Shares of Rhythm Pharmaceuticals Inc. (RYTM) surged 5.01% in Wednesday's trading session, following the company's better-than-expected fourth-quarter sales and positive updates on its drug development programs.
The biopharmaceutical company reported net product revenue of $41.83 million for the fourth quarter of 2024, a 72.6% increase from the same period last year and surpassing analysts' estimates of $38.48 million. The strong performance was primarily driven by growing sales of IMCIVREE® (setmelanotide), the company's lead drug for treating rare genetic disorders of obesity.
Additionally, Rhythm Pharmaceuticals provided promising updates on its ongoing clinical trials and pipeline. The company announced that it completed enrollment in a supplemental Japanese cohort for its Phase 3 trial evaluating setmelanotide in acquired hypothalamic obesity (HO), paving the way for a potential regulatory submission in Japan. Furthermore, Rhythm completed enrollment in the Phase 3 EMANATE trial for setmelanotide in genetically caused MC4R pathway diseases, with data readouts expected in the first half of 2026.
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