Rigel Pharmaceuticals Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 1 raised, 2 narrowed. The quarter’s numbers.

Read the filing

Key takeaways

• Product sales and total revenue grew: Total revenues were $80.9 million, of which net product sales were $72.3 million, up 13% from $64.1 million a year earlier. Contract revenues from collaborations were $8.6 million. Source
• Third-quarter net income declined: Net income was $13.2 million, or $0.65 diluted per share, against $27.9 million, or $1.46 diluted per share, a year earlier. Source
• Launch began August 13: VEPPANU became commercially available in the U.S. on August 13, 2026, following the license agreement that took effect on June 11, 2026. Source
• Early shipments and refills reported: Management said VEPPANU was shipped to more than 100 patients and clinics in the first six weeks of launch, and that many refills had already been seen. Source
• Costs rose to $63.8 million: Total costs and expenses were $63.8 million, against $41.0 million a year earlier. Management attributed the increase mainly to R289 and vepdegestrant clinical programs, product costs, launch expenses and personnel. Source
• Thyroid cancer response and duration: In RET fusion-positive thyroid cancer, ARROW and TAPISTRY data showed an overall response rate of 83.7% and a median progression-free survival of 30.3 months. Source
• Cash lower than at year-start: Cash, cash equivalents and short-term investments were $99.3 million, against $155.0 million at December 31, 2025, and $95.3 million at June 30, 2026. Source

“VEPPANU’s launch marks an exciting and transformational milestone for Rigel and we are very pleased with the initial uptake.”

Raul Rodriguez, Rigel’s president and CEO

Guidance

What changed from last quarter

• Guidance raised: Contract revenue guidance raised from about $30 million to about $35 million. Source
• Guidance raised: Total revenue guidance low end raised from $285 million to $290 million; high end kept at $295 million. Source
• Guidance lowered: Net product sales guidance, excluding VEPPANU, high end lowered from $265 million to $260 million; low end kept at $255 million. Source
• Guidance kept: Expectation of positive net income for full-year 2026 was repeated from the prior release. Source
• New: VEPPANU became commercially available in the U.S. on August 13, 2026, after the license took effect in June. Source
• New: Partner Knight received INVIMA approval in Colombia for TAVALISSE in September 2026. Source
• New: Knight launched TAVALISSE in Brazil in October 2026. Source

Results and growth drivers

• Product sales and total revenue grew: Total revenues were $80.9 million, of which net product sales were $72.3 million, up 13% from $64.1 million a year earlier. Contract revenues from collaborations were $8.6 million. Source
• Nine-month product sales up 17%: Nine-month total revenues were $218.4 million, against $224.5 million a year earlier. Net product sales for the nine months were $194.2 million, up 17% from $166.6 million. Source
• Third-quarter net income declined: Net income was $13.2 million, or $0.65 diluted per share, against $27.9 million, or $1.46 diluted per share, a year earlier. Source
• Nine-month net income and per-share: Nine-month net income was $39.1 million, or $1.97 diluted per share, against $99.0 million, or $5.38 diluted per share, a year earlier. Source

Product sales by brand

• TAVALISSE sales edged up 3%: TAVALISSE was the largest brand by sales, at $46.0 million, up 3% from $44.7 million in the same period of 2025. Source
• REZLIDHIA sales grew 20%: REZLIDHIA net product sales were $9.9 million, up 20% from $8.3 million a year earlier. Source
• GAVRETO sales fell 11%: GAVRETO net product sales were $9.8 million, down 11% from $11.1 million a year earlier. Source
• VEPPANU added $6.6 million: VEPPANU, available from August, generated initial net product sales of $6.6 million in the third quarter, included in the $72.3 million total. Source

“Our priorities are to build on the VEPPANU launch and advance R289 in lower-risk MDS, with updated Phase 1b data to be presented at ASH in December.”

