TG Therapeutics Q1 2025: Navigating Contradictions in Subcutaneous Trials, Gross-to-Net Dynamics, and Market Share Growth

Subcutaneous trial design and timeline, gross-to-net trends and impact of Part D redesign, market share growth and competitive landscape, subcut BRIUMVI trial and timeline, and gross-to-net dynamics and inventory are the key contradictions discussed in TG Therapeutics' latest 2025Q1 earnings call.



BRIUMVI Sales Growth and Market Share:
- BRIUMVI achieved US net sales of $119.7 million in Q1 2025, exceeding expectations, with 137% year-over-year growth and 16% sequential quarter-over-quarter growth.
- This growth was driven by increasing adoption by healthcare providers, rising patient interest, and positive word-of-mouth within the MS community, highlighting BRIUMVI's differentiation within the anti-CD20 therapy class.

Investment in Pipeline and Commercialization:
- TG Therapeutics is investing approximately $20 million in manufacturing for its subcutaneous BRIUMVI, part of its ongoing R&D expenses.
- These investments are aimed at enhancing the patient experience, expanding access, and supporting innovation in the anti-CD20 therapy market.

Manufacturing and Tariff Preparedness:
- BRIUMVI is manufactured in South Korea, and the company is closely monitoring the potential impact of proposed tariffs.
- Despite potential tariffs, TG Therapeutics remains confident that they will not materially impact gross margins or overall financial performance, thanks to their strategic positioning and cost structure.

Pipeline and Strategic Initiatives:
- TG Therapeutics is advancing clinical trials for its allogeneic CD19 CAR-T cell therapy, azer-cel, with a Phase 1 trial in progressive forms of MS planned for later this year.
- The company is exploring new indications and expanding its portfolio, with a focus on autoimmune and auto-inflammatory diseases, positioning itself for future growth and market leadership.