Rigel Pharmaceuticals — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues for the third quarter ended September 30, 2026, were $80.9 million, compared to $69.5 million in the same period of 2025.
• Net product sales were $72.3 million, a 13% increase from $64.1 million in Q3 2025.
• Contract revenues from collaborations were $8.6 million, compared to $5.4 million in Q3 2025.
• Net income was $13.2 million ($0.70 basic and $0.65 diluted per share), compared to $27.9 million ($1.55 basic and $1.46 diluted per share) in Q3 2025.
• Total costs and expenses were $63.8 million, up from $41.0 million in Q3 2025, driven by higher R&D costs, cost of product sales, and commercial expenses.
• For the nine months ended September 30, 2026, total revenues were $218.4 million, compared to $224.5 million in the same period of 2025.
• Net income for the nine months ended September 30, 2026, was $39.1 million ($2.11 basic and $1.97 diluted per share), compared to $99.0 million ($5.52 basic and $5.38 diluted per share) in the prior year period, which included $40.0 million in non-cash revenue from an Eli Lilly collaboration.
• Cash, cash equivalents, and short-term investments were $99.3 million as of September 30, 2026, down from $155.0 million as of December 31, 2025.
• Product-specific sales for the quarter: TAVALISSE ($46.0 million, +3% YoY), REZLIDHIA ($9.9 million, +20% YoY), GAVRETO ($9.8 million, -11% YoY), and VEPPANU ($6.6 million).
• Product-specific sales for the nine months: TAVALISSE ($130.6 million, +15% YoY), REZLIDHIA ($26.9 million, +25% YoY), GAVRETO ($30.1 million, -6% YoY), and VEPPANU ($6.6 million).

Guidance and Future Outlook:

• Updated 2026 total revenue guidance is approximately $290 to $295 million, revised from a previous range of $285 to $295 million.
• Updated 2026 net product sales guidance is approximately $255 to $260 million, excluding VEPPANU.
• Updated 2026 contract revenue guidance is approximately $35 million, revised from $30 million.
• The company anticipates reporting positive net income for the full year 2026 while funding existing and new clinical development programs.

Business Segments and Product Lines:

• VEPPANU (vepdegestrant) became commercially available on August 13, 2026, generating $6.6 million in initial net product sales in the third quarter.
• VEPPANU is the first and only FDA-approved PROTAC for ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer.
• In the first six weeks of launch, VEPPANU was shipped to more than 100 patients and clinics with observed refills.
• Partner Knight Therapeutics received regulatory approval from Colombia's INVIMA for TAVALISSE in September 2026.
• Knight commercially launched TAVALISSE in Brazil in October 2026.
• R289, a dual IRAK1/4 inhibitor, is in a Phase 1b study for lower-risk MDS, with enrollment expected to complete and the recommended Phase 2 dose selected by the end of 2026.
• Updated data from the R289 Phase 1b study will be presented at the ASH Annual Meeting in December.
• Clinical data for pralsetinib (GAVRETO) from the ARROW and TAPISTRY trials was presented at ESMO 2026 and the 2026 ATA Annual Meeting, showing an overall response rate of 83.7% and median progression-free survival of 30.3 months in RET fusion-positive thyroid cancer.

Market and Competitive Landscape:

• VEPPANU addresses a market where up to 50% of patients with endocrine-resistant ER+/HER2- breast cancer acquire ESR1 mutations.
• TAVALISSE addresses the unmet need for chronic ITP patients who have insufficient response to corticosteroids and intravenous immunoglobulin.
• GAVRETO targets RET fusion-positive non-small cell lung cancer and thyroid cancer, with RET fusions implicated in 1-2% of NSCLC patients.
• R289 targets relapsed or refractory lower-risk MDS, an area with well-tolerated treatment options remaining an unmet need.

Risks and Challenges:

• Forward-looking statements highlight risks regarding commercialization and marketing of VEPPANU, TAVALISSE, REZLIDHIA, and GAVRETO, including physician adoption, patient demand, and market acceptance.
• Risks include reliance on third parties (Arvinas, Pfizer) for VEPPANU development, manufacturing, and commercialization.
• Clinical development risks include potential delays, failure to enroll patients, or results that do not match preclinical findings or preliminary data.
• Regulatory risks include adverse decisions on study designs, dose selection, approvals, or continued marketing.
• Financial risks include variability in product sales, collaboration revenues, and expenses affecting profitability.

Management Commentary and Tone:

• Raul Rodriguez, President and CEO, described the VEPPANU launch as an "exciting and transformational milestone" and expressed pleasure with the initial uptake.
• Management stated priorities are to build on the VEPPANU launch and advance R289 in lower-risk MDS.
• Management believes VEPPANU and R289 have significant commercial potential to transform Rigel and drive long-term shareholder value.

Other Key Points:

• Contract revenues in Q3 2026 included $3.8 million from Grifols, $3.2 million from Kissei, $0.3 million from Medison, and $1.3 million from other parties.
• Contract revenues for the nine months 2026 included $10.8 million from Kissei (including a $4.0 million regulatory milestone), $10.5 million from Grifols, and $0.9 million from Medison.
• The prior year period (nine months 2025) included $40.0 million in non-cash revenue from the release of a cost share liability with Eli Lilly and a $3.0 million regulatory milestone for TAVALISSE in the Republic of Korea.
• A live conference call and webcast were scheduled for November 5, 2026, at 4:30 p.m. Eastern Time.