[Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) Rigel's Q2 2025 featured 76% net product sales growth, $59.6 million net income, increased cash, and raised full-year guidance Key Financial Highlights | Metric | Q2 2025 ($ millions) | YoY Change | | :--- | :--- | :--- | | Net Product Sales | $58.9 | +76% | | Total Revenue | $101.7 | N/A | | Net Income | $59.6 | From Net Loss | | Cash & Equivalents | $108.4 | +40% vs Dec 2024 | - The company raised its 2025 total revenue guidance to a range of **$270 to $280 million**, a significant increase from the previous guidance of **$200 to $210 million**[3](index=3&type=chunk)[6](index=6&type=chunk)[17](index=17&type=chunk) - Enrollment was completed in the dose escalation part of the Phase 1b study for R289, a dual IRAK1/4 inhibitor for patients with relapsed or refractory lower-risk myelodysplastic syndrome (MDS)[3](index=3&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) [Business Update](index=1&type=section&id=Business%20Update) Rigel opted out of ocadusertib co-development, recognizing $40.0 million non-cash revenue, and advanced R289 clinical trials [Commercial & Corporate](index=1&type=section&id=Commercial%20%26%20Corporate) Rigel opted out of ocadusertib co-development, recognizing **$40.0 million** non-cash revenue, and Kissei launched TAVALISSE in South Korea - Rigel notified Eli Lilly it would not exercise its opt-in right for ocadusertib, resulting in the recognition of **$40.0 million** in non-cash revenue from the release of a cost-share liability, with Rigel remaining entitled to future milestones and royalties[4](index=4&type=chunk) - Rigel's partner, Kissei Pharmaceutical, announced the commercial launch of TAVALISSE in South Korea in early July through its licensing partner, JW Pharmaceutical Corporation[7](index=7&type=chunk) [Clinical Development & Publications](index=1&type=section&id=Clinical%20Development%20%26%20Publications) R289 Phase 1b dose escalation completed, with expansion planned; GAVRETO and REZLIDHIA data presented; and olutasidenib papers published - Enrollment in the dose escalation part of the Phase 1b study for R289 in patients with lower-risk MDS was completed in July, with plans to share updated data and initiate the dose expansion part later in the year[5](index=5&type=chunk) - Rigel presented **4 posters** at the ASCO Annual Meeting and **3 posters** at the EHA Congress, including final data for GAVRETO in NSCLC and supportive data for REZLIDHIA in AML[8](index=8&type=chunk) - Key publications included a paper in *Leukemia & Lymphoma* on the effectiveness of olutasidenib versus ivosidenib and a paper in *Blood Advances* on olutasidenib's use in MDS[12](index=12&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) Rigel's Q2 2025 total revenues reached **$101.7 million**, with **$59.6 million** net income, a significant turnaround from prior year loss [Q2 2025 Performance](index=2&type=section&id=Q2%202025%20Performance) Q2 2025 total revenue reached **$101.7 million**, with **$59.6 million** net income, driven by product sales and a **$40 million** non-cash revenue Q2 Revenue Breakdown | Revenue Source | Q2 2025 ($ millions) | Q2 2024 ($ millions) | | :--- | :--- | :--- | | Net Product Sales | $58.9 | $33.5 | | Contract Revenues | $42.7 | $3.4 | | **Total Revenues** | **$101.7** | **$36.8** | Q2 Product Net Sales | Product | Q2 2025 Net Sales ($ millions) | YoY Growth | | :--- | :--- | :--- | | TAVALISSE | $40.1 | +52% | | GAVRETO | $11.8 | N/A (Launched June 2024) | | REZLIDHIA | $7.0 | +36% | Q2 Net Income (Loss) and EPS | Metric | Q2 2025 ($ millions) | Q2 2024 ($ millions) | | :--- | :--- | :--- | | Net Income (Loss) | $59.6 | ($1.0) | | Diluted EPS | $3.28 | ($0.06) | [Year-to-Date (YTD) 2025 Performance](index=3&type=section&id=Year-to-Date%20%28YTD%29%202025%20Performance) YTD 2025 total revenues reached **$155.0 million**, with **$71.1 million** net income, and cash increased to **$108.4 million** YTD Revenue Breakdown | Revenue Source | YTD 2025 ($ millions) | YTD 2024 ($ millions) | | :--- | :--- | :--- | | Net Product Sales | $102.5 | $59.5 | | Contract