RIGEL PHARMACEUTICALS INC (RIGL): Results of Operations and Financial Condition
RIGEL PHARMACEUTICALS INC (RIGL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Rigel Reports Second Quarter 2026 Financial Results • Second quarter 2026 total revenues of $78.7 million, including net product sales of $67.0 million and contract revenues from collaborations of $11.7 million, and net income of $17.3 million • Expanded commercial p
How this was made
The 30-second read
Why it matters
The filing provides concrete, time-bound catalysts (mid-August VEPPANU availability, Phase 1b dose expansion completion in 2H 2026, Phase 2 dose selection in 2H 2026) alongside updated full-year revenue guidance.
Market read
Traders get a fresh earnings-and-guidance datapoint plus a near-term commercialization date for a newly licensed FDA-approved product, which can drive short-term repricing.
What to watch
The guidance excludes VEPPANU net product sales and provides only a broad revenue range; traders may discount the impact until post-launch sales ramp and any additional regulatory/label updates.
Second quarter 2026 total revenues of $78.7 million, including net product sales of $67.0 million and contract revenues from collaborations of $11.7 million, and net income of $17.3 million.
Net product sales increased 14% to $67.0 million, all-year revenue guidance increased to approximately $285 to $295 million, and Rigel remained profitable, although net income declined versus a prior-year period that included $40.0 million in non-cash collaboration revenue.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, second quarter 2026other | $78.7 million | – | – |
| Net product sales, second quarter 2026other | $67.0 million | – | 14% |
| Contract revenues from collaborations, second quarter 2026other | $11.7 million | – | – |
| Kissei collaboration revenue, second quarter 2026other | $5.8 million | – | – |
| Grifols collaboration revenue, second quarter 2026other | $5.0 million | – | – |
| Medison collaboration revenue, second quarter 2026other | $0.3 million | – | – |
| Total costs and expenses, second quarter 2026other | $55.1 million | – | – |
| Income before income taxes, second quarter 2026other | $23.6 million | – | – |
| Net income, second quarter 2026other | $17.3 million | – | – |
| Basic earnings per share, second quarter 2026other | $0.93 basic | – | – |
| Diluted earnings per share, second quarter 2026other | $0.88 diluted | – | – |
| Total revenues, six months ended June 30, 2026other | $137.5 million | – | – |
| Net product sales, six months ended June 30, 2026other | $121.9 million | – | 19% |
| Contract revenues from collaborations, six months ended June 30, 2026other | $15.6 million | – | – |
| Kissei collaboration revenue, six months ended June 30, 2026other | $7.6 million | – | – |
| Grifols collaboration revenue, six months ended June 30, 2026other | $6.8 million | – | – |
| Medison collaboration revenue, six months ended June 30, 2026other | $0.5 million | – | – |
| Total costs and expenses, six months ended June 30, 2026other | $102.1 million | – | – |
| Income before income taxes, six months ended June 30, 2026other | $35.2 million | – | – |
| Net income, six months ended June 30, 2026other | $25.9 million | – | – |
| Basic earnings per share, six months ended June 30, 2026other | $1.40 basic | – | – |
| Diluted earnings per share, six months ended June 30, 2026other | $1.32 diluted | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| TAVALISSE net product sales, second quarter 2026Not disclosed. | $47.4 million | – | 18% |
| GAVRETO net product sales, second quarter 2026Not disclosed. | $10.7 million | – | decrease of 10% |
| REZLIDHIA net product sales, second quarter 2026Not disclosed. | $8.9 million | – | 27% |
| TAVALISSE net product sales, six months ended June 30, 2026Not disclosed. | $84.7 million | – | 24% |
| GAVRETO net product sales, six months ended June 30, 2026Not disclosed. | $20.3 million | – | decrease of 2% |
| REZLIDHIA net product sales, six months ended June 30, 2026Not disclosed. | $17.0 million | – | 29% |
2026 outlook
- Revenueapproximately $285 to $295 million
- NoteNet product sales of approximately $255 to $265 million.
- NoteContract revenues of approximately $30 million.
- NoteThe above revenue guidance excludes VEPPANU.
- NoteRigel continues to anticipate it will report positive net income for the full year 2026, while funding existing and new clinical development programs.
What drove it
- Second quarter net product sales increased 14% from the same period of 2025.
- TAVALISSE net product sales increased 18% and REZLIDHIA net product sales increased 27% in the second quarter compared to the same period of 2025.
- Contract revenue primarily included $5.8 million from Kissei, including a $4.0 million regulatory milestone payment and delivery of drug supplies, $5.0 million from Grifols, and $0.3 million from Medison.
- The VEPPANU licensing agreement became effective on June 11, 2026, and U.S. commercial availability is expected in mid-August 2026.
- R289 dose-expansion enrollment is ongoing, with completion and recommended Phase 2 dose selection expected in the second half of 2026 and preliminary data expected by year end.
Concerns
- GAVRETO net product sales decreased 10% to $10.7 million in the second quarter and decreased 2% to $20.3 million for the six months ended June 30, 2026.
- Second-quarter total costs and expenses increased to $55.1 million from $40.6 million, driven primarily by higher personnel-related costs, cost of product sales, research and development costs, and development activities under the Arvinas and Pfizer license agreement.
- Second-quarter net income declined to $17.3 million from $59.6 million. The prior-year period included $40.0 million in non-cash revenue from the release of the remaining cost share liability under the Lilly collaboration agreement.
- Cash, cash equivalents and short-term investments declined to $95.3 million as of June 30, 2026 from $155.0 million as of December 31, 2025.
