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 AlstrΓΆm 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 | -141.3% | 45.8% | -24.6% |
| 2024 | $130M | $-238M | $-261M | $-114M | -1199.3% | 68.1% | 41.1% |
| 2023 | $77M | $-168M | $-185M | $-136M | -108.8% | 227.6% | 2.0% |
| 2022 | $24M | $-174M | $-181M | $-178M | -68.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 23.64 | 77.43 | 130.13 | 189.76 |
| Operating 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 |
| Research And Development | - | 108.63 | 134.95 | 237.96 | 167.34 |
| Selling General And Administration | - | 92.03 | 117.53 | 144.30 | 194.94 |
| Total Expenses | - | 202.80 | 261.79 | 395.63 | 381.77 |
| Operating Income | - | -179.16 | -184.36 | -265.50 | -192.02 |
| Total Operating Income As Reported | - | -179.16 | -184.36 | -265.50 | -192.02 |
| EBITDA | - | -174.25 | -168.46 | -238.09 | -174.12 |
| Normalized EBITDA | - | -174.25 | -168.46 | -246.99 | -174.12 |
| EBIT | - | -175.92 | -170.22 | -239.65 | -175.46 |
| Interest Income | - | 4.03 | 13.94 | 14.71 | 15.29 |
| Interest Expense | - | 5.20 | 13.89 | 20.60 | 20.58 |
| Net Interest Income | - | -1.17 | 0.05 | -5.89 | -5.29 |
| Other Non Operating Income Expenses | - | -0.79 | 0.19 | 2.24 | 1.26 |
| Other Income Expense | - | -0.79 | 0.19 | 11.14 | 1.26 |
| Interest Income Non Operating | - | 4.03 | 13.94 | 14.71 | 15.29 |
| Interest Expense Non Operating | - | 5.20 | 13.89 | 20.60 | 20.58 |
| Net Non Operating Interest Income Expense | - | -1.17 | 0.05 | -5.89 | -5.29 |
| Pretax Income | - | -181.12 | -184.11 | -260.26 | -196.04 |
| Tax Provision | - | 0 | 0.56 | 0.35 | 0.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 1.87 | 0 |
| Net Income Continuous Operations | - | -181.12 | -184.68 | -260.60 | -196.54 |
| Net Income From Continuing And Discontinued Operation | - | -181.12 | -184.68 | -260.60 | -196.54 |
| Net Income From Continuing Operation Net Minority Interest | - | -181.12 | -184.68 | -260.60 | -196.54 |
| Net Income | - | -181.12 | -184.68 | -260.60 | -196.54 |
| Net Income Common Stockholders | - | -181.12 | -184.68 | -264.57 | -201.92 |
| Net Income Including Noncontrolling Interests | - | -181.12 | -184.68 | -260.60 | -196.54 |
| Normalized Income | - | -181.12 | -184.68 | -267.63 | -196.54 |
| Diluted NI Availto Com Stockholders | - | -181.12 | -184.68 | -264.57 | -201.92 |
| Basic Average Shares | - | 52.12 | 57.67 | 61 | 64.98 |
| Diluted Average Shares | - | 52.12 | 57.67 | 61 | 64.98 |
| Reconciled Depreciation | - | 1.67 | 1.76 | 1.56 | 1.34 |
| Reconciled Cost Of Revenue | - | 2.13 | 9.30 | 13.37 | 19.49 |
| Total Unusual Items | - | - | - | 8.90 | - |
| Total Unusual Items Excluding Goodwill | - | - | - | 8.90 | - |
| Preferred Stock Dividends | - | - | - | 3.97 | 5.38 |
| Gain On Sale Of Security | - | - | - | 8.90 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Rhythm Pharmaceuticals, Inc.this co. | RYTM | $6.0B | - | 22.25 | -74.8% | - |
| Hims & Hers Health, Inc. | HIMS | $6.5B | 50.51 | 11.99 | 23.7% | 46.06 |
| Kymera Therapeutics, Inc. | KYMR | $6.1B | - | 3.89 | -19.7% | - |
| Terns Pharmaceuticals, Inc. | TERN | $6.1B | -63.58 | 6.08 | -9.6% | -51.02 |
| PACS Group, Inc. | PACS | $5.9B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 30.96 |
| 6.26 |
| 20.2% |
| 24.98 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.6B | -241.41 | 17.92 | -7.4% | 329.12 |
| Cogent Biosciences, Inc. | COGT | $5.6B | -17.03 | 10.24 | -60.1% | -17.21 |
| Liquidia Corporation | LQDA | $5.6B | -80.69 | 124.29 | -154.0% | -128.84 |
| CRISPR Therapeutics AG | CRSP | $5.5B | - | 2.86 | -30.3% | - |
| Peer Median | - | -40.31 | 8.25 | -14.6% | 3.88 | |