TG Therapeutics (TGTX) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw strong BRIUMVI U.S. sales of $119.7 million, up 137% year-over-year, exceeding expectations and reflecting robust adoption and patient interest.

• Net income for Q1 2025 was $5.1 million, reversing a net loss of $10.7 million in Q1 2024.

• BRIUMVI is gaining traction as a preferred anti-CD20 therapy, with positive real-world experiences, growing prescriber confidence, and expansion in the U.S., EU, UK, and Switzerland.

• The company is advancing its innovation strategy, including subcutaneous BRIUMVI, azer-cel for progressive MS, and exploring new indications such as myasthenia gravis.

• Five-year ULTIMATE I & II data showed 92% of patients free from disability progression and no new safety signals.

Financial highlights

• Q1 2025 net product revenue was $119.7 million, up from $50.5 million in Q1 2024, with total revenue at $120.9 million.

• GAAP net income for Q1 was $5.1 million, or $0.03 per diluted share.

• Operating income was $8.6 million, compared to an operating loss of $9.3 million in Q1 2024.

• R&D expenses were $46.4 million and SG&A expenses were $50.3 million, both up year-over-year due to commercialization and pipeline activity.

• Cash, cash equivalents, and investment securities totaled $276.2 million as of March 31, 2025.

Outlook and guidance

• Full-year 2025 BRIUMVI U.S. net revenue guidance raised to $560 million, with global guidance at $575 million.

• Q2 2025 BRIUMVI U.S. net revenue target set at $135 million.

• Full-year 2025 operating expense guidance is approximately $300 million.

• Management expects current cash and projected revenues to fund operations for more than twelve months.

• Gross margin is expected to decrease modestly by 1-2 percentage points in Q2 2025 as previously expensed inventory is depleted.