Rigel Pharmaceuticals Releases Impressive Q4 and Full Year 2024 Financial Results Amidst Strong Business Expansion
On March 4, 2025, Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) announced its financial results for the fourth quarter and the entire year of 2024, underscoring remarkable growth and strategic advancements in the biotechnology sector, specifically targeting hematologic disorders and cancers.
For the fourth quarter of 2024, Rigel reported a total revenue of approximately $57.6 million, marking a substantial increase in net product sales across its key offerings. TAVALISSE®, used to treat chronic immune thrombocytopenia (ITP), generated net sales of $31 million, while REZLIDHIA®, aimed at relapsed or refractory acute myeloid leukemia (AML), reported sales of $7.4 million. Additionally, GAVRETO®, targeted for patients with non-small cell lung cancer (NSCLC), contributed an impressive $8.1 million to the revenue stream. Overall, Rigel's total revenue for 2024 reached around $179.3 million, signifying a strategic leap in its market performance.
Raul Rodriguez, President and CEO of Rigel Pharmaceuticals, stated, “2024 was a year of significant accomplishments for Rigel. We continued to focus on commercial expansion and execution, achieving record net product sales of $144.9 million, an increase of 39% compared to the previous year. This financial achievement reflects our commitment to financial discipline, as we recorded a full-year net income exceeding $17 million, coupled with a rise in our cash reserves by more than $20 million.” This financial success provides Rigel with the capability to advance its pipeline of innovative drug development programs in 2025.
Notably, Rigel has received Fast Track designation from the FDA for R289, a novel dual IRAK1/4 inhibitor, for the treatment of previously-treated transfusion-dependent lower-risk myelodysplastic syndromes (MDS). This designation, alongside the Orphan Drug designation for MDS, underscores the therapeutic potential of R289 and Rigel's commitment to developing valuable treatments for serious conditions.
Rigel's commercial activities during the fourth quarter illustrated robust performance. Significant shipments were observed across all products, with TAVALISSE, REZLIDHIA, and GAVRETO experiencing increased demand. For instance, TAVALISSE alone saw 2,855 bottles shipped to patients and clinics, showcasing its leading presence in the market.
Moreover, external partnerships have proven beneficial for Rigel's growth. Kissei Pharmaceutical announced the recent approval of TAVALISSE for chronic ITP treatment in Korean markets, enabling Rigel to secure an additional regulatory milestone payment of $3 million. Meanwhile, approvals in Mexico have broadened the availability of TAVALISSE, reflecting Rigel's effective collaboration strategies.
Rigel continues to progress in its clinical development initiatives, specifically for R289. The ongoing Phase 1b clinical study is making headway, exploring safety and preliminary efficacy in lower-risk MDS patients, demonstrating positive outcomes at various dose levels. The company presented initial positive data at the recent American Society of Hematology (ASH) Annual Meeting, indicating well-tolerated results and significant potential for future treatments.
In addition, Rigel has expanded its strategic collaboration with the University of Texas MD Anderson Cancer Center, involving several pivotal studies focusing on various hematologic malignancies. The inclusion of olutasidenib in the National Comprehensive Cancer Network® guidelines further solidifies its therapeutic relevance in treating MDS.
In terms of financial health, total costs and expenses for Q4 2024 reached $40.9 million, up from $33.8 million from the previous year. This increase is primarily attributed to rising research and development costs, personnel-related costs, and enhancements in commercial activities. Despite these increases, Rigel reported a notable reduction in cumulative losses, ending 2024 with a net income of $17.5 million, a significant turnaround from a loss of $25.1 million in the preceding year.
Rigel's outlook for 2025 remains optimistic, projecting total revenues to fall within the $200 to $210 million range, indicating a maintained trajectory of growth and investment in innovative clinical development programs.
