Rigel Pharmaceuticals (RIGL) Q2 2026 earnings summary

Executive summary

• Achieved total Q2 2026 revenues of $78.7 million, with net product sales of $67.0 million and contract revenues of $11.7 million, marking a 14% year-over-year increase and net income of $17.3 million.

• Completed exclusive global in-licensing of VEPPANU (vepdegestrant), the first FDA-approved oral PROTAC for ER+/HER2-, ESR1-mutated metastatic breast cancer, with commercial 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 Alison L. Hannah, M.D., as Chief Medical Officer to strengthen oncology drug development leadership.

• Strategic focus on commercial growth, portfolio expansion, clinical pipeline advancement, and financial discipline.

Financial highlights

• Q2 2026 net product sales: $67.0 million (TAVALISSE $47.4M, REZLIDHIA $8.9M, GAVRETO $10.7M); contract revenues: $11.7 million.

• Total Q2 revenues: $78.7 million; net income: $17.3 million ($0.93 basic, $0.88 diluted EPS), down from $59.6 million in Q2 2025 due to a prior-year non-cash revenue item.

• Cash, cash equivalents, and short-term investments were $95.3 million as of June 30, 2026.

• Total costs and expenses were $55.1 million, up from $40.6 million year-over-year.

• Q2 2026 gross margin was approximately 87%; operating margin was about 30%.

Outlook and guidance

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

• Expects to maintain positive net income for full year 2026 while funding ongoing and new clinical programs.

• VEPPANU launch expected to drive significant future growth; no short-term sales guidance provided for VEPPANU.