Business & Finance
Rigel Pharmaceuticals reports Q1 2021 financial results
6 May 2021 -

United States-based Rigel Pharmaceuticals Inc (Nasdaq: RIGL) has reported its financial results for the first quarter of 2021, it was reported on Wednesday.

The company reported net income of USD39.5m in the first quarter of 2021 or USD0.23 per basic share and USD0.22 per diluted share, compared to net income of USD21.2m or USD0.13 per basic and diluted share for the year-ago period.

The firm posted total revenue of USD81m in the first quarter of 2021 including USD12.4m in TAVALISSE net product sales, USD65.6m in contract revenues from collaborations and USD3m in government contract revenue. TAVALISSE (fostamatinib disodium hexahydrate) tablets are for the treatment of adults with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.

'We continued to make significant progress in achieving important corporate and clinical milestones in the first quarter, which is a true testament to the dedication of our team to bring meaningful treatment options to those patients who need them the most,' said Raul Rodriguez, Rigel's president and CEO. 'Following our recent announcement of positive topline data from the Phase 2 trial of fostamatinib in hospitalised patients with COVID-19 and our partnership with Eli Lilly for our RIP1 inhibitor program, we are excited by the prospects that the rest of 2021 holds for Rigel.'