Revenue growth remains highly volatile, peaking at 176% in 2025Q2 before decelerating to 10.3% in 2026Q1, while gross margins have consistently remained above 90% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 299.77M | 294.28M | 179.28M | 116.88M | 120.24M | 149.24M | 108.62M | 59.29M | 44.51M | 4.48M | 20.38M | 28.89M | 8.25M | 7.15M | 2.25M | 4.75M | 125M | 750K | 0 | 12.6M | 33.47M | 16.53M | 4.73M | 11.05M | 15.79M | 15.3M | 13.22M | 8.98M |
| Revenue Growth % | 47.61% | 64.15% | 53.38% | -2.79% | -19.43% | 37.39% | 83.21% | 33.2% | 892.62% | -78% | -29.46% | 250.24% | 15.38% | 217.78% | -52.63% | -96.2% | 16566.67% | - | -100% | -62.36% | 102.55% | 249.17% | -57.19% | -29.98% | 3.17% | 15.77% | 47.13% | - |
| Cost of Goods Sold | 19.82M | 19.62M | 18.65M | 7.11M | 1.75M | 1.08M | 895K | 906K | 287K | 46.27M | 63.45M | 62.83M | 67.7M | 75.33M | 78.78M | 0 | 0 | 1.4M | 1.43M | 0 | 0 | 1.15M | 0 | 0 | 0 | 0 | -7.56M | -1.91M |
| COGS % of Revenue | - | 6.67% | 10.4% | 6.08% | 1.45% | 0.73% | 0.82% | 1.53% | 0.64% | 1031.87% | 311.27% | 217.43% | 820.56% | 1053.54% | 3501.24% | - | - | 187.07% | - | - | - | 6.96% | - | - | - | - | -57.17% | -21.22% |
| Gross Profit | 279.95M | 274.66M | 160.63M | 109.77M | 118.49M | 148.15M | 107.73M | 58.38M | 44.22M | -41.78M | -43.06M | -33.93M | -59.45M | -68.18M | -76.53M | 4.75M | 125M | 750K | 0 | 12.6M | 33.47M | 16.53M | 4.73M | 11.05M | 15.79M | 15.3M | 20.77M | 10.89M |
| Gross Margin % | 93.39% | 93.33% | 89.6% | 93.92% | 98.55% | 99.27% | 99.18% | 98.47% | 99.36% | -931.87% | -211.27% | -117.43% | -720.56% | -953.54% | -3401.24% | 100% | 100% | 100% | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 157.17% | 121.22% |
| Gross Profit Growth % | - | 70.99% | 46.33% | -7.36% | -20.02% | 37.53% | 84.52% | 32.02% | 205.83% | 2.97% | -26.92% | 42.92% | 12.81% | 10.91% | -1711.12% | -96.2% | 16566.67% | - | -100% | -62.36% | 102.55% | 249.17% | -57.19% | -29.98% | 3.17% | -26.34% | 90.77% | - |
| Operating Expenses | 155.37M | 149.19M | 136.44M | 130.26M | 174.04M | 160.65M | 136.7M | 127.47M | 116.91M | 84.1M | 90.12M | 80.64M | 99.5M | 96.62M | 101.63M | 91.12M | 89.68M | 111.65M | 135.29M | 92.13M | 76.52M | 63.3M | 61.6M | 51.88M | 52.8M | 40.26M | 46.28M | 22.97M |
| OpEx % of Revenue | - | 50.7% | 76.1% | 111.45% | 144.74% | 107.65% | 125.85% | 215.01% | 262.65% | 1875.56% | 442.15% | 279.07% | 1206.05% | 1351.31% | 4516.76% | 1918.27% | 71.75% | 14886.13% | - | 731.17% | 228.6% | 383.02% | 1301.5% | 469.31% | 334.46% | 263.11% | 350.13% | 255.68% |
| Selling, General & Admin | 118.84M | 115.9M | 113.06M | 105.74M | 112.45M | 91.89M | 76.6M | 74.59M | 70M | 37.83M | 20.91M | 17.81M | 31.8M | 19.61M | 22.85M | 21.77M | 25.29M | 20.9M | 27.04M | 21.76M | 19.55M | 12.41M | 13.08M | 8.52M | 9.45M | 7.95M | 6.69M | 3.95M |
