TG Therapeutics (TGTX) 6 Aug 24 2024 Q2 Earnings call transcript
AInvestWednesday, Aug 7, 2024 7:09 pm ET
2min read
TGTX --

In the latest earnings call, TG Therapeutics showcased a robust performance for the second quarter of 2024, with significant achievements across various aspects of their business. The company, which specializes in the development and commercialization of therapies for multiple sclerosis (MS), reported impressive sales figures for their flagship drug, BRIUMVI, and outlined strategic plans for future growth.

Strong Commercial Performance

BRIUMVI, a drug approved for patients with relapsing forms of MS, has seen exceptional success since its launch. TG Therapeutics reported net sales of $72.6 million in the United States, surpassing their initial target and raising the full-year guidance to approximately $290 million to $300 million. This marks a significant milestone for the company and underscores the strong market acceptance of BRIUMVI.

The commercial team's efforts have been instrumental in driving this success. With a focus on executing the launch strategy effectively, TG Therapeutics has seen strong initial adoption of BRIUMVI. The company's confidence in the drug's long-term potential is evident, as they aim to become the leading treatment for relapsing forms of MS on a dynamic market share basis.

Innovative R&D Initiatives

On the research and development front, TG Therapeutics continues to explore ways to improve upon the delivery of BRIUMVI and expand its indications. The ENHANCE study, which evaluates ways to streamline the switch to BRIUMVI from other anti-CD20s, has shown promising results. Preliminary data from the study, presented at the ACTRIMS conference, indicates that patients can safely transition from other anti-CD20s to BRIUMVI without the need for a first dose of 150 milligrams in those with low B cell counts.

Additionally, TG Therapeutics has initiated a Phase I study for subcutaneous BRIUMVI, which could represent a significant additional opportunity for the BRIUMVI franchise. The company also reported the U.S. FDA's clearance of their investigational new drug application (IND) for azer-cel, an allogeneic off-the-shelf CD19 CAR-T cell therapy for autoimmune diseases. With this IND in hand, TG Therapeutics is on track to launch a Phase I study in autoimmune diseases by the end of the year.

Financial Strength and Strategic Investments

TG Therapeutics' financial position has been significantly strengthened by the strong launch of BRIUMVI. The company reported its first operationally cash flow positive quarter, and has established a $250 million credit facility to repay existing debt and fund a $100 million share repurchase program. This strategic move demonstrates TG Therapeutics' commitment to sharing value with its shareholders and reinforces the company's optimism about its future prospects.

Looking Ahead

With a focus on expanding BRIUMVI's reach, advancing its expansion initiatives, and commencing clinical trials for new indications, TG Therapeutics is well-positioned for continued growth. The company's dedication to improving patient outcomes and driving innovation in the MS space is evident in its robust commercial performance and strategic investments in R&D. As TG Therapeutics looks ahead, it remains focused on its mission to bring BRIUMVI to more patients and create value for shareholders.

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