Revenues | $52.5 | $6.9 | | **Total Revenues** | **$155.0** | **$66.4** | YTD Net Income (Loss) and EPS | Metric | YTD 2025 ($ millions) | YTD 2024 ($ millions) | | :--- | :--- | :--- | | Net Income (Loss) | $71.1 | ($9.3) | | Diluted EPS | $3.91 | ($0.53) | - Cash, cash equivalents and short-term investments increased to **$108.4 million** as of June 30, 2025, compared to **$77.3 million** as of December 31, 2024[16](index=16&type=chunk) [2025 Financial Outlook](index=3&type=section&id=2025%20Financial%20Outlook) Rigel significantly raised its full-year 2025 total revenue guidance to **$270-$280 million**, anticipating positive net income 2025 Financial Guidance Update | 2025 Guidance | Updated Range ($ millions) | Previous Range ($ millions) | | :--- | :--- | :--- | | Total Revenue | $270 - $280 | $200 - $210 | | Net Product Sales | $210 - $220 | $185 - $192 | | Contract Revenues | ~$60 | $15 - $18 | - The company anticipates it will report positive net income for the full year 2025[17](index=17&type=chunk) - The total revenue and contract revenue guidance includes **$40 million** in non-cash contract revenue related to the agreement with Lilly[17](index=17&type=chunk) [Product & Disease Area Overview](index=4&type=section&id=Product%20%26%20Disease%20Area%20Overview) This section outlines Rigel's three commercial products—TAVALISSE, GAVRETO, and REZLIDHIA—and their respective target diseases [Marketed Products](index=4&type=section&id=Marketed%20Products) Rigel's portfolio includes three FDA-approved products: TAVALISSE for ITP, GAVRETO for RET fusion-positive cancers, and REZLIDHIA for IDH1-mutated AML - TAVALISSE (fostamatinib) 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[25](index=25&type=chunk) - GAVRETO (pralsetinib) is indicated for adult patients with metastatic RET fusion-positive non-small cell lung cancer (NSCLC) and for adult and pediatric patients 12 years and older with advanced or metastatic RET fusion-positive thyroid cancer[26](index=26&type=chunk) - REZLIDHIA (olutasidenib) is indicated for adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation[28](index=28&type=chunk) [Target Disease Areas](index=4&type=section&id=Target%20Disease%20Areas) This section describes the target diseases: Immune Thrombocytopenia (ITP), RET fusion-positive NSCLC, and Acute Myeloid Leukemia (AML) - In Immune Thrombocytopenia (ITP), the immune system destroys blood platelets, leading to a risk of severe bleeding, with a significant medical need remaining for patients who do not respond to existing therapies[21](index=21&type=chunk) - Non-small cell lung cancer (NSCLC) accounts for **85-90%** of all lung cancers, with RET fusions implicated in approximately **1-2%** of patients[22](index=22&type=chunk) - Acute Myeloid Leukemia (AML) is a rapidly progressing blood cancer, with an unmet need for well-tolerated treatments for patients with relapsed or refractory disease[23](index=23&type=chunk)[24](index=24&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents detailed, unaudited financial statements for Q2 and YTD 2025, including Statements of Operations and a Summary Balance Sheet [Statements of Operations](index=7&type=section&id=Statements%20of%20Operations) The Statements of Operations provides a detailed income statement for Q2 and YTD 2025, breaking down revenues, expenses, and net income/loss Consolidated Statements of Operations (Unaudited) | (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$101,685** | **$36,841** | **$155,018** | **$66,375** | | Total costs and expenses | $40,582 | $36,394 | $81,142 | $72,894 | | Income (loss) from operations | $61,103 | $447 | $73,876 | ($6,519) | | **Net income (loss)** | **$59,613** | **($1,030)** | **$71,059** | **($9,277)** | | Diluted net income (loss) per share | $3.28 | ($0.06) | $3.91 | ($0.53) | [Summary Balance Sheet Data](index=7&type=section&id=Summary%20Balance%20Sheet%20Data) The Summary Balance Sheet presents key figures as of June 30, 2025, highlighting increased cash to **$108.4 million** and stockholders' equity to **$81.9 million** Summary Balance Sheet Data (Unaudited) | (in thousands) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and short-term investments | $108,378 | $77,321 | | Total assets | $206,736 | $163,976 | | Stockholders' equity | $81,934 | $3,288 |

