Rhythm Pharmaceuticals, Inc. · NASDAQ:RYTM
Rhythm Pharmaceuticals — Q3 2026 Earnings Presentation
29 slides from Rhythm Pharmaceuticals's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Financial Results and Business Update
© Rhythm® Pharmaceuticals, Inc. All rights reserved. ® November 3, 2026 Rhythm Pharmaceuticals Third Quarter 2026 Financial Results and Business Update EXHIBIT 99.2
Slide 2: On Today's Call
® 2 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 •
Slide 3: Forward-looking statements
® 3 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 considered forward-look
Slide 4: David Meeker, MD, Chair, President and CEO
® 4 David Meeker, MD Chair, President and CEO
Slide 5: Q3 2026: Executing Today, Building for Tomorrow
® 5 Strong aHO launch progress drives revenue growth Japan aHO launch underway, expanding global commercial footprint MC4R portfolio royalty reduced to 1% under amended bivamelagon licensing agreement Bivamelagon to advance to Phase 3 trials for both aHO and Prader-Willi syndrome Q3 2026: Executing
Slide 6: MC4R Agonism Development Across Three Pillars
® 6 MC4R Agonism Development Across Three Pillars Global commercial foundation established by IMCIVREE in BBS Next-generation MC4R agonists RM-718 (weekly injection) Bivamelagon (daily oral) Genetic MC4R Pathway Diseases Prader-Willi Syndrome Hypothalamic Obesity
Slide 7: Bivamelagon Advancing into Two Pivotal Trials
® 7 Bivamelagon Advancing into Two Pivotal Trials Acquired hypothalamic obesity • Global, phase 3 placebo-controlled trial • 52 weeks • Primary endpoint: BMI reduction Prader-Willi syndrome • Global, phase 3 placebo-controlled trial • 26 weeks • Primary endpoint: Hyperphagia reduction (HQ-CT) 100 mg
Slide 8: Jennifer Lee, EVP, Head of North America
® 8 Jennifer Lee EVP, Head of North America
Slide 9: Strong Momentum in Second Quarter of U.S. Launch in Acquired HO
® 9 Strong Momentum in Second Quarter of U.S. Launch in Acquired HO Strong patient demand continues Broadening prescriber base Favorable access and coverage
Slide 10: Strong Patient Demand and Early Uptake
® 10 Inclusive of 71 Strong Patient Demand and Early Uptake Start Forms Patients by age Hypothalamic injury Note: Between FDA approval on March 19, 2026 and September 30, 2026; yo = years old ~15% within two years ~35% > 10 years >700 Patient Start Forms start forms from clinical trial patients ~30
Slide 11: Following Patient Journey Beyond the First Point of Contact
® 11 Following Patient Journey Beyond the First Point of Contact ~500 incident patients begin their journey each year at major medical centers or large healthcare organizations ~30% of patients remain at original point of care First point of contact ~70% of patients referred or transitioned outside
Slide 12: Specialty Opportunity with Broadening Prescriber Base
® 12 Specialty Opportunity with Broadening Prescriber Base Prescribers Specialty Note: Between FDA approval on March 19, 2026 and September 30, 2026. >500 Unique prescribers 80% Endocrinologists evenly split among adult and pediatric providers~25% Repeat aHO Prescribers
Slide 13: Progress in Time to Approval and Expanding Patient Access
® 13 Progress in Time to Approval and Expanding Patient Access Note: Between FDA approval on March 19, 2026 and September 30, 2026. Reimbursement Approvals 75% of approvals at or without prior auth 2/3 of approvals occur in less than 60 days Payers Positive Policies Secured 60% of Medicaid covered l
Slide 14: Continued Strength in BBS Business
® 14 Continued Strength in BBS Business Patient Growth Continued growth in patients on therapy Field Force Dedicated BBS field force
Slide 15: Yann Mazabraud, EVP, Head of International
® 15 Yann Mazabraud EVP, Head of International
Slide 16: IMCIVREE Now Commercially Available for aHO in Japan
® 16 IMCIVREE Now Commercially Available for aHO in Japan Commercial launch initiated October 13, 2026 5,000 – 8,000 estimated patients with acquired HO in Japan1 1. Rhythm estimates the prevalence of acquired hypothalamic obesity in Japan to be approximately 5,000 to 8,000 based on our review of tu
Slide 17: Disease Awareness Increasing through Education and Engagement
® 17 Disease Awareness Increasing through Education and Engagement Guidelines for the Diagnosis and Treatment of Acquired HO Published by the Japanese Endocrine Society & MHLW-funded Research Group Joint Statement on the Safe and Appropriate Use of Setmelanotide Acetate Injection for Acquired Hypoth
Slide 18: Experienced Rare Disease Team in Place to Support Japan Launch
® 18 Experienced Rare Disease Team in Place to Support Japan Launch An Experienced Team in Place Targeting Strategy >50 Rhythm Employees in Japan 16 Hospital Affairs Leads 6 Scientific Affairs Managers ~350 Priority hospitals
Slide 19: Physician Engagement, Patient Identification Provide Strong Starting Point
® 19 Physician Engagement, Patient Identification Provide Strong Starting Point ~300 Out of 350 priority hospitals where brain tumors are treated >1,000 patients likely eligible for IMCIVREE Field teams already have engaged with…. … and identified….
