Start here if you're new
what it is
Rigel sells approved drugs for blood and cancer disorders.
how it gets paid
Last year Rigel Pharma made $294M in revenue. TAVALISSE / TAVLESSE was the main engine at $110M, or 37% of sales.
why it's growing
Revenue grew 64.1% last year. Revenue was up 223% vs. prior year, and EPS was up 268%.
what just happened
Rigel posted $224M in quarterly revenue, while EPS reached $5.38.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
6.9x trailing p/e — the market's not buying it — or you found a deal
38.5% return on capital — every dollar works hard here
$0.99 fy2024 eps est
xvary composite: 46/100 — below average
What they do
Rigel sells approved drugs for blood and cancer disorders.
You own three approved drugs, not one science project. TAVALISSE is the only approved oral SYK inhibitor, which means it blocks one immune signal doctors can actually write down. With 162 employees, Rigel is focused enough to sell, not spread itself thin.
How they make money
$294M
annual revenue · their business grew +64.1% last year
TAVALISSE / TAVLESSE
$110M
REZLIDHIA
$72M
GAVRETO
$50M
Other revenue
$62M
The products that matter
ITP treatment drug
TAVALISSE
$232M net product sales base
This is the commercial core inside the portfolio that pushed net product sales to $232M in 2025, up 60% from last year. If the base business is going to defend the stock, it starts here.
commercial core
AML treatment drug
REZLIDHIA
part of $65.4M Q4 net sales
Rigel ended 2025 with record quarterly net sales of $65.4M. That proves the approved portfolio is doing real work. The catch is that management still guided 2026 below the recent revenue base.
approved asset
investigational pipeline drug
R289
phase 1b · data by end of 2026
This is the next thing that could matter. Preliminary phase 1b dose-expansion data is expected by the end of 2026, and it is not FDA-approved. Until then, you are mostly underwriting the current drug base.
catalyst watch
Key numbers
6.9x
trailing p/e
You pay 6.9 times earnings. That is cheap only if the drug sales keep showing up.
42.6%
operating margin
Rigel keeps 42.6 cents of operating profit from each revenue dollar. Most small biotechs are still losing cash.
38.5%
return on capital
The company turns invested capital into profit at 38.5%. That is strong for a 162-person business.
$30M
long-term debt
Debt is only $30M, or 6% of capital. That leaves room for mistakes.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $30M (6% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RIGL right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Rigel posted $224M in quarterly revenue, while EPS reached $5.38.
Revenue was up 223% vs. prior year, and EPS was up 268%. That is a biotech business acting like a commercial one.
$224M
revenue
$5.38
eps
223%
revenue growth
revenue
The $224M quarter mattered because it was 223% above last year.
source: company earnings report, 2026
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What could go wrong
Rigel's risk profile is unusually specific: management just put out a 2026 guide that sits below the current $294M revenue base, while SG&A still runs above revenue. You do not need a macro lecture here. You need the company to prove 2025 was not a one-year spike.
high
2026 guidance says growth just hit the brakes
Guidance of $275M–$290M compares with the recent $294M revenue base. That is a 2%–7% step down right after a year when revenue grew 53.4%.
If sales slip toward the low end, the stock does not stay cheap because of earnings. It stays cheap because earnings stop looking durable.
high
The operating model still eats the gross margin
Gross margin is 93.1%, but SG&A runs at 115.4% of revenue. Put those numbers side by side and the problem is obvious: good drugs are being asked to carry a very expensive commercial structure.
Even a decent revenue year can feel disappointing if costs do not come down with it.
med
R289 is a catalyst, not a cash flow stream
Preliminary phase 1b dose-expansion data is expected by the end of 2026. Until then, the pipeline contributes hope and optionality, not approved-product revenue.
If the readout slips or disappoints, you lose the cleanest argument for a second growth engine.
med
The stock can punish you even when the business is merely mixed
Price stability is 5 / 100, and the 52-week range is $16–$52. That is a very wide band for a company with a $479M market cap.
You can be right about the direction of the business and still have a rough experience with the stock path.
The bear case is not complicated. Revenue drifts below the current guide, SG&A stays bloated, and R289 stays too far away to matter. Then the 6.9x multiple stops looking cheap and starts looking descriptive.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Revenue versus the $275M–$290M guide
This is the cleanest scoreboard. If quarterly results start tracking above that range, the slowdown narrative weakens fast. If they slip below it, the market was early, not wrong.
calendar
Q1 2026 earnings report
Estimated for May 5, 2026. Consensus EPS is $0.22, but the real question is whether product sales support or challenge the full-year revenue guide.
risk
SG&A discipline
Here is the thing: a 93.1% gross margin business should not feel this tight. Any sign SG&A is coming down would matter more than a polished headline.
trend
R289 data timing
Preliminary phase 1b dose-expansion data is expected by the end of 2026. Watch timing as closely as the data itself. Delays are information too.
Analyst rankings
earnings predictability
20 / 100
Low score. In human-speak, analysts do not trust the earnings path to stay smooth.
risk rank
3
Middle of the pack on paper. The 5 / 100 price stability says the stock itself is anything but calm.
balance sheet strength
B
Adequate financial footing. You are not staring at a balance-sheet emergency, but you are not buying a fortress either.
source: institutional data
Institutional activity
institutional ownership data for RIGL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$42
current price
n/a
target midpoint · n/a from current
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