Rigel Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Rigel (Nasdaq:RIGL) reported second quarter 2026 total revenues of $78.7 million, including net product sales of $67.0 million and collaboration revenues of $11.7 million, and net income of $17.3 million ($0.88 diluted EPS). TAVALISSE sales rose 18% to $47.4 million, REZLIDHIA grew 27% to $8.9 million, while GAVRETO declined 10% to $10.7 million.
Rigel entered an exclusive global license with Arvinas and Pfizer for VEPPANU (vepdegestrant), paying a $70.0 million upfront fee and expecting U.S. commercial availability in mid-August 2026. The R289 Phase 1b MDS study remains on track to complete dose-expansion enrollment and select a Phase 2 dose in second-half 2026.
For the first half of 2026, total revenues reached $137.5 million with net product sales up 19% year over year to $121.9 million. Rigel raised its 2026 revenue outlook to $285–$295 million and continues to expect positive full-year net income, excluding any contribution from VEPPANU.
Positive
- Q2 2026 net product sales up 14% to $67.0 million
- TAVALISSE Q2 sales up 18% to $47.4 million
- REZLIDHIA Q2 sales up 27% to $8.9 million
- Full-year 2026 revenue guidance raised to $285–$295 million
- Exclusive global license for FDA-approved VEPPANU with U.S. launch mid-August 2026
- H1 2026 net product sales up 19% to $121.9 million
Negative
- GAVRETO Q2 2026 sales down 10% to $10.7 million
- Q2 total costs and expenses rose to $55.1 million from $40.6 million
- Q2 income before taxes down to $23.6 million from $60.0 million
- Cash, equivalents and short-term investments fell to $95.3 million from $155.0 million
- Upfront $70.0 million payment for VEPPANU license in Q2 2026
News Explained
The effective VEPPANU license required a 70-million-dollar upfront payment; Rigel reported 95.3 million dollars in cash, equivalents and short-term investments at June 30.
The VEPPANU licensing agreement became effective on
At
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | Q1 earnings report | Positive | -5.1% | Revenue, profitability and guidance reaffirmed despite a negative 24-hour reaction |
| Mar 03 | Q4 earnings report | Positive | -10.3% | Commercial growth and 2026 guidance accompanied a negative 24-hour reaction |
| Nov 04 | Q3 earnings report | Positive | +33.4% | Record product sales and raised guidance accompanied a positive reaction |
| Aug 05 | Q2 earnings report | Positive | +23.0% | Revenue growth, profitability and raised guidance accompanied a positive reaction |
| May 06 | Q1 earnings report | Positive | +1.1% | Revenue growth, profitability and maintained guidance accompanied a positive reaction |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Rigel's earnings announcements produced mixed reactions, including declines despite positive operating or guidance updates.
Key Terms
protac technical
pharmacokinetic medical
dose expansion medical
relapsed or refractory medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Second quarter 2026 total revenues of
$78.7 million $67.0 million $11.7 million $17.3 million - Expanded commercial portfolio with the in-license of VEPPANU™ (vepdegestrant), with
U.S . commercial availability expected in mid-August - Advanced R289 development program; Phase 1b study in patients with lower-risk MDS remains on track to complete enrollment in the dose expansion portion and select the recommended Phase 2 dose in the second half of 2026
- Updated 2026 Outlook: Total revenues of approximately
$285 $295 million $255 $265 million $30 million - Conference call and webcast scheduled today at 4:30 p.m. Eastern Time
"Rigel delivered a strong second quarter, highlighted by record net product sales, continued profitability and the in-license of VEPPANU, the first and only FDA-approved PROTAC for patients with ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer. We expect VEPPANU to be commercially available later this month, further expanding our commercial business in hematology and oncology," said Raul Rodriguez, Rigel's president and CEO. "We are also advancing the development of R289 in our ongoing Phase 1b study in patients with R/R lower-risk MDS, and remain on track to complete enrollment in the dose expansion phase of the study, select a recommended Phase 2 dose in the second half of 2026 and share preliminary data by year end."
Second Quarter 2026 Business Update
Corporate
- Rigel entered into an exclusive, global licensing agreement with Arvinas, Inc. (Arvinas) and Pfizer Inc. (Pfizer) to develop, manufacture and commercialize VEPPANU (vepdegestrant). VEPPANU is the first and only PROTAC approved by the
U.S . Food and Drug Administration (FDA) for the treatment of adults with estrogen receptor-positive (ER+)/human epidermal growth factor receptor 2-negative (HER2-), estrogen receptor 1 (ESR1)-mutated advanced or metastatic breast cancer (mBC), as detected by an FDA-authorized test, with disease progression following at least one line of endocrine therapy. The agreement became effective on June 11, 2026, and Rigel paid the upfront payment of$70.0 million the United States for the treatment of second line-plus (2L+) ER+/HER2-, ESR1-mutated mBC in mid-August 2026. - In July, Rigel announced the appointment of Alison L. Hannah, M.D. to the role of Executive Vice President and Chief Medical Officer. Dr. Hannah has decades of oncology drug development experience and served on Rigel's Board of Directors since 2021. She resigned from Rigel's Board of Directors in connection with her appointment.
