Rigel Pharma (RIGL) Misses Q4 EPS by 1c, Revenues Beat

Rigel Pharma (NASDAQ: RIGL) reported Q4 EPS of $0.02, $0.01 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $37.9 million versus the consensus estimate of $36.35 million.

• Fourth quarter 2018 total revenues were $37.9 million; including $30.6 million in collaboration revenues and $7.3 million in net product sales of TAVALISSE® (fostamatinib disodium hexahydrate) for the treatment of thrombocytopenia in adults with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment
• Full year 2018 total revenues were $44.5 million, including $13.9 million in net product sales of TAVALISSE®
• As of December 31, 2018, cash, cash equivalents, and short-term investments were $128.5 million
• On January 23, 2019, Rigel entered into an exclusive license and supply agreement with Grifols, S.A. (Grifols) to commercialize fostamatinib in Europe and Turkey

"Since the successful U.S. launch of TAVALISSE in May of 2018, our momentum has continued to build with a growing number of physicians utilizing our product as an early treatment option," stated Raul Rodriguez, president and CEO. "Our recent commercial collaborations with European and Japanese partners, Grifols and Kissei, lay the groundwork for us to advance fostamatinib globally and to access the worldwide ITP market which is estimated to be $1.8 billion annually. These recent collaborations, along with growing TAVALISSE sales, have also provided additional funds to strengthen our balance sheet. While we remain focused on building our commercial business, we will continue the expansion of our pipeline with the upcoming initiation of our Phase 3 trial in warm autoimmune hemolytic anemia."

For earnings history and earnings-related data on Rigel Pharma (RIGL) click here.

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