Rigel Pharmaceuticals Inc

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.

Arvinas reported second-quarter 2026 financial results and provided pipeline updates, including a delay in the start of clinical trials for its ARV-102 LRRK2 degrader in progressive supranuclear palsy to 2027. Total revenue for the quarter was $249.7 million, and the company ended the period with $567.9 million in cash, cash equivalents, and marketable securities. CFO Andrew Saik stated that the company continues to maintain its cash runway guidance into the second half of 2028. The revenue included $62.5 million in license revenue and a $50 million milestone from Pfizer, while a Rigel-related accounting change resulted in net revenue of $126.4 million and a liability of $52.7 million for remaining development obligations. CEO Randy Teel highlighted the first FDA approval of a PROTAC degrader, VEPPANU, and its out-licensing to Rigel Pharmaceuticals, as well as the strategic decision to seek a partner for the KRAS G12D program ARV-806. The company expects initial Phase I data for ARV-393 by year-end and plans to share ARV-027 Phase I data in the first half of next year.

Rigel Pharmaceuticals announced that Lisa Rojkjaer retired as Chief Medical Officer on July 1, 2026, and Alison Hannah was appointed as the new CMO the same day. Hannah previously served as Chief Medical Officer at CytomX Therapeutics and Senior Medical Director at Sugen, now part of Pfizer. She stated she looks forward to guiding the continued development of R289 and Rigel's broader clinical strategy, including the recent addition of vepdegestrant. In pre-market activity on Nasdaq, Rigel shares were up 2.25 percent at $40.00, after closing Tuesday's regular session 0.20 percent higher.