Rhythm Pharmaceuticals Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
Rhythm Pharmaceuticals Reports Second Quarter 2024 Financial Results
Rhythm Pharmaceuticals, Inc. (NASDAQ: RYTM), a global commercial-stage biopharmaceutical company, released its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $29.1M | $25.9M | $19.2M | +51.6% | +12.4% | $28.79M |
| Earnings Per Share (EPS) | ($0.55) | ($0.89) | ($0.82) | +32.9% | +38.2% | ($0.71) |
Rhythm reported a solid financial performance with a total revenue of $29.1 million, surpassing the Wall Street consensus estimate of $28.79 million. The company also managed to reduce its net loss to $0.55 per share, which is better than the expected ($0.71) and the prior-year quarter's ($0.82) per share loss.
Revenue Performance by Segment
| Segment | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | Guidance |
|---|---|---|---|---|---|
| Global Sales of IMCIVREE® (Setmelanotide) | $29.1M | $25.9M | $19.2M | +51.6% | No guidance provided |
Interpretation: The key revenue driver for Rhythm Pharmaceuticals continues to be its global sales of IMCIVREE®, which demonstrates robust year-over-year growth of 51.6%. The company’s ability to exceed its revenue projections portrays a strong performance in its primary market.
Key Operational Data
| Data Point | Q2 2024 | Q1 2024 | Q2 2023 |
|---|---|---|---|
| New Prescriptions for IMCIVREE (BBS) | 100 | Not provided | Not provided |
| Payor Approval for Reimbursement | 70 | Not provided | Not provided |
Comments from Company Management
David Meeker, M.D., Chair, President, and CEO, commented: "We delivered a strong quarter executing on our global strategy to bring IMCIVREE® to patients with rare melanocortin-4 receptor (MC4R) diseases. We believe pediatric expansion will improve long-term clinical outcomes by treating these genetically-caused diseases when hyperphagia and obesity begin."
Dividends and Share Repurchase Programs
No dividends or share repurchase programs were announced in this earnings release.
Forward Guidance
Rhythm Pharmaceuticals has provided financial guidance for the fiscal year ending December 31, 2024: - Non-GAAP Operating Expenses are anticipated to be between $250 million and $270 million. - R&D expenses are expected to be between $145 million and $160 million. - S,G&A expenses are projected between $105 million and $110 million. - The company expects its existing cash, cash equivalents, and short-term investments will be sufficient to fund operating expenses and capital expenditure requirements into 2026.
Stock Price Movement
Following the earnings release, Rhythm Pharmaceuticals' stock price exhibited a slight decline of 0.36%.
Conclusion
Rhythm Pharmaceuticals has demonstrated strong operational and financial performance in the second quarter of 2024, driven by robust revenue growth and targeted strategic initiatives. The company remains well-positioned for continued progress, particularly with its pending pediatric expansion and ongoing clinical trials.
For further details, Rhythm Pharmaceuticals will host a conference call on August 6, 2024, at 8:00 a.m. ET.
Contact Information:
David Connolly
Executive Director, Investor Relations and Corporate Communications
Rhythm Pharmaceuticals, Inc.
857-264-4280
dconnolly@rhythmtx.com
Adam Daley
Berry & Company Public Relations
212-253-8881
adaley@berrypr.com