Core Insights - Rigel Pharmaceuticals reported a strong second quarter in 2025, with a 76% year-over-year increase in net product sales, reaching $58.9 million, and a net income of $59.6 million [2][5][7] Financial Performance - Total revenues for Q2 2025 were $101.7 million, comprising $58.9 million in net product sales and $42.7 million in contract revenues from collaborations [5][10] - Net product sales grew significantly, with TAVALISSE sales at $40.1 million (up 52% from $26.4 million in Q2 2024), GAVRETO at $11.8 million (up from $1.9 million), and REZLIDHIA at $7.0 million (up 36% from $5.2 million) [5][11] - For the first half of 2025, total revenues were $155.0 million, with net product sales of $102.5 million, reflecting a 72% increase compared to the same period in 2024 [8][9] Cost and Expenses - Total costs and expenses for Q2 2025 were $40.6 million, an increase from $36.4 million in Q2 2024, primarily due to higher product sales costs and increased R&D expenses [6][9] - The company reported a net income of $59.6 million for Q2 2025, compared to a net loss of $1.0 million in Q2 2024 [7][12] Business Developments - Rigel completed enrollment in the dose escalation part of its Phase 1b study evaluating R289 in patients with relapsed or refractory lower-risk myelodysplastic syndrome (MDS) [2][11] - The company updated its 2025 financial guidance, projecting total revenue of approximately $270 to $280 million, an increase from the previous estimate of $200 to $210 million [10][13] Collaborations and Agreements - Rigel recognized $40.0 million in non-cash revenue from the release of the remaining cost share liability related to its agreement with Eli Lilly for the development of ocadusertib [3][5] - The company continues to receive milestone and tiered royalty payments on future net sales of ocadusertib as part of its agreement with Lilly [3]

Core Insights - Rigel Pharmaceuticals has a strong track record of beating earnings estimates, with an average surprise of 197.73% over the last two quarters [1] - The company reported earnings of $0.14 per share for the most recent quarter, exceeding expectations by 350.00%, while the previous quarter's earnings were $0.80 per share against an estimate of $0.55, resulting in a surprise of 45.45% [2] Earnings Estimates and Predictions - Recent estimates for Rigel have been increasing, with a positive Earnings ESP of +23.86%, indicating bullish sentiment among analysts regarding the company's earnings prospects [5][8] - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) suggests a high likelihood of another earnings beat in the upcoming report scheduled for August 5, 2025 [8] Earnings ESP and Market Behavior - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have historically produced positive surprises nearly 70% of the time, indicating a strong correlation between these metrics and earnings performance [6] - The Earnings ESP metric compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions, which may provide more accurate predictions [7]

Rigel Pharmaceuticals (RIGL) closed the last trading session at $19.9, gaining 6.4% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $33.74 indicates a 69.6% upside potential.The average comprises six short-term price targets ranging from a low of $20.45 to a high of $57.00, with a standard deviation of $17.29. While the lowest estimate indicates an increase of 2.8% from the current ...

SOUTH SAN FRANCISCO, Calif., July 29, 2025 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced that it will report its second quarter 2025 financial results after market close on Tuesday, August 5, 2025. Rigel senior management will follow the announcement with a live conference call and webcast at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the financial results and give an update on the business.Participants can access the live conference call by dialing 877-407-3088 ...

