Q2 2024 Rhythm Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Rhythm Pharmaceuticals Inc (RYTM) reported strong revenue growth of 12% over the prior quarter, reaching $29.1 million in Q2 2024.
- The company achieved a significant regulatory milestone with the pediatric approval for IMCIVREE in the EU for patients aged two to younger than six.
- Positive progress in the hypothalamic obesity Phase 3 trial, with the trial being over-enrolled and a low dropout rate.
- Expansion of marketing authorization for IMCIVREE in the EU to include younger children, which underscores the significant unmet medical need.
- Steady growth in prescriptions and positive reimbursement decisions, with approximately 100 new prescriptions and 70 approvals for reimbursement in the US.
- R&D expenses were high at $30.2 million for the second quarter, although this was a decrease from the previous year.
- SG&A expenses increased to $36.4 million, up from $30 million in the same quarter last year.
- Challenges in gaining Medicare reimbursement for IMCIVREE, which remains an ongoing dialogue.
- The company faces stringent requirements from certain state Medicaid programs, impacting patient approvals.
- The overall compliance and persistence rates for IMCIVREE, while improving, still present challenges in patient management.
Good day and thank you for standing by. Welcome to the Rhythm Pharmaceuticals second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, David Connolly, Investor Relations and Corporate Communications. Sir, please go ahead.
Thank you, Michelle. I'm Dave Connolly here at Rhythm Pharmaceuticals. For those of you participating on the conference call, our slides can be accessed and controlled by going to the Investors section on the Investors page of our website, ir.rhythmtx.com. This morning, we issued our press release that provides our second quarter 2024 financial results and business update, and that is available on our website.
Listed on slide 2 is our agenda. On the call are David Meeker, our Chairman, Chief Executive Officer, and President; Jennifer Lee, Executive Vice President, Head of North America; Hunter Smith, our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
