Rigel Pharmaceuticals Reports 10.3% Revenue Growth to $58.8 Million in Q1 2026

Rigel Pharmaceuticals, Inc. reported its financial results for the first quarter of 2026, revealing total revenues of $58.8 million, a 10.3% increase from $53.3 million in the same period of 2025. The growth was primarily driven by a 26.1% rise in product sales, which reached $54.9 million compared to $43.6 million a year earlier. However, contract revenues from collaborations fell significantly, dropping to $3.9 million from $9.8 million, largely due to the absence of milestone payments that were recognized in the previous year.

The company's net income for the quarter was $8.7 million, or $0.44 per diluted share, down from $11.4 million, or $0.63 per diluted share, in the first quarter of 2025. This decline in profitability was attributed to increased research and development expenses, which rose to $11.7 million from $8.4 million, reflecting ongoing clinical trials and development activities. Selling, general, and administrative expenses also increased to $30.7 million from $27.7 million, driven by higher commercial-related costs and personnel expenses.

Operationally, Rigel's product sales were bolstered by its three FDA-approved products: TAVALISSE, REZLIDHIA, and GAVRETO. TAVALISSE sales increased by 31% to $37.3 million, while REZLIDHIA also saw a 31% rise to $8.0 million. GAVRETO's sales grew modestly by 6.7% to $9.6 million. The company noted that the first quarter typically experiences seasonal variability due to changes in patient out-of-pocket costs and access dynamics, which can affect demand.

In terms of strategic developments, Rigel announced the termination of its collaboration agreement with Eli Lilly, effective June 15, 2026, which will impact future milestone and royalty revenues. The company also entered into a new revolving credit facility with MidCap, providing up to $40 million in financing, which is expected to enhance its financial flexibility. As of March 31, 2026, Rigel had approximately $146.7 million in cash, cash equivalents, and short-term investments, a decrease from $155 million at the end of 2025.

Looking ahead, Rigel anticipates continued growth in product sales as it moves past seasonal reimbursement issues and executes its commercial strategy. However, the company remains cautious about potential impacts from market conditions, competition, and regulatory changes that could affect its operations and financial performance.