Commercial
- Second quarter net product sales were
$67.0 million 14% from the same period of 2025. - Rigel's partner Knight Therapeutics Inc. (Knight) received regulatory approval from
Brazil's Agência Nacional de Vigilância Sanitária (ANVISA) in May for TAVALISSE for the treatment of adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment. Also in May, Knight commercially launched TAVALISSE inMexico . - Rigel's partner Kissei Pharmaceutical Co., Ltd. (Kissei) submitted a new drug application for manufacturing and marketing approval in
Japan for olutasidenib in May. In connection with the submission, Rigel received a$4.0 million
Clinical Development
- Rigel continues to advance its Phase 1b clinical study of R2891, a potent and selective dual inhibitor of interleukin receptor-associated kinases 1 and 4 (IRAK1/4), in patients with relapsed or refractory (R/R) lower-risk myelodysplastic syndrome (MDS), with enrollment in the dose expansion phase ongoing and on track to be completed in the second half of 2026. The company expects to select the recommended Phase 2 dose in the second half of 2026 and share preliminary dose expansion data by year end.
- The 2026 American Society of Clinical Oncology (ASCO) Annual Meeting and European Hematology Association (EHA) 2026 Congress featured an oral presentation and several poster presentations for pralsetinib and olutasidenib. The final data from the Phase 3 AcceleRET-Lung clinical trial of pralsetinib as first-line treatment of rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) were presented in an oral session at ASCO. In addition, ASCO and EHA featured poster presentations that included additional data for pralsetinib and data for olutasidenib for the treatment of R/R isocitrate dehydrogenase-1 (IDH1)-mutated acute myeloid leukemia (AML).
Key Publication
- A paper titled "Preclinical Characterization and Early Development of R835, a Novel, Selective Dual IRAK1 and IRAK4 Inhibitor," was published in Scientific Reports in July. R835, the active metabolite of the prodrug R289, potently and selectively inhibited toll-like receptor (TLR) and interleukin-1 receptor (IL-1R)-dependent proinflammatory cytokine production in multiple preclinical models, demonstrating efficacy in both prophylactic and treatment preclinical settings. Additionally, in a placebo-controlled, double-blind, Phase 1, first-in-human study in 82 healthy participants, R835 was well tolerated with a favorable pharmacokinetic profile across all dose levels evaluated, and markedly inhibited lipopolysaccharide (LPS)-induced peak cytokine concentrations by approximately 40
-80% compared to placebo. These data provided clinical proof of mechanism of a dual IRAK1/4 inhibitor suppressing proinflammatory cytokine release in humans.
Second Quarter and Year-to-Date 2026 Financial Update
For the second quarter ended June 30, 2026, total revenues were
Total costs and expenses were
Income before income taxes was
Rigel reported net income of
For the six months ended June 30, 2026, total revenues were
Total costs and expenses were
Income before income taxes was
Rigel reported net income of
Cash, cash equivalents and short-term investments as of June 30, 2026 was
2026 Outlook
Rigel has increased its 2026 total revenues guidance to approximately
- Net product sales of approximately
$255 $265 million - Contract revenues of approximately
$30 million $20 $25 million
The above revenue guidance excludes VEPPANU.
The company also continues to anticipate it will report positive net income for the full year 2026, while funding existing and new clinical development programs.
Conference Call and Webcast with Slides Today at 4:30 p.m. Eastern Time
Rigel will hold a live conference call and webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).
Participants can access the live conference call by dialing (877) 407-3088 (domestic) or (201) 389-0927 (international). The conference call will also be webcast live and will be accessible from the Investor Relations section of the company's website at www.rigel.com. The webcast will be archived and available for replay after the call via the Rigel website.
About ITP
In patients with immune thrombocytopenia (ITP), the immune system attacks and destroys the body's own blood platelets, which play an active role in blood clotting and healing. Common symptoms of ITP are excessive bruising and bleeding. Patients suffering with chronic ITP may live with an increased risk of severe bleeding events that can result in serious medical complications or even death. Current therapies for ITP include steroids, blood platelet production boosters (TPO-RAs), and splenectomy. However, not all patients respond to existing therapies. As a result, there remains a significant medical need for additional treatment options for patients with ITP.
