• Total Revenue for 2024: $145 million, a 39% increase over 2023.
• Net Product Sales for Q4 2024: $46.5 million, a 58% growth year over year.
• TAVALISSE Net Product Sales for Q4 2024: $31 million, a 21% increase year over year.
• REZLIDHIA Net Product Sales for Q4 2024: $7.4 million, a 92% increase year over year.
• GAVRETO Net Product Sales for Q4 2024: $8.1 million.
• Full Year Net Income for 2024: $17.5 million, compared to a net loss of $25.1 million in 2023.
• Cash, Cash Equivalents, and Short-term Investments at End of 2024: $77.3 million, up from $56.9 million at the end of 2023.
• Expected Total Revenue for 2025: $200 million to $210 million.
• Expected Net Product Sales for 2025: $185 million to $192 million.

• Warning! GuruFocus has detected 3 Warning Signs with RIGL.

Release Date: March 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Rigel Pharmaceuticals Inc (NASDAQ:RIGL) achieved record commercial portfolio sales of $145 million in 2024, marking a 39% growth over 2023.
• The company successfully transitioned GAVRETO into its portfolio, contributing $17.1 million in net product sales since June 2024.
• Rigel Pharmaceuticals Inc (NASDAQ:RIGL) reported its first full year of net income at $17 million, with a cash balance increase of over $20 million.
• The company expanded its international presence with regulatory approvals for TAVALISSE in Mexico and Korea.
• Rigel Pharmaceuticals Inc (NASDAQ:RIGL) made significant progress in its development pipeline, including the ongoing Phase 1b study of R289 and strategic collaborations for olutasidenib.

Negative Points

• The company's revenue guidance for 2025 appears conservative, with a projected 28% to 32% growth, which some analysts find modest.
• There is uncertainty regarding the duration of therapy for REZLIDHIA, with no specific data shared during the call.
• The transition of GAVRETO patients to Rigel Pharmaceuticals Inc (NASDAQ:RIGL) label product is ongoing, with no specific data on the percentage of patients transitioned.
• The company faces challenges in expanding its sales force and infrastructure to accommodate new assets and early launch stages.
• Rigel Pharmaceuticals Inc (NASDAQ:RIGL) is still in the early stages of planning its glioma program, with no finalized study design or strategy shared.

Q & A Highlights

Q: Can you provide more details on the product revenue guidance for 2025, which seems conservative based on Q4 2024 results? A: Dean Schorno, CFO, explained that the net revenue guidance for 2025 is $185 million to $192 million. The Q4 2024 net product sales of $46.5 million included a $4.5 million inventory build, which is typical for year-end. Normalizing this, the guidance reflects a 30% year-over-year growth in net product sales.

Q: Do you have any data on the duration of therapy for REZLIDHIA? A: David Santos, Chief Commercial Officer, stated that while specific data wasn't shared, there is significant room for growth. The focus is on increasing awareness and adoption, particularly for patients who have failed first-line therapy with venetoclax, which should improve duration over time.

Q: How successful was the transition of GAVRETO patients to Rigel's label product? A: David Santos confirmed that the transition was highly successful, with no loss of patients. The Q4 sales of $8.1 million exceeded the previous annual run rate of $28 million, indicating both retention and acquisition of new patients.

Q: What drove the increase in TAVALISSE sales in Q4 2024? Was it due to volume or pricing? A: David Santos clarified that the increase was entirely due to volume, with no price increase in Q4. The quarter saw the highest demand ever, driven by new patient starts and consistent growth in bottles shipped to patients and clinics.

Q: Can you provide insights into the planned expansion phase of the R289 Phase 1 study? A: Lisa Rojkjaer, Chief Medical Officer, mentioned that the expansion phase will begin after completing the current dose level enrollment. The selection of doses for expansion will be based on safety, PK, PD, and activity data, with plans to enroll up to 20 patients per arm for robust dose determination.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.