| SG&A % of Revenue | - | 39.38% | 63.06% | 90.47% | 93.52% | 61.57% | 70.52% | 125.81% | 157.28% | 843.69% | 102.58% | 61.65% | 385.49% | 274.29% | 1015.51% | 458.27% | 20.23% | 2787.07% | - | 172.72% | 58.41% | 75.09% | 276.29% | 77.06% | 59.88% | 51.95% | 50.61% | 43.99% |
| Research & Development | 36.53M | 33.3M | 23.38M | 24.52M | 60.27M | 65.24M | 60.1M | 52.88M | 46.9M | 46.27M | 63.45M | 62.83M | 67.7M | 75.33M | 78.78M | 69.35M | 64.39M | 90.74M | 109.67M | 70.36M | 56.97M | 52.04M | 48.52M | 43.36M | 43.35M | 32.31M | 32.03M | 17.11M |
| R&D % of Revenue | - | 11.31% | 13.04% | 20.98% | 50.13% | 43.71% | 55.33% | 89.2% | 105.38% | 1031.87% | 311.27% | 217.43% | 820.56% | 1053.54% | 3501.24% | 1460% | 51.51% | 12099.07% | - | 558.44% | 170.19% | 314.89% | 1025.21% | 392.25% | 274.58% | 211.15% | 242.35% | 190.47% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 1.32M | 3.52M | 0 | 0 | 0 | 0 | 5.77M | 0 | -9.3M | 1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.56M | 1.91M |
| Operating Income | 124.58M | 125.47M | 24.19M | -20.49M | -55.55M | -12.5M | -28.97M | -69.09M | -72.68M | -79.62M | -69.74M | -51.74M | -91.25M | -89.47M | -99.38M | -86.37M | 35.32M | -112.04M | -136.71M | -79.53M | -43.05M | -47.92M | -56.87M | -40.83M | -37.02M | -24.96M | -25.5M | -12.08M |
| Operating Margin % | 41.56% | 42.63% | 13.49% | -17.53% | -46.2% | -8.37% | -26.67% | -116.53% | -163.3% | -1775.56% | -342.15% | -179.07% | -1106.05% | -1251.31% | -4416.76% | -1818.27% | 28.25% | -14938.27% | - | -631.17% | -128.6% | -289.98% | -1201.5% | -369.31% | -234.46% | -163.11% | -192.96% | -134.46% |
| Operating Income Growth % | - | 418.63% | 218.06% | 63.11% | -344.54% | 56.87% | 58.07% | 4.94% | 8.71% | -14.16% | -34.78% | 43.29% | -1.99% | 9.97% | -15.06% | -344.55% | 131.52% | 18.05% | -71.91% | -84.74% | 10.17% | 15.73% | -39.29% | -10.3% | -48.3% | 2.14% | -111.13% | - |
| EBITDA | 126.39M | 127.88M | 26.42M | -19.25M | -54.55M | -11.33M | -28.27M | -68.41M | -72.09M | -79.15M | -68.8M | -50.3M | -88.89M | -86.88M | -96.94M | -84.41M | 36.63M | -110.63M | -135.29M | -78.18M | -41.63M | -46.77M | -54.49M | -37.65M | -31.19M | -18.2M | -17.95M | -10.17M |
| EBITDA Margin % | 42.16% | 43.46% | 14.74% | -16.47% | -45.37% | -7.59% | -26.02% | -115.38% | -161.97% | -1765.19% | -337.54% | -174.09% | -1077.45% | -1215.06% | -4308.62% | -1777.12% | 29.31% | -14751.2% | - | -620.5% | -124.37% | -283.02% | -1151.36% | -340.57% | -197.57% | -118.93% | -135.78% | -113.25% |
| EBITDA Growth % | 172.61% | 384.03% | 237.23% | 64.71% | -381.31% | 59.9% | 58.68% | 5.11% | 8.92% | -15.05% | -36.77% | 43.41% | -2.32% | 10.38% | -14.84% | -330.42% | 133.11% | 18.22% | -73.04% | -87.81% | 11% | 14.17% | -44.74% | -20.7% | -71.38% | -1.4% | -76.41% | - |
