Rigel net income falls to $13.2 million as product sales grow 13%
Key Facts
Rigel Pharmaceuticals reported on November 5 results for the third quarter ended September 30, 2026, with net income of $13.2 million and diluted earnings per share of $0.65. The company said net income was $27.9 million, with diluted earnings per share of $1.46, in the year-earlier quarter. The comparison shows an annual decline in income and earnings despite an increase in product sales during the period. Total revenue was $80.9 million, including net product sales of $72.3 million and collaboration revenue of $8.6 million. In the market, an Investing.com report showed the stock down 10.88% and said the closing price was $45.71 on November 5.
Net product sales rose 13% from the third quarter of 2025, when they were $64.1 million, but performance varied by product. Tavalisse sales reached $46.0 million, up 3% year over year, while Rezlidhia sales rose 20% to $9.9 million. By contrast, Gavreto sales fell 11% to $9.8 million. The company added Givlaari to quarterly revenue, with initial net sales of $6.6 million. The drug became commercially available in the United States on August 13, 2026, making it the latest contributor to the product sales mix during the quarter.
Rigel attributed the decline in net income to higher costs and expenses, which reached $63.8 million, compared with $41.0 million in the year-earlier quarter. The company said the increase was primarily due to higher research and development expenses related to its R289 and vepdegestrant programs. Other factors included cost of sales, commercial launch expenses and personnel costs. Speaking about the Givlaari launch, Chief Executive Officer Raul Rodriguez said: "During the first six weeks of the launch, we shipped Givlaari to more than 100 patients and clinics, and have already seen many refills." The drug recorded $6.6 million in initial net sales for the quarter, according to the company’s statement.
On its outlook, the company raised its 2026 total revenue range to $290–295 million, from $285–295 million previously. The updated guidance includes product sales, excluding Givlaari, of $255–260 million and collaboration revenue of about $35 million. In guidance issued on March 3, Rigel had forecast total revenue of $275–290 million and product sales of $255–265 million. The updated range reflects a higher estimate for total revenue than the original forecast, while excluding Givlaari sales from the product sales range in the guidance. The company said cash, cash equivalents and short-term investments totaled $99.3 million on September 30, compared with $155.0 million on December 31, 2025.
The market comparison cited by Investing.com showed earnings per share of $0.70 on its measure, against analysts’ estimate of $0.95, while revenue was $80.9 million, compared with an estimate of $79.99 million. The report said the stock closed at $45.71, with a reported change of down 10.88% on November 5. In clinical development, Rigel expects to select the recommended Phase 2 dose for its R289 study in patients with lower-risk myelodysplastic syndromes by the end of 2026. It also said it will present updated data at the American Society of Hematology meeting in December. These dates mark the company’s next announced milestones for the R289 program.