TG Therapeutics Reports Strong Growth for BRIUMVI

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TG Therapeutics Reports Strong Growth for BRIUMVI

TG Therapeutics (NASDAQ: TGTX) announced significant growth during its third-quarter earnings call held on November 7, 2024. CEO Michael Weiss reported that the company’s flagship product, BRIUMVI, achieved net sales of $83.3 million in the U.S. during the third quarter, reflecting a 230% growth compared to the same period last year, and a 15% increase from the previous quarter. Based on these strong results, the company raised its full-year sales forecast for BRIUMVI from a previous range of $220 million to $260 million, now estimating it between $300 million and $305 million.

Key Points:

  • BRIUMVI's net sales in the U.S. reached $83.3 million in the third quarter, showing a sequential increase of 15% and over 230% year-over-year growth.
  • The company has raised its full-year sales forecast for BRIUMVI to between $300 million and $305 million.
  • Long-term follow-up results from the ULTIMATE I & II and ENHANCE trials indicate that 92% of patients were free from disability progression five years later.
  • TG Therapeutics is exploring a 30-minute infusion method and developing a subcutaneous version of BRIUMVI.
  • Commercialization efforts have expanded, with engagement from approximately 1,100 prescribers and 600 treatment centers.
  • Operating expenses for the quarter totaled approximately $50 million, while the company ended the quarter with approximately $341 million in cash and cash equivalents.

Company Outlook: TG Therapeutics aims for BRIUMVI to become a billion-dollar brand and plans to expand patient access efforts and investments in 2025. The company holds a 15% market share in the anti-CD20 market and targets further growth. New label indications and a subcutaneous formulation for BRIUMVI are being developed, with trials expected to start in 2024.

Negative Highlights: The company acknowledges that patient enrollment in ongoing trials may be slow.

Positive Highlights: The potential for patients to transition from other CD20 therapies to BRIUMVI without a loading dose could enhance patient satisfaction. BRIUMVI has demonstrated impressive long-term efficacy and safety, reinforcing its best-in-class profile. The company has nearly doubled its commercial field team over the past two years to support increasing demand.

Shortcomings: No significant shortcomings were reported during the earnings call.

Q&A Highlights: Questions during the call focused on BRIUMVI's growth potential, competitive dynamics, label updates, and plans for new trials.

TG Therapeutics’ third-quarter results demonstrated strong commercial performance and growth potential for BRIUMVI. The company's strategic focus on expanding market presence, developing new formulations, and enhancing patient experiences positions it well for ongoing success in the competitive anti-CD20 market. TG Therapeutics continues to invest in clinical programs and marketing strategies to further strengthen BRIUMVI's market position.

InvestingPro Insights: TG Therapeutics' impressive third-quarter performance is further supported by data from InvestingPro. The company’s reported revenue growth of 1,341.56% over the past twelve months aligns with BRIUMVI's strong sales figures. This extraordinary growth reflects the company’s $3.49 billion market capitalization.

InvestingPro tips highlight TG Therapeutics' financial strength and market performance. The company boasts impressive gross profit margins of 92.76% reported over the past twelve months. This high margin supports the company’s ability to invest in commercialization efforts and clinical programs for BRIUMVI.

Additionally, TG Therapeutics is trading at a low P/E ratio relative to near-term earnings growth, with a PEG ratio of 0.27. This indicates that the stock may be undervalued considering the company's growth prospects, making it appealing for investors taking into account elevated guidance and expansion plans.

The company’s strong financial position, characterized by its liquid assets exceeding short-term liabilities, provides further financial flexibility to support ongoing research and development initiatives.

It is important to note that InvestingPro has provided 18 additional insights for TG Therapeutics, offering investors a comprehensive analysis of the company’s financial health and market position. These forecasts may be particularly valuable when considering the company’s recent performance and future outlook.