Rhythm Pharmaceuticals, Inc. · NASDAQ:RYTM
Rhythm Pharmaceuticals — Q2 2026 Earnings Presentation
31 slides from Rhythm Pharmaceuticals's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Financial Results and Business Update
Rhythm Pharmaceuticals Second Quarter 2026 Financial Results and Business Update August 4, 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: Q2 2026: Continued Execution for Rhythm
Q2 2026: Continued Execution for Rhythm Business Highlights Strong start to acquired HO launch Multiple clinically meaningful improvements achieved with setmelanotide in PWS New today: Encouraging preliminary results with RM-718 in acquired HO ® 5
Slide 6: Phase 3 TRANSCEND Trial Results in Acquired HO Published
Phase 3 TRANSCEND Trial Results in Acquired HO Published The NEW ENGLAND JOURNAL of MEDICINE With an accompanying editorial Setmelanotide for the Science behind the Study Treatment of Acquired Treating Acquired Hypothalamic Obesity Hypothalamic Obesity -- By Sadaf Farooqi, Original article MB, ChB,
Slide 7: Preliminary Phase 2 Data Show RM-718 Positive Efficacy Signal in Acquired HO
Preliminary Phase 2 Data Show RM-718 Demonstrated Positive Efficacy Signal in Acquired HO ® 7
Slide 8: Baseline Demographics
Baseline Demographics N=11 Parameter Statistic Overall (N=11) patients enrolled Mean (SD) (range) 26.7 (13.1) (12 – 48) n=8 Age, years >12 years and <18, n (%) 4 (36.4) remain on ≥18 years old, n (%) 7 (63.6) active therapy* n=7 Sex, n (%) Female / Male 9/2 (81.8/18.2) reached Week 16 n=2 White 10 (
Slide 9: RM-718 Achieved Clinically Meaningful BMI Reduction at Week 16
RM-718 Achieved Clinically Meaningful BMI Reduction in Patients with Acquired HO at Week 16 -11.6% mean BMI reduction from baseline at Week 16 (n=7) BMI, body mass index. ® 9
Slide 10: RM-718 Exhibited Comparable Reductions to Setmelanotide and Bivamelagon
RM-718 Exhibited Comparable Reductions to Setmelanotide and Bivamelagon Setmelanotide Bivamelagon 030+040 Per-protocol, 600 mg RM-718 Wk16 Wk14 Wk16 0.0% n=7 n=7 n=64 -2.0% Mean percent change in BMI -4.0% -6.0% -8.0% -10.0% -10.1% -10.1% -12.0% -11.6% ® 10
Slide 11: Four Patients Achieved Deepening BMI Reductions at 28-40 Weeks
Four Patients Achieved Deepening BMI Reductions at 28-40 Weeks on Therapy with RM-718 Percent change in BMI Weeks ® 11
Slide 12: Most Common Adverse Events for All Patients (N=11)
Most Common (≥2 Patients) Adverse Events for All Patients (N=11) All Patients Adverse Events, n (%) (N=11) Injection site reactions 9 (81.8) Nausea 6 (54.5) Vomiting 3 (27.3) Abdominal pain 2 (18.2) Anxiety 2 (18.2) Cough 2 (18.2) Decreased appetite 2 (18.2) Depression 2 (18.2) Fatigue 2 (18.2) Head
Slide 13: Multiple Anticipated Milestones
Multiple Anticipated Milestones Complete enrollment in the Ph1/2, Part D trial evaluating RM-718 in H2 2026 Prader-Willi syndrome Complete enrollment in substudy evaluating setmelanotide in H2 2026 congenital hypothalamic obesity Launch IMCIVREE for acquired HO in Japan pending marketing YE 2026 aut
Slide 14: Jennifer Lee
Jennifer Lee EVP, Head of North America ® 14
Slide 15: 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 Strong patient Broad prescriber Positive early demand base payer experience ® 15
Slide 16: Strong Patient Demand and Early Uptake
Strong Patient Demand and Early Uptake Start Forms Patients by age Hypothalamic injury 12% >400 18-21yo ~15% Patient Start Forms 50% within two years >22yo 18% Inclusive of 66 start forms from 12-17yo ~50% >10 years clinical trial patients 21% 4-11yo Note: Between FDA approval on March 19, 2026 and
Slide 17: Broad Prescriber Activation and Engagement