About NSCLC
It is estimated that over 229,000 adults in the
About AML
Acute myeloid leukemia (AML) is a rapidly progressing cancer of the blood and bone marrow that affects myeloid cells, which normally develop into various types of mature blood cells. AML occurs primarily in adults and accounts for about 1 percent of all adult cancers. The American Cancer Society estimates that there will be about 22,720 new cases in
Relapsed AML affects about half of all patients who, following treatment and remission, experience a return of leukemia cells in the bone marrow. 5,6 Refractory AML, which affects between 10 and 40 percent of newly diagnosed patients, occurs when a patient fails to achieve remission even after intensive treatment.7 Quality of life declines for patients with each successive line of treatment for AML, and well-tolerated treatments in relapsed or refractory disease remain an unmet need.
About ER+/HER2-, ESR1-mutated Metastatic Breast Cancer
Breast cancer is the most common cancer in women in
About TAVALISSE®
TAVALISSE (fostamatinib disodium hexahydrate) is indicated for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.
Please click here for Important Safety Information and Full Prescribing Information for TAVALISSE.
About GAVRETO®
GAVRETO is indicated for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) as detected by an FDA-approved test and adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate).*
*Thyroid indication is approved under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trial(s).
Please click here for Important Safety Information and Full Prescribing Information, including Boxed WARNING, for GAVRETO.
About REZLIDHIA®
REZLIDHIA is indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test.
Please click here for Important Safety Information and Full Prescribing Information, including Boxed WARNING, for REZLIDHIA.
About VEPPANU™
VEPPANU is indicated for the treatment of adults with estrogen receptor (ER)-positive, human epidermal growth factor receptor 2 (HER2)-negative, estrogen receptor-1 (ESR1)-mutated advanced or metastatic breast cancer, as detected by an FDA-authorized test, with disease progression following at least one line of endocrine therapy.
Please click here for Important Safety Information and Full Prescribing Information for VEPPANU.
To report side effects of prescription drugs to the FDA, visit www.fda.gov/medwatch or call 1-800-FDA-1088 (800-332-1088).
TAVALISSE, GAVRETO and REZLIDHIA are registered trademarks and VEPPANU is a trademark of Rigel Pharmaceuticals, Inc.
About Rigel
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based in South San Francisco, California. For more information on Rigel, the Company's marketed products and pipeline of potential products, visit www.rigel.com.
- R289 is an investigational compound not approved by the FDA.
- The American Cancer Society. Key Statistics for Lung Cancer. Revised January 13, 2026. Accessed June 30, 2026: https://www.cancer.org/cancer/types/lung-cancer/about/key-statistics.html
- Kato, S. et al. RET Aberrations in Diverse Cancers: Next-Generation Sequencing of 4,871 Patients. Clin Cancer Res. 2017;23(8):1988-1997 doi: 10.1158/1078-0432.CCR-16-1679
- The American Cancer Society. Key Statistics for Acute Myeloid Leukemia (AML). Revised January 13, 2026. Accessed June 30, 2026: https://www.cancer.org/cancer/acute-myeloid-leukemia/about/key-statistics.html
- Patel, A, et al. Outcomes of Patients With Acute Myeloid Leukemia Who Relapse After 5 Years of Complete Remission. 2021 Sep 7;28(7):811-814. doi: https://doi.org/10.3727/096504020X15965357399750
- Thol F, Ganser, A. Treatment of Relapsed Acute Myeloid Leukemia. Curr. Treat. Options on Oncol. (2020) 21: 66. doi: https://doi.org/10.1007/s11864-020-00765-5
- Thol F, Schlenk RF, Heuser M, Ganser A. How I treat refractory and early relapsed acute myeloid leukemia. Blood (2015) 126 (3): 319-27. doi: https://doi.org/10.1182/blood-2014-10-551911
- The American Cancer Society. Key Statistics for Breast Cancer. Revised June 24, 2026. Accessed June 30, 2026: https://www.cancer.org/cancer/types/breast-cancer/about/how-common-is-breast-cancer.html
Forward Looking Statements
