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Rigel (RI2) Q3 2026 Earnings Report

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DE:RI2 Q3 2026 EPS Results

Actual EPS
EUR 0.58
Consensus EPS
EUR 0.76
Beat/Miss
Missed by -EUR 0.18
One Year Ago EPS
EUR 1.31

DE:RI2 Q3 2026 Revenue Results

Actual Revenue
EUR 72.42M
Expected Revenue
EUR 71.63M
Beat/Miss
Beat by +EUR 798.65K
YoY Revenue Growth
+16.45%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
After Close
Conference Call
Thursday, November 5, 2026
DE:RI2 Upcoming Earnings

Rigel's next earnings date is estimated for March 9, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:RI2 Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:-12.76%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. Rigel reported record quarterly product sales, profitability, broad early adoption and favorable access metrics for the VEPPANU launch, continued growth from TAVALISSE and REZLIDHIA, and progress toward R289's next development stages. These positives outweighed the GAVRETO decline, lower net income, increased costs, reduced cash balance and moderation in expected TAVALISSE growth.

Company Guidance

For 2026, Rigel updated and narrowed guidance to total revenues in the range of approximately $290 million to $295 million, including approximately $255 million to $260 million in net product sales, excluding VEPPANU, and approximately $35 million in contract revenues, versus previous ranges of $285 million to $295 million, approximately $255 million to $265 million, and previous expectation of approximately $30 million, respectively; the company continues to anticipate reporting positive net income for the full year while funding existing and new clinical development programs and supporting the commercial launch of VEPPANU, plans to complete enrollment and select the recommended Phase 2 dose for R289 by the end of 2026, and is targeting initiating a registration study in 2027.

