Greetings and welcome to Rigel Pharmaceuticals Financial Conference Call for the Second Quarter 2020. [Operator Instructions] A brief question-and-answer session will follow the formal presentation. [Operator Instructions]
It is now my pleasure to introduce our first speaker Dolly Vance, who is Rigel's Executive Vice President, Corporate Affairs and General Counsel. Thank you Ms. Vance. You may begin.
Welcome to our second quarter 2020 financial results and business update conference call. The financial press release for the second quarter was issued a short while ago and can be viewed along with the accompanying slides for this presentation in the News and Events section of our Investor Relations page on our website at www.rigel.com.
As a reminder, during today's call we may make forward-looking statements regarding our financial outlook and our plans and timing for regulatory and product development. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted. A description of these risks can be found in our annual report on Form 10-K for the year ended December 31st, 2019 and subsequent filings with the SEC including our Q1 quarterly report on Form 10-Q. Any forward-looking statements are made only as of today's date and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
At this time, I would like to turn the call over to our CEO, Raul Rodriguez.
Raul R. Rodriguez
Thank you, Dolly and thank you for joining us on our second quarter 2020 financial and business update call. Also joining me today are Tarek Sallam, our Vice President of Marketing; our Chief Medical Officer, Wolfgang Dummer; and Dean Schorno, our CFO.
Now turning to slide five, we would like to introduce you to our key value drivers. For those of you already familiar with our story, there is a new value driver there that we are excited to discuss. Rigel's four key value drivers are growing global sales of TAVALISSE in ITP; creating and capitalizing on the opportunity in warm automated hemolytic anemia; exploring TAVALISSE or fostamatinib in the treatment of COVID pneumonia and COVID ARDS; and subsequently, looking at other pneumonias and ARDS caused by other health problems; and lastly, expanding our pipeline of programs based on key opportunities with immune-associated diseases.
In Q2, we continue to make good progress across all of these areas despite the challenges of the COVID pandemic. We are very proud today to tell you about these. In the recent quarter, we continued to grow TAVALISSE sales on a year-over-year basis and reported today a 47% increase compared to the second quarter of 2019. We are very pleased with this given the external challenges. This is also a testament to the perseverance of our commercial organization in the highly differentiated and effective product we provide. Tarek will tell you more in a few minutes.
As a reminder, outside of the U.S., we received approval for the use of fostamatinib in ITP in Europe in Q1 of this year. And as recently
Executive Vice President, Corporate Affairs and General Counsel
Raul R. Rodriguez
President and Chief Executive Officer
Vice President, Marketing
Wolfgang Dummer, M.D., Ph.D.
Executive Vice President and Chief Medical Officer
Dean Schorno, C.P.A.
Executive Vice President and Chief Financial Officer
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