Rhythm Pharmaceuticals: Takeaways from our group lunch with RYTM at our Healthcare Conference

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Rhythm Pharmaceuticals: Takeaways from our group lunch with RYTM at our Healthcare Conference

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Rhythm Pharmaceuticals

Takeaways from our group lunch with

RYTM at our Healthcare Conference

Maintain Rating: BUY | PO: 149.00 USD | Price: 93.72 USD

Encouraging early aHO launch dynamics 14 May 2026

We hosted RYTM CEO, David Meeker, CFO, Hunter Smith, and Head of Investor Equity

Relations, David Connolly, for a group lunch and fireside chat at our Healthcare

Tazeen Ahmad

Conference. Mgmt emphasized that the recent approval of Imcivree in aHO broadens the Research Analyst

opportunity beyond its initial ultra-rare genetic obesity indications. RYTM highlighted BofAS +1 646 855 4236

that the early aHO launch is off to a strong start, with >150 patient start forms received tazeen.ahmad@bofa.com

in the first six weeks following approval, ~3x the initial BBS launch. Importantly, those Daniel Giraldo

start forms came from ~110 prescribers, which mgmt viewed as supportive of broad Research Analyst BofAS

physician engagement rather than a small number of concentrated early adopters. In our daniel.giraldoperez@bofa.com

view, aHO represents a meaningfully larger commercial opportunity than the company’s Jeremiah Lorentz

initial genetic obesity indications given a more well-identified patient population (~10K ResearchBofAS Analyst

US patients), with approval likely to accelerate diagnosis across a still under-recognized jeremiah.lorentz@bofa.com

patient population. We continue to highlight RYTM as a top commercial SMid-cap pick Wesley Yon

for 2026, with a Buy rating and $149 PO, as we view successful aHO launch execution as ResearchBofAS Analyst

the key driver of the next leg of commercial growth. wesley.yon@bofa.com

Payor policies expected to finalize in 6-9 months