Rigel Q1 2021 Earnings Report
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.
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Rigel Revenue by Segment
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.