Rigel Pharmaceuticals Reports Strong Q3 2026 Results and Outlines Growth Strategy

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) delivered a robust third‑quarter performance for 2026, reporting net product sales of $72.3 million, a 13 % year‑over‑year increase. The gain was driven primarily by the commercial launch of its newest oncology offering, VEPPANU, and continued strong demand for the established hematology therapy TAVALISSE. The quarter also reflected the company’s expanding global footprint and advancing clinical pipeline.

Product Breakdown

• VEPPANU – $6.6 million in net sales, representing roughly six weeks of commercial availability after its U.S. launch on August 13, 2026.
• TAVALISSE – $46.0 million, up 3 % from the same quarter a year ago, marking the ninth consecutive quarter of double‑digit growth for the eight‑year‑old brand.
• REZLIDHIA – $9.9 million, a 20 % rise year over year, reflecting broader adoption in community oncology and post‑venetoclax settings.
• GAVRETO – $9.8 million, a modest 11 % decline versus Q3 2025, still contributing a stable revenue stream.

Contract revenues totaled $8.6 million, primarily from royalty earnings and drug supply agreements with partners such as Grifols and Kissei.

Full‑Year Guidance

For the full year 2026, Rigel now expects total revenues in the range of $290 million to $295 million (narrowed from a prior $285 million‑$295 million outlook). Net product sales excluding VEPPANU are projected at $255 million‑$260 million, while contract revenues are anticipated to reach roughly $35 million.

Financial Highlights

Net income for the quarter fell to $13. vašį million (down from $27.9 million a year earlier), with basic and diluted earnings per share of $0.70 and $0.65, respectively. Cash, cash equivalents and short‑term investments were $99.3 million as of September 30, 2026, compared with $155 million at the end of 2025.

Total costs and expenses rose to $63.8 million from $41.0 million in Q3 2025, reflecting VEPPANU launch expenditures, higher research‑and‑development spending for R289 and vepdegestrant, and increased personnel-related costs. Cost of product sales was approximately $10.8 million, inclusive of VEPPANU‑related amortization and royalties to Arvinas and Pfizer.

VEPPANU Launch Metrics

The product’s early performance was notable: more than 100 patients and clinics received VEPPANU during its first six weeks of availability. The prior‑authorization approval rate was estimated at 88 %, with commercial and Medicare approval rates of roughly 80 % and over 90 %, respectively. The median time to fill prescriptions through specialty pharmacies was four days, and over 80 % of prescriptions were filled within two weeks.

Pipeline Update – R289

R289, Rigel’s oral dual IRAK1/4 inhibitor, continued to advance in the Phase 1b study for relapsed or refractory lower‑risk myelodysplastic syndrome (MDS). As of the July 16, 2026 data cutoff, 64 patients were enrolled, with a median of three prior therapies (range 1‑8). Preliminary safety remains consistent with prior reports, and updated efficacy data from the dose‑expansion cohort will be presented at the American Society of Hematology (ASH) meeting in December 2026.

Management intends to select the recommended Phase 2 dose by the end of 2026 and plans to initiate a registrational trial in 2027, positioning R289 as a potential $1 billion commercial opportunity in lower‑risk MDS.

Executive Commentary

“We delivered our highest net product sales ever while taking important steps toward Rigel’s next phase of growth,” said Raul Rodriguez, President and CEO. “VEPPANU’s integration into our distribution network and its rapid uptake underscore our ability to bring differentiated oncology therapies to market.”

David Santos, Chief Commercial Officer, highlighted the product’s broad adoption: “75 % of our territories recorded prescribers during the first six weeks of availability. The community setting now accounts for roughly 70‑80 % of our business, reflecting strong clinician interest and patient demand.”

Dr. Alison Hannah, Chief Medical Officer, noted the therapeutic rationale for R289: “Co‑targeting IRAK1 and 4 addresses dysregulated inflammatory signaling in the bone marrow, offering a potentially disease‑modifying approach for lower‑risk MDS patients.”

International Expansion

TAVALISSE continued its global rollout, with regulatory approval in Colombia in September 2026 and a Brazilian commercial launch in October 2026. Partnerships with Grifols, Kissei, Medison and Knight are expanding access in Europe, Japan, South Korea, Canada, Israel and Mexico.

Outlook

Rigel’s leadership emphasized a balanced focus on commercial execution, pipeline advancement and financial discipline. The company remains on track to meet its 2026 revenue guidance while funding late‑stage development programs and supporting VEPPANU’s continued growth.

The firm will present the updated R289 data at ASH on Saturday, December 12, 2026, providing further insight into the asset’s safety and efficacy profile as it moves toward a registrational study.

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