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Friday 6 November 2026
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Rhythm Pharmaceuticals, Inc.
RYTM Healthcare Biotechnology
Rhythm Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $189.8 million, up 45.8% from fiscal 2024.
- Revenue
- +79.6%
- EPS
- +26.9%
- Free cash flow
- +95.4%
Quarter to September 2026, against a year earlier
112.95
7.93
+7.55%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 3 | 24 | 77 | 130 | 190 | 281 | +178.5% | 315 | 565 | 905 | +68.3% | |
| Gross margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 81.01 | 90.98 | 87.99 | 89.73 | 89.73 | 88.23 | +89.7 pt | ||||||
| EBT | (26) | (34) | (74) | (141) | (134) | (70) | (181) | (184) | (260) | (196) | (192) | +25.2% | ||||||
| EBT margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (2,207.10) | (766.22) | (237.79) | (200.00) | (103.31) | (68.48) | (103.3) pt | ||||||
| Net income | (26) | (34) | (74) | (141) | (134) | (70) | (181) | (185) | (261) | (197) | (194) | +25.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 | 0.45 | 1.34 | 2.13 | 2.92 | 4.07 | n/m | |||||
| Earnings | (2.85) | (2.83) | (2.39) | (3.86) | (3.04) | (1.40) | (3.47) | (3.20) | (4.34) | (3.11) | (2.89) | +1.0% | ||||||
| Cash flow | (2.28) | (2.22) | (2.00) | (3.37) | (2.76) | (2.94) | (3.33) | (2.36) | (1.87) | (1.78) | (1.18) | (2.7%) | ||||||
| Capex | (0.10) | (0.01) | (0.02) | (0.09) | 0.00 | 0.03 | (0.08) | (0.10) | (0.66) | (0.63) | 0.00 | +22.2% | ||||||
| Free cash flow | (2.38) | (2.23) | (2.02) | (3.46) | (2.77) | (2.91) | (3.41) | (2.46) | (2.53) | (2.41) | (1.18) | +0.1% | ||||||
| Book value | 0.72 | 10.91 | 7.94 | 7.72 | 3.77 | 5.73 | 5.07 | 2.94 | 2.70 | 4.16 | 2.92 | +21.6% | ||||||
| Shares, m | 10 | 13 | 31 | 36 | 44 | 50 | 52 | 58 | 61 | 65 | 68 | +22.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | 156.95 | 63.15 | 33.62 | 26.24 | 36.66 | 25.49 | 63.3 | ||||||
| P/B | — | — | — | — | — | 1.74 | 5.65 | 15.33 | 157.14 | 50.02 | 81.36 | 46.0 | ||||||
| EV/Sales | — | — | — | — | — | 63.46 | 49.05 | 30.05 | 23.78 | 34.61 | 24.35 | 40.2 | ||||||
| EV/FCF | — | — | — | — | — | (1.39) | (6.79) | (15.95) | (19.53) | (40.76) | (53.72) | (16.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (23) | (29) | (62) | (123) | (122) | (146) | (173) | (136) | (114) | (116) | (82) | +19.5% | |||||
| Capex | (1) | 0 | (1) | (3) | 0 | 2 | (4) | (6) | (40) | (41) | (41) | +50.1% | ||||||
| Free cash flow | (24) | (30) | (63) | (126) | (122) | (144) | (178) | (142) | (154) | (157) | (82) | +23.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 6 | 144 | 245 | 278 | 164 | 265 | 314 | 253 | 259 | 361 | 268 | +56.4% | |||||
| Net debt | (11) | (148) | (252) | (292) | (173) | (295) | (333) | (276) | (321) | (389) | (321) | +49.3% | ||||||
| Shareholders’ equity | 7 | 145 | 246 | 281 | 167 | 284 | 264 | 170 | 165 | 270 | 202 | +49.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (117.20) | (45.81) | (35.96) | (49.49) | (54.07) | (26.95) | (50.88) | (51.64) | (72.98) | (46.29) | (41.75) | +70.9 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | 142.86 | (67.06) | (37.88) | (53.38) | (59.88) | (30.89) | (66.05) | (85.10) | (276.33) | (251.14) | (167.49) | (394.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 15 | 26 | 54 | 70 | 90 | 140 | 177 | 226 | 283 | 414 | — | +44.6% | |||||
| Revenue/emp, $m | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.13 | 0.34 | 0.46 | 0.46 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Rhythm Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ARWR Arrowhead Pharmaceuticals, Inc. | $8.1B | — (loss-making) | — (loss-making) | +171.02% (above 0%: growing) | n/m | −15.43% (below 0%: shrinking) | 100.00% | (226.03%) | Compare |
| CORT Corcept Therapeutics Incorporated | $7.8B | 47.5× | 39.8× | +63.97% (above 0%: growing) | +525.79% (above 0%: growing) | +160.98% (above 0%: growing) | 98.65% | 33.70% | Compare |
