Rigel Pharmaceuticals Inc (RIGL) · Nov 5, 2026 · Earnings
Miss — Diluted EPS $0.65 vs ~$0.92 consensus; revenue $80.9M vs ~$80.1M
Rigel’s third-quarter earnings beat revenue expectations but missed on EPS as VEPPANU launched and R&D and commercial costs climbed.
Rigel is transitioning from a three-drug commercial portfolio into a broader oncology platform, with VEPPANU newly launched and R289 positioned as its next clinical growth driver. The quarter shows early commercial traction, but the launch is currently adding more cost pressure than earnings power.
Revenue slightly beat expectations, but the earnings miss matters more. Total revenue was $80.9 million versus published consensus of roughly $80.1 million, while diluted EPS was $0.65 versus roughly $0.92 expected. VEPPANU contributed $6.6 million in its first partial quarter, and total product sales rose 13% year over year.
| Q3 2026 | Q3 2025 | Consensus / prior guide | |
|---|---|---|---|
| Total revenue (Financial Highlights) | $80.9M | $69.5M | ~$80.1M consensus |
| Diluted EPS (Income Statement) | $0.65 | $1.46 | ~$0.92 consensus |
| Product sales (Financial Highlights) | $72.3M (+13%) | $64.1M | |
| Total costs and expenses (Income Statement) | $63.8M (+55%) | $41.0M | |
| FY26 total revenue guide (Updated Outlook) | $290–295M | $285–295M prior guide |
The launch is real, but not yet earnings-accretive. VEPPANU generated $6.6 million after becoming commercially available on August 13, providing an initial proof point for demand. But costs rose much faster than sales: research and development increased for the R289 and vepdegestrant programs, while commercial and personnel expenses also climbed. The result was a 55% increase in total costs and expenses and a 53% decline in quarterly net income. 〔0〕
Management raised the full-year revenue floor despite excluding VEPPANU from the product-sales component. The 2026 total revenue outlook moved from $285–295 million to $290–295 million, with collaboration revenue raised to approximately $35 million from $30 million and non-VEPPANU product sales narrowed to $255–260 million from $255–265 million. That is a modest improvement in the underlying outlook, although it appears driven partly by collaboration revenue rather than a stronger legacy-product forecast.
The established portfolio remains uneven. TAVALISSE grew only 3% in the quarter and GAVRETO declined 11%, while REZLIDHIA grew 20%; VEPPANU therefore needs to become the next growth engine as older products mature. The filing also flags R289 enrollment and Phase 2 dose selection by year-end, with initial expansion data scheduled for ASH in December.
Bottom line: This was a mixed transition quarter that leans slightly negative: VEPPANU produced an encouraging first sales contribution and revenue guidance improved, but the sizable EPS miss shows the launch and pipeline investment are currently consuming the benefit of that growth. The business story is advancing, but profitability is under pressure during the build-out.
R289 Phase 1b data presentation at ASH in December 2026
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