Watch for initial VEPPANU sales in Q3 2026 as the first commercial PROTAC; R289 Phase 1b data by year-end could be a catalyst. The raised revenue guidance implies confidence in core product growth, but cash burn from the $70M upfront payment merits monitoring for potential capital needs.
Price Chart
Executive Summary
Rigel Pharmaceuticals reported Q2 2026 revenue of $78.7M (net product sales $67.0M, +14% YoY) and EPS of $0.88, missing consensus of $0.91 by -3.3%. The company raised full-year 2026 revenue guidance to $285-295M (from $275-290M), reflecting strong core product sales momentum. The in-license of VEPPANU (vepdegestrant), the first FDA-approved PROTAC for ER+/HER2- breast cancer, expands the commercial portfolio, but the $70M upfront payment drew down cash to $95.3M from $155M at year-end 2025.
Key Financial Metrics
Key Facts
- Q2 2026 total revenues of $78.7M (net product sales $67.0M + contract revenue $11.7M)
- Product sales grew 14% YoY; TAVALISSE +18%, REZLIDHIA +27%; GAVRETO -10%
- GAAP diluted EPS $0.88 (consensus $0.91) — 3.3% miss
- Raised 2026 revenue guidance to $285-295M from prior $275-290M
- In-licensed VEPPANU (vepdegestrant) from Arvinas/Pfizer; U.S. launch expected mid-August
- Cash and investments $95.3M vs $155.0M at Dec 2025, after $70M upfront payment for VEPPANU
- R289 Phase 1b in lower-risk MDS on track for dose selection and preliminary data by year-end 2026
- Net income of $17.3M vs $59.6M in Q2 2025 (prior year included $40M non-cash Lilly revenue release)
Financial Impact
EPS miss of ~$0.03 vs consensus (-3.3%) but raised revenue guidance by ~$7.5M at midpoint; VEPPANU launch could add incremental revenue in H2 2026
Risk Factors
- VEPPANU commercial launch uncertainty and competition in ER+/HER2- metastatic breast cancer
- GAVRETO net product sales declining 10% YoY
- Cash drawdown to $95.3M may require future financing if operating cash flow turns negative
- Phase 1b R289 data may not meet expectations
- Dependence on TAVALISSE for ~60% of product sales
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001034842-26-000053 |
| Document: 0001034842-26-000053-index.html | 0001034842-26-000053 |
| Document: 0001034842-26-000053.txt | 0001034842-26-000053 |
| 8-K Data (Synthetic) | 0001034842-26-000053 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $40.48 $49.42 | ▲ +22.09% | ▲ +22.69% | $46.50 (+14.87%) |
Jun 17, 2026 15w ago | 8-K | $32.91 $41.67 | ▲ +26.62% | ▲ +26.09% | $46.50 (+41.29%) |
Jun 11, 2026 16w ago | Institutional Cluster | $32.08 $43.76 | ▲ +36.41% | ▲ +34.52% | $46.50 (+44.95%) |
May 20, 2026 19w ago | 8-K | $29.19 $35.78 | ▲ +22.58% | ▲ +22.24% | $46.50 (+59.30%) |
May 12, 2026 20w ago | 8-K | $32.13 $32.08 | ▼ −0.16% | ▲ +0.46% | $46.50 (+44.72%) |
May 5, 2026 21w ago | 8-K | $26.67 $30.30 | ▼ −13.61% | ▼ −10.83% | $46.50 (−74.35%) |
Apr 21, 2026 23w ago | 8-K | $30.47 $28.30 | ▲ +7.12% | ▲ +10.29% | $46.50 (−52.61%) |
Apr 3, 2026 25w ago | DEFA14A | $27.36 $29.54 | ▲ +7.97% | ▼ −1.01% | $46.50 (+69.96%) |
US Market Status
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