Rigel maintains 2026 guidance after EPS miss, highlights R289 MDS opportunity

 

Rigel grows Q1 net product sales 26%, maintains 2026 guidance after EPS miss, highlights R289 MDS opportunity

• Q1 net product sales $54.9m, +26% YoY; total revenue $58.8m, +10% YoY, seasonally affected.
• TAVALISSE led with $37.3m sales, +31% YoY, benefiting from stronger demand and improved gross-to-net dynamics.
• GAVRETO and olutasidenib each grew 7–31% YoY, though GAVRETO growth is now relatively stable.
• Q1 2026 non-GAAP EPS $0.44, missing estimates, down 30% YoY; net income $8.7m vs $11.4m on higher spending.
• 2026 revenue guidance $275–290m and net product sales $255–265m were maintained; profitability reaffirmed.
• R289 Phase Ib expansion in lower-risk MDS progressing; top-line data expected by year-end 2026.
• Earlier R289 data showed 33% transfusion independence ≥8 weeks in heavily pretreated MDS patients.
• Lilly will terminate RIPK1 collaboration effective June 2026; no revenue from this collaboration is assumed in guidance.
• Debt refinanced: $40m term loan repaid, replaced with $40m revolver, of which $8m has been drawn.
• Management pursuing late-stage hematology-oncology in-licensing for 2026–2028 launches, leveraging existing commercial infrastructure.
• Main concern: R289 must deliver compelling MDS data to justify a pivotal trial and sustain growth.
• Mixed quarter, driven by strong TAVALISSE growth but higher spending and business-development changes.

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