RHYTHM PHARMACEUTICALS, INC. Q3 FY2024 earnings call

• Global commercial strategy execution continues with strong growth in IMCIVREE revenues. - Progress in hypothalamic obesity: real-world data from French early-access program in hypothalamic obesity patients showed consistent response. Phase III HO trial on track for topline data in first half of 2025. - DAYBREAK trial results: showed setmelanotide was effective in patients with genetic variants linked to MC4R pathway, with responders continuing to respond and placebo patients regressing. - MC4R agonist pipeline progress: weekly RM-718 and oral daily small molecule bivamelagon progressing; RM-718 toxicology studies ongoing, bivamelagon has over 50% of patients dosed or in screening. - International region: IMCIVREE available in over 15 countries outside US, with strong revenue growth in France, Germany, and other markets; engagement with physicians through events and patient support programs.

IMCIVREE revenues for the third quarter were $33.3 million. U.S. revenue in Q3 was $23.3 million, accounting for 70% of product revenue, with an 8% sequential increase. International revenue was $10 million, accounting for 30% of product revenue, representing a 35% increase over Q2. Growth was driven by BBS sales globally, with continued expansion in international markets including France, Germany, Spain, Italy, and the UK.

• Reduced 2024 OpEx guidance to $245 million to $255 million from prior range of $250 million to $270 million. - Cash on hand expected to fund planned operations well into 2026, including topline data readout from Phase III HO trial in first half of 2025.

Actual results may differ materially from forward-looking statements due to various factors including those discussed in SEC reports. Risks related to clinical trial outcomes, regulatory approvals, and market adoption of products.

Q: Phil Nadeau with TD Cowen asked about pull forward of demand in Q3 and impact on revenue.

A: Hunter Smith estimated around $0.5 million impact from pull forward.

Q: Derek Archila with Wells Fargo asked about real-world data from France HO patients and patients on GLP-1s.

A: David Meeker said real-world data predicts well for Phase III, and details on GLP-1 use not provided specifically.

Q: Corinne Johnson with Goldman Sachs asked about Europe contribution and adherence.

A: Hunter Smith said Europe has solid base but growth variable; Jennifer Lee discussed efforts on educating and setting expectations for adherence.

Q: Seamus Fernandez with Guggenheim Securities asked about HO early access and pipeline progress.

A: Yann Mazabraud said French data helps in Europe, and pipeline progress updates on RM-718 and bivamelagon.