Rigel Pharmaceuticals (NASDAQ:RIGL) Announces Strong Financial Results for Third Quarter 2024

Rigel Pharmaceuticals, a renowned biotechnology company focusing on hematologic disorders and cancer, recently published its financial results for the third quarter ended September 30, 2024. The company revealed total revenues of $55.3 million for the quarter, attributing this success to various factors, including significant product sales in its portfolio.

Among the key highlights shared by Rigel was the acknowledgment of revenue growth in its commercial products, including TAVALISSE, REZLIDHIA, and GAVRETO. The company’s success was further accentuated by the agreement with Kissei, allowing the development and commercialization of REZLIDHIA in specific international markets.

Moreover, Rigel provided updates on its ongoing Phase 1b clinical study evaluating R289, a promising dual IRAK1/4 inhibitor. The company also hinted at forthcoming data presentations at the 66th ASH Annual Meeting, shedding light on essential developments in its hematology and oncology portfolio.

The quarter was marked by Rigel achieving a net income of $12.4 million, a significant turnaround compared to the corresponding period in 2023. The positive financial results were driven by robust product sales, proactive commercial efforts, and disciplined financial strategies.

Looking ahead, Rigel expressed its commitment to maintaining momentum in both its commercial portfolio and development pipeline. The company’s proactive approach to advancing its product offerings and prioritizing financial discipline have evidently borne fruit, reflected in the successful financial outcomes of the third quarter.

Rigel Pharmaceuticals emphasized that the information shared, including the financial results and operational updates, should not be considered as “filed” for the Securities Exchange Act of 1934, nor subject to any liabilities associated with the aforementioned regulations.

The company further showcased a comprehensive summary of its financial results, underlining the growth in product sales, incurred costs and expenses, and financial parameters shaping its performance. Rigel Pharmaceuticals remains dedicated to delivering novel therapies that substantially enhance patient outcomes in hematologic disorders and cancer, driving innovation and excellence in the biotechnology sector.

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.

Rigel Pharmaceuticals Company Profile

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.