| D&A (Non-Cash Add-back) | 1.81M | 2.42M | 2.23M | 1.24M | 998K | 1.16M | 706K | 683K | 594K | 465K | 941K | 1.44M | 2.36M | 2.59M | 2.43M | 1.96M | 1.32M | 1.4M | 1.43M | 1.34M | 1.42M | 1.15M | 2.37M | 3.18M | 5.82M | 6.76M | 7.56M | 1.91M |
| EBIT | 123.99M | 125.47M | 26.28M | -18.22M | -54.87M | -12.45M | -28.39M | -66.56M | -70.48M | -77.99M | -63.97M | -51.74M | -91.25M | -87.79M | -99.38M | -85.95M | 37.98M | -111.44M | -132.28M | -79.53M | -43.05M | -47.92M | -56.87M | -40.83M | -37.02M | -24.96M | -25.5M | -12.08M |
| Net Interest Income | -2.38M | -3.64M | -5.83M | -4.6M | -3.02M | -4.81M | -771K | 2.2M | 2.2M | 892K | 437K | 222K | 243K | 426K | 520K | 395K | 212K | 397K | 4.28M | 5.25M | 5.41M | 2.67M | 642K | -201K | -14K | 1.16M | 145K | 0 |
| Interest Income | 4.29M | 3.68M | 2.09M | 2.27M | 684K | 47K | 582K | 2.53M | 2.2M | 892K | 437K | 222K | 243K | 442K | 537K | 420K | 303K | 600K | 4.44M | 5.48M | 5.7M | 2.94M | 966K | 374K | 856K | 1.96M | 1.08M | 0 |
| Interest Expense | 4.03M | 7.32M | 7.92M | 6.87M | 3.71M | 4.86M | 1.35M | 335K | 0 | 0 | 0 | 0 | 0 | 16K | 17K | 25K | 91K | 203K | 160K | 221K | 290K | 276K | 324K | 575K | 870K | 802K | 933K | 0 |
| Other Income/Expense | -2.6M | -3.64M | -5.83M | -4.6M | -3.02M | -4.81M | -771K | 2.2M | 2.2M | 1.62M | 525K | 279K | 341K | 442K | 537K | 395K | 2.57M | 397K | 4.28M | 5.25M | 5.41M | 2.67M | 612K | -370K | -14K | 1.16M | 145K | 0 |
| Pretax Income | 121.97M | 121.83M | 18.37M | -25.09M | -58.57M | -17.31M | -29.74M | -66.89M | -70.48M | -77.99M | -69.22M | -51.46M | -90.91M | -89.03M | -98.84M | -85.97M | 37.89M | -111.64M | -132.44M | -74.27M | -37.64M | -45.26M | -56.26M | -41.2M | -37.03M | -23.8M | -25.36M | 0 |
| Pretax Margin % | 40.69% | 41.4% | 10.24% | -21.47% | -48.71% | -11.6% | -27.38% | -112.83% | -158.35% | -1739.34% | -339.58% | -178.11% | -1101.92% | -1245.13% | -4392.89% | -1809.96% | 30.31% | -14885.33% | - | -589.46% | -112.44% | -273.85% | -1188.57% | -372.65% | -234.55% | -155.56% | -191.86% | - |
| Income Tax | -242.26M | -245.2M | 881K | 0 | 0 | 605K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 420K | 91K | -93K | -89K | 0 | 0 | 0 | 0 | 370K | 0 | 0 | 0 | 286K |
| Effective Tax Rate % | -198.62% | -201.27% | 4.8% | 0% | 0% | -3.5% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.49% | 0.24% | 0.08% | 0.07% | 0% | 0% | 0% | 0% | -0.9% | 0% | 0% | 0% | - |
| Net Income | 364.23M | 367.02M | 17.48M | -25.09M | -58.57M | -17.91M | -29.74M | -66.55M | -70.48M | -77.99M | -69.22M | -51.46M | -90.91M | -89.03M | -98.84M | -85.97M | 37.89M | -111.55M | -132.35M | -74.27M | -37.64M | -45.26M | -56.26M | -41.2M | -37.03M | -23.8M | -25.36M | -12.37M |
