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Mar 31, 2021
Rigel Q1 2021 Earnings Report
Reported financial results for the first quarter ended March 31, 2021, including TAVALISSE sales and business updates.
Key Takeaways
Rigel Pharmaceuticals reported a net income of $39.5 million for the first quarter of 2021, with total revenues of $81.0 million. The company is advancing its clinical programs, including fostamatinib for COVID-19 and IRAK1/4 program.
Reported positive topline data from the Phase 2 trial of fostamatinib in hospitalized patients with COVID-19.
Partnered with Eli Lilly for RIP1 inhibitor program.
Awarded $16.5 million from the U.S. Department of Defense to support Phase 3 clinical trial of fostamatinib in hospitalized patients with COVID-19.
FORWARD study has enrolled 72 of 90 patients as of May 5, 2021.
Rigel
Rigel
Rigel Revenue by Segment
Revenue by Segment
Contract revenues from collaborations Revenue
CapyFin.com Forward Guidance
Rigel is focused on advancing its clinical programs and partnering efforts. The company is planning for the initiation of a Phase 2 clinical trial with Lilly. Rigel is also advancing the development of its IRAK1/4 program.
Positive Outlook
- Potential for TAVALISSE to be the first to market therapy for patients with wAIHA.
- FDA has granted Fast Track designation as well as Orphan Drug designation to TAVALISSE for the treatment of wAIHA.
- Positive topline data from the Phase 2 trial of fostamatinib in hospitalized patients with COVID-19.
- Partnership with Eli Lilly for RIP1 inhibitor program.
- Awarded $16.5 million from the U.S. Department of Defense to support Phase 3 clinical trial of fostamatinib in hospitalized patients with COVID-19.
Challenges Ahead
- Typical first quarter reimbursement issues such as the resetting of co-pays and the Medicare donut hole.
- Physician and patient access issues created by the COVID-19 pandemic.
- Net product sales were negatively impacted by a significant 235 bottle decrease in bottles remaining in its distribution channels compared to Q4 2020.
- COVID-19 pandemic may result in further delays in Rigel's studies, trials and sales.
- Risks that the FDA, EMA or other regulatory authorities may make adverse decisions regarding fostamatinib.