Rigel Pharmaceuticals Reports $101.7 Million in Quarterly Revenues, Significant Net Income Turnaround

Rigel Pharmaceuticals, Inc. reported significant financial growth in its quarterly earnings for the period ending June 30, 2025, as detailed in its latest 10-Q filing. The company achieved total revenues of $101.7 million for the quarter, a substantial increase from $36.8 million in the same period last year. This growth was driven by a notable rise in product sales, which reached $58.9 million, up from $33.5 million in the prior year, and contract revenues from collaborations, which surged to $42.7 million from $3.4 million. For the first half of 2025, Rigel reported total revenues of $155 million, compared to $66.4 million in the first half of 2024.

The company’s net income for the second quarter was $59.6 million, a significant turnaround from a net loss of $1 million in the same quarter of 2024. This resulted in a basic net income per share of $3.33, compared to a loss of $0.06 per share in the previous year. The increase in profitability is attributed to higher sales volumes and improved pricing strategies, alongside a reduction in revenue reserves. Rigel's total assets also grew to $206.7 million as of June 30, 2025, up from $164 million at the end of 2024, reflecting a strong cash position bolstered by increased product sales and collaboration revenues.

Strategically, Rigel has made significant advancements in its product portfolio. The company began commercializing GAVRETO (pralsetinib) in June 2024, which contributed $20.8 million in sales for the first half of 2025, compared to just $1.9 million in the same period last year. Additionally, Rigel has expanded its collaboration agreements, including a notable release of a $40 million cost share liability with Eli Lilly, which positively impacted its revenue recognition. The company is also advancing its clinical programs, including the ongoing Phase 1b study of R289, an IRAK 1/4 inhibitor, which has received orphan drug designation from the FDA.

Operationally, Rigel has seen an increase in its workforce, with a total employee count of 200 as of June 30, 2025, up from 180 at the end of 2024. The company continues to focus on expanding its market presence, particularly in the hematology and oncology sectors, and is actively pursuing additional collaborations to enhance its product pipeline. Rigel's management expressed confidence in its ability to sustain growth, projecting that existing cash reserves and short-term investments of approximately $108.4 million will be sufficient to fund operations for at least the next 12 months.

Looking ahead, Rigel Pharmaceuticals remains optimistic about its future, with plans to continue leveraging its commercial infrastructure to support the ongoing sales of its products and the development of new therapies. The company is also closely monitoring regulatory changes and market conditions that could impact its operations and is prepared to adapt its strategies accordingly.