Q2 2024 Rigel Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Rigel Pharmaceuticals Inc (RIGL) reported a 40% increase in net product sales, reaching $33.5 million in Q2 2024 compared to $23.9 million in Q2 2023.
- The addition of GAVRETO to the product portfolio has been successful, contributing nearly $2 million in early sales.
- Tavalisse achieved its seventh consecutive quarterly record high with $26.4 million in net product sales, a 24% increase from Q1 2024.
- REZLIDHIA sales doubled compared to the same period last year, reaching $5.2 million in Q2 2024.
- The company is nearing financial breakeven, which will allow for reinvestment in business and pipeline programs.
- Despite the growth, Rigel Pharmaceuticals Inc (RIGL) still faces significant competition in the market, particularly with new approvals like baricitinib for glioma.
- The company has not yet provided revenue guidance for the coming years, which may create uncertainty for investors.
- There are ongoing risks and uncertainties related to regulatory and product development that could impact future results.
- The cost of product sales increased due to higher amortization of intangibles and royalties, as well as increased personnel-related costs.
- The company is still in the early stages of some clinical trials, such as the Phase 1b trial for R289, which means it will take time to see results and potential market impact.
Greetings, and welcome to Rigel Pharmaceuticals financial conference call for the second-quarter 2024. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce our first speaker, Ray Furey, Rigel's Executive Vice President, General Counsel and Corporate Secretary. Thank you, Mr. Furey. You may begin.
Welcome to our second-quarter 2024 financial results and business update conference call. Financial press release for the second quarter of 2024 was issued a short while ago, and can be viewed along with the slides for this presentation in the News and Events section of our Investor Relations site on rigel.com.
As a reminder, during today's call, we may make forward-looking statements regarding our financial outlook and our plans and timing for regulatory and product development. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecast.
A
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
