Rigel Pharmaceuticals (RIGL) investor relations material

Executive summary

• Achieved record total revenues of $294.3 million and net product sales of $232 million in 2025, up 60% year-over-year, driven by strong demand and portfolio expansion.

• Transitioned from a single-product to a three-product commercial portfolio, with TAVALISSE, REZLIDHIA, and GAVRETO approved for four indications and expanded global reach.

• Maintained profitability since Q3 2024, with significant cash generation and disciplined capital allocation, increasing cash by over $100 million.

• Advanced clinical pipeline, including R289 for lower-risk MDS (with Fast Track and Orphan Drug designations), and ongoing studies for olutasidenib.

• Provided 2026 guidance for $275–$290 million in total revenues and positive net income.

Financial highlights

• Q4 2025 net product sales reached $65.4 million, up 41% year-over-year; full-year net product sales were $232 million, and total revenues $294.3 million.

• Full-year net income was $367 million, up from $17.5 million in 2024, benefiting from a $245.9 million non-cash deferred income tax benefit.

• Ended 2025 with $155 million in cash, cash equivalents, and short-term investments, up from $77.3 million at end of 2024.

• Total costs and expenses for 2025 were $168.8 million, mainly due to increased R&D and personnel costs.

• Operating income for 2025 was $125.5 million, with cost of product sales at $19.6 million.

Outlook and guidance

• 2026 revenue guidance: $275–$290 million, with $255–$265 million in net product sales and $20–$25 million in contract revenues.

• Expects continued double-digit sales growth in 2026, though not at 2025's exceptional rate due to one-time effects.

• Plans to maintain profitability while funding ongoing and new clinical development programs, including R289 dose expansion with top-line data by year-end 2026.