Rigel Pharmaceuticals (RIGL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $80.9M, net product sales reached a record $72.3M, and net income was $13.2M; VEPPANU contributed $6.6M in its first six weeks of U.S. sales.

• Priorities include building the VEPPANU launch and advancing R289 in lower-risk MDS; updated Phase 1b data are planned for ASH in December.

Financial highlights

• Q3 revenue was $80.890M vs. $69.462M; net product sales were $72.3M vs. $64.1M, and collaboration and other revenue was $8.6M vs. $5.4M.

• Q3 operating income was $17.105M vs. $28.420M; net income was $13.185M vs. $27.900M, and diluted EPS was $0.65 vs. $1.46.

• 9M revenue was $218.411M vs. $224.480M; net income was $39.129M vs. $98.959M. 9M 2025 included $40.0M of non-cash collaboration revenue from the Lilly agreement.

• Q3 total costs and expenses were $63.8M vs. $41.0M; higher R&D, VEPPANU launch and product costs, and personnel costs contributed to the increase.

Outlook and guidance

• FY2026 total revenue guidance is $290M–$295M, revised from $285M–$295M; net product sales guidance, excluding VEPPANU, is $255M–$260M, and contract revenue guidance is ~$35M.

• Positive FY2026 net income is expected while funding existing and new clinical development programs.

• R289 enrollment completion and recommended Phase 2 dose selection are targeted by year-end 2026; a registrational program in lower-risk MDS is targeted to begin in 2027.

• VEPPANU revenue guidance may be considered after the first of 2027, when launch trends are clearer.