• Rhythm Pharmaceuticals recently reported preliminary unaudited 2025 results showing IMCIVREE net product revenues of about US$57 million in the fourth quarter and US$194 million for the full year, both reflecting solid growth versus earlier periods.
• An interesting aspect of this update is that roughly two-thirds of IMCIVREE revenue still comes from the U.S., underlining how central that market remains to Rhythm’s commercial story even as global sales expand.
• We’ll now examine how this stronger‑than‑expected IMCIVREE revenue trajectory could influence Rhythm’s investment narrative and the assumptions behind future growth.

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Rhythm Pharmaceuticals Investment Narrative Recap

To own Rhythm, you need to believe IMCIVREE can sustain meaningful demand in rare obesity indications while the company works toward profitability on a highly concentrated product base. The stronger than expected 2025 revenue guidance supports IMCIVREE’s commercial momentum but does not change that the key near term catalyst remains the FDA decision on acquired hypothalamic obesity and the biggest risk is continued operating losses paired with reliance on a single lead asset.

The recent guidance update ties directly into that catalyst path, as Rhythm is preparing for a potential U.S. launch of IMCIVREE in acquired hypothalamic obesity with a PDUFA goal date of March 20, 2026. Near term topline Phase 3 readouts, including EMANATE and the Japanese cohort in acquired hypothalamic obesity, could further shape expectations for how durable and diversified IMCIVREE’s revenue base might become.

Yet behind these encouraging revenue trends, there is still the question of Rhythm’s ongoing losses and reliance on one core drug that investors should be aware of...

Rhythm Pharmaceuticals’ narrative projects $742.1 million revenue and $250.7 million earnings by 2028.

Uncover how Rhythm Pharmaceuticals' forecasts yield a $139.00 fair value, a 38% upside to its current price.

Exploring Other Perspectives

Three members of the Simply Wall St Community value Rhythm between US$33.51 and US$438.48 per share, showing very different expectations. Against this backdrop, Rhythm’s continued operating losses and dependence on IMCIVREE give those valuations important context that you may want to compare before forming your own view.

Explore 3 other fair value estimates on Rhythm Pharmaceuticals - why the stock might be worth less than half the current price!

Build Your Own Rhythm Pharmaceuticals Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Rhythm Pharmaceuticals research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free Rhythm Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Rhythm Pharmaceuticals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.