Rhythm Pharmaceuticals (RYTM) Q3 FY2026 earnings: revenue $92 million, up 79.6% on the year

Rhythm Pharmaceuticals, Inc. (RYTM) reported revenue of $92 million for Q3 FY2026, the quarter ended 30 September 2026, up 79.6% on the same quarter a year earlier. Net income was -$41 million, and diluted earnings per share $-0.61. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$92 million

+79.6% on the year · +29.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

-42.6%

-102.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$41 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.61

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 2 lowered, 1 kept.

IMCIVREE revenue rose 29% sequentially: Global IMCIVREE net product revenue was $92.1 million, up 29% from the second quarter and up from $51.3 million a year earlier.
U.S. revenue rose 32% sequentially: U.S. revenue was $67.5 million, 73% of product revenue, up $16.5 million or 32% from the second quarter, driven by acquired HO and BBS demand.
Japan launch for acquired HO started: Japan's health ministry approved IMCIVREE for acquired HO on August 24, 2026; the launch was announced October 13. Management called Japan a market with potential to become its second largest.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	92.1	71.3	51.3	+29.3%	+79.6%
Cost of revenue	12.2	8.9	5.5	+36.2%	+121.2%
Gross profit	80.0	62.3	45.8	+28.3%	+74.6%
Gross margin	86.8%	87.5%	89.3%
Research and development	52.5	43.4	46.0	+20.8%	+14.0%
Selling, general and administrative	66.8	67.4	52.4	-1.0%	+27.3%
Operating income	-39.3	-48.6	-52.7
Operating margin	-42.6%	-68.1%	-102.6%
Interest expense	4.5	4.5	4.7	-1.0%	-5.2%
Pre-tax income	-40.8	-48.9	-52.8
Income tax	0.6	0.4	0.1	+37.4%	+449.5%
Net income	-41.4	-49.3	-52.9
Net margin	-44.9%	-69.2%	-103.1%
Diluted EPS	-$0.61	-$0.73	-$0.82

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-3.1	-9.2	-26.6
Cash from investing	-16.1	14.0	-246
Cash from financing	-6.2	-1.2	189
Share-based compensation	25.0	26.1	18.8	-4.0%	+33.0%
Diluted shares, weighted	69m	69m	66m	+0.7%	+4.2%
Shares outstanding at period end	69m	69m	67m	+0.7%	+3.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	88.0	103	149	-14.6%	-40.9%
Redeemable equity	114	114	147	-0.6%	-22.7%
Debt	103	106	109	-3.2%	-5.8%
Operating lease liabilities	2.8	3.0	3.5	-6.5%	-20.8%
Other liabilities	136	111	98.7	+22.8%	+37.9%
Total liabilities and equity	443	437	507	+1.3%	-12.6%
Fixed assets	0.6	0.1	0.2	+452.4%	+140.1%
Intangible assets	16.7	4.9	5.5	+240.9%	+201.4%
Investments	281	265	364	+5.9%	-22.8%
Cash and equivalents	40.0	65.6	52.1	-39.1%	-23.2%
Receivables	39.1	40.4	33.0	-3.2%	+18.4%
Inventory	31.2	30.5	22.1	+2.2%	+41.1%
Other assets	34.6	30.4	29.9	+13.7%	+15.8%
Total assets	443	437	507	+1.3%	-12.6%

Questions

What was Rhythm Pharmaceuticals' revenue in Q3 FY2026?

Rhythm Pharmaceuticals (RYTM) reported revenue of $92 million for Q3 FY2026, the quarter ended 30 September 2026, up 79.6% on the same quarter a year earlier.

How much did Rhythm Pharmaceuticals earn in Q3 FY2026?

Net loss for Q3 FY2026 was $41 million, and the diluted loss per share $0.61.

When did Rhythm Pharmaceuticals report Q3 FY2026 results?

Rhythm Pharmaceuticals filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1.8	1.5	9.1	4.3	8.8	11.5	19.2	22.5	24.2	26.0	29.1	33.3	41.8	32.7	48.5	51.3	57.3	60.1	71.3	92.1
Cost of revenue	0.2	0.2	0.4	0.5	1.0	1.4	2.2	2.4	3.2	2.8	2.9	3.8	3.8	3.6	5.5	5.5	4.8	7.2	8.9	12.2
Gross profit	1.6	1.3	8.7	3.8	7.8	10.0	17.0	20.1	21.0	23.2	26.1	29.4	38.0	29.1	43.0	45.8	52.5	53.0	62.3	80.0
Gross margin	87%	85%	96%	88%	88%	88%	88%	89%	87%	89%	90%	88%	91%	89%	89%	89%	92%	88%	87%	87%
R&D	31.6	32.5	31.5	21.1	23.5	37.9	33.5	33.6	29.9	129	30.2	37.9	41.2	37.0	42.3	46.0	42.0	41.7	43.4	52.5
SG&A	21.0	21.4	22.3	21.9	26.3	24.6	30.0	30.5	32.4	34.4	36.4	35.4	38.1	39.1	45.9	52.4	57.5	63.6	67.4	66.8
Operating income	-51.0	-52.7	-45.1	-39.3	-42.1	-52.5	-46.6	-44.0	-41.3	-140	-40.5	-43.9	-41.3	-47.0	-45.3	-52.7	-47.1	-52.4	-48.6	-39.3
Operating margin	-2806%	-3517%	-497%	-917%	-479%	-458%	-242%	-195%	-170%	-539%	-139%	-132%	-99%	-144%	-93%	-103%	-82%	-87%	-68%	-43%
Interest expense	n/a	n/a	0.0	2.1	n/a	3.1	3.3	3.1	4.4	4.8	4.6	5.2	6.0	5.4	5.8	4.7	4.6	4.6	4.5	4.5
Pre-tax income	n/a	n/a	n/a	-40.9	n/a	-52.2	-46.7	-43.8	-41.4	-141	-31.8	-44.0	-43.4	-49.4	-46.3	-52.8	-47.5	-55.1	-48.9	-40.8
Net income	-42.9	-52.8	-45.0	-40.9	-42.5	-52.2	-46.7	-44.2	-41.6	-141	-32.3	-43.6	-43.3	-49.5	-46.6	-52.9	-47.5	-55.6	-49.3	-41.4
Net margin	-2359%	-3522%	-496%	-954%	-483%	-455%	-243%	-196%	-172%	-544%	-111%	-131%	-104%	-151%	-96%	-103%	-83%	-93%	-69%	-45%
Diluted EPS	-$0.90	-$1.05	-$0.89	-$0.79	-$0.75	-$0.92	-$0.82	-$0.76	-$0.70	-$2.35	-$0.55	-$0.73	-$0.72	-$0.81	-$0.75	-$0.82	-$0.73	-$0.83	-$0.73	-$0.61
Operating cash flow	-40.5	-53.6	-38.8	-47.0	-34.0	-36.4	-41.1	-29.3	-29.4	-40.7	-29.1	-25.2	-18.8	-40.4	-23.3	-26.6	-25.4	-44.2	-9.2	-3.1
Capital expenditure	0.1	0.1	0.1	0.1	n/a	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	-40.5	-53.8	-38.9	-47.1	n/a	-36.5	-41.1	-29.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	50m	50m	50m	56m	57m	57m	57m	59m	59m	61m	61m	61m	62m	63m	64m	67m	67m	68m	69m	69m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 3 November 2026: the filing.