This press release contains forward-looking statements relating to, among other things, expected commercial launches and commercial availability, commercial, financial and clinical results, projections of financial performance and outlook for 2026, expectations for growing our commercial business and successfully executing our commercial strategy, continued enrollment of our R289 study, presentation of study data, expectation of clinical outcomes, continued ability to develop and commercialize VEPPANU, TAVALISSE, GAVRETO, REZLIDHIA, and R289 domestically and in certain international markets, the Company's ability to fund its existing and future clinical development programs, and expectations for our partnering, licensing, commercialization and collaboration efforts. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements can be identified by words such as "anticipates", "plan", "outlook", "potential", "may", "look to", "expects", "will", "initial", "promising", and similar expressions in reference to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Rigel's current beliefs, expectations, and assumptions and hence they inherently involve significant risks, uncertainties and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements include, without limitation, anticipated financial performance and profitability for 2026; expected product sales and commercial growth; the anticipated timing, progress and results of clinical development activities for R289, including enrollment, dose selection and data readouts; the Company's ability to fund its existing and future development programs; the anticipated commercial launch and commercialization of VEPPANU; the Company's ability to execute its commercial strategy and its partnering, licensing, commercialization, collaboration and potential business development activities. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with the commercialization and marketing of VEPPANU, TAVALISSE, GAVRETO and REZLIDHIA, including uncertainties relating to physician adoption, patient demand, market acceptance, reimbursement and pricing; risks that the FDA, European Medicines Agency, PMDA or other regulatory authorities may make adverse decisions regarding VEPPANU, TAVALISSE, GAVRETO, REZLIDHIA or R289; operational, regulatory or other risks that can affect the timing of enrollment and data availability for R289 clinical development; risks that clinical trials may not be predictive of real-world results or of results in subsequent clinical trials; risks that VEPPANU, TAVALISSE, GAVRETO, REZLIDHIA or R289 may have unintended side effects, adverse reactions or incidents of misuse; the availability of resources to develop or market Rigel's product candidates; market competition; product demand variability; pricing/reimbursement dynamics; unanticipated business needs and other developments, including potential partnering, licensing or other collaboration arrangements, which could impact Rigel's funding needs or other internal resource demands, as well as other risks detailed from time to time in Rigel's reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and subsequent filings. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Rigel does not undertake any obligation to update forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.
Contact for Investors & Media:
Investors:
Rigel Pharmaceuticals, Inc.
650.624.1232
ir@rigel.com
Media:
David Rosen
Argot Partners
646.461.6387
david.rosen@argotpartners.com
RIGEL PHARMACEUTICALS, INC. | |||||||
STATEMENTS OF OPERATIONS | |||||||
(in thousands, except per share amounts) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
(unaudited) | |||||||
Revenues: | |||||||
Product sales, net | $ 67,015 | $ 58,948 | $ 121,938 | $ 102,498 | |||
Contract revenues from collaborations and | 11,688 | 42,737 | 15,583 | 52,520 | |||
Total revenues | 78,703 | 101,685 | 137,521 | 155,018 | |||
Costs and expenses: | |||||||
Cost of product sales | 8,525 | 4,504 | 13,131 | 8,913 | |||
Research and development (see Note A) | 13,961 | 6,821 | 25,637 | 15,257 | |||
Selling, general and administrative (see | 32,642 | 29,257 | 63,293 | 56,972 | |||
Total costs and expenses | 55,128 | 40,582 | 102,061 | 81,142 | |||
Income from operations | 23,575 | 61,103 | 35,460 | 73,876 | |||
Interest income | 789 | 753 | 1,994 | 1,344 | |||
Interest expense and other | (779) | (1,874) | (2,212) | (3,727) | |||
Income before income taxes | 23,585 | 59,982 | 35,242 | 71,493 | |||
Provision for income taxes | 6,295 | 369 | 9,298 | 434 | |||
Net income | $ 17,290 | $ 59,613 | $ 25,944 | $ 71,059 | |||
Net income per share | |||||||
Basic | $ 0.93 | $ 3.33 | $ 1.40 | $ 3.98 | |||
Diluted | $ 0.88 | $ 3.28 | $ 1.32 | $ 3.91 | |||
Weighted average shares used in | |||||||
Basic | 18,541 | 17,885 | 18,477 | 17,848 | |||
Diluted | 19,570 | 18,162 | 19,619 | 18,168 | |||
Note A | |||||||
Stock-based compensation expense | |||||||
Selling, general and administrative | $ 4,936 | $ 2,759 | $ 7,951 | $ 5,211 | |||
Research and development | 1,908 | 517 | 2,349 | 1,389 | |||
$ 6,844 | $ 3,276 | $ 10,300 | $ 6,600 | ||||
SUMMARY BALANCE SHEET DATA | ||||
(in thousands) | ||||
As of | ||||
June 30, 2026 | December 31, | (1) | ||
(unaudited) | ||||
Cash, cash equivalents and short-term investments | $ 95,329 | $ 154,955 | ||
Total assets | 521,066 | 513,594 | ||
Stockholders' equity | 425,422 | 391,480 | ||
(1) Derived from audited financial statements | ||||
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SOURCE Rigel Pharmaceuticals, Inc.