| CYTK Cytokinetics, Incorporated | $7.7B | — (loss-making) | — (loss-making) | +2,356.46% (above 0%: growing) | n/m | −6.73% (below 0%: shrinking) | 0.00% | (351.34%) | Compare |
| ABVX Abivax SA Sponsored ADR | $7.4B | — (loss-making) | — | — | n/m | −48.28% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| PRAX Praxis Precision Medicines, Inc. | $7.3B | — (loss-making) | — (loss-making) | +1,349.13% (above 0%: growing) | n/m | −43.54% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| RYTM Rhythm Pharmaceuticals, Inc. | $7.3B | — (loss-making) | — (loss-making) | +79.59% (above 0%: growing) | n/m | +95.40% (above 0%: growing) | 86.79% | (42.63%) | |
| AXSM Axsome Therapeutics, Inc. | $6.8B | — (loss-making) | — (loss-making) | +51.87% (above 0%: growing) | n/m | −1,078.34% (below 0%: shrinking) | 93.14% | (4.26%) | Compare |
| IONS Ionis Pharmaceuticals, Inc. | $6.5B | — (loss-making) | — (loss-making) | −40.73% (below 0%: shrinking) | n/m | +299.29% (above 0%: growing) | 98.98% | (38.18%) | Compare |
| ORKA Oruka Therapeutics, Inc. | $6.4B | — (loss-making) | — | — | n/m | −43.00% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $7.4B | — | — | +117.50% | — | −29.21% | 95.90% | (2.13%) |
From the latest earnings call
- CEO David Meeker said Rhythm had received more than 400 start forms from approximately 300 prescribers since U.S. approval of IMCIVREE for acquired hypothalamic obesity.
- CFO Hunter Smith said Rhythm lowered its 2026 research and development expense guidance midpoint as some manufacturing and development activities shifted into early 2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
112.45%
Held by the ten largest
59.39%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 6.68m | 9.71% | +157.38k |
| RA CAPITAL MANAGEMENT, L.P. | 6.67m | 9.69% | 0.00 |
| BlackRock | 6.16m | 8.95% | −80.25k |
| BAKER BROS. ADVISORS LP | 5.60m | 8.14% | 0.00 |
| PRIMECAP Management | 3.17m | 4.60% | −248.66k |
| JPMorgan Chase | 2.65m | 3.85% | +1.10m |
| PERCEPTIVE ADVISORS LLC | 2.59m | 3.76% | +212.50k |
| State Street | 2.57m | 3.74% | +301.68k |
| T. Rowe Price | 2.57m | 3.73% | +911.30k |
| WESTFIELD CAPITAL MANAGEMENT CO LP | 2.21m | 3.21% | +279.47k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 17.54m | 54.16m | 360.00 |
| 2024 | 14.66m | 18.68m | 188.27 |
| 2023 | 7.23m | 19.01m | 154.61 |
| 2022 | 3.33m | 24.14m | 97.94 |
| 2021 | 6.46m | (10.02m) | 33.57 |
Ownership
Directors and executive officers, together
5.90%
Entities affiliated with RA Capital Management, LLCc/o RA Capital Management, L.P.
9.70%
Entities affiliated with Baker Bros. Advisors LPc/o Baker Bros. Advisors LP
8.20%
Entities affiliated with Perceptive Advisors LLC.51 Astor Place,
6.50%
BlackRock, Inc.
6.40%
Entities affiliated with PRIMECAP Management Company77 E. Colorado Blvd.,
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Rhythm Pharmaceuticals, Inc. (RYTM) Latest News
4 Nov
3 Nov
2 Nov
21 Oct
13 Oct
11 Aug
4 Aug
RYTM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Rhythm Pharmaceuticals is a biopharmaceutical company focused on rare diseases that affect hunger and body weight. Its marketed medicine, IMCIVREE, is designed for people whose severe obesity is associated with disorders of the melanocortin-4 receptor, or MC4R, pathway. This pathway helps regulate hunger, food intake and energy expenditure. When it is impaired by a genetic condition or an injury, patients can experience severe obesity and hyperphagia—an insatiable hunger accompanied by persistent food-seeking behavior.
IMCIVREE activates the MC4R receptor. In the United States, it is approved for weight reduction and long-term weight management in eligible adults and children with Bardet-Biedl syndrome or certain deficiencies involving the POMC, PCSK1 or LEPR genes. The medicine is also available for acquired hypothalamic obesity, a condition that can follow injury to the part of the brain involved in weight regulation.