Raul Rodriguez, Rigel’s president and CEO

VEPPANU launch

• Launch began August 13: VEPPANU became commercially available in the U.S. on August 13, 2026, following the license agreement that took effect on June 11, 2026. Source
• Early shipments and refills reported: Management said VEPPANU was shipped to more than 100 patients and clinics in the first six weeks of launch, and that many refills had already been seen. Source
• First and only PROTAC in indication: VEPPANU is described as the first and only PROTAC approved by the FDA for ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer after at least one line of endocrine therapy. Source

Partner and collaboration revenue

• Collaboration revenue of $8.6 million: Contract revenues included $3.2 million from Kissei for drug supplies, $3.8 million from Grifols for royalties and supplies, $0.3 million from Medison, and $1.3 million from other parties. Source
• Knight approvals and launches: Partner Knight received INVIMA approval for TAVALISSE in Colombia in September and launched it in Brazil in October, following a May Brazil approval in the prior release. Source
• Nine-month collaboration revenue fell: Nine-month contract revenues were $24.2 million, against $57.9 million a year earlier. This year's nine months include a $4.0 million Kissei regulatory milestone. Source

“We believe VEPPANU and R289 have significant commercial potential to further transform Rigel and drive long-term shareholder value.”

Raul Rodriguez, Rigel’s president and CEO

Costs, expenses and pre-tax income

• Costs rose to $63.8 million: Total costs and expenses were $63.8 million, against $41.0 million a year earlier. Management attributed the increase mainly to R289 and vepdegestrant clinical programs, product costs, launch expenses and personnel. Source
• R&D expense rose to $18.3 million: Research and development expense was $18.3 million in the third quarter, against $7.4 million, and $43.9 million for nine months, against $22.6 million. Source
• Cost of product sales rose: Cost of product sales was $10.8 million, against $4.8 million. Selling, general and administrative expense was $34.7 million, against $28.9 million. Source
• Pre-tax income fell; tax expense rose: Income before income taxes was $17.4 million, against $27.6 million. The tax provision was $4.2 million, against a benefit of $0.3 million a year earlier. Source

R289 development and data

• Dose-expansion data to be shown: The December ASH presentation will include initial efficacy data from the dose expansion phase of the R289 study, not yet publicly shown. Source

Pralsetinib data at medical meetings

• ESMO featured pralsetinib trials: ESMO 2026 featured data from the ARROW and TAPISTRY trials in a rapid oral session, alongside posters and an ePoster on health-related quality of life. Source
• Thyroid cancer response and duration: In RET fusion-positive thyroid cancer, ARROW and TAPISTRY data showed an overall response rate of 83.7% and a median progression-free survival of 30.3 months. Source
• Quality-of-life gains reported: At the ATA meeting, pralsetinib showed clinically meaningful improvements in several HR-QoL measures, including diarrhea, in medullary and RET fusion-positive thyroid cancer. Source

Cash, equity and funding

• Cash lower than at year-start: Cash, cash equivalents and short-term investments were $99.3 million, against $155.0 million at December 31, 2025, and $95.3 million at June 30, 2026. Source
• VEPPANU upfront paid in second quarter: The $70.0 million upfront payment to Arvinas and Pfizer was paid in the second quarter, under the license that became effective June 11, 2026.
• Stockholders' equity increased: Stockholders' equity was $445.1 million at September 30, 2026, against $391.5 million at December 31, 2025. Source

Coming up, as management said on 5 November 2026

• ASH oral presentation in December: An oral presentation at the ASH Annual Meeting in December will feature updated data from the ongoing Phase 1b R289 study in lower-risk MDS. Source
• Three fostamatinib posters planned: Three poster presentations are to include fostamatinib data in immune thrombocytopenia and warm autoimmune hemolytic anemia. Source

Figures management reported

Risks management discussed

• Regulatory: Management described the pralsetinib safety profile as consistent with prior experience, while stating that monitoring for infections is warranted. Source

Earlier plans management reported on

• Met: The prior release expected VEPPANU to be commercially available in mid-August. The current release reports availability from August 13, 2026.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.