Loading financials from SEC filings…
Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Rhythm Pharmaceuticals reported revenue of $190M in the fiscal year ended Dec 2025, up 45.8% from the year before. Operating income was −$192M, an operating margin of −101.2%, and net income was −$197M. Operating cash flow of −$116M less capital expenditure of $953,000 left free cash flow of −$117M. Net debt was $54M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3.2 | 23.6 | 77.4 | 130 | 190 |
| Cost of revenue | 0.6 | 2.1 | 9.3 | 13.4 | 19.5 |
| Gross profit | 2.6 | 21.5 | 68.1 | 117 | 170 |
| Research & development | 104 | 109 | 135 | 238 | 167 |
| Selling, general & admin | 68.5 | 92.0 | 118 | 144 | 195 |
| Operating income | −170 | −179 | −184 | −266 | −192 |
| Interest expense | – | 5.2 | 13.9 | 20.6 | 20.6 |
| Pre-tax income | −69.6 | −181 | −184 | −260 | −196 |
| Income tax | – | – | 0.6 | 0.3 | 0.5 |
| Net income | −69.6 | −181 | −185 | −261 | −197 |
| Diluted EPS | −1.40 | −3.47 | −3.20 | −4.34 | −3.11 |
| Diluted shares | 49.6 | 52.1 | 57.7 | 61.0 | 65.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 59.2 | 128 | 60.1 | 89.1 | 54.3 |
| Receivables | 1.0 | 6.2 | 14.9 | 18.5 | 26.1 |
| Inventory | 0.1 | 2.9 | 8.6 | 18.7 | 25.8 |
| Current assets | 308 | 354 | 308 | 374 | 467 |
| Net PP&E | 2.8 | 2.2 | 1.3 | 0.6 | 1.1 |
| Total assets | 330 | 382 | 333 | 392 | 480 |
| Payables | 5.7 | 4.8 | 4.9 | 12.3 | 13.9 |
| Deferred revenue | 7.0 | 1.4 | 1.3 | 1.3 | 0.2 |
| Current liabilities | 43.4 | 39.8 | 55.2 | 116 | 106 |
| Short-term debt | – | – | – | 1.5 | 7.3 |
| Long-term debt | – | – | 106 | 108 | 101 |
| Total liabilities | 45.4 | 118 | 163 | 228 | 210 |
| Shareholders' equity | 284 | 264 | 170 | 21.7 | 139 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −146 | −173 | −136 | −114 | −116 |
| Capital expenditure | 0.4 | 0.3 | 0.0 | 0.0 | 1.0 |
| Free cash flow | −146 | −174 | −136 | −114 | −117 |
| Depreciation & amortisation | 0.8 | 0.9 | 0.9 | 0.7 | 0.5 |
| Stock-based compensation | 20.8 | 19.8 | 32.6 | 39.7 | 66.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 649.5% | 227.6% | 68.1% | 45.8% |
| Gross margin | 81.0% | 91.0% | 88.0% | 89.7% | 89.7% |
| Operating margin | −5391.9% | −757.9% | −238.1% | −204.0% | −101.2% |
| Net margin | −2207.1% | −766.2% | −238.5% | −200.3% | −103.6% |
| Return on equityBlank when equity is negative | −24.5% | −68.5% | −108.8% | −1199.3% | −141.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −59.4% | −52.3% | −66.4% | −95.9% | −51.3% |
| Free cash flow margin | −4642.9% | −734.9% | −175.9% | −87.5% | −61.5% |
| Cash conversion (CFO ÷ net income) | 2.10x | 0.96x | 0.74x | 0.44x | 0.59x |
| Receivable days | 119 | 96 | 70 | 52 | 50 |
| Inventory days | 68 | 499 | 338 | 512 | 482 |
| Payable days | 3496 | 821 | 192 | 337 | 261 |
| Interest cover | – | −34.4x | −13.3x | −12.9x | −9.33x |
| Debt ÷ equity | – | – | 0.63x | 5.05x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | 46.1 | 20.7 | 53.9 |
| Current ratio | 7.10x | 8.90x | 5.58x | 3.24x | 4.41x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.