Rigel Pharmaceuticals Reports 62.4% Revenue Growth to $179.3 Million for 2024

Rigel Pharmaceuticals Inc. reported total revenues of $179.3 million for the year ended December 31, 2024, a 62.4% increase compared to $116.9 million in 2023. This increase was driven primarily by growth in net product sales and contract revenues from collaborations. Net product sales totaled $144.9 million, a significant increase of $40.6 million (or 12%) over 2023's $104.3 million. This increase resulted from higher quantities sold and increased price per bottle, partially offset by higher revenue reserves due to increased government and private payor rebates. Contract revenues from collaborations increased by $22.9 million (or 118%), reaching $34.4 million in 2024, primarily due to increased quantities sold and upfront payments from licensing agreements.

The company's three FDA-approved products, TAVALISSE, REZLIDHIA, and GAVRETO, contributed to the revenue growth. Specifically, TAVALISSE generated $104.8 million in net product sales, REZLIDHIA contributed $23.0 million, and GAVRETO, launched in June 2024, generated $17.1 million in net product sales. The company also highlighted its strategic collaborations, including agreements with MD Anderson Cancer Center and CONNECT for expanded evaluation of olutasidenib, and a collaboration with Kissei for exclusive rights to develop and commercialize olutasidenib in Japan, Korea, and Taiwan. A commercial license agreement with Dr. Reddy's Laboratories was also announced, granting exclusive rights to develop and commercialize olutasidenib in Latin America, South Africa, India, Australia, New Zealand, and certain other countries.

Significant operational developments included the advancement of the R289 clinical program, a dual IRAK 1/4 inhibitor, into a Phase 1b study for lower-risk myelodysplastic syndrome (MDS). Initial data from the dose escalation part of this study was presented at the 66th American Society of Hematology (ASH) Annual Meeting and Exposition in December 2024, showing generally good tolerability and preliminary signs of efficacy. R289 also received Fast Track designation from the FDA in November 2024 and orphan drug designation in January 2025. The company also noted the ongoing Phase 2a trial of ocadusertib (RIPK1 inhibitor) in rheumatoid arthritis, a collaboration with Eli Lilly and Company. As of December 31, 2024, Rigel employed 162 full-time and 2 part-time employees.

For the year ended December 31, 2024, Rigel reported income from operations of $24.2 million, a significant improvement compared to a loss in 2023. However, the company acknowledged its history of operating losses and the uncertainty of future profitability. The company's financial performance is dependent on the continued commercial success of its products and the successful development and commercialization of its product candidates. The 10-K filing included extensive discussion of various risks, including competition, regulatory hurdles, manufacturing dependencies, and the potential impact of unforeseen safety issues. The company stated that its existing capital resources are expected to be sufficient to fund operations for at least the next 12 months, but acknowledged the need for additional capital in the future to support its growth plans.