2Q26 Quick Take: Imcivree Beat, HO Launch Momentum Building and RM-718 Data in HO Positive

研报英文原文证据摘录

2Q26 Quick Take: Imcivree Beat, HO Launch Momentum Building and RM-718 Data in HO Positive

Update

August 4, 2026 11:52 AM GMT

Morgan Stanley & Co. LLCMRhythm Pharmaceuticals Inc | North America Michael E Ulz

Equity Analyst

2Q26 Quick Take: Imcivree Beat, Mike.Ulz@morganstanley.comRohit Bhasin +1 212 761-4650

Research Associate

Rohit.Bhasin@morganstanley.com +1 212 761-0534

HO Launch Momentum Building Avraham Novick

Avi.Novick@morganstanley.com +1 212 761-2231

and RM-718 Data in HO Positive

Rhythm Pharmaceuticals Inc (RYTM.O, RYTM US)

2Q26 Imcivree sales beat consensus estimates. Rhythm reported 2Q26 earnings Biotechnology | United States of America

via press release (here) and announced preliminary results from the ongoing Ph2 Stock Rating Overweight

Industry View Attractive

trial evaluating RM-718 in acquired hypothalamic obesity (HO; press release), ahead Price target $136.00

Shr price, close (Jul 31, 2026) $99.25

of a conference call this morning (8:00am ET). Overall, Imcivree sales of $71.3M

Mkt cap, curr (mm) $6,576

(+19% q/q) were meaningfully above consensus expectations and our expectations 52-Week Range $122.20-74.50

(MSe: $63M; Cons: $67M) driven by an increase in patients on reimbursed therapy

(+20% q/q). US sales for Imcivree of $51.0M increased by 38% q/q driven by

increased patient demand in HO and continued growth in BBS while international

revenues of $20.3M saw a decrease of 13% q/q. Additionally, the company

announced in the first fourteen weeks following FDA approval in HO (March 19),

it has received >400 patient start forms (Bar ~350 start forms) from~300

prescribers, suggesting the launch is off to strong start. Meanwhile on RM-718, in

the ongoing open-label Ph2 trial, RM-718 reduced mean BMI by 11.6% at 16 weeks