SOUTH SAN FRANCISCO, Calif. (AP) — Rigel Pharmaceuticals Inc. today reported a second-quarter profit after it received a hefty payment from development partner AstraZeneca.
The development stage company earned $27 million, or 51 cents per share, compared with a loss of $29.9 million, or 81 cents per share during the same period a year prior.
The company reported $49.5 million in revenue compared with no revenue a year prior. The revenue was part of the $100 million upfront payment from AstraZeneca.
Analysts polled by Thomson Reuters expected net income of 47 cents per share on $49.3 million in revenue.
In February, Rigel and AstraZeneca signed a worldwide licensing deal for a potential rheumatoid arthritis treatment.
