Rhythm Pharmaceuticals, Inc. reported financial results for the third quarter ended September 30, 2026, highlighting continued momentum for its lead product, IMCIVREE (setmelanotide).
Net product revenue from global sales of IMCIVREE was $92.1 million for the third quarter of 2026. This figure represents a 29% increase compared to the second quarter of 2026. The company noted that the number of patients on reimbursed therapy globally increased by 20% compared to the prior quarter.
Revenue was split between the United States and international markets. U.S. revenue for the quarter was $67.5 million, or 73% of total product revenue, an increase of $16.5 million or 32% compared to the second quarter. Ex-U.S. revenue was $24.7 million, or 27% of total product revenue, a sequential increase of $4.4 million or 22%.
The company announced that more than 700 patient start forms for IMCIVREE in acquired hypothalamic obesity have been received from over 500 prescribers as of September 30, 2026. IMCIVREE received approval from the U.S. Food and Drug Administration on March 19, 2026.
Rhythm also provided an update on its financial position and development pipeline. As of September 30, 2026, cash, cash equivalents, and short-term investments were approximately $320.9 million. The company entered into a five-year term loan facility on November 2, 2026, led by KKR's HealthCare Royalty, providing access to up to $750 million of capital.
In development news, Rhythm amended its exclusive license agreement with LG Chem for bivamelagon. Under the terms, Rhythm agreed to pay LG Chem $350 million in fixed payments over four years to reduce the royalty rate on net product revenue from the MC4R portfolio to 1%. Additionally, Rhythm announced the commercial launch of IMCIVREE in Japan for patients with acquired hypothalamic obesity on October 13, 2026.
