2Q26 SMid-cap Biotech Earnings Preview: BCRX INCY RARE RYTM SRPT

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2Q26 SMid-cap Biotech Earnings Preview: BCRX INCY RARE RYTM SRPT

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Biotechnology

2Q26 SMid-cap Biotech Earnings Preview:

BCRX INCY RARE RYTM SRPT

Price Objective Change

RYTM: Focus on early aHO Imcivree launch metrics 15 July 2026

Rhythm Pharmaceuticals (RYTM, Buy, $149 PO) reported 1Q Imcivree revenues of Equity

$60.1mn (+5% q/q) ahead of expectations driven by growth in patients on reimbursed United States

therapy. While the base business remains important, we continue to view the launch in Biotechnology

aHO as the primary driver of upside to our long-term thesis following the March

Tazeen Ahmad

approval. Recall on the 1Q call, management reported >150 aHO patient start forms Research Analyst

were written in the first 6 weeks of launch by roughly 110 unique prescribers, which we BofAS tazeen.ahmad@bofa.com

note compares favorably to the early Bardet-Biedl syndrome (BBS) launch and suggests

Daniel Giraldo

encouraging early physician demand. On the 2Q call, we cite high focus on updated Research Analyst

launch metrics including start forms, patient identification, physician activation and BofAS daniel.giraldoperez@bofa.com

reimbursement progress. We highlight our recent KOL work suggests physician intent Jeremiah Lorentz

remains high, with one physician indicating comfort recommending Imcivree broadly Research Analyst

across their aHO patient population given its differentiated mechanism and limited BofASjeremiah.lorentz@bofa.com

alternatives, though reimbursement and access workflows may dictate the pace of early Wesley Yon

uptake (see our 5/20 note). We currently model 2Q Imcivree sales of $69.7mn (cons: Research Analyst

$67.3mn), including $5.6mn in aHO contribution (cons: $5.8mn). We continue to view BofASwesley.yon@bofa.com