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Rhythm Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases in the United States and internationally. The company's lead product candidate is IMCIVREE (setmelanotide), a rare melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, Bardet-Biedl and Alström syndrome, Prader-Willi syndrome, and hypothalamic obesity. It is in Phase 3 clinical trials for treating acquired hypothalamic obesity, congenital hypothalamic obesity, pro-opiomelanocortin (POMC) and LEPR insufficiency obesities, SRC1 deficiency obesity, and SH2B1 deficiency obesity; and in phase 2 clinical trails for the treatment of Prader-Willi syndrome and MC4R deficiency. The company is also developing bivamelagon, an investigational oral small molecule MC4R agonist that is in phase 2 clinical trial for the treatment of MC4R pathway diseases; and RM-718, a next generation MC4R peptide agonist that is in phase 1 clinical trial for the treatment of hypothalamic obesity. The company was formerly known as Rhythm Metabolic, Inc. and changed its name to Rhythm Pharmaceuticals, Inc. in October 2015. Rhythm Pharmaceuticals, Inc. was founded in 2008 and is headquartered in Boston, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $190M | $-174M | $-197M | $-117M | -72.8% | 45.8% | - |
| 2024 | $130M | $-238M | $-261M | $-114M | -158.4% | 68.1% | - |
| 2023 | $77M | $-168M | $-185M | $-136M | -108.8% | 227.6% | - |
| 2022 | $24M | $-174M | $-181M | $-178M | -68.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 23.64 | 77.43 | 130.13 | 189.76 |
| Cost Of Revenue | 2.13 | 9.30 | 13.37 | 19.49 |
| Gross Profit | 21.50 | 68.13 | 116.76 | 170.26 |
| Operating Expense | 200.66 | 252.48 | 382.26 | 362.28 |
| Operating Income | -179.16 | -184.36 | -265.50 | -192.02 |
| EBITDA | -174.25 | -168.46 | -238.09 | -174.12 |
| EBIT | -175.92 | -170.22 | -239.65 | -175.46 |
| Pretax Income | -181.12 | -184.11 | -260.26 | -196.04 |
| Tax Provision | 0 | 0.56 | 0.35 | 0.50 |
| Net Income | -181.12 | -184.68 | -260.60 | -196.54 |
| Net Income Common Stockholders | -181.12 | -184.68 | -264.57 | -201.92 |
| Total Expenses | 202.79 | 261.79 | 395.63 | 381.77 |
| Interest Expense | 5.20 | 13.89 | 20.60 | 20.58 |
| Interest Income | 4.03 | 13.95 | 14.71 | 15.29 |
| Research And Development | 108.63 | 134.95 | 237.96 | 167.34 |
| Selling General And Administration | 92.03 | 117.53 | 144.30 | 194.94 |
| Normalized EBITDA | -174.25 | -168.46 | -246.99 | -174.12 |
| Normalized Income | -181.12 | -184.68 | -267.63 | -196.54 |
| Basic EPS | -3.47 | -3.20 | -4.34 | -3.11 |
| Diluted EPS | -3.47 | -3.20 | -4.34 | -3.11 |
| Tax Effect Of Unusual Items | 0 | 0 | 1.87 | 0 |
| Tax Rate For Calcs | 0 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0 | 0 | 8.90 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 8.90 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -181.12 | -184.68 | -260.60 | -196.54 |
| Reconciled Depreciation | 1.67 | 1.76 | 1.56 | 1.34 |
| Reconciled Cost Of Revenue | 2.13 | 9.30 | 13.37 | 19.49 |
| Net Interest Income | -1.17 | 0.05 | -5.89 | -5.29 |
| Net Income From Continuing And Discontinued Operation | -181.12 | -184.68 | -260.60 | -196.54 |
| Total Operating Income As Reported | -179.16 | -184.36 | -265.50 | -192.02 |
| Diluted Average Shares | 52.12 | 57.67 | 61 | 64.98 |
| Basic Average Shares | 52.12 | 57.67 | 61 | 64.98 |
| Diluted NI Availto Com Stockholders | -181.12 | -184.68 | -264.57 | -201.92 |
| Preferred Stock Dividends | 0 | 0 | 3.97 | 5.38 |
| Net Income Including Noncontrolling Interests | -181.12 | -184.68 | -260.60 | -196.54 |
| Net Income Continuous Operations | -181.12 | -184.68 | -260.60 | -196.54 |
| Other Income Expense | -0.79 | 0.19 | 11.14 | 1.26 |
| Other Non Operating Income Expenses | -0.79 | 0.19 | 2.24 | 1.26 |
| Gain On Sale Of Security | 0 | 0 | 8.90 | 0 |
| Net Non Operating Interest Income Expense | -1.17 | 0.05 | -5.89 | -5.29 |
| Interest Expense Non Operating | 5.20 | 13.89 | 20.60 | 20.58 |
| Interest Income Non Operating | 4.03 | 13.95 | 14.71 | 15.29 |
| Operating Revenue | 23.64 | 77.43 | 130.13 | 189.76 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Rhythm Pharmaceuticals, Inc.this co. | RYTM | $5.6B | - | 39.69 | -72.8% | -28.64 |
| Celcuity Inc. | CELC | $5.8B | - | 57.10 | -176.1% | -32.74 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.7B | - | 15.53 | -7.4% | 2666.18 |
| CG Oncology, Inc. | CGON | $5.7B | - | 6.94 | -21.4% | -24.99 |
| Scholar Rock Holding Corporation | SRRK | $5.5B |
| - |
| 20.46 |
| -154.0% |
| -13.21 |
| Immunovant, Inc. | IMVT | $5.5B | - | 5.56 | -58.5% | -9.23 |
| Oscar Health, Inc. | OSCR | $5.4B | - | 5.45 | -45.2% | -5.02 |
| Xenon Pharmaceuticals Inc. | XENE | $5.4B | - | 7.67 | -59.5% | -11.06 |
| Lantheus Holdings, Inc. | LNTH | $5.3B | 23.80 | 4.81 | 21.4% | 14.41 |
| Peer Median | - | 23.80 | 7.30 | -51.8% | -10.14 | |