEO and President of Rhythm, said the results “reflect significant progress toward our mission of transforming the lives of patients with rare neuroendocrine diseases. Our preliminary fourth‑quarter and full‑year 2025 net product revenues reflect consistent growth in both the United States and international markets, driven by a steady increase in patients on reimbursed therapy and continued progress in securing access to IMCIVREE.” He added that the company is preparing to launch IMCIVREE for patients with acquired hypothalamic obesity in the United States pending FDA approval.
Investors responded positively to the preliminary results, indicating confidence in the company’s growth trajectory. The strong revenue performance, combined with the company’s focus on expanding the indication portfolio, has reinforced market expectations for continued momentum in the near term.
While revenue growth is solid, profitability remains a challenge. Rhythm’s operating margin is negative, driven by high investment costs and the need to support ongoing pipeline development. However, the company’s gross margin remains strong at 89.4%, and a substantial cash balance of $416.1 million provides a cushion for continued investment in research and development.
Rhythm will release its formal earnings report later in February 2026. The company’s focus on launching IMCIVREE for acquired hypothalamic obesity and advancing other pipeline candidates positions it to sustain growth, though profitability pressures will likely persist until the company achieves scale and cost efficiencies.
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