Rigel Pharmaceuticals (RIGL) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with total revenues of $78.7 million, net product sales of $67.0 million, and net income of $17.3 million, marking a key step in transforming into a diversified commercial oncology and hematology company.

• Completed exclusive global in-licensing of VEPPANU (vepdegestrant), the first FDA-approved oral PROTAC for ER+/HER2-, ESR1-mutated metastatic breast cancer, with U.S. launch expected mid-August 2026.

• Advanced R289 clinical program in lower-risk MDS, with Phase 1b enrollment on track and preliminary data expected by year-end.

• Appointed new Chief Medical Officer, Alison L. Hannah, M.D., to strengthen oncology drug development leadership.

• Strategic focus on commercial growth, pipeline expansion, disciplined financial management, and long-term shareholder value.

Financial highlights

• Q2 2026 net product sales reached $67.0 million, up 14% year-over-year; TAVALISSE $47.4 million (+18% YoY), REZLIDHIA $8.9 million (+27% YoY), GAVRETO $10.7 million (down 10% YoY).

• Total Q2 revenues were $78.7 million, including $11.7 million in contract revenues.

• Net income for Q2 was $17.3 million, down from $59.6 million in Q2 2025 due to a prior-year non-cash revenue item.

• Ended Q2 with $95.3 million in cash equivalents and short-term investments.

• Total costs and expenses were $55.1 million, up from $40.6 million YoY, mainly due to R&D and licensing costs.

Outlook and guidance

• 2026 total revenue guidance raised to $285–$295 million, with net product sales (excluding VEPPANU) expected at $255–$265 million and contract revenues of ~$30 million.

• Positive net income anticipated for the full year while funding ongoing and new clinical programs.

• VEPPANU expected to be commercially available in mid-August 2026, with initial sales updates in Q3 and full-year results at year-end.