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Dec 31, 2025
Rigel Q4 2025 Earnings Report
Rigel reported strong fourth quarter 2025 revenue growth and operating income, with GAAP net income significantly boosted by a large non-cash deferred tax benefit.
Key Takeaways
Fourth quarter 2025 total revenues were 69802000, driven by 65418000 in net product sales, up 41% year-over-year. Operating income was 23170000, and GAAP net income reached 268065000 primarily due to a 245351000 non-cash deferred income tax benefit.
Total revenues increased to 69802000, up from 57596000 year-over-year.
Net product sales grew 41% year-over-year to 65418000.
Operating income was 23170000, up from 16655000 in Q4 2024.
GAAP net income of 268065000 was driven by a 245351000 non-cash tax benefit.
Revenue by Segment
Forward Guidance
For full year 2026, Rigel expects total revenues of approximately 275000000 to 290000000, including net product sales of 255000000 to 265000000, and anticipates positive net income for the full year.
Positive Outlook
- 2026 total revenues expected between 275000000 and 290000000.
- Net product sales expected between 255000000 and 265000000.
- Company anticipates positive net income in 2026.
- Strong Q4 operating income growth year-over-year.
- Record quarterly net product sales.
Challenges Ahead
- Q4 GAAP earnings heavily influenced by non-cash tax benefit.
- Contract revenues declined year-over-year in Q4.
- R&D expenses increased year-over-year.
- Ongoing clinical development spending required.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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