| Net Margin % | 121.5% | 124.72% | 9.75% | -21.47% | -48.71% | -12% | -27.38% | -112.24% | -158.35% | -1739.34% | -339.58% | -178.11% | -1101.92% | -1245.13% | -4392.89% | -1809.96% | 30.31% | -14872.93% | - | -589.46% | -112.44% | -273.85% | -1188.57% | -372.65% | -234.55% | -155.56% | -191.86% | -137.64% |
| Net Income Growth % | 879.7% | 1999.08% | 169.69% | 57.16% | -226.97% | 39.77% | 55.3% | 5.58% | 9.63% | -12.68% | -34.49% | 43.39% | -2.11% | 9.93% | -14.97% | -326.9% | 133.97% | 15.72% | -78.19% | -97.34% | 16.84% | 19.55% | -36.55% | -11.25% | -55.56% | 6.13% | -105.08% | - |
| Net Income (Continuing) | 364.23M | 367.02M | 17.48M | -25.09M | -58.57M | -17.91M | -29.74M | -66.89M | -70.48M | -77.99M | -69.22M | -51.46M | -90.91M | -89.03M | -98.84M | -85.97M | 37.89M | -111.55M | -132.35M | -74.27M | -37.64M | -45.26M | -56.26M | -41.2M | -37.03M | -23.8M | -25.36M | -12.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 18.50 | 19.48 | 0.99 | -1.44 | -3.40 | -1.10 | -1.80 | -4.00 | -4.40 | -6.17 | -7.33 | -5.82 | -10.37 | -10.20 | -6.14 | -3.67 | 0.72 | -2.73 | -3.67 | -2.57 | -1.51 | -2.07 | -3.12 | -3.62 | -7.30 | -5.75 | -31.43 | -355.49 |
| EPS Growth % | 804.35% | 1867.68% | 168.75% | 57.65% | -209.09% | 38.89% | 55% | 9.09% | 28.69% | 15.83% | -25.95% | 43.88% | -1.67% | -66.12% | -67.3% | -609.72% | 126.37% | 25.61% | -42.8% | -70.2% | 27.05% | 33.65% | 13.81% | 50.41% | -26.96% | 81.71% | 91.16% | - |
| EPS (Basic) | - | 20.40 | 0.99 | -1.44 | -3.40 | -1.10 | -1.80 | -4.00 | -4.40 | -6.17 | -7.33 | -5.82 | -10.37 | -10.20 | -2.46 | -3.67 | 1.62 | -2.73 | -3.67 | -2.57 | -1.51 | -2.07 | -3.12 | -3.62 | -7.31 | -5.75 | -31.43 | -355.49 |
| Diluted Shares Outstanding | 19.69M | 18.84M | 17.69M | 17.4M | 17.24M | 17.05M | 16.88M | 16.74M | 16.05M | 12.63M | 9.44M | 8.84M | 8.77M | 8.73M | 16.09M | 23.44M | 52.52M | 40.88M | 36.02M | 28.94M | 24.94M | 21.86M | 18.05M | 11.39M | 5.07M | 4.14M | 806.92K | 34.79K |
| Basic Shares Outstanding | 18.41M | 17.99M | 17.58M | 17.4M | 17.24M | 17.05M | 16.88M | 16.72M | 16.05M | 12.63M | 9.44M | 8.84M | 8.77M | 8.73M | 40.1M | 23.44M | 23.44M | 40.88M | 36.02M | 28.94M | 24.94M | 21.86M | 18.05M | 11.39M | 5.07M | 4.14M | 806.92K | 34.79K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue lumpiness and competition
As reported in financial statements, Rigel's revenue growth has exhibited significant volatility, peaking at 176% in 2025Q2 before decelerating to 10.3% by 2026Q1, suggesting that headline figures are heavily influenced by non-recurring milestone payments rather than consistent, organic prescription volume growth across its core hematology portfolio.
