Rigel Pharmaceuticals (NASDAQ:RIGL) Releases Earnings Results, Misses Expectations By $0.27 EPS

Key Points

• Rigel reported quarterly EPS of $0.65, missing analyst expectations of $0.92 by $0.27, while revenue of $80.89 million slightly exceeded estimates.
• Net product sales reached a record $72.3 million, up 13% year over year; VEPPANU contributed $6.6 million in its first roughly six weeks on the market. Management expects the company to remain profitable in 2026.
• Net income fell to $13.2 million from $27.9 million a year earlier, cash and short-term investments declined to $99.3 million, and Rigel lowered the high end of its 2026 product-sales outlook excluding VEPPANU. Shares fell 10.9% on Thursday.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) posted its quarterly earnings results on Thursday. The biotechnology company reported $0.65 earnings per share for the quarter, missing analysts' consensus estimates of $0.92 by ($0.27), FiscalAI reports. Rigel Pharmaceuticals had a return on equity of 22.95% and a net margin of 116.30%. The business had revenue of $80.89 million for the quarter, compared to analyst estimates of $80.10 million.

Here are the key takeaways from Rigel Pharmaceuticals' conference call:

• Rigel reported record third-quarter net product sales of $72.3 million, up 13% year over year, and said it expects to remain profitable for full-year 2026. Year-to-date product sales rose 17% to $194.2 million.
• VEPPANU generated $6.6 million in sales during roughly six weeks of availability; management said most sales reflected patient demand rather than channel stocking. The company reported shipments to more than 100 patients and clinics, refills by most August starters, and an estimated 88% prior-authorization approval rate.
• Rigel plans to present updated R289 data, including preliminary efficacy from the dose-expansion study, at ASH in December, and aims to select a dose by year-end and start a registrational study in 2027. The company described tolerability as consistent with prior reports, but investors are still awaiting efficacy results and trial-design details.
• Performance among established products was mixed: TAVALISSE sales rose 3% to $46 million and REZLIDHIA grew 20% to $9.9 million, while GAVRETO fell 11% to $9.8 million. Management said TAVALISSE set a record for demand but expects less growth from it as VEPPANU becomes the main growth focus.
• Third-quarter net income declined to $13.2 million from $27.9 million a year earlier as expenses rose, and cash and short-term investments fell to $99.3 million from $155 million at year-end 2025. Rigel narrowed its 2026 net product sales outlook excluding VEPPANU to $255–$260 million, lowering the high end from $265 million.

Rigel Pharmaceuticals Stock Down 10.9%

RIGL traded down $5.58 on Thursday, hitting $45.71. 550,631 shares of the company traded hands, compared to its average volume of 200,810. Rigel Pharmaceuticals has a 12-month low of $24.95 and a 12-month high of $52.60. The company has a 50 day moving average of $47.94 and a 200-day moving average of $37.46. The stock has a market capitalization of $845.63 million, a PE ratio of 2.80 and a beta of 1.28.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Zacks Research cut Rigel Pharmaceuticals from a "hold" rating to a "strong sell" rating in a report on Wednesday, October 14th. HC Wainwright restated a "buy" rating and set a $85.00 price objective on shares of Rigel Pharmaceuticals in a research report on Monday, October 19th. Weiss Ratings raised shares of Rigel Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Piper Sandler reaffirmed a "neutral" rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research report on Monday, August 17th. Finally, Citigroup reiterated a "buy" rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rigel Pharmaceuticals currently has an average rating of "Hold" and a consensus price target of $71.67.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc NASDAQ: RIGL is a biotechnology company focused on developing and commercializing therapies for hematologic diseases, cancer and immune-related disorders. Founded in 1996 and headquartered in South San Francisco, California, the company uses small-molecule drug discovery and kinase biology to develop medicines that address unmet medical needs.

Rigel's primary commercial product is Tavalisse (fostamatinib disodium), an oral spleen tyrosine kinase inhibitor approved in the United States for treating thrombocytopenia in adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.

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