Rigel Pharmaceuticals reports 40% increase in net product sales in Q2, driven by new therapies.

From Investing: 2024-08-09 18:52:29

Rigel Pharmaceuticals reported a 40% increase in net product sales, reaching $33.5 million in the second quarter of 2024. The successful commercial launch of GAVRETO, a therapy for certain cancers, contributed to this growth, along with strong sales of TAVALISSE and REZLIDHIA. Clinical trials on IRAK1 and 4 inhibitor R289 and RIPK1 inhibitor programs are also progressing.

GAVRETO, a newly approved therapy for specific cancers, was successfully transitioned to commercial availability by Rigel Pharmaceuticals in the second quarter of 2024. The company achieved record sales with TAVALISSE and REZLIDHIA, amounting to $26.4 million and $5.2 million, respectively. Clinical updates on R289 and RIPK1 inhibitor programs with Lilly show continued progress.

Rigel projects continued strong growth in net product sales into the third quarter of 2024, nearing financial break-even. The company’s focus on operational efficiency and successful commercial launch of GAVRETO, along with record-breaking sales for existing products, indicates a positive outlook. Clinical trial updates on R289 and RIPK1 programs further reinforce Rigel’s position in the market.

Rigel Pharmaceuticals’ financial results for the second quarter of 2024 show significant sales growth, driven by the successful commercial launch of GAVRETO and strong performance of TAVALISSE and REZLIDHIA. Clinical trials on R289 and RIPK1 inhibitor programs are progressing well, positioning the company for continued success in the market. Management remains optimistic about future prospects and patient impact.



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