Slide 20: IMCIVREE HO Country-level Launches Expected in 2027
® 20 IMCIVREE HO Country-level Launches Expected in 2027 1. European estimates limited to the EU4 (Germany, France, Spain, Italy), UK and the Netherlands and prevalence of 0.1-0.3 in 10,000 patients ~10,000 estimated European prevalence1 • Germany G-BA process initiated • Reimbursement dossiers subm
Slide 21: Hunter Smith, Chief Financial Officer
® 21 Hunter Smith Chief Financial Officer
Slide 22: Rhythm, LG Chem Amend Bivamelagon Exclusive License Agreement
® 22 Rhythm, LG Chem Amend Bivamelagon Exclusive License Agreement Royalty on MC4R Portfolio Sales Low-to-mid-single digits → 1% Beginning Jan. 1, 2029, or first commercial sale of bivamelagon, if earlier Original Agreement Amendment Cash paid / payable $80M upfront $350M additional paid over four y
Slide 23: $750M Term Loan Facility Secured
® 23 $750M Term Loan Facility Secured SOFR: Secured Overnight Financing Rate; HealthCare Royalty Partners / HCRX: KKR’s HealthCare Royalty; Blackstone: Blackstone Life Sciences; RIFA: Revenue Interest Financing Agreement SOFR + 4.60% 1.00% SOFR floor 5-year term No amortization $750M Total Facility
Slide 24: Well-capitalized Following Recent Financing
® 24 Well-capitalized Following Recent Financing $320.9M cash, cash equivalents and short- term investments as of September 30, 2026 -$70M Initial draw under Term Loan Facility Paid within 15 business days following the effective date of the bivamelagon Exclusive License Agreement Amendment Cash on-
Slide 25: Q3 2026: Meaningful Growth in IMCIVREE Global Sales
® 25 Q3 2026: Meaningful Growth in IMCIVREE Global Sales 29% QoQ increase from Q2 2026 73% of Q3 2026 revenue from U.S. $92.1M Net Product Revenue 20% increase in number of patients globally on reimbursed therapy
Slide 26: Q2 '26 to Q3 '26: Strong Commercial Growth Driven by U.S. HO Launch
® 26 Q2 ‘26 to Q3 ‘26: Strong Commercial Growth Driven by U.S. HO Launch $71.3M $1.3M Q2 2026 Product revenue Q3 2026 Product revenue U.S. Q2-Q3 inventory effect at specialty pharmacy Ex-US revenue increase of $600K and Q2 $3.8M charge due to French Contribution M normalized in Q3 U.S. revenue chang
Slide 27: Q3 2026 Financial Snapshot
® 27 Q3 2026 Financial Snapshot ($ in millions, except per share data and shares outstanding) Three months ended September 30, 2026 Three months ended September 30, 2025 Product revenue, net $92.1M $51.3M R&D expenses $52.5M $46.0M SG&A expenses $66.8M $52.4M Net Loss attributable to common stockhol
Slide 28: Q3 2026 Financial Highlights and Guidance
® 28 $119.2M Q3 2026 OpEx includes $25.0M in stock-based compensation expense Q3 2026 Financial Highlights and Guidance * Non-GAAP Operating Expenses is a non-GAAP financial measure. We define Non-GAAP Operating Expenses as GAAP operating expenses excluding stock-based compensation, fixed considerat
Slide 29: Questions
Questions Rhytho
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