Rigel Pharmaceuticals Shares Preliminary Financial Results in Recent 8-K Filing

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) recently released its preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024, as outlined in an 8-K filing with the Securities and Exchange Commission. The company provided an overview of its estimated financial performance and highlighted key events that occurred on January 13, 2025.

In the press release titled “Rigel Provides Business Update and 2025 Outlook,” Rigel Pharmaceuticals shared some significant financial highlights. For the fourth quarter of 2024, the company reported a total revenue of approximately $57.6 million, with key contributions from products like TAVALISSE, REZLIDHIA, and GAVRETO. TAVALISSE net product sales were reported at $31.0 million, REZLIDHIA at $7.4 million, and GAVRETO at $8.1 million.

Additionally, Rigel Pharmaceuticals issued an outlook for 2025, anticipating total revenue in the range of $200 to $210 million. This expected revenue includes net product sales of approximately $185 to $192 million and contract revenues from collaborations estimated at $15 to $18 million. The company also foresees achieving positive net income for the full year 2025 while advancing existing and new clinical development programs. Plans are underway to initiate a Phase 2 clinical study in recurrent glioma during the year.

Raul Rodriguez, President and CEO of Rigel Pharmaceuticals, expressed satisfaction with the company’s performance in 2024, emphasizing the successful execution of their corporate strategy that led to record sales and a strengthened commercial portfolio. He highlighted the achievement of reaching a key milestone of financial breakeven and the promising progress made in advancing the company’s development pipeline.

The 8-K filing further detailed contract revenues from collaborations in the fourth quarter of 2024, with revenues expected to reach approximately $11.1 million. The filing also outlined the company’s full-year revenue projection of $179.3 million for 2024, inclusive of net product sales and revenues from collaborations.

Although the information provided is preliminary and subject to change pending the auditing of financial statements for the year ended December 31, 2024, Rigel Pharmaceuticals intends to share the final fourth-quarter and full-year 2024 financial results in March 2025.

Investors and stakeholders can access more information on Rigel Pharmaceuticals, including details of the current product portfolio and pipeline, by visiting the company’s Investor Relations section on its website at www.rigel.com.

Source: SEC Filing by Rigel Pharmaceuticals, Inc., Exhibit 99.1.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Rigel Pharmaceuticals’s 8K filing here.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.