The wide variance in quarterly revenue suggests that investors should exercise caution when extrapolating recent growth rates. The reliance on lumpy collaboration fees obscures the true demand trajectory for Tavalisse, necessitating a focus on normalized product sales to gauge long-term commercial durability.
Based on reported figures, Rigel maintains a robust gross margin profile, consistently hovering above 90% throughout the last ten quarters, which highlights the inherent efficiency of its small-molecule manufacturing process and provides a significant buffer for absorbing potential future pricing pressures or increased commercialization costs.
This structural advantage allows the company to convert a high percentage of incremental revenue into gross profit. However, maintaining these levels will depend on the company's ability to navigate potential rebate pressures and the evolving competitive landscape in the ITP market.
According to recent SEC filings, Rigel's operating margins have fluctuated wildly from a low of -23.6% in 2024Q1 to a peak of 60.1% in 2025Q2, indicating that the company's ability to scale operating income is currently tethered to the timing of revenue recognition rather than consistent overhead efficiency.
While the company has demonstrated the capacity for high operating margins, the lack of stability suggests that SG&A expenses remain a significant fixed burden. Investors should monitor whether the integration of new assets like Gavreto leads to sustained operating leverage or if costs will continue to track revenue volatility.
As evidenced by the 124.72% net margin reported in certain periods, Rigel's bottom-line performance appears significantly distorted by non-operating items, likely including tax asset valuation releases or milestone-driven accounting, which complicates the assessment of the company's underlying, sustainable earnings power for fundamental valuation purposes.
The disconnect between operating income and net income warrants further investigation into the nature of these non-recurring gains. Analysts should strip out these accounting anomalies to determine the company's true cash-generating capability and operational health.
Based on the provided data, the primary risk to the income statement narrative is the potential for margin compression if competitive entry from FcRn inhibitors forces higher rebates or if the company fails to successfully transition into a multi-product oncology platform through its recent asset acquisitions.
Short-term profitability may be overstated by accounting events, leaving the company vulnerable if revenue growth fails to materialize organically. The market's skepticism regarding the company's ability to move beyond a single-product dependency remains a critical factor that could weigh on future valuation multiples.
Quick answers to the most common questions about buying RIGL stock.
For fiscal year 2025, Rigel Pharmaceuticals, Inc. (RIGL) reported total revenue of $294.3M. This represents a 3175.6% increase compared to $9.0M in 1999.
Rigel Pharmaceuticals, Inc. (RIGL) is profitable, generating $367.0M in net income for the fiscal year ending 2025 with a net profit margin of 124.7%.
Rigel Pharmaceuticals, Inc. (RIGL) reported an operating income of $125.5M, resulting in an operating profit margin of 42.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Rigel Pharmaceuticals, Inc. (RIGL) generated $274.7M in gross profit for the year, representing a gross profit margin of 93.3%. This demonstrates the company's core pricing power and production efficiency.