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1. Company Snapshot

1.a. Company Description

Rigel Pharmaceuticals, Inc., a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases.The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.It also develops Fostamatinib that is in phase III clinical trial for the treatment of warm autoimmune hemolytic anemia; phase III clinical trial for the treatment of hospitalized COVID-19 patients; and phase III clinical trial for the treatment of COVID-19.


In addition, the company is developing R289, an oral interleukin receptor associated kinase 1/4 inhibitor, which is in phase I clinical trial for autoimmune, inflammatory, and hematology-oncology diseases; and R552, a receptor-interacting serine/threonine-protein kinase 1 inhibitor that has completed phase I clinical trial for autoimmune and inflammatory diseases.It has research and license agreements with AstraZeneca AB for the development and commercialization of R256, an inhaled JAK inhibitor; BerGenBio AS for the development and commercialization of AXL inhibitors in oncology; and Daiichi Sankyo to develop murine double minute 2 inhibitors for solid and hematological malignancies, as well as license and supply agreement with Kissei Pharmaceutical Co., Ltd.to develop and commercialize Fostamatinib.


The company also has a license agreement and strategic collaboration with Eli Lilly and Company to co-develop and commercialize R552 for various indications, including autoimmune and inflammatory diseases, as well as other non-central nervous system (non-CNS) disease development candidates.Rigel Pharmaceuticals, Inc.was incorporated in 1996 and is headquartered in South San Francisco, California.

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1.b. Last Insights on RIGL

Rigel Pharmaceuticals' recent performance has been driven by strong sales growth, particularly from Tavalisse, Rezlidhia, and Gavreto. The company's Q3 2025 earnings beat expectations, with revenue of $69.5 million and net income of $27.9 million. Its commercial momentum and raised 2025 guidance have fueled optimism. Additionally, Rigel's upgraded Zacks Rank to Strong Buy reflects growing confidence in its earnings prospects. The company's diversification and pipeline progress, including its Phase 1b study of R289, offer long-term growth potential.

1.c. Company Highlights

2. Rigel Pharmaceuticals' Q3 2025 Earnings: A Strong Performance

Rigel Pharmaceuticals reported a robust financial performance in Q3 2025, with total revenue reaching $69.5 million, driven primarily by record net product sales of $64.1 million, a 65% year-over-year increase. The company's net income stood at $27.9 million, and earnings per share (EPS) came in at $1.46, significantly beating estimates of $0.93. The strong revenue growth was largely attributed to the company's commercial products, including TAVALISSE, GAVRETO, and REZLIDHIA. As a result, the company raised its 2025 revenue guidance to $285 million to $290 million, up from the previous range of $270 million to $280 million.

Publication Date: Nov -29

📋 Highlights

Commercial Performance

The commercial team at Rigel Pharmaceuticals delivered a record quarter, with net product sales growing 65% year-over-year to $64.1 million. This growth was driven by the company's dedicated commercial execution and momentum in its commercial portfolio. The company's focus on driving sales of its commercial products is expected to continue, with updated net product sales expectations ranging from $225 million to $230 million for 2025.

Pipeline Updates

Rigel Pharmaceuticals is making progress in its development pipeline, including the ongoing Phase Ib study of R289 in patients with lower-risk MDS. Lisa Rojkjaer, Chief Medical Officer, noted that the company is pleased with the preliminary activity and safety profile of R289 and plans to continue through dose expansion before determining the next steps. The company is also advancing its CONNECT studies for olutasidenib and has a strategic collaboration with Eli Lilly for the development of ocadusertib.

Valuation and Outlook

With a P/E Ratio of 8.04 and an EV/EBITDA of 7.45, Rigel Pharmaceuticals' valuation appears reasonable considering its strong growth prospects. Analysts estimate revenue growth at 0.2% for next year, indicating a moderate growth outlook. Given the company's robust financial performance in Q3 2025 and its updated revenue guidance, investors may be encouraged by the company's prospects. The company's ROE of 204.7% and ROIC of 66.04% also indicate strong profitability.

Future Expectations

Investors will be looking forward to updates from Rigel Pharmaceuticals at the ASH meeting in December, where the company is expected to present data on R289 in lower-risk MDS patients. With a strong cash position of $137.1 million, the company is well-positioned to continue investing in its development pipeline and commercial products, driving future growth and profitability.

3. NewsRoom

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Rigel Pharma: Q3 Earnings Showcase Robust Growth

Nov -26

Source: seekingalpha.com

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Rigel to Present at the Piper Sandler 37th Annual Healthcare Conference

Nov -26

Source: prnewswire.com

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Eli Lilly Partner And Cancer Treatment Maker Nears Buy Point

Nov -17

Source: investors.com

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Rigel Announces Publication of Final 5-year Data on REZLIDHIA® (olutasidenib) in Patients with R/R mIDH1 AML in the Journal of Hematology & Oncology

Nov -17

Source: prnewswire.com

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Rigel to Present at the Jefferies Global Healthcare Conference in London

Nov -12

Source: prnewswire.com

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All You Need to Know About Rigel (RIGL) Rating Upgrade to Strong Buy

Nov -06

Source: zacks.com

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Rigel Pharmaceuticals, Inc. (RIGL) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Rigel Pharmaceuticals (RIGL) Tops Q3 Earnings and Revenue Estimates

Nov -04

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Novel Therapies

Expected Growth: 9.27%

Rigel Pharmaceuticals' 9.27% growth is driven by increasing adoption of its novel therapies, particularly fostamatinib in immune thrombocytopenia and autoimmune hemolytic anemia. Strong clinical trial results, expanded label indications, and growing commercial presence in the US and Europe contribute to the company's rapid expansion.

7. Detailed Products

TAVALISSE

An oral spleen tyrosine kinase (SYK) inhibitor for the treatment of adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.

REZLIDHIA

An oral, small molecule inhibitor of the methyltransferase activity of the enhancer of zeste homolog 2 (EZH2) for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) and marginal zone lymphoma (MZL).

Fostamatinib

An oral spleen tyrosine kinase (SYK) inhibitor for the treatment of chronic immune thrombocytopenia (ITP) and other hematological disorders.

8. Rigel Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Rigel Pharmaceuticals, Inc. operates in a highly competitive industry, but the threat of substitutes is moderate due to the high barriers to entry and the complexity of the products.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Rigel Pharmaceuticals, Inc.'s products and the lack of alternative options.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for pharmaceutical products and the increasing number of biotech companies entering the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the highly competitive nature of the pharmaceutical industry and the presence of multiple players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 189.69%
Debt Cost 9.20%
Equity Weight -89.69%
Equity Cost 9.20%
WACC 9.20%
Leverage -211.49%

11. Quality Control: Rigel Pharmaceuticals, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Rigel Pharma

A-Score: 5.7/10

Value: 6.1

Growth: 8.0

Quality: 9.1

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Fulcrum Therapeutics

A-Score: 5.4/10

Value: 6.8

Growth: 8.0

Quality: 6.4

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

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Arbutus Biopharma

A-Score: 4.4/10

Value: 6.0

Growth: 4.0

Quality: 3.9

Yield: 0.0

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
EyePoint Pharmaceuticals

A-Score: 3.7/10

Value: 6.6

Growth: 2.3

Quality: 4.9

Yield: 0.0

Momentum: 7.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Lipocine

A-Score: 3.6/10

Value: 8.2

Growth: 6.9

Quality: 3.0

Yield: 0.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Clearside Biomedical

A-Score: 3.3/10

Value: 8.4

Growth: 3.6

Quality: 6.1

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

48.92$

Current Price

48.92$

Potential

-0.00%

Expected Cash-Flows