Rigel Pharmaceuticals raises annual revenue guidance on Tavalisse growth
The company increased its full-year total revenue outlook to a range of $285 million to $295 million.
Rigel Pharmaceuticals (RIGL) reported second-quarter total revenues of $78.7 million. The biotech company saw a sequential increase from the $58.8 million reported in the first quarter of 2026.
Net product sales rose 14% year-over-year to $67.0 million, up from $58.9 million in the second quarter of 2025. The growth was led by Tavalisse, which saw net product sales increase 18% to $47.4 million from $40.1 million in the prior-year period. Rezlidhia net product sales also grew 27% to $8.9 million from $7.0 million.
Other product lines saw a decline. Gavreto net product sales fell 10% to $10.7 million from $11.8 million in the second quarter of 2025.
Net income for the quarter was $17.3 million, a decrease from the $59.6 million reported in the second quarter of 2025. The prior-year result included a $40.0 million non-cash revenue release related to a collaboration with Lilly. Total costs and expenses rose to $55.1 million from $40.6 million a year earlier due to higher personnel, R&D, and cost of product sales.
Rigel raised its full-year 2026 total revenue guidance to between $285 million and $295 million from a previous range of $275 million to $290 million. The company also increased its full-year contract revenues guidance to approximately $30 million, up from the prior range of $20 million to $25 million.
Cash, cash equivalents, and short-term investments were $95.3 million as of June 30, 2026, down from $155.0 million at the end of 2025. The company in-licensed vepdegestrant (Veppanu) on June 11, 2026, for an upfront fee of $70.0 million.
In July 2026, Rigel appointed Alison L. Hannah, M.D., as Executive Vice President and Chief Medical Officer.