Broad Prescriber Activation and Engagement Prescribers Specialty Priority Accounts ~300 43% ~65% Adult Endocrinologist Activated Unique prescribers ~20% 37% ~25% Repeat aHO Prescribers Pediatric Endocrinologist of Prescriptions Note: Between FDA approval on March 19, 2026 and June 30, 2026. ® 17
Slide 18: Encouraged by Early Payer Engagement
Encouraged by Early Payer Engagement Payers Majority of early approvals came at prior authorization without aHO specific policy in place Positive policies secured 25% Payer engagement continues with majority of P&T of Medicaid covered lives meetings expected by year end 35% of commercial covered liv
Slide 19: New Diagnostic Algorithm Supports Diagnosis of BBS
New Diagnostic Algorithm Supports Diagnosis of BBS Expert consensus, evidence-based diagnostic algorithm Supports earlier recognition and diagnosis Aligns around current clinical and genetic evidence ® 19
Slide 20: Field Force Expansion and Focus
Field Force Expansion and Focus 42 +10 Territory managers Territory managers focused on focused acquired HO on BBS ® 20
Slide 21: Yann Mazabraud
Yann Mazabraud EVP, Head of International ® 21
Slide 22: Japanese Approval and Launch for Acquired HO Anticipated by End of 2026
Japanese Approval and Launch for Acquired HO Anticipated by End of 2026 Japan map with prevalence PMDA review of new 5,000 – drug application 8,000 estimated Japanese prevalence1 Final authorization from MHLW Price discussions with NHI PMDA: Pharmaceuticals and Medical Devices Agency; MHLW: Ministry
Slide 23: IMCIVREE HO Country-level Launches Expected in 2027
IMCIVREE HO Country-level Launches Expected in 2027 • Germany G-BA process ~10,000 initiated estimated European prevalence1 • Reimbursement dossiers submitted: • France • UK • Spain • The Netherlands 1. European estimates limited to the EU4 (Germany, France, Spain, Italy), UK and the Netherlands and
Slide 24: Hunter Smith
Hunter Smith Chief Financial Officer ® 24
Slide 25: Q2 2026: Continued Growth in IMCIVREE Global Sales
Q2 2026: Continued Growth in IMCIVREE Global Sales QoQ increase $71.3M 19% from Q1 2026 >20% increase in number of Net Product Revenue 72% of Q2 2026 revenue from U.S. patients globally on reimbursed therapy ® 25
Slide 26: Q1 '26 to Q2 '26: Consistent Growth in Global Patient Demand Continues
Q1 ‘26 to Q2 ‘26: Consistent Growth in Global Patient Demand Continues $11.3M $71.3M $2.9M -$3.0M $60.1M U.S. Q1-Q2 U.S. revenue Ex-US revenue Q1 2026 inventory effect at change from increase of $0.8M, Q2 2026 Product specialty pharmacy product dispensed net of a ($3.8)M Product revenue to US patien
Slide 27: Q2 2026 Financial Snapshot
Q2 2026 Financial Snapshot ($ in millions, except per share Three months ended Three months ended data and shares outstanding) June 30, 2026 June 30, 2025 Product revenue, net $71.3M $48.5M R&D expenses $43.4M $42.3M SG&A expenses $67.4M $45.9M Net Loss attributable to common stockholders $(50.4)M $
Slide 28: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Q2’ 2026 OpEx 2026 OpEx Guidance $110.9M $363M to $397M Q2 2026 OpEx anticipated non-GAAP Operating includes Expenses* for 2026 includes: $26.1M in stock-based R&D: $175M to $195M compensation expense SG&A: $188M to $202M * Non-GAAP Operating Expenses is a non-GAAP finan
Slide 29: Concluding Comments
Concluding Comments Rhythm
Slide 30: MC4R Agonism Development Across Three Pillars
MC4R Agonism Development Across Three Pillars Next-generation MC4R agonists Genetic MC4R Pathway Diseases RM-718 Bivamelagon (weekly injection) (daily oral) Hypothalamic Obesity Global commercial foundation Prader-Willi Syndrome driven by IMCIVREE in BBS ® 30
Slide 31: Questions
Questions Rhythm
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