Rigel Q2 2025 slides: 76% sales growth, raises full-year guidance

Rigel Pharmaceuticals Inc (NASDAQ:RIGL) presented its Q2 2025 financial results on August 5, 2025, showcasing robust growth in product sales and significant revenue from collaborations. The company reported a 76% year-over-year increase in net portfolio sales and raised its full-year 2025 guidance, reflecting confidence in continued growth across its hematology and oncology portfolio.

Quarterly Performance Highlights

Rigel reported Q2 2025 net portfolio sales of $58.9 million, representing a 76% increase compared to Q2 2024. This growth was driven by strong performance across all three of the company’s commercial products.

As shown in the following breakdown of commercial performance:

Tavalisse led the portfolio with $40.1 million in sales, showing 52% growth compared to Q2 2024. Gavreto, which became available in June 2024, contributed $11.8 million, while Rezlidhia generated $7.0 million, representing 36% growth year-over-year.

The company’s quarterly performance continues a trend of consistent growth, as illustrated in this chart of quarterly net product sales:

Detailed Financial Analysis

Rigel’s total revenues for Q2 2025 reached $101.7 million, including $42.7 million in contract revenues from collaborations. The Eli Lilly (NYSE:LLY) collaboration contributed $40.0 million, with additional revenue coming from partnerships with Grifols (BME:GRLS) ($2.0 million), Kissei ($0.4 million), and Medison ($0.2 million).

The following chart details the company’s Q2 2025 financial highlights:

The strong performance translated into a net income of $59.6 million for Q2 2025, with basic earnings per share of $3.33 and diluted earnings per share of $3.28. For the six months ended June 30, 2025, Rigel reported total revenues of $155.0 million and net income of $71.1 million.

Rigel’s cash position strengthened to $108.4 million as of June 30, 2025, compared to $77.3 million at the end of 2024. This improvement follows the company’s return to profitability reported in Q1 2025, when it posted a net income of $11.4 million compared to a net loss of $8.2 million in Q1 2024.

The company’s financial results and outlook for 2025 are summarized in the following slide:

Strategic Initiatives

Rigel’s strategy focuses on growing its hematology and oncology business through four key pillars: commercial execution, development and expansion, in-licensing and product acquisition, and financial discipline.

The company’s strategic approach is illustrated in this overview:

On the development front, Rigel is advancing R289, a dual IRAK1/4 inhibitor, in a Phase 1b study for relapsed/refractory lower-risk myelodysplastic syndrome (MDS). The company received Fast Track designation for R289 in previously-treated transfusion-dependent lower-risk MDS in November 2024 and Orphan Drug designation for the treatment of myelodysplastic syndromes in January 2025.

The Phase 1b study design for R289 is detailed in the following slide:

Rigel is also expanding its olutasidenib program beyond mIDH1 relapsed/refractory acute myeloid leukemia (AML) into glioma, with plans to initiate a Phase 2 clinical study in recurrent glioma in 2025. Additionally, the company has formed a strategic alliance with MD Anderson Cancer Center to advance olutasidenib in AML and other cancers.

Forward-Looking Statements

Based on its strong performance in the first half of the year, Rigel has raised its full-year 2025 guidance. The company now anticipates total revenue of approximately $270-280 million, up from the previous guidance of $200-210 million mentioned in its Q1 2025 earnings report.

The updated guidance includes net product sales of approximately $210-220 million (previously $185-192 million) and contract revenues from collaborations of approximately $60 million (previously $15-18 million).

Rigel’s projected net product sales growth is visualized in this chart:

The company continues to expect positive net income for the full year 2025 while funding existing and new clinical development programs. Rigel’s stock reacted positively to the Q2 results, with the share price rising 7.06% to $24.23 in aftermarket trading following the announcement.

For the remainder of 2025, Rigel has identified key value drivers that will support continued growth:

With its strong commercial performance, advancing pipeline, and improved financial position, Rigel appears well-positioned to deliver on its growth objectives for 2025 and beyond.

Full presentation:

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