RHYTHM PHARMACEUTICALS, INC.

Overview

Rhythm Pharmaceuticals, Inc. is a global, commercial-stage biopharmaceutical company focused on rare neuroendocrine diseases, especially disorders of the MC4R pathway associated with severe obesity and hyperphagia. Its core commercial product is IMCIVREE® (setmelanotide), and its development pipeline includes additional MC4R agonists.[1] The company’s official mission is to transform the lives of patients with rare neuroendocrine diseases.[2]

IMCIVREE is marketed in the United States and internationally for certain rare conditions; the company reported market access or named-patient sales in more than 25 countries outside the U.S. for specified indications.[1][3] Rhythm was founded in February 2008 and reports more than 400 employees across North America and Europe.[4][2] [1]+5

Products & services

Rhythm’s marketed product is IMCIVREE® (setmelanotide), a melanocortin-4 receptor (MC4R) agonist supplied as a subcutaneous solution. It is indicated in the U.S. for long-term weight reduction in patients with acquired hypothalamic obesity (HO) aged 4 and older, and in patients aged 2 and older with Bardet–Biedl syndrome or qualifying POMC, PCSK1, or LEPR deficiencies; use for the genetic conditions requires qualifying genetic-test results.[5]+2 The product is also authorized in the EU for specified HO and genetic-obesity populations. Rhythm reports market access or named-patient sales in more than 25 countries outside the U.S.; Japan’s application for acquired HO was under regulatory review in the latest reporting period.[8]+2

The company is developing additional MC4R-directed treatments. RM-718 is an investigational, more selective MC4R agonist designed for weekly administration and was in Phase 1, including a study in acquired HO. Bivamelagon is an investigational oral small-molecule MC4R agonist in Phase 2; the company has also reported setmelanotide studies in Prader–Willi syndrome and congenital HO. These candidates are investigational, not marketed products.[11]+2

Rhythm’s patient-support offering includes help with insurance coverage and financial-assistance options, injection training, treatment-start education, resources, and peer connections.[14] IMCIVREE generated $71.3 million in net product revenue in Q2 2026; 72% was U.S. revenue and 28% ex-U.S. For the first half of 2026, net product revenue was $131.4 million, of which 67% was U.S. revenue.[15]+2 [5]+14

Geographic presence

Rhythm Pharmaceuticals’ commercial footprint includes the U.S., Canada, the EU and the U.K. By the second quarter of 2026, the company reported market access or named-patient sales for BBS or POMC/LEPR deficiencies in more than 25 countries outside the U.S.[17][3]

In 2025, net product revenue was $133.6 million in the U.S. (68.6%) and $61.2 million internationally (31.4%), out of $194.8 million total. For the six months ended June 30, 2026, U.S. revenue was $87.9 million (66.9%) and international revenue was $43.5 million (33.1%), out of $131.4 million. Percentages are calculated from the reported regional revenue figures; the filings do not provide a country-by-country revenue breakdown.[18]

The company’s headquarters are at 222 Berkeley Street, 12th Floor, Boston, Massachusetts, in approximately 13,600 square feet of leased office space. As of February 1, 2026, it had 414 employees, including 126 in 11 countries outside North America.[19]+3 [17]+6

Business segments

Rhythm Pharmaceuticals reports two operating segments, **U.S.** and **international**, both focused on developing and commercializing therapies for rare diseases. The company aggregates them into one reportable segment; it does not provide separate segment revenue or percentage contributions, so a percentage split cannot be calculated from its reported segment disclosures.[23][24]

For FY2025, the company reported $194.8 million in global IMCIVREE net product revenue, but did not allocate that revenue between the U.S. and international operating segments. This company-wide figure is not a segment contribution.[25][26] [23]+3

Company history

Rhythm Pharmaceuticals traces its origins to Boston in 2008. It obtained worldwide rights to Ipsen’s melanocortin and ghrelin programs in 2010, and its later licensing agreement with Ipsen provided rights to compounds in the MC4R program that includes setmelanotide. The present Delaware entity was organized in 2013 as Rhythm Metabolic, Inc. and renamed Rhythm Pharmaceuticals, Inc. in 2015.[2]+2

Rhythm began clinical testing of setmelanotide in 2011, received FDA Breakthrough Therapy designation for the treatment of POMC-deficiency obesity in 2016, and reported positive pivotal-trial results for POMC and LEPR deficiencies in 2019. It completed its initial public offering in October 2017, with shares beginning to trade on Nasdaq under the symbol RYTM.[29]+3

The FDA approved IMCIVREE (setmelanotide) in 2020 for chronic weight management in certain patients with obesity caused by POMC, PCSK1, or LEPR deficiency; U.S. sales began in 2021. The FDA added Bardet-Biedl syndrome (BBS) as an indication in 2022 and, in 2024, expanded use to children as young as two with BBS or specified genetic deficiencies. Rhythm acquired Dutch biotechnology company Xinvento in 2023, adding investigational programs for congenital hyperinsulinism. In 2026, IMCIVREE received FDA approval for acquired hypothalamic obesity in adults and children aged four and older.[33]+4

Sources

• RHYTHM PHARMACEUTICALS, INC. — Full financial report (2025 Y)
  11 citations

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• RHYTHM PHARMACEUTICALS, INC. — Full financial report (2026 Q 2)
  11 citations

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• ir.rhythmtx.com[4]
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• RHYTHM PHARMACEUTICALS, INC. — Press release (2026 Q 2)[16]
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