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Rigel Pharmaceuticals Inc (NASDAQ:RIGL) presented its first quarter 2025 financial results on May 6, revealing substantial growth across its commercial portfolio and progress in its development pipeline. The company reported a 68% year-over-year increase in net product sales, reaching $43.6 million for the quarter, and reaffirmed its positive outlook for the full year.
Quarterly Performance Highlights
Rigel’s Q1 2025 performance demonstrated continued momentum following its profitable 2024. The company reported total net product sales of $43.6 million, representing a $17.6 million (68%) increase compared to Q1 2024. This growth builds upon the company’s strong performance in the previous year, when it achieved its first full-year net income of $17.5 million.
As shown in the following chart of quarterly and annual net product sales growth, Rigel has maintained a consistent upward trajectory since 2021:
The company’s stock closed at $19.11 on the day of the presentation, down 4.24% in regular trading, but rebounded strongly with a 10.9% gain in aftermarket trading, suggesting positive investor reaction to the quarterly results.
Commercial Portfolio Performance
Rigel’s commercial portfolio now consists of three products: Tavalisse, Gavreto, and Rezlidhia. All three contributed to the strong Q1 performance, with Tavalisse leading the way at $28.5 million (35% growth year-over-year), followed by Gavreto at $9.0 million and Rezlidhia at $6.1 million (25% growth year-over-year).
The following chart breaks down the Q1 2025 commercial performance by product:
Tavalisse continued to show strong demand through new patient starts and carryover, while the company successfully streamlined its distribution network to improve efficiency. Gavreto, which became available in June 2024, demonstrated 18% net sales growth compared to Q4 2024. Rezlidhia continued to generate new patients as awareness grows among clinicians.
Rigel is also expanding its global commercial presence. The company reported Q1 2025 collaboration revenues of $4.7 million from Grifols (BME:GRLS), $4.6 million from Kissei, and $0.4 million from Medison. Tavalisse is now commercially available in Japan, key European countries, Canada, and Israel, with recent regulatory approvals in Mexico and the Republic of Korea.
Pipeline Development Updates
Rigel continues to advance its development pipeline, with a focus on hematology and oncology. The R289 IRAK1/4 inhibitor program for lower-risk myelodysplastic syndrome (MDS) represents a significant opportunity to address an unmet medical need for approximately 12,200 previously treated lower-risk MDS patients.
The R289 program has received Fast Track and Orphan Drug designations, with promising preliminary safety and efficacy data from a Phase 1b study. As shown in the following value proposition chart, R289 offers a novel mechanism of action targeting dysregulated inflammatory signaling:
Safety data from the Phase 1b study indicates that R289 was generally well tolerated, with the most common adverse events being diarrhea and fatigue. The most frequent Grade 3/4 adverse events were anemia, decreased platelet count, pneumonia, and ALT increase:
Efficacy data showed encouraging hematologic responses, with 3 of 18 evaluable patients achieving red blood cell transfusion independence (RBC-TI) for 8 weeks or more, with a median duration of 29 weeks:
Rigel is also advancing Olutasidenib, an mIDH1 inhibitor, into glioma treatment. The company highlighted the unmet need in mIDH1 glioma and noted that the recent approval of vorasidenib underscores the potential for IDH1 inhibitors in this indication:
Additionally, Rigel announced a strategic alliance with MD Anderson Cancer Center to advance Olutasidenib in AML and other cancers, with all four planned studies now open for enrollment.
Financial Outlook & Guidance
Rigel provided a detailed financial overview for Q1 2025 and reaffirmed its guidance for the full year:
For the full year 2025, Rigel anticipates total revenue of approximately $200 million to $210 million, including net product sales of $185 million to $192 million. The company expects to report positive net income for the full year while continuing to fund existing and new clinical development programs:
The company projects 28% to 32% year-over-year growth in net product sales for 2025, building on the strong momentum from 2024 when it achieved its first full-year profitability.
"2024 was a transformational year for Rigel. We reached profitability and cash flow breakeven, while delivering on our corporate strategy to grow our hematology and oncology business," CEO Raul Rodriguez had stated in the previous earnings call, and the Q1 2025 results suggest this positive trajectory is continuing.
Rigel’s focus on commercial execution, pipeline advancement, and financial discipline positions the company for continued growth in 2025. Key value drivers include growing product sales, advancing development programs, identifying in-licensing and product acquisition opportunities, and maintaining financial discipline.
Full presentation:
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