2023-03-07 16:48:12 ET
- Q4 2022 beats on the top and bottom lines has propelled Rigel Pharmaceuticals ( NASDAQ: RIGL ) 19% higher in post-market trading.
- The beats were significant. For example, on the bottom line, Q4 non-GAAP EPS of $0.01 beat by $0.12 .
- In the quarter, Rigel ( RIGL ) swung to a net income of $1.4M from a net loss of ~$22.6M in the year-ago period.
- The company was helped in the quarter by a ~151% increase in revenue compared to Q4 2021 of ~$51.3M.
- In Q4, Rigel saw sales of $21.9M for Tavalisse (fostamatinib) and $0.9M for Rezlidhia (olutasidenib); the latter was just approved in December 2022. Tavalisse revenues increased 25% year over year.
- The company ended the quarter (Dec. 31, 2022) with cash and cash equivalents of ~58.2M, a ~53% decline from the end of 2021.
- Read why Seeking Alpha contributor Biotech Beast calls Rigel ( RIGL ) a strong buy.
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Rigel Pharma, with beats on quarterly top and bottom lines, surges 19%