Rhythm Pharma Posts 61-Cent Quarterly Loss as Japan Launch Ramps
RYTM sits 25% above its 52-week low of $74.5 on elevated volume (3.0× avg).
Summary
Rhythm reported a third-quarter loss of 61 cents a share, or $42.4 million. Revenue rose 79% year over year to $92.1 million, against a Q2 baseline of $71.3 million in revenue, up 19% sequentially on the U.S. launch of IMCIVREE for acquired hypothalamic obesity. The quarter also absorbed the cost of standing up the Japanese market, where the company commercially launched IMCIVREE on October 13 following the August 24 MHLW approval. The loss figure alone doesn't tell you whether revenue tracked the Q2 run-rate, so the top line and guidance in the full release are the numbers that matter. This comes the same morning as the $855 million LG Chem license-out and the amended bivamelagon terms, which together reshape the cash picture more than the quarterly loss does.
At the time of this announcement, RYTM was trading at $93.44 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $6.4B. The 52-week trading range was $74.50 to $122.20. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.