Biotech & Genomic Medicine▲
Rigel Pharmaceuticals raises 2026 revenue guidance, prepares mid-August launch of breast cancer drug VEPPANU
Rigel Pharmaceuticals reported second-quarter 2026 total revenue of $78.7 million and raised its full-year revenue guidance to a range of $285 million to $295 million, driven by higher contract revenue expectations. Net product sales reached $67.0 million, a 14% year-over-year increase, led by TAVALISSE sales of $47.4 million, up 18%, and REZLIDHIA sales of $8.9 million, up 27%, while GAVRETO sales declined 10% to $10.7 million. The company also recorded $11.7 million in contract revenues, including a $4 million regulatory milestone from Kissei Pharmaceutical. Rigel completed the in-license of VEPPANU, the first approved PROTAC for certain breast cancer mutations, and expects commercial availability in mid-August 2026. The company reported net income of $17.3 million, or $0.93 per basic share, compared to $59.6 million in the prior-year quarter, which included a one-time non-cash revenue item. Cash and investments stood at $95.3 million, down from $155.0 million at year-end 2025 following a $70 million upfront licensing payment for VEPPANU. Management also highlighted progress in the R289 dose expansion trial in lower-risk MDS, with top-line data expected by year-end.