Financial Performance - Total net product sales for Q2 2024 were $33.5 million[148] - TAVALISSE net product sales for Q2 2024 were $26.4 million[34, 148], representing a 25% growth compared to Q2 2023[34] and 8% growth compared to Q1 2024[34] - REZLIDHIA net product sales for Q2 2024 were $5.2 million[65, 148], a 102% increase compared to Q2 2023[65] and a 5% increase compared to Q1 2024[65] - GAVRETO net product sales for Q2 2024 were $1.9 million[96, 148] Product Sales and Growth - TAVALISSE bottles shipped to patients and clinics in Q2 2024 totaled 2,672[34], an 18% increase compared to Q2 2023[33] and a 24% increase compared to Q1 2024[34] - REZLIDHIA bottles shipped to patients and clinics in Q2 2024 totaled 424[64], a 127% increase compared to Q2 2023[64] and a 30% increase compared to Q1 2024[64] - 228 GAVRETO 60 ct eq bottles were sold in Q2 2024[96] Clinical Development and Collaborations - Rigel and The University of Texas MD Anderson Cancer Center will evaluate olutasidenib in combination with other agents to treat newly-diagnosed and relapsed/refractory patients with IDH1-mutated AML[106] - Rigel will provide funding up to $3 million and study material over the 4-year collaboration with CONNECT to Advance Olutasidenib in Glioma[115]

Summary of Rigel's Conference Call Company Overview - **Company**: Rigel Pharmaceuticals - **Industry**: Hematology and Oncology Core Business and Products - Rigel aims to grow its hematology and oncology business with three approved products: - **TAVALISSE** for Immune Thrombocytopenic Purpura (ITP) - **Reslidia** for mutant IDH1 relapsed and refractory Acute Myeloid Leukemia (AML) - **GAVRETO** for RET fusion positive non-small cell lung cancer and thyroid cancer - The company has achieved profitability and plans to maintain it while investing in development opportunities [2][4][60] Financial Performance - Rigel's commercial business has shown a **32% CAGR** since emerging from COVID-19, driven by TAVALISSE and the recent acquisition of GAVRETO [5][6] - Projected net product sales for the current year are between **$185 million and $192 million**, indicating continued growth [5][60] - Q1 sales for TAVALISSE reached **$28 million**, reflecting a **35% year-over-year growth** [6] Product Development and Pipeline - Rigel is developing **R289**, a dual IRAK1 and IRAK4 inhibitor, currently in a Phase 1b study for lower risk MDS, with potential for significant impact on patient care [3][27] - Plans to expand the use of **oludasidenib** beyond mutant IDH1 AML to include glioma trials later this year [4][27] - Rigel is actively seeking in-licensing and acquisition opportunities for late-stage products in hematology and oncology [4][28] Market Dynamics and Competitive Position - TAVALISSE is gaining traction in the treatment of ITP, with a growing patient base and improved treatment paradigms [11][13] - Reslidia shows promising clinical data with a **35% CR/CRH rate** and a durability of response lasting nearly **26 months**, significantly better than previous treatments [17][19] - GAVRETO has captured about **50% market share** in its category, with efforts to convert patients from less effective treatments [21][22] Clinical Trials and Research - Rigel is focusing on the treatment of transfusion-dependent lower risk MDS patients, with a unique mechanism of action targeting inflammatory pathways [31][32] - The company has initiated a Phase II study for oludasidenib in glioma, collaborating with MD Anderson for broader research opportunities [56][58] Financial Outlook - Rigel anticipates total revenue between **$200 million and $210 million** for the year, with a continued focus on financial discipline and cash flow generation [60][61] - The company is committed to funding its development programs through its own cash flow, maintaining a strong financial position [60][62] Conclusion - Rigel is positioned for significant growth in the hematology and oncology sectors, with a robust product portfolio, promising clinical developments, and a strong financial outlook, making it an attractive opportunity for investors [62]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Rigel Pharmaceuticals (RIGL) as a strong candidate for value investors due to its favorable valuation metrics and earnings outlook [2][3][6]. Group 1: Value Investing Strategy - Value investing focuses on identifying companies that are undervalued by the market, relying on traditional analysis of key valuation metrics [2]. - The Zacks Rank system is utilized to find strong stocks, with a particular emphasis on earnings estimates and revisions [1]. Group 2: Rigel Pharmaceuticals (RIGL) Metrics - RIGL has a Zacks Rank of 2 (Buy) and an A grade in the Value category, indicating it is among the strongest value stocks currently available [3]. - The company has a Price-to-Sales (P/S) ratio of 1.69, significantly lower than the industry average of 3.36, suggesting it is undervalued [4]. - RIGL's Price-to-Cash Flow (P/CF) ratio stands at 9.16, compared to the industry average of 10.52, indicating an attractive valuation based on cash flow [5]. - Over the past 12 months, RIGL's P/CF has fluctuated between a high of 96.38 and a low of -21.56, with a median of 9.39 [5]. Group 3: Earnings Outlook - The strength of RIGL's earnings outlook contributes to its classification as an impressive value stock at the moment [6].

