Rhythm Pharmaceuticals, Inc. · NASDAQ:RYTM
Rhythm Pharmaceuticals — Q1 2026 Earnings Presentation
23 slides from Rhythm Pharmaceuticals's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Financial Results and Business Update
Rhythm Pharmaceuticals First Quarter 2026 Financial Results and Business Update May 5, 2026 ® © Rhythm® Pharmaceuticals, Inc. All rights reserved.
Slide 2: On Today's Call
On Today’s Call • David Connolly, Vice President of Investor Relations and Corporate Communications • David Meeker, MD, Chair, President and Chief Executive Officer • Jennifer Lee, Executive Vice President, Head of North America • Yann Mazabraud, Executive Vice President, Head of International • Hun
Slide 3: Forward-looking Statements
Forward-looking Statements This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be
Slide 4: David Meeker, MD
David Meeker, MD Chair, President and CEO ® 4
Slide 5: Q1 2026: Transformational Quarter for Rhythm
Q1 2026: Transformational Quarter for Rhythm Business Highlights Strong start to US launch of IMCIVREE® (setmelanotide) for acquired hypothalamic obesity (HO) with >150 start forms* received following FDA approval European Commission granted marketing authorization for IMCIVREE for the treatment of
Slide 6: Significant Global Market Opportunity in Acquired HO
Significant Global Market Opportunity in Acquired HO ~10,000 ~10,000 5,000 – 8,000 estimated U.S. prevalence1 estimated European prevalence2 estimated Japanese prevalence3 ~500 Estimated incidence in each U.S., Europe and Japan1, 2, 3 1. U.S. estimates based on reported incidence of hypothalamic obe
Slide 7: TRANSCEND Results: Data from 12-patient Japanese Cohort
Phase 3 TRANSCEND Results: Data from 12-patient Japanese Cohort Consistent with Full Data Set -18.8%* -13.0%* p <0.0001 p = 0.0388 (n=142: 94 setmelanotide, 48 placebo) (n=12: 8 setmelanotide, 4 placebo) 10% LLSM Percent Change from BL (SE) 5% 2.4% -0.9% 0% -5% -10% -15% -13.9% -16.4% -20% All Patie
Slide 8: Anticipated Upcoming Milestones
Anticipated Upcoming Milestones Hypothalamic Obesity Prader-Willi Syndrome Mid 2026: Disclose data in the Ph1/2, Part Q2 2026: Disclose six-month results from C trial evaluating RM-718 in acquired exploratory Ph2 trial evaluating hypothalamic obesity setmelanotide in Prader-Willi syndrome H2 2026: C
Slide 9: Jennifer Lee
Jennifer Lee EVP, Head of North America ® 9
Slide 10: Label Expansion Extends the Reach of IMCIVREE in the U.S.
Label Expansion Extends the Reach of IMCIVREE in the U.S. ~ 10,000 Patients in the U.S. ~ 5,000 ~ 2,500 Patients in the U.S. Patients in the U.S. PPL BBS Acquired HO November 27, 2020 June 16, 2022 March 19, 2026 NOTE: Estimated prevalence of U.S. patients based on company estimates; does not includ
Slide 11: U.S. Launch of IMCIVREE for Acquired HO off to a Strong Start
U.S. Launch of IMCIVREE for Acquired HO off to a Strong Start Patients Prescribers Payers ~110 Early approvals >150 Unique prescribers secured Patient Expect 3 - 9 months for start forms ~80% policies to become New IMCIVREE established prescribers Note: As of May 1, 2026 ® 11
Slide 12: Yann Mazabraud
Yann Mazabraud EVP, Head of International ® 12
Slide 13: IMCIVREE Granted Marketing Authorization by European Commission
IMCIVREE Granted Marketing Authorization by European Commission for the Treatment of Acquired Hypothalamic Obesity ~10,000 estimated European Country-level prevalence1 launches expected to begin in 2027 1. European estimates limited to the EU4 (Germany, France, Spain, Italy), UK and the Netherlands
Slide 14: Japanese Regulatory Review Underway; Potential Approval and Launch by End of 2026
Japanese Regulatory Review Underway; Potential Approval and Launch for Acquired HO Anticipated by End of 2026 Japan map with prevalence PMDA accepted, validated new 5,000 – drug application 8,000 estimated Japanese prevalence1 Regulatory decision and potential launch by YE 2026 Focus of Japanese Tea
Slide 15: IMCIVREE available in >25 countries outside the United States
IMCIVREE available in >25 countries outside the United States Ongoing BBS, POMC/LEPR sales and paid early-access acquired HO programs in France and Italy Q1 2026 Continued growth in patients on reimbursed therapy ® 15
Slide 16: Hunter Smith
Hunter Smith Chief Financial Officer ® 16
Slide 17: Q1 2026: Continued Growth in IMCIVREE Global Sales
Q1 2026: Continued Growth in IMCIVREE Global Sales QoQ increase $60.1M 5% from Q4 2025 ~8% increase in number of Total product revenue 61% of Q1 2026 revenue from U.S. patients globally on reimbursed therapy ® 17
Slide 18: Q4 '25 to Q1 '26: Consistent Growth in Global Patient Demand Continues
Q4 ‘25 to Q1 ‘26: Consistent Growth in Global Patient Demand Continues $4.9M $60.1M $57.3M -$1.8M -$0.3M Q4 2025 Q1 2026 Product Q4-Q1 inventory Revenue change Ex-U.S. revenue Product revenue effect at U.S. from product growth revenue specialty dispensed to US pharmacy patients ® 18
Slide 19: Q1 2026 Financial Snapshot
Q1 2026 Financial Snapshot ($ in millions, except per share Three months ended Three months ended data and shares outstanding) March 31, 2026 March 31, 2025 Product revenue, net $60.1M $37.7M R&D expenses $41.7M $37.0M SG&A expenses $63.6M $39.1M Net Loss attributable to common stockholders $(56.7)M
Slide 20: Q1 2026 Financial Highlights and 2026 OpEx Guidance
Q1 2026 Financial Highlights Q1’ 2026 OpEx 2026 OpEx Guidance $105.3M $385M to $415M GAAP OpEx, which includes anticipated non-GAAP Operating $23.1M in stock-based Expenses* for 2026 includes: compensation R&D: $197M to $213M $82.2M* Non-GAAP OpEx SG&A: $188M to $202M * Non-GAAP Operating Expenses i
Slide 21: Concluding Comments
Concluding Comments Rhythm
Slide 22: MC4R Agonism Development Across Three Pillars
MC4R Agonism Development Across Three Pillars Genetic MC4R Hypothalamic Obesity Prader-Willi Syndrome Pathway Diseases • U.S. launch • Ongoing Ph2 trial with • Promising signals in • Ex-US expansion setmelanotide POMC Hets and SRC1 • Ongoing Ph1/2 trial with • Ongoing Ph2 trial with • Additional DAY
Slide 23: Questions
Questions Rhythm
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