Rhythm Pharmaceuticals (RYTM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Rhythm Pharmaceuticals published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• The FDA approved IMCIVREE for acquired hypothalamic obesity on March 19, 2026, so Q3 2026 is the second full quarter of that U.S. launch.
• EPS is net loss attributable to common stockholders, after accrued dividends on Rhythm's Series A convertible preferred stock.

Source: Rhythm Pharmaceuticals Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Rhythm Pharmaceuticals splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Rhythm Pharmaceuticals's United States revenue was $67.5 million in Q3 2026, up 77% from $38.2 million in Q3 2025, 73% of total revenue.
• Rhythm Pharmaceuticals's International revenue was $24.7 million in Q3 2026, up 88% from $13.1 million in Q3 2025, 27% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Rhythm guides operating expenses and cash runway, not revenue.

In its Q3 2026 release, Rhythm Pharmaceuticals said:

“For the year ending December 31, 2026, Rhythm anticipates approximately $360 million to $380 million in Non-GAAP Operating Expenses.”

“R&D expenses of approximately $165 million to $175 million”

“SG&A expenses of approximately $195 million to $205 million”

“Based on its current operating plans, Rhythm expects that its cash, cash equivalents and short-term investments as of September 30, 2026 will be sufficient to fund the Company's planned operations for at least 24 months.”

Source: Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the RYTM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and GAAP net loss per basic and diluted share, each as first reported in that quarter's release.

We do not hold a confirmed date for Rhythm Pharmaceuticals's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Rhythm Pharmaceuticals sells one product, IMCIVREE (setmelanotide), an MC4R agonist for rare forms of obesity driven by hyperphagia. Net product revenue was $92.1 million in Q3 2026, against $51.3 million a year earlier and up 29% from the second quarter of 2026. Rhythm said the number of patients on reimbursed therapy globally rose 20% from the second quarter. (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

The growth comes from acquired hypothalamic obesity (HO), approved by the FDA on March 19, 2026. Rhythm reported more than 700 patient start forms from more than 500 prescribers by September 30, 2026. U.S. revenue was $67.5 million, 73% of the total, up $16.5 million or 32% from the second quarter, which Rhythm attributed mainly to demand in acquired HO and continued growth in Bardet-Biedl syndrome (BBS). (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

Revenue outside the United States was $24.7 million, 27% of the total and up 22% from the second quarter. IMCIVREE launched for acquired HO in Japan on October 13, 2026, which Rhythm says could become its second-largest market, and Health Canada approved it for acquired HO on September 22, 2026. Country launches in Europe are planned from 2027, starting with Germany. (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

In the United States Rhythm sells IMCIVREE to a single specialty pharmacy, which takes title and distributes to patients. That one customer generated about 73% of Rhythm's revenue in Q3 2026, against 74% a year earlier, and held about 66% of accounts receivable at September 30, 2026. (Rhythm Pharmaceuticals Form 10-Q, Q3 2026, Nov 3, 2026)

Rhythm Pharmaceuticals' net loss per share narrowed to $(0.61) in Q3 2026 from $(0.82), and the net loss attributable to common stockholders to $42.4 million from $54.3 million. Revenue grew faster than costs: R&D rose to $52.5 million from $46.0 million and SG&A to $66.8 million from $52.4 million, the latter mainly on personnel costs including stock-based compensation. (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

Cost of sales was $12.2 million, against $5.5 million. Other expense, net was $(1.5) million, against $(0.1) million, mainly because lower average cash balances earned less interest income. The per-share loss also deducts $984 thousand of accrued dividends on the Series A convertible preferred stock, and weighted average shares rose to 69,046,050 from 66,261,055. (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

Rhythm reports no adjusted EPS. Its only non-GAAP measure is operating expenses excluding stock-based compensation and fixed in-licensing and milestone payments, which it uses for its expense guidance. (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Rhythm Pharmaceuticals does not guide revenue. For 2026 it expects about $360 million to $380 million of non-GAAP operating expenses, including R&D of about $165 million to $175 million and SG&A of about $195 million to $205 million, and says its cash and short-term investments at September 30, 2026 will fund planned operations for at least 24 months. (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

After the quarter, on November 2, 2026, Rhythm entered a five-year term loan facility giving access to up to $750 million, with a $250 million initial draw, and agreed to pay LG Chem $350 million over four years to cut the royalty on bivamelagon and its MC4R portfolio to 1% of net product revenue. Neither the draw nor the $70 million first payment to LG Chem is in the $320.9 million of cash and investments at September 30, 2026. (Rhythm Pharmaceuticals Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Rhythm Pharmaceuticals, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Rhythm Pharmaceuticals's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning RYTM is on is RYTM a buy or a sell?, what analysts expect next is on the RYTM forecast, and what the company does is on the Rhythm Pharmaceuticals (RYTM) stock page.

Every number on this page can be traced to a document Rhythm Pharmaceuticals published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.