Rigel Pharmaceuticals, Inc.

Rigel reported Q2 2026 total revenues of $78.7 million, including $67 million of U.S. net product sales and $11.7 million of contract revenues. Net product sales were up 14% year over year, with TAVALISSE at $47.4 million (+18%), REZLIDHIA at $8.9 million (+27%), and GAVRETO at $10.7 million, which management said was a modest decline year over year. Cost of product sales was about $8.5 million, total costs and expenses were $55.1 million versus $40.6 million a year ago, income before taxes was $23.6 million, and net income was $17.3 million versus $59.6 million in Q2 2025. Cash equivalents and short-term investments ended the quarter at $95.3 million, down from $155 million at year-end 2025. For 2026, management raised and narrowed guidance to total revenues of approximately $285 million-$295 million, including approximately $255 million-$265 million of net product sales excluding VEPPANU and about $30 million of contract revenues, and said it expects positive full-year net income.

Raul Rodriguez framed the quarter as a key step in Rigel’s shift into a diversified commercial oncology and hematology company. He emphasized four strategic pillars: growing the commercial business, in-licensing or acquiring products, advancing the pipeline, and maintaining financial discipline. He said VEPPANU expands Rigel into breast cancer, could become the company’s largest product, and may drive growth through the end of the decade and beyond. His tone was confident and forward-looking, while also stressing that the company will continue looking for late-stage business-development opportunities.

Dean Schorno focused on the quarter’s operating performance and the updated outlook. He cited $67 million of product sales, $11.7 million of contract revenue, and $78.7 million of total revenue, then noted that costs and expenses rose to $55.1 million mainly due to R&D for R289, development work tied to the Arvinas/Pfizer license, higher cost of product sales, and personnel costs. He also highlighted $95.3 million in cash and short-term investments at quarter-end. On capital allocation and guidance, he said Rigel paid the $70 million VEPPANU upfront fee, owes $15 million tied to transition milestones, could owe up to $320 million more in regulatory/commercial payments, and expects to contribute up to $40 million over four years to ongoing development support.

Analysts pressed on how VEPPANU would affect attention and field resources for TAVALISSE and REZLIDHIA; management said it can focus VEPPANU while still supporting the legacy products by using a more targeted community-based approach for TAVALISSE and data-driven alerts for REZLIDHIA. They also asked why guidance was raised if VEPPANU was excluded; Raul said the increase came from stronger contract revenue, while product-sales guidance for the existing portfolio stayed intact. On VEPPANU sales timing, management said they are not giving short-term guidance yet and want some operating history before doing so. On combination studies, Alison said public data have already been shown for vepdegestrant with palbociclib, abemaciclib, and atirmociclib, while ribociclib and samuraciclib data have not yet been publicly presented.