As Rigel Pharmaceuticals steadily solidifies its footing in the biotechnology realm, the commitment to both commercial success and rigorous clinical advancement continues to pave the way for future innovations aimed at alleviating the burdens of hematologic disorders and cancers.
For the fourth quarter of 2024, Rigel reported a total revenue of approximately $57.6 million, marking a substantial increase in net product sales across its key offerings. TAVALISSE®, used to treat chronic immune thrombocytopenia (ITP), generated net sales of $31 million, while REZLIDHIA®, aimed at relapsed or refractory acute myeloid leukemia (AML), reported sales of $7.4 million. Additionally, GAVRETO®, targeted for patients with non-small cell lung cancer (NSCLC), contributed an impressive $8.1 million to the revenue stream. Overall, Rigel's total revenue for 2024 reached around $179.3 million, signifying a strategic leap in its market performance.
Raul Rodriguez, President and CEO of Rigel Pharmaceuticals, stated, “2024 was a year of significant accomplishments for Rigel. We continued to focus on commercial expansion and execution, achieving record net product sales of $144.9 million, an increase of 39% compared to the previous year. This financial achievement reflects our commitment to financial discipline, as we recorded a full-year net income exceeding $17 million, coupled with a rise in our cash reserves by more than $20 million.” This financial success provides Rigel with the capability to advance its pipeline of innovative drug development programs in 2025.
Notably, Rigel has received Fast Track designation from the FDA for R289, a novel dual IRAK1/4 inhibitor, for the treatment of previously-treated transfusion-dependent lower-risk myelodysplastic syndromes (MDS). This designation, alongside the Orphan Drug designation for MDS, underscores the therapeutic potential of R289 and Rigel's commitment to developing valuable treatments for serious conditions.
Business Update
Rigel's commercial activities during the fourth quarter illustrated robust performance. Significant shipments were observed across all products, with TAVALISSE, REZLIDHIA, and GAVRETO experiencing increased demand. For instance, TAVALISSE alone saw 2,855 bottles shipped to patients and clinics, showcasing its leading presence in the market.
Moreover, external partnerships have proven beneficial for Rigel's growth. Kissei Pharmaceutical announced the recent approval of TAVALISSE for chronic ITP treatment in Korean markets, enabling Rigel to secure an additional regulatory milestone payment of $3 million. Meanwhile, approvals in Mexico have broadened the availability of TAVALISSE, reflecting Rigel's effective collaboration strategies.
Clinical Development Initiatives
Rigel continues to progress in its clinical development initiatives, specifically for R289. The ongoing Phase 1b clinical study is making headway, exploring safety and preliminary efficacy in lower-risk MDS patients, demonstrating positive outcomes at various dose levels. The company presented initial positive data at the recent American Society of Hematology (ASH) Annual Meeting, indicating well-tolerated results and significant potential for future treatments.
In addition, Rigel has expanded its strategic collaboration with the University of Texas MD Anderson Cancer Center, involving several pivotal studies focusing on various hematologic malignancies. The inclusion of olutasidenib in the National Comprehensive Cancer Network® guidelines further solidifies its therapeutic relevance in treating MDS.
Financial Overview
In terms of financial health, total costs and expenses for Q4 2024 reached $40.9 million, up from $33.8 million from the previous year. This increase is primarily attributed to rising research and development costs, personnel-related costs, and enhancements in commercial activities. Despite these increases, Rigel reported a notable reduction in cumulative losses, ending 2024 with a net income of $17.5 million, a significant turnaround from a loss of $25.1 million in the preceding year.
Rigel's outlook for 2025 remains optimistic, projecting total revenues to fall within the $200 to $210 million range, indicating a maintained trajectory of growth and investment in innovative clinical development programs.
As Rigel Pharmaceuticals steadily solidifies its footing in the biotechnology realm, the commitment to both commercial success and rigorous clinical advancement continues to pave the way for future innovations aimed at alleviating the burdens of hematologic disorders and cancers.
Topics Health）
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