What to watch
- U.S. commercial availability of VEPPANU in mid-August 2026.
- Progress toward completion of R289 dose-expansion enrollment and selection of a recommended Phase 2 dose in the second half of 2026.
- Preliminary R289 dose-expansion data expected by year end.
- Delivery against 2026 total revenue guidance of approximately $285 to $295 million, which excludes VEPPANU.
- Whether Rigel reports positive net income for the full year 2026 while funding existing and new clinical development programs.
Balance sheet and cash flow
- Cash, cash equivalents and short-term investments as of June 30, 2026 was $95.3 million, compared to $155.0 million as of December 31, 2025.
- Rigel paid the upfront payment of $70.0 million to Arvinas and Pfizer in the second quarter.
Analysis
Rigel reported second-quarter total revenues of $78.7 million, including $67.0 million in net product sales, which increased 14% from $58.9 million in the same period of 2025. Product-sales growth was led by TAVALISSE, which increased 18% to $47.4 million, and REZLIDHIA, which increased 27% to $8.9 million. GAVRETO sales declined 10% to $10.7 million. For the six months ended June 30, 2026, net product sales increased 19% to $121.9 million.
Collaboration revenue was $11.7 million in the second quarter. This primarily included $5.8 million from Kissei, which included a $4.0 million regulatory milestone payment related to olutasidenib in Japan and delivery of drug supplies, plus $5.0 million from Grifols and $0.3 million from Medison. Comparability with the prior-year period is affected by $40.0 million of non-cash revenue in the prior-year quarter from release of the remaining Lilly cost share liability.
Total costs and expenses were $55.1 million, compared with $40.6 million in the same period of 2025. Rigel attributed the increase primarily to personnel-related costs, cost of product sales, research and development spending for R289, and development activities under the Arvinas and Pfizer license agreement. Net income was $17.3 million, or $0.93 basic and $0.88 diluted per share, compared with $59.6 million, or $3.33 basic and $3.28 diluted per share, in the prior-year period. Cash, cash equivalents and short-term investments were $95.3 million as of June 30, 2026, compared with $155.0 million as of December 31, 2025, following the $70.0 million upfront payment to Arvinas and Pfizer.
Rigel increased 2026 total revenue guidance to approximately $285 to $295 million from approximately $275 to $290 million. The new outlook includes net product sales of approximately $255 to $265 million and contract revenue of approximately $30 million, while excluding VEPPANU. VEPPANU is expected to be commercially available in the United States in mid-August 2026, creating an additional commercial launch catalyst outside the stated revenue guide. The company also continues to anticipate positive net income for the full year 2026.
Development execution remains centered on R289. The company said dose-expansion enrollment in its Phase 1b study in patients with relapsed or refractory lower-risk MDS remains on track for completion in the second half of 2026, with selection of a recommended Phase 2 dose in the second half and preliminary dose-expansion data by year end. Commercial execution for VEPPANU, the trajectory of GAVRETO sales, elevated spending associated with R289 and the new license agreement, and the cash balance following the upfront payment are the principal reported items to monitor.
Management, verbatim
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.
Raul Rodriguez, president and CEO
Not in the filing
stated, not guessed- GAAP or non-GAAP designation for the reported financial metrics.
- Gross profit and gross margin.
- Operating income and operating margin.
- Operating cash flow and free cash flow.
- Debt balance.
- Share repurchases, dividends, or other capital-return activity.
- Prior-quarter figures and sequential comparisons for reported financial metrics.
- Prior-year total revenue and contract revenue figures for the second quarter and six-month period.
- Tax rate.
- Guidance for gross margin, operating expenses, and tax rate.
- A separately provided previous-release outlook for comparison with actual results.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Rigel’s SEC 8-K (Item 2.02) with Q2 2026 financial results and business updates, including a VEPPANU PROTAC licensing deal and R289 clinical progress.
Ticker impact
Rigel reports Q2 2026 results and raises/updates 2026 outlook to $285 to $295 million, plus VEPPANU launch timing in mid-August.
Moderately positive bias into the mid-August VEPPANU availability window, with follow-through dependent on uptake and any incremental guidance changes.
The filing discloses multiple tradable datapoints: Q2 revenue and net income, updated full-year revenue range, upfront payment and effective licensing, and an expected mid-August commercial availability date.
Market effects
Reinforces investor focus on commercial-stage biotech profitability plus PROTAC differentiation and near-term launch execution.
Limited direct regional spillover; primarily US biotech sentiment.
International partner/regulatory progress (Brazil approval, Mexico launch, Japan NDA milestone) supports global commercialization narrative.
Counterpoint
Despite strong Q2 and guidance, the stock may already price in launch optimism; execution risk remains for VEPPANU uptake and R289 Phase 1b-to-Phase 2 transition.
Key entities
- companyRigel Pharmaceuticals, Inc.
Commercial-stage biotech reporting Q2 2026 results, updated 2026 revenue outlook, and VEPPANU launch timing.
- productVEPPANU (vepdegestrant)
FDA-approved PROTAC for ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer; expected US commercial availability mid-August 2026.
- clinical_programR289
Dual IRAK1/4 inhibitor in Phase 1b for lower-risk MDS; dose expansion enrollment on track for 2H 2026 milestones.
- partnerArvinas, Inc.
Licensing partner for VEPPANU development, manufacturing, and commercialization agreement.
- partnerPfizer Inc.
Co-party in the VEPPANU licensing agreement; Rigel paid an upfront payment in Q2 2026.
