1. Rigel's net product sales reached $144.9 million, up 39% from 2023. 2. The company reported net income of over $17 million for the first time. 3. Rigel anticipates 2025 revenues of $200 to $210 million. 4. Clinical development programs are advancing, including studies of R289 and olutasidenib. 5. Rigel's cash balance increased significantly, now $77.3 million.
Rigel's substantial revenue growth and profitability can positively influence investor confidence, unlike historical earnings losses.
The article outlines financial growth and positive forecasts, directly enhancing investor sentiment and influence on RIGL's price.
Immediate impact expected due to strong quarterly earnings and revenue growth, encouraging market reaction.
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL), a commercial stage biotechnology company focused on hematologic disorders and cancer, today reported financial results for the fourth quarter and full year ended December 31, 2024, including sales of TAVALISSE® (fostamatinib disodium hexahydrate) for the treatment of chronic immune thrombocytopenia (ITP); REZLIDHIA® (olutasidenib) for the treatment of relapsed or refractory (R/R) mutated isocitrate dehydrogenase-1 (mIDH1) acute myeloid leukemia (AML); and GAVRETO® (pralsetinib) for the treatment of metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) and advanced or metastatic thyroid cancer, and recent business progress.
"2024 was a year of significant accomplishments for Rigel. We continued to focus on commercial expansion and execution, achieving record net product sales of $144.9 million, an increase of 39% compared to 2023. Coupled with Rigel's commitment to financial discipline, for the first time we generated full-year net income of more than $17 million and increased our cash balances by more than $20 million," said Raul Rodriguez, Rigel's president and CEO.
| Product | Bottles Shipped | Change in Distribution | Total Bottles Shipped |
|---|---|---|---|
| TAVALISSE | 2,855 | 317 | 3,172 |
| REZLIDHIA | 503 | 62 | 565 |
| GAVRETO* | 874 | 64 | 938 |
| *GAVRETO bottle count represents 60-count bottle equivalent | |||
NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way.
For the fourth quarter ended December 31, 2024, total revenues were $57.6 million, consisting of $31.0 million in TAVALISSE net product sales, $7.4 million in REZLIDHIA net product sales, $8.1 million in GAVRETO net product sales, and $11.1 million in contract revenue from collaborations. TAVALISSE net product sales grew 21% compared to $25.7 million in the same period of 2023. REZLIDHIA net product sales grew 92% compared to $3.9 million in the same period of 2023.
Rigel anticipates 2025 total revenue of approximately $200 to $210 million, including a positive net income for the full year while funding existing and new clinical development programs.
Rigel will hold a live conference call and webcast today at 4:30pm Eastern Time (1:30pm Pacific Time).
Participants can access the live conference call by dialing (877) 407-3088 (domestic) or (201) 389-0927 (international). The conference call will also be webcast live and can be accessed from the Investor Relations section of the company's website at www.rigel.com. The webcast will be archived for replay after the call.
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based in South San Francisco, California. For more information on Rigel, the Company's marketed products and pipeline of potential products, visit www.rigel.com.
TAVALISSE, REZLIDHIA and GAVRETO are registered trademarks of Rigel Pharmaceuticals, Inc.