Rigel Pharmaceuticals, Inc.

What they do

Rigel develops and commercializes oral therapies for hematologic disorders and cancer. Its commercial portfolio includes TAVALISSE (fostamatinib) for chronic immune thrombocytopenia, REZLIDHIA (olutasidenib) for relapsed or refractory AML with an IDH1 mutation, and GAVRETO (pralsetinib) for RET fusion-positive NSCLC and thyroid cancer. It also licenses TAVALISSE/TAVLESSE to partners in Europe, Japan, Korea, Canada, Israel, Mexico and Brazil, and has development programs in R289 (IRAK1/4) and, through Eli Lilly, a RIPK1 inhibitor.

Revenue drivers

• TAVALISSE (fostamatinib) — Net product sales of $158.8 million in 2025, up 51.6% from $104.8 million in 2024, driven by higher quantities, a lower revenue reserve rate and higher price per bottle; this is the largest product line.
• GAVRETO (pralsetinib) — Net product sales of $42.1 million in 2025 versus $17.1 million in 2024, reflecting a full year of commercialization after the June 2024 launch following the February 2024 asset purchase from Blueprint.
• REZLIDHIA (olutasidenib) — Net product sales of $31.0 million in 2025, up 34.8% from $23.0 million in 2024, on higher quantities and price, partly offset by a higher revenue reserve rate.
• Contract revenues from collaborations — Payments from partners including a $4.0 million regulatory milestone from Kissei in Q2 2026; management guides to approximately $30 million for full-year 2026.

Recent performance

Second quarter 2026 total revenues were $78.7 million, comprising $67.0 million of net product sales (up 14% year over year) and $11.7 million of contract revenues, with net income of $17.3 million. Revenue rose from $58.8 million in Q1 2026 and from $69.5 million in Q3 2025. Full-year 2025 revenue was $294.3 million, net income $367.0 million and diluted EPS $19.48, and 2025 operating cash flow was $75.7 million. As of June 30, 2026, total assets were $521.1 million, total liabilities $95.6 million, shareholder equity $425.4 million and cash and equivalents $60.8 million, with long-term debt of $45.0 million at March 31, 2026.

Strategy

Rigel is broadening its commercial portfolio and expects to launch VEPPANU (vepdegestrant), the first FDA-approved PROTAC for ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer, in the U.S. in mid-August 2026 under an exclusive global license from Arvinas and Pfizer effective June 11, 2026. It paid a $70.0 million upfront payment in the second quarter and immediately began launch activities. On the development side, it is running a Phase 1b study of R289 in relapsed/refractory lower-risk MDS, with dose escalation enrollment completed in July 2025. It also collaborates with MD Anderson and CONNECT on olutasidenib and with Eli Lilly on a RIPK1 inhibitor program.

Risks

• Dependence on existing commercial products — The 10-K states prospects are highly dependent on existing commercial products, so diminished or halted commercial success would adversely affect results and the stock price.
• Clinical and regulatory failure — The company may not successfully develop or commercialize product candidates, including R289, if problems arise in clinical testing or the approval process.
• Market opportunity estimates — The 10-K warns that the diseases targeted are underserved and underdiagnosed, and if prevalence or patient-on-therapy estimates are inaccurate, revenue prospects may be smaller than believed.
• Organizational growth capacity — The 10-K states current infrastructure may be inadequate to support commercialization and expected growth, and adding personnel could strain management and take time from other operations.

Outlook

Management guides to 2026 total revenues of approximately $285 to $295 million, including net product sales excluding VEPPANU of $255 to $265 million and contract revenues of approximately $30 million. VEPPANU is expected to be commercially available in the U.S. in mid-August 2026. For R289, the company expects to complete dose-expansion enrollment, select a recommended Phase 2 dose in the second half of 2026 and share preliminary dose-expansion data by year end.