Rigel Pharmaceuticals Raises 2025 Revenue Guidance Amid Strong Tavalisse Sales and Emerging Competition
Rigel Pharmaceuticals (RIGL) has significantly increased its 2025 revenue outlook, driven by robust sales of its lead product, Tavalisse. This positive financial revision comes as the company navigates an evolving competitive landscape in the immune thrombocytopenia (ITP) market, particularly with the recent entry of Sanofi’s (SNY) new therapy, Wayrilz.
Rigel Pharmaceuticals Bolsters 2025 Financial Outlook on Strong Product Performance
Rigel Pharmaceuticals, Inc. (RIGL) has revised its 2025 total revenue guidance upward, signaling confidence in its product portfolio, predominantly fueled by the continued strength of Tavalisse (fostamatinib disodium hexahydrate) sales. The updated outlook projects 2025 revenues to be between $270 million and $280 million, a substantial increase from the previous forecast of $200 million to $210 million. This financial optimism emerges even as the market for immune thrombocytopenia (ITP) treatments introduces new competition, notably from Sanofi’s (SNY) recently approved therapy, Wayrilz.
Second Quarter 2025 Results and Revised Projections
For the second quarter ended June 30, 2025, Rigel Pharmaceuticals reported total revenue of approximately $101.7 million. This figure comprises $58.9 million in net product sales and $42.7 million in contract revenues from collaborations. The company achieved a net income of $59.6 million for the quarter, or $3.33 basic earnings per share. For the first half of 2025, total revenues reached $155.0 million, with net product sales contributing $102.5 million and contract revenues from collaborations adding $52.5 million, marking a 72% increase in net product sales compared to the same period in 2024.
The revised 2025 guidance includes an increase in net product sales expectations to $210 million to $220 million, up from $185 million to $192 million. Contract revenues from collaborations are now anticipated to be approximately $60 million, a significant rise from the earlier range of $15 million to $18 million. Rigel expects to report positive net income for the full year 2025, while concurrently advancing its clinical development pipeline.
Key to Rigel’s performance is Tavalisse, which generated $68.5 million in net product sales during the first six months of 2025, representing a 44% year-over-year growth. Management attributes this momentum to sustained strong new patient demand and ongoing efforts to expand commercial reach and marketing infrastructure. Sales of Rigel’s other marketed products, Rezlidhia and Gavreto, also registered increases in the first half of 2025.
Market Reaction and Competitive Landscape Shift
Rigel’s shares have experienced a notable ascent, rallying 116.9% year-to-date. This performance has significantly outpaced both the broader industry and the S&P 500, reflecting strong investor confidence following the company’s financial announcements. The Zacks Consensus Estimate for Rigel’s 2025 earnings per share (EPS) has nearly doubled in the past 60 days, moving from $2.25 to $5.10, with 2026 EPS estimates also rising from $1.60 to $3.07.
However, the ITP market, where Tavalisse is a key player, is undergoing a transformation with the FDA approval of Sanofi’s Wayrilz (rilzabrutinib). Wayrilz is the first Bruton’s tyrosine kinase (BTK) inhibitor approved for ITP, presenting a novel treatment option for approximately 120,000 patients in the United States alone. Its mechanism of action, as a reversible covalent BTK inhibitor targeting multiple immune pathways, addresses a critical unmet need for patients who do not respond adequately to existing treatments. Clinical trials demonstrated a statistically significant and durable platelet response with Wayrilz, along with a faster onset and longer duration of response.
While Tavalisse and Wayrilz employ distinct therapeutic mechanisms, the entry of a well-resourced pharmaceutical giant like Sanofi with a first-in-class product introduces a significant competitive dynamic. This development has the potential to influence Tavalisse’s long-term growth trajectory and market share.
Valuation and Analyst Perspectives
From a valuation standpoint, Rigel is trading at a price-to-sales (P/S) ratio of 2.47. This figure is marginally below the industry average of 2.48, though it stands above the company’s five-year mean of 2.22. The diverging analyst opinions underscore the mixed sentiment surrounding Rigel’s future, balancing strong current performance against emerging competitive pressures.
> Jefferies analyst Eun Yang maintained a Hold rating on Rigel Pharmaceuticals on August 6, setting a price target of $23.00.
> In contrast, H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on August 6, establishing a more optimistic price target of $57.00. Citi also maintained a Buy rating with a price target of $67.00.
Broader Implications and Future Outlook
The overall ITP market was valued at approximately $1.87 billion in the U.S. in 2023 and is projected to experience significant growth, driven in part by innovative therapies like Wayrilz. The approval of Wayrilz is likely to stimulate further research and development within the ITP space, potentially leading to increased competition and a broader array of treatment options for patients. For Rigel, the challenge will be to sustain Tavalisse’s market position and leverage its existing commercial infrastructure while strategically responding to the evolving competitive landscape. The company’s robust cash position of $108.4 million as of June 30, 2025, compared to $77.3 million at the close of 2024, provides a financial cushion to support these efforts and its ongoing pipeline advancements.
Investors will be monitoring Rigel’s strategic responses to new competition, particularly how it plans to maintain or expand Tavalisse’s market share. Additionally, updates on Rigel’s pipeline, including the progress of R289 for relapsed or refractory lower-risk MDS, will be key factors influencing future performance and investor sentiment.
