Rigel Lifts 2026 Revenue Floor After VEPPANU Launch

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter total revenues were $80.9 million, including $6.6 million of initial VEPPANU sales after the August 13 U.S. launch.

Rigel Pharmaceuticals (RIGL), a commercial-stage biotechnology company focused on hematologic disorders and cancer, reported third-quarter 2026 total revenues of $80.9 million, including $72.3 million of net product sales and $8.6 million of contract revenues from collaborations.

The defining commercial event was the U.S. launch of VEPPANU (vepdegestrant) on August 13, 2026. The first FDA-approved PROTAC for adults with ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer after at least one line of endocrine therapy generated $6.6 million of initial net product sales in the quarter. President and CEO Raul Rodriguez said that in the first six weeks of launch the company shipped VEPPANU to more than 100 patients and clinics and had already seen many refills.

Net product sales rose 13% from $64.1 million a year earlier. TAVALISSE (fostamatinib) contributed $46.0 million, up 3% from $44.7 million. REZLIDHIA (olutasidenib) sales were $9.9 million, up 20% from $8.3 million. GAVRETO (pralsetinib) sales were $9.8 million, down 11% from $11.1 million. Contract revenues included $3.8 million from Grifols, $3.2 million from Kissei, $0.3 million from Medison and $1.3 million from other parties.

Total costs and expenses were $63.8 million, versus $41.0 million a year earlier. The company said the increase was primarily driven by higher research and development costs related to the R289 and vepdegestrant clinical programs, cost of product sales, commercial-related expenses from the vepdegestrant launch, and personnel-related costs. Income before income taxes was $17.4 million, compared with $27.6 million a year earlier. Net income was $13.2 million, or $0.70 basic and $0.65 diluted a share, versus $27.9 million, or $1.55 basic and $1.46 diluted a share, a year earlier.

Rigel updated its 2026 total-revenue outlook to approximately $290 million to $295 million, from the previous range of approximately $285 million to $295 million. The new range includes net product sales, excluding VEPPANU, of $255 million to $260 million, from the previous $255 million to $265 million, and contract revenues of approximately $35 million, from approximately $30 million. The company continues to anticipate positive net income for the full year 2026 while funding existing and new clinical development programs.

The Phase 1b study of R289, a dual IRAK1/4 inhibitor, in patients with relapsed or refractory lower-risk MDS is ongoing. Rigel expects to complete enrollment and select the recommended Phase 2 dose by the end of 2026. Updated Phase 1b data, including initial efficacy from the dose expansion phase, will be presented in an oral session at the American Society of Hematology annual meeting in December. Three poster presentations will include fostamatinib data in ITP and warm autoimmune hemolytic anemia.

Partner Knight Therapeutics received INVIMA approval in Colombia in September for TAVALISSE in chronic ITP and commercially launched the product in Brazil in October. Cash, cash equivalents and short-term investments were $99.3 million as of September 30, 2026, compared with $155.0 million as of December 31, 2025.