RHYTHM PHARMACEUTICALS, INC.RYTM

RHYTHM PHARMACEUTICALS, INC. Segments Disclosure

10-KFiled Feb 26, 20262 min read
Segment and Geographic Information
Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, ("CODM"), or decision making group, in deciding how to allocate resources and in assessing performance. The company has identified that there is a single management team that reports to the Chief Executive Officer, who is the CODM and comprehensively manages the entire business. The CODM reviews financial information on a consolidated basis, specifically but not limited to, revenue and operating expenses by key functional area to evaluate performance and allocate resources. Based on the manner in which the CODM reviews operating results, the Company has identified two operating segments: United States ("U.S.") and international. These two operating segments have been aggregated into a single reportable segment in accordance with the aggregation criteria in ASC 280, Segment Reporting, as they have similar economic characteristics and are similar in several qualitative areas including: the nature of products and services provided, the type of customers served, the methods of distribution, and the regulatory environment in which they operate.
The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):
Segment Analysis
202520242023
Net product revenue - U.S.$133,551 $96,108 $62,425 
Net product revenue - International61,220 34,018 15,002 
Total net product revenue 194,771 130,126 77,428 
License revenue(5,014)- — 
Total net revenue189,757 130,126 77,428 
Cost of sales19,492 13,368 9,302 
Global headcount expense 172,648 119,084 96,413 
Preclinical, clinical and development expense 87,322 82,180 74,465 
Commercial & medical affairs 66,963 55,767 47,905 
Corporate, general & administrative 35,348 32,135 27,154 
Other segment expenses— 93,094 6,571 
Other (income) expense, net(1,264)(11,139)317 
Interest (income) expense, net5,290 5,893 (585)
Income taxes 497 346 564 
Net loss $(196,539)$(260,602)$(184,678)
Geographic Data
The Company allocates, for the purpose of geographic data reporting, its revenue based upon the location of its customers. Total revenue by geographic area was as follows (in thousands):
Year ended December 31,
202520242023
US $133,551 $96,108 $62,425 
International61,220 34,018 15,003 
Total net product revenue$194,771 $130,126 $77,428 
As of December 31, 2025 and 2024, long-lived assets at locations outside the United States were not material.
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 28, 2025
2023Feb 29, 2024

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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