TG Therapeutics (TGTX) Goldman Sachs 45th Annual Global Healthcare Conference summary

Company overview and financial outlook

• Focused on advancing therapies for B-cell diseases since 2012, with BRIUMVI approved for relapsing MS.

• 2024 is the first full year of BRIUMVI's launch, with projected revenues of $270M–$290M.

• Patents extend until 2042, providing a long runway for growth.

• European partnership includes milestone payments and royalties, with significant revenue expected post-2025.

• Capital allocation priorities include commercial investment, pipeline expansion, opportunistic deals, and share buybacks.

Market adoption and commercial execution

• Patient uptake is balanced across treatment-naive, CD20-naive, and switch patients.

• Initial adoption was stronger in community centers due to less bureaucracy; now shifting to a 50/50 split with hospitals.

• Most formulary access hurdles have been overcome, enabling broader adoption.

• Key adoption drivers include one-hour infusion convenience and favorable safety/efficacy profile.

• Sales force is expanding incrementally and targeted to maximize coverage and productivity.

Competitive landscape and market share

• Main competition is in the IV CD20 market, with Ocrevus as the primary rival; SUB-Q market is distinct.

• IV therapies account for about 70% of the market, with a goal to become the top CD20 dynamic share leader.

• Achieving over 35% market share could secure the number one position.

• SUB-Q market is expected to remain stable, with less frequent dosing seen as a key differentiator.

• SUB-Q BRIUMVI aims for quarterly or semi-annual dosing, with pivotal trials targeted for next year.