Revenue growth has been volatile, swinging from -22.6% in 2026Q2 to +176.0% in 2025Q2, while gross margins remain high at 89.2% in 2026Q2, though operating margin has compressed to 30.0% from a peak of 60.1% in 2025Q2.
Rigel Pharmaceuticals, Inc. (RIGL) annual income statement — 27-year revenue, gross profit & net income history
| 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 | 276.79M | 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 % | 3.31% | 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 | 23.84M | 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 | 252.95M | 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 % | 91.39% | 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 | 165.9M | 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 | 122.22M | 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 | 43.67M | 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 | 87.05M | 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 % | 31.45% | 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 | 89.7M | 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 % | 32.41% | 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 % | -16.18% | 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) | 2.65M | 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 | 91.38M | 129.15M | 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 | -1.47M | -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 | 4.33M | 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 | 5.8M | 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 | -1.47M | -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 | 85.58M | 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 % | 30.92% | 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 | -236.33M | -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 % | -276.17% | -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 | 321.91M | 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 % | 116.3% | 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 % | 229.08% | 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) | 321.91M | 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) | 16.45 | 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 % | 201.66% | 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 | 19.57M | 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 | 18.54M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Milestone dependence and competitive pressure
Metrics are mathematically derived from official filings.
Milestone-Driven Revenue Volatility
Rigel's revenue surged 64% YoY in 2025Q2, but the latest quarter shows a 22.6% decline, indicating heavy reliance on lumpy collaboration milestones rather than steady product sales.
The 64.1% YoY growth in 2025Q2 was largely driven by a $101.7M revenue spike, likely from milestone payments, as product sales alone would not explain such a jump. The subsequent 22.6% decline in 2026Q2 to $78.7M underscores the non-recurring nature of these payments. Investors should monitor the core Tavalisse and Gavreto sales trends, which appear more stable but face competitive threats from FcRn inhibitors.
Gross Margin Resilience Amid Mix Shift
Gross margin remains high at 89-95%, reflecting the low variable cost of small-molecule manufacturing, but the recent dip to 89.2% in 2026Q2 suggests a shift toward lower-margin products or increased rebates.
The 93.33% average gross margin is typical for oral solid-dose drugs, but the decline from 95.6% in 2025Q2 to 89.2% in 2026Q2 may indicate higher gross-to-net deductions or a product mix change with Gavreto. This trend warrants monitoring, as sustained compression could erode the company's profitability buffer.
Operating Leverage Emerging but Uneven
Operating margin swung from -23.6% in 2024Q1 to 60.1% in 2025Q2, but the latest quarter shows 30.0%, indicating that fixed costs are being leveraged only when revenue spikes from milestones.
The 42.6% operating margin in the latest period is strong, but the volatility suggests that operating leverage is not yet consistent. SG&A has remained relatively stable around $30M, while R&D fluctuates with pipeline activity. As revenue normalizes, the company must control SG&A to maintain profitability without milestone support.
Net Margin Distorted by Tax Benefit
Net margin of 124.72% in the latest period is inflated by a one-time tax valuation allowance release, as evidenced by the $268.1M net income in 2025Q4 on just $69.8M revenue.
The 2025Q4 net income of $268.1M far exceeds operating income of $23.2M, indicating a significant non-cash tax benefit. Excluding this, normalized earnings are much lower, and the 2026Q2 net margin of 22.0% is more representative. Investors should strip out these non-recurring items to assess true earning power.
R&D and SG&A Discipline Under Scrutiny
R&D spending rose to $14.0M in 2026Q2 from $5.5M in 2024Q2, while SG&A has grown modestly to $32.6M, reflecting investment in pipeline and commercial expansion.
The increase in R&D suggests a deliberate push into pipeline development, which could pressure near-term margins. SG&A has remained relatively controlled, but the integration of Gavreto may require additional commercial investment. Management's ability to manage these costs while scaling revenue will be critical.
Milestone Dependence and Competitive Threats
The short thesis would highlight that revenue growth is heavily dependent on non-recurring milestones, and the entry of FcRn inhibitors could erode Tavalisse's market share, undermining the sustainability of current profitability.
Excluding milestone payments, product revenue growth appears modest, and the 22.6% revenue decline in 2026Q2 suggests that the company cannot rely on organic growth alone. Additionally, the competitive threat from FcRn inhibitors may pressure Tavalisse's adoption, while the Gavreto acquisition adds integration risk. If milestones do not recur, operating margins could compress significantly.