Rigel Pharmaceuticals Q3 revenue slightly beats estimates

Overview

• US biotech firm's Q3 revenue rose yr/yr, slightly beating analyst expectations

• Net product sales grew 13% yr/yr, driven by initial VEPPANU launch

• Net income declined yr/yr as costs rose on R&D and commercial launch expenses

Outlook

• Rigel sees 2026 total revenues of $290 mln to $295 mln

• Company expects 2026 net product sales of $255 mln to $260 mln

• Rigel forecasts 2026 contract revenues of about $35 mln

Result Drivers

• VEPPANU LAUNCH - Initial sales from new breast cancer drug VEPPANU contributed $6.6 mln in Q3 net product sales

• PRODUCT SALES MIX - Modest growth in TAVALISSE and strong growth in REZLIDHIA offset a decline in GAVRETO sales

• COST INCREASES - Higher R&D and commercial launch expenses weighed on profitability

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Rigel Pharmaceuticals, Inc. is $55.00, about 7.2% above its November 4 closing price of $51.29

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• Nov 2 - Syndax Pharmaceuticals Q3 revenue rises 82% on cancer drug sales

• Nov 3 - Tarsus Pharmaceuticals Q3 product sales jump 64%, beating estimates

• Nov 3 - Rhythm Pharma Q3 net loss narrower than estimated on IMCIVREE demand

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)