Quantumup
Oct 12, 6:42 PM
H.C. Wainwright⬆️
$RYTM's PT to
$130 from
$105/reit'd Buy after +'g Japanese HO sales2its mkt model/revising near/medium-term operating expense ests
$LLY $NVO VKTX GPCR PTN
HCW said -- IMCIVREE, a melanocortin-4 receptor (MC4R) agonist which received orphan drug designation by the MHLW in March 2025, is the first therapy approved in Japan to treat acquired HO.
Rhythm currently expects to launch IMCIVREE before the end of 2026, pending final pricing determination.
Rhythm estimates there are 5,000 to 8,000 people living with acquired HO in Japan.
We anticipate that the company should be able to launch the drug in a timely manner before the end of this year and expect list pricing to be disclosed in the coming months, probably at a level between U.S. and European pricing.
As a reminder, the Japanese market may initially exhibit gradual uptake due to the requirement for prescriptions to be renewed fortnightly for newly launched drugs, but we expect sales to ramp steadily starting next year.
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