Quarterly ResultMay 5, 2026, 04:10 PM
Rigel Q1 Revenue $58.8M, Net Income $8.6M; Lilly Agreement Terminated
AI Summary
Rigel Pharmaceuticals reported increased total revenues and product sales for the first quarter ended March 31, 2026, reaching $58.818 million and $54.923 million respectively. However, net income decreased to $8.654 million from $11.446 million in the prior year period, and diluted EPS also declined. The company also announced the termination of its global exclusive license agreement with Eli Lilly and Company, effective June 15, 2026, which will cease future milestone and royalty payments from that collaboration.
Key Highlights
- Total revenues increased to $58.818 million for Q1 2026, up from $53.333 million in Q1 2025.
- Product sales, net, rose to $54.923 million in Q1 2026 from $43.550 million in Q1 2025.
- Net income decreased to $8.654 million for Q1 2026, compared to $11.446 million in Q1 2025.
- Diluted EPS was $0.44 in Q1 2026, down from $0.63 in Q1 2025.
- Cash, cash equivalents, and short-term investments totaled $146.7 million as of March 31, 2026.
- Net cash provided by operating activities was $2.725 million in Q1 2026, compared to net cash used of $0.893 million in Q1 2025.
- Lilly Agreement for ocadusertib will terminate effective June 15, 2026, impacting future milestones and royalties.