TG Therapeutics Raises 2024 Revenue Guidance Amid Soaring BRIUMVI Sales

TG Therapeutics Raises 2024 Revenue Guidance Amid Soaring BRIUMVI Sales

TG Therapeutics has reported substantial financial results for the second quarter of 2024, with net sales of their flagship drug BRIUMVI surpassing expectations at $72.6 million. This strong performance has prompted the company to raise its full-year revenue guidance to between $290 million and $300 million. The company also discussed its strategic initiatives, including a partnership with the Department of Veteran Affairs, research and development progress, and plans for a share repurchase program.

Key Takeaways

• BRIUMVI's net sales reached $72.6 million, exceeding forecasts.
• Full-year revenue guidance increased to $290-$300 million.
• Patient enrollments grew, and the prescriber base expanded.
• A partnership with the Department of Veteran Affairs was announced.
• Research and development progress on BRIUMVI and azer-cel, a CD19 CAR T-cell therapy.
• A new $250 million credit facility was established for various financial strategies, including a share repurchase program.

Company Outlook

• TG Therapeutics expects modest growth from Q2 to Q3, with stronger growth from Q3 to Q4.
• The company remains confident in maintaining profitability and a positive cash flow.
• Marketing efforts and team expansion are ongoing to support growth.
• BRIUMVI's EU launch has been well received, with further expansion expected.
• The persistence rate for BRIUMVI is high, indicating strong patient retention.

Bearish Highlights

• The ECTRIMS conference shift to Q3 may impact the company's guidance.
• The launch of subcutaneous Ocrevus is not anticipated to significantly affect the U.S. market.

Bullish Highlights

• The company aims to become the leading MS therapy in market share.
• Positive healthcare provider feedback on BRIUMVI.
• BTK drugs show promise for progressive forms of MS, a potential area for company growth.

Misses

• The VA contract, while part of the guidance, is not a major revenue driver.
• Specific results and data presentations at ACTRIMS were not discussed.

Q&A Highlights

• Details on the share repurchase program: no set duration, aims to maximize share buybacks.
• Potential upside in revenue guidance from new patient growth and repeat prescriptions.
• Focus on expanding BRIUMVI's market reach and exploring new indications.

TG Therapeutics' second quarter has been marked by a robust sales performance, particularly with their leading drug BRIUMVI, which has seen widespread adoption among patients and healthcare providers. The company's strategic partnerships and research advancements, alongside their financial strategies, indicate a forward-looking approach aimed at sustained growth and profitability. With raised revenue expectations and a clear focus on expanding their therapeutic offerings, TG Therapeutics is poised for continued success in the competitive pharmaceutical market.