What happened with RIGL today?
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Rigel Pharmaceuticals’ largest-selling medicine is TAVALISSE, used for adults with chronic immune thrombocytopenia—a disorder involving low platelet counts—after previous treatment has not worked well enough. It also sells REZLIDHIA for certain adults with acute myeloid leukemia that has returned or resisted treatment, and GAVRETO for specified lung and thyroid cancers. The cancer medicines target patients whose tumors have particular genetic changes.
U.S. medicine sales generate most of Rigel’s revenue, with TAVALISSE contributing the majority of product sales. Rigel promotes its medicines to blood-disease and cancer specialists and sells through wholesalers and specialty pharmacies. McKesson is its largest customer, and Cencora also accounts for a substantial share of revenue. Rigel additionally earns drug-supply payments, royalties and milestone payments through overseas partners such as Grifols and Kissei.
The business depends on doctors prescribing its medicines, insurers and government programs covering treatment, and outside manufacturers supplying the drugs. Rigel has no manufacturing facilities of its own. It may promote medicines only for FDA-approved uses and patient groups; GAVRETO’s thyroid-cancer approval is conditional, and continued approval may depend on confirming clinical benefit.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Rigel’s results hinge chiefly on TAVALISSE demand and competition in chronic ITP, while international partner Kissei adds drug-supply revenue, milestones and olutasidenib licensing payments.
Sanofi’s WAYRILZ competes with Rigel’s TAVALISSE to treat chronic immune thrombocytopenia, putting Rigel’s largest product revenue stream under pressure. Watch WAYRILZ’s uptake against TAVALISSE, whose net product sales reached $158.8 million in 2025.
Lilly competes with Rigel through Retevmo against GAVRETO in RET fusion-positive non-small cell lung cancer and advanced thyroid cancers, while also leading their partnered RIPK1 inhibitor development program. Rigel’s decision not to resume sharing development costs released a $40 million liability into non-cash collaboration revenue in 2025—not GAVRETO sales.
Grifols sells Rigel’s fostamatinib as TAVLESSE in Europe and other licensed territories, paying Rigel for drug supplies and royalties. Its phased EU rollout is worth watching: supplies and royalties from Grifols brought Rigel $13.2 million in 2025, versus $9.1 million in 2024.
Syndax Pharmaceuticals’ Revuforj competes for treatment choices in leukemia practices that also use Rigel’s REZLIDHIA, though the drugs serve different mutation-defined groups. Watch Revuforj’s use in relapsed or refractory AML with a susceptible NPM1 mutation; REZLIDHIA treats adults with relapsed or refractory AML with a susceptible IDH1 mutation.
Dr. Reddy’s depends on Rigel to manufacture and supply olutasidenib for development and commercial sale in its licensed international territories. The arrangement brought Rigel a $4 million upfront sublicense fee in 2024; watch olutasidenib’s development and commercialization there for the supply side of the relationship.
Dr. Reddy's Laboratories Limited earningsRDY
Dr. Reddy’s report will show whether its international development and sales of olutasidenib are driving demand for Rigel’s drug supply.
Watch for Dr. Reddy’s updates on olutasidenib development and commercialization, alongside Rigel’s supply revenue from the arrangement. Progress that drives supply would show licensed territories creating demand for Rigel’s product; slower progress or limited sales would point to a weaker supply-revenue path.
Eli Lilly & Co. earningsLLY
Lilly’s report will show whether Retevmo is gaining use in RET-positive cancers where it competes with Rigel’s GAVRETO.
Read Lilly’s update on Retevmo use alongside Rigel’s GAVRETO sales trend; Lilly may not report figures directly comparable between the drugs. Rising Retevmo use would show Lilly gaining ground in the RET-positive cancers they both serve; slowing use would suggest less pressure from this competitor, but would not establish GAVRETO growth.
Sanofi earningsSNY
Sanofi’s report will show whether WAYRILZ is gaining use in chronic immune thrombocytopenia, where it competes directly with Rigel’s largest product, TAVALISSE.
Watch Sanofi’s update on WAYRILZ uptake alongside Rigel’s TAVALISSE net-sales trend; the companies may not disclose directly comparable figures. Rising WAYRILZ use would show it winning treatment choices from Rigel’s largest product and intensifying competition; limited uptake would point to less pressure from this rival.
Rigel Pharmaceuticals Inc. earningsThis company
Rigel Pharmaceuticals’ report will show whether sales of its three drugs and income from partners together support the business, rather than revenue relying on one-off collaboration items.
Separate net sales of the three drugs from collaboration revenue, then see whether partner income comes from ongoing supplies and royalties or from one-off items. Stronger product sales alongside collaboration income supported by recurring activity would point to a firmer commercial base; weaker sales and collaboration income driven mainly by one-off items would leave total revenue more exposed to swings.
Grifois, S.A. earningsGRFS
Grifols’ report will show whether its TAVLESSE rollout in licensed territories continues to bring Rigel supply and royalty revenue.
Read Grifols’ update on the TAVLESSE rollout alongside Rigel’s supply and royalty revenue from the arrangement. Wider rollout with rising related revenue would show licensed markets such as Europe generating business for Rigel; slower rollout or lower revenue would mean a smaller contribution from this international channel.
