Rigel Pharmaceuticals Reports 80% Revenue Growth to $53.3 Million in Latest Quarter

Rigel Pharmaceuticals, Inc. reported significant financial improvements in its latest quarterly results, with total revenues reaching $53.3 million for the three months ended March 31, 2025, compared to $29.5 million in the same period last year, marking an increase of 80%. This growth was driven by a substantial rise in product sales, which totaled $43.6 million, up from $26.0 million in the prior year. The company also recorded a net income of $11.4 million, or $0.64 per share, a notable turnaround from a loss of $8.2 million, or $(0.47) per share, in the previous year.

The financial performance reflects a strategic focus on expanding product sales, particularly for its key offerings. TAVALISSE (fostamatinib) generated $28.5 million in sales, a 35% increase from $21.1 million in the prior year, attributed to higher sales volumes and pricing. REZLIDHIA (olutasidenib) also saw a 25% increase in sales, reaching $6.1 million, while GAVRETO (pralsetinib), which began commercialization in June 2024, contributed $9.0 million in sales during the quarter. The company’s collaboration revenues also rose significantly, totaling $9.8 million, compared to $3.5 million in the previous year, driven by milestone payments and royalties from partners.

Rigel's operational metrics indicate a solid foundation for future growth. The company reported a total of $77.1 million in cash, cash equivalents, and short-term investments as of March 31, 2025, slightly down from $77.3 million at the end of 2024. The decrease in cash was primarily due to cash used in operating activities, which amounted to $0.9 million, compared to a larger outflow of $5.0 million in the same quarter last year. Rigel's employee headcount remained stable, supporting its ongoing commercial and research efforts.

Strategically, Rigel has made significant advancements in its product pipeline and collaborations. The company is actively pursuing clinical trials for its IRAK 1/4 inhibitor program, R289, and has established partnerships with institutions like the University of Texas MD Anderson Cancer Center to evaluate olutasidenib in various hematologic cancers. Additionally, Rigel has opted out of co-funding obligations for the development of ocadusertib with Lilly, which will allow it to focus resources on its other initiatives.

Looking ahead, Rigel Pharmaceuticals anticipates continued revenue growth from its existing product portfolio and potential new product launches. The company expects that its current cash reserves will be sufficient to fund operations for at least the next 12 months, although it remains open to raising additional capital through equity or debt financing as needed. Rigel's management is optimistic about the future, citing the ongoing demand for its products and the potential for new collaborations to enhance its market position.