Rhythm Pharmaceuticals, Inc. income statement
In fiscal 2025, Rhythm Pharmaceuticals, Inc. reported revenue of $190m, up 45.8% on the year before, operating income of −$192m (a -101.2% margin) and net income of −$197m, or −$3.11 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 3 | 24 | 77 | 130 | 190 | 240 |
| Cost of revenue | — | — | — | — | — | 1 | 2 | 9 | 13 | 19 | 26 |
| Gross profit | — | — | — | — | — | 3 | 22 | 68 | 117 | 170 | 214 |
| Research and development | 20 | 23 | 50 | 109 | 90 | 104 | 109 | 135 | 238 | 167 | 173 |
| Selling, general and administrative | 6 | 10 | 28 | 37 | 46 | 68 | 92 | 118 | 144 | 195 | 241 |
| Operating income | −26 | −32 | −78 | −146 | −137 | −170 | −179 | −184 | −266 | −192 | −201 |
| Interest expense | — | — | — | — | — | — | 5 | 14 | 21 | 21 | 18 |
| Income before tax | — | — | — | — | — | −70 | −181 | −184 | −260 | −196 | −204 |
| Income tax | — | — | — | — | — | — | — | 1 | 0 | 0 | 1 |
| Net income | −29 | −34 | −74 | −141 | −134 | −70 | −181 | −185 | −261 | −197 | −205 |
| Diluted EPS | −$2.85 | −$2.83 | −$2.39 | −$3.86 | −$3.04 | −$1.40 | −$3.47 | −$3.20 | −$4.34 | −$3.11 | −$3.04 |
| Diluted shares (average) | 10m | 13m | 31m | 36m | 44m | 50m | 52m | 58m | 61m | 65m | 67m |
| EBITDA | −26 | −32 | −78 | −145 | −136 | −169 | −178 | −183 | −265 | −192 | — |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 42 | 33 | 49 | 51 | 57 | 60 | 71 |
| Cost of revenue | 4 | 4 | 4 | 6 | 5 | 5 | 7 | 9 |
| Gross profit | 29 | 38 | 29 | 43 | 46 | 52 | 53 | 62 |
| Research and development | 38 | 41 | 37 | 42 | 46 | 42 | 42 | 43 |
| Selling, general and administrative | 35 | 38 | 39 | 46 | 52 | 57 | 64 | 67 |
| Operating income | −44 | −41 | −47 | −45 | −53 | −47 | −52 | −49 |
| Interest expense | 5 | 5 | 5 | 6 | 5 | 5 | 5 | 5 |
| Income before tax | −44 | −43 | −49 | −46 | −53 | −48 | −55 | −49 |
| Income tax | −0 | −0 | 0 | 0 | 0 | −0 | 1 | 0 |
| Net income | −44 | −43 | −49 | −47 | −53 | −48 | −56 | −49 |
| Diluted EPS | −$0.73 | −$0.72 | −$0.81 | −$0.75 | −$0.82 | −$0.73 | −$0.83 | −$0.73 |
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