Group 1 - Rigel Pharmaceuticals (RIGL) closed at $19.62, with a 0.3% gain over the past four weeks, and a mean price target of $33.74 suggests a 72% upside potential [1] - The mean estimate includes six short-term price targets with a standard deviation of $17.29, indicating variability among analysts; the lowest estimate is $20.45 (4.2% increase), while the highest is $57 (190.5% increase) [2] - Analysts show strong agreement in revising earnings estimates higher, with four estimates moving up and one down, resulting in a Zacks Consensus Estimate increase of 89.9% [12] Group 2 - The Zacks Rank for RIGL is 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating potential upside [13] - Analysts' price targets may not be reliable indicators of stock price movements, but a tight clustering of targets suggests a high degree of agreement on price direction [9][10] - Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements, supporting the expectation of upside in RIGL [11]

Core Insights - Rigel Pharmaceuticals is set to present seven posters at the 2025 ASCO Annual Meeting and EHA Congress, focusing on their hematology and oncology product portfolio, particularly GAVRETO® and REZLIDHIA® [1][2][3] Group 1: GAVRETO® (pralsetinib) - GAVRETO is being highlighted for its treatment of metastatic RET fusion-positive non-small cell lung cancer (NSCLC), with final data from the Phase 1/2 ARROW study demonstrating a 70.3% overall response rate (ORR) and a median duration of response (DOR) of 19.1 months [6][8] - The study also reported a median overall survival (OS) of 44.3 months and a median progression-free survival (PFS) of 13.1 months, with notable differences in PFS across regions: 25.9 months in the U.S. compared to 12.6 months in Asia and 12.9 months in Europe [6][8] - Additional data from the ARROW study indicated promising anti-tumor activity in various RET fusion-positive solid tumors, suggesting GAVRETO's potential to address unmet medical needs [3][6] Group 2: REZLIDHIA® (olutasidenib) - REZLIDHIA is being presented for its efficacy in relapsed or refractory acute myeloid leukemia (AML), with data supporting its use in earlier lines of treatment, particularly for patients with mutated isocitrate dehydrogenase-1 (mIDH1) [3][5] - In a pivotal cohort of R/R AML patients, REZLIDHIA showed a 50% ORR and a 30% complete response (CR) rate, with a median duration of CR of 17.6 months [12] - The drug demonstrated clinically meaningful activity and a durable response in patients with primary refractory AML, indicating its potential as an effective therapeutic option for this challenging patient population [12][19] Group 3: Clinical Data and Comparisons - A matching-adjusted indirect comparison (MAIC) analysis of olutasidenib versus ivosidenib in mIDH1 R/R AML showed comparable response rates, with olutasidenib favoring longer durations of CR [11] - Final results from the Phase 2 portion of the ARROW study in RET fusion-positive solid tumors other than NSCLC indicated an ORR of 46.4%, including a 100% ORR in pancreatic cancer [11] - The data validate RET fusions as a tissue-agnostic target, supporting the promising potential of pralsetinib to address unmet medical needs across various tumor types [11][12]