TG Therapeutics reports strong financial performance in the third quarter of 2024, with positive revenue growth
From GlobeNewswire: 2024-11-04 07:00:00
TG Therapeutics, Inc. reported a net revenue of $83.3 million for the third quarter of 2024. The company raised its full year 2024 U.S. BRIUMVI net revenue target to $300 – $305 million. TG Therapeutics will hold a conference call on November 4, 2024. The positive feedback on BRIUMVI led to a 15% quarter-over-quarter growth and over 230% growth from the same quarter last year. The company also presented updated data at the 2024 ECTRIMS annual meeting, showing positive results for patients with relapsing forms of multiple sclerosis. TG Therapeutics has initiated a phase 1 clinical trial for subcutaneous ublituximab in RMS and received FDA clearance for azer-cel in progressive MS. The company also secured FUJIFILM Diosynth Biotechnologies as a secondary US-based manufacturer for BRIUMVI. Financially, product revenue, net was approximately $83.3 million for the third quarter of 2024. License, milestone, royalty, and other revenue was $0.6 million for the same period. Total research and development expense was approximately $20.1 million for the quarter. During the third quarter of 2024, TG Therapeutics saw an increase in R&D expenses due to licensing agreements and development costs for ublituximab. SG&A expenses also rose, totaling $42.0 million for three months and $115.3 million for nine months. Net income was $3.9 million and $0.1 million for the same periods.
The company’s cash, cash equivalents, and investment securities as of September 30, 2024, amounted to $341.0 million. TG Therapeutics expects this, combined with revenues from BRIUMVI, to be sufficient for its current operating plan. A conference call to discuss financial results will take place on November 4, 2024, at 8:30 AM ET.
BRIUMVI, a monoclonal antibody targeting CD20-expressing B-cells, is indicated for treating adults with RMS. It is designed to efficiently deplete B-cells at low doses. Safety information includes contraindications for patients with active Hepatitis B Virus infection and a history of life-threatening infusion reactions to BRIUMVI.
Infusion reactions, which can be serious, are a potential side effect of BRIUMVI, requiring careful monitoring during and after infusions. Infections have been reported in patients treated with BRIUMVI, with a higher rate compared to a control group. Reactivation of Hepatitis B Virus and Progressive Multifocal Leukoencephalopathy are also risks associated with the treatment. Progressive multifocal leukoencephalopathy (PML) symptoms include weakness, vision changes, memory issues, and confusion. MRI findings may show signs before symptoms appear. BRIUMVI should be discontinued if PML is confirmed. Vaccines should be administered according to guidelines, with caution for live vaccines during treatment. BRIUMVI may cause fetal harm and decrease immunoglobulin levels. The most common adverse reactions are infusion reactions and upper respiratory infections. BRIUMVI Patient Support program is available for U.S. patients. TG Therapeutics focuses on B-cell disease treatments, including BRIUMVI for relapsing multiple sclerosis. Vaccinations should be carefully administered during BRIUMVI treatment. BRIUMVI is a registered trademark of TG Therapeutics, Inc. TG Therapeutics, Inc. reported a successful quarter with revenue totaling $83,879, an increase from $165,815 the previous year. Operating income was $12,434. Costs and expenses were $71,445, with a net income of $3,880. Diluted net income per share was $0.02. Cash, cash equivalents, and investment securities totaled $341,041. Total assets amounted to $586,014. Total equity was $192,157.
The company’s forward-looking statements include expectations for the ongoing commercialization of BRIUMVI for RMS in the US and Europe, revenue targets, and pipeline product development. Factors affecting results include maintaining commercial infrastructure for BRIUMVI, obtaining payor coverage, and regulatory challenges. The company’s ability to meet milestones for pipeline products and market demand for BRIUMVI are key considerations.
MS Prevalence statistics show the importance of treatments like BRIUMVI for patients. The National Multiple Sclerosis Society and Multiple Sclerosis International Federation provide valuable information on the prevalence and impact of MS. TG Therapeutics continues to focus on providing solutions for patients with MS, reflected in their financial performance and strategic outlook for the future.
Read more at GlobeNewswire:: TG Therapeutics Reports Third Quarter 2024 Financial