  • Record Quarterly Product Sales and Continued GrowthNet product sales reached $72.3 million in the third quarter of 2026, the company's highest ever, representing a 13% increase compared with the third quarter of 2025. Year-to-date net product sales were $194.2 million, up 17% from the same period of 2025. Rigel said net product sales have grown at an approximately 35% compound annual growth rate since 2022.
  • Successful VEPPANU Commercial LaunchVEPPANU became commercially available in the U.S. on August 13 and generated $6.6 million in third-quarter net product sales, reflecting approximately 6 weeks of availability. Rigel shipped the product to more than 100 patients and clinics during the quarter, and the majority of patients who started in August had already received their first refill by quarter end. Management said the bulk of VEPPANU sales was demand related rather than channel inventory stocking.
  • Broad Early VEPPANU Prescriber and Account AdoptionAll 6 sales regions had a prescriber on day 1 of availability, a second prescriber by the end of week 1 and a third by the end of week 2. During the first 6 weeks, 75% of territories had VEPPANU prescribers. All 6 regions had direct accounts ordering by the end of August, and nearly two-thirds of territories had direct account orders by the end of the third quarter. Community business represented approximately 70% to 80% of current VEPPANU business.
  • Strong VEPPANU Patient Access MetricsThe estimated overall prior authorization approval rate for VEPPANU was 88% in the third quarter. More than 80% of prior authorizations for commercially insured patients were approved, while the Medicare approval rate was above 90%. The median time to fill prescriptions through specialty pharmacies was 4 days, more than 80% of prescriptions were filled within 2 weeks, and more than one-third of patients received VEPPANU within 3 days.
  • Differentiated VEPPANU Mechanism and Market OpportunityRigel described VEPPANU as the first and only FDA-approved PROTAC therapy for ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer. The company estimates approximately 20,000 U.S. patients have a critical unmet need in the second-line and later setting, representing a U.S. market opportunity of $1 billion plus. In a preclinical study, VEPPANU degraded 79% to 86% of estrogen receptors.
  • VEPPANU Efficacy and Commercial Education EffortsRigel's promotional materials highlight VERITAC-2 results showing a 2.4-fold increase in median progression-free survival, with 5 months for VEPPANU versus 2.1 months for fulvestrant, along with health-related quality-of-life data. The company is continuing HCP and patient education efforts, including a new promotional campaign, a newly launched website and a planned large presence at the San Antonio Breast Cancer Symposium in December.
  • TAVALISSE Delivered Record DemandTAVALISSE generated $46.0 million in third-quarter net product sales, an increase of 3% year over year. Management also said the brand achieved its highest demand-volume quarter in its history, eight years after launch, and continues to have opportunities to reach additional ITP patients.
  • REZLIDHIA Growth and Record DemandREZLIDHIA generated $9.9 million in third-quarter net product sales, an increase of 20% compared with the prior-year period. Management said the product reached a record demand quarter, with demand more than 10% above the second quarter, and expects adoption to grow in community settings and among post-venetoclax patients.
  • International Collaboration and TAVALISSE ExpansionCollaboration revenue was $8.6 million in the third quarter, driven primarily by TAVALISSE availability in global markets. TAVALISSE is commercially available in key European countries, Japan, South Korea, Canada, Israel and Mexico through partners. Knight announced regulatory approval in Colombia in September and launched TAVALISSE in Brazil in October, while partners continue pursuing approvals in additional markets.
  • R289 Development Progress and Upcoming DataR289, Rigel's dual IRAK1 and 4 inhibitor, is being evaluated in a Phase 1b study in relapsed or refractory lower-risk MDS. The company expects to complete enrollment and select the recommended Phase 2 dose by the end of 2026, present updated safety and preliminary efficacy data from the dose-expansion phase at ASH in December, and initiate a registrational program in lower-risk MDS in 2027.
  • R289 Safety Profile Remained FavorableAs of the July 16 data cutoff, 64 patients were enrolled in the R289 study, including 33 in dose escalation and 31 in dose expansion. The median number of prior therapies was 3, with a range of 1 to 8, and 20% of patients had received a prior investigational agent. The most common treatment-emergent adverse events were low-grade diarrhea and cough; no treatment-emergent adverse events leading to discontinuation and no dose-limiting toxicities were observed.
  • R289 Regulatory Designations and Commercial PotentialR289 has received FDA Fast Track designation for previously treated transfusion-dependent lower-risk MDS and orphan drug designation for MDS. Rigel estimates approximately 12,200 previously treated lower-risk MDS patients in the U.S. and believes R289 could be a $1 billion-plus commercial opportunity in the indication if it earns FDA approval.
  • R289 Expansion OpportunitiesRigel plans to open an exploratory R289 cohort in transfusion-dependent lower-risk MDS patients who are refractory to or ineligible for ESAs but otherwise naive to other MDS-directed therapy. The company is also evaluating other potential indications, including additional hematologic malignancies and potentially autoimmune disorders, because of the IRAK1/4 mechanism.
  • Pipeline and Collaboration ActivityVepdegestrant studies remain active under Pfizer and Arvinas responsibility, with VERITAC-2 continuing for time-to-event endpoints such as overall survival and combination studies expected to provide additional safety and efficacy data. Olutasidenib is being evaluated through collaborations with MD Anderson, the CONNECT consortium and myeloMATCH in IDH1-mutated AML, other hematologic malignancies and IDH1-mutated high-grade glioma. Rigel will also present new fostamatinib data in ITP and warm autoimmune hemolytic anemia at ASH.
  • Profitability and Full-Year OutlookTotal third-quarter revenue was $80.9 million, including $8.6 million of contract revenue. Rigel narrowed and raised the bottom of its 2026 total revenue guidance to approximately $290 million to $295 million from the previous range of $285 million to $295 million. The company now expects approximately $35 million in contract revenue, compared with prior guidance of approximately $30 million, and continues to anticipate positive full-year net income while funding clinical programs and supporting the VEPPANU launch.
  • Commercial Portfolio and Growth StrategyRigel now has four commercial products: VEPPANU, TAVALISSE, REZLIDHIA and GAVRETO. Management said its strategy is to grow the commercial portfolio, advance the development pipeline, evaluate additional in-license opportunities and maintain financial discipline. VEPPANU and R289 were identified as sequential engines of significant future growth.

DE:RI2 Earnings History

DE:RI2 earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 09, 20272026 (Q4)0.94-12.12――
Nov 05, 20262026 (Q3)0.760.581.31-55.48% (-0.73)
Aug 04, 20262026 (Q2)0.080.792.94-73.17% (-2.15)
May 05, 20262026 (Q1)0.710.390.56-30.16% (-0.17)
Mar 03, 20262025 (Q4)1.0812.120.721592.50% (+11.41)
Nov 04, 20252025 (Q3)0.811.310.63108.57% (+0.68)
Aug 05, 20252025 (Q2)2.312.94-0.055566.67% (+2.99)
May 06, 20252025 (Q1)0.080.56-0.45226.00% (+1.01)
Mar 04, 20252024 (Q4)0.400.720―
Nov 07, 20242024 (Q3)0.050.63-0.27333.33% (+0.90)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed