Rigel Pharmaceuticals ( (RIGL) ) has released its Q3 earnings. Here is a breakdown of the information Rigel Pharmaceuticals presented to its investors.
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Rigel Pharmaceuticals, Inc., based in South San Francisco, is a biotechnology company specializing in the development of novel therapies for hematologic disorders and cancer. Founded in 1996, Rigel is known for its focus on innovative treatments for serious medical conditions.
In its third-quarter 2024 earnings report, Rigel Pharmaceuticals announced significant financial and operational milestones, marked by strong revenue growth and strategic advancements in its development pipeline. The company highlighted the commercial success of its products, particularly following the acquisition of GA VRETO, and a promising new agreement with Kissei Pharmaceuticals.
Rigel reported total revenue of $55.3 million for the third quarter, with significant contributions from its products TAVALISSE, REZLIDHIA, and GA VRETO. The company achieved net income of $12.4 million, a notable improvement from a net loss in the same period last year. The recent agreement with Kissei to develop and commercialize REZLIDHIA in Asia further strengthens its international presence and revenue potential. Additionally, Rigel continues to advance its clinical studies, including promising results from the Phase 1b study of R289.
The strategic acquisition of GA VRETO has expanded Rigel’s commercial portfolio, contributing to a diversified revenue stream. The company has successfully transitioned patients to its GA VRETO therapy, with a focus on further patient transitions in the upcoming quarter. Rigel’s collaboration with MD Anderson Cancer Center on a new triplet therapy trial for AML patients marks another significant step in its development efforts.
Looking ahead, Rigel Pharmaceuticals remains optimistic about sustaining its growth trajectory. The management emphasizes ongoing momentum in their commercial portfolio and development pipeline, with a continued focus on financial discipline to support future expansion and innovation in hematology and oncology therapies.
