TG Therapeutics (TGTX) Q2 2024 earnings summary

Executive summary

• Achieved Q2 2024 BRIUMVI net sales of $72.6 million in the U.S., reflecting over 350% year-over-year growth and surpassing targets.

• Raised full-year 2024 BRIUMVI revenue guidance to $290–$300 million, up from prior $270–$290 million.

• Achieved net income of $6.9 million in Q2 2024, a turnaround from a $47.6 million net loss in Q2 2023, and became operationally cash flow positive.

• Established a $250 million credit facility, repaid $107 million in debt, and announced a $100 million share repurchase program.

• Advanced R&D with new clinical trials, FDA IND clearance for azer-cel in progressive MS, and initiation of Phase 1 for subcutaneous ublituximab.

Financial highlights

• Q2 2024 product revenue was $72.6 million, with total revenue of $73.5 million and six-month revenue of $136.9 million.

• Net income for Q2 2024 was $6.9 million ($0.05 basic, $0.04 diluted per share); operating income was $8.8 million.

• Cash, cash equivalents, and investment securities totaled $217.3 million as of June 30, 2024.

• Operating expenses (excluding non-cash items) were $47 million in Q2, with R&D at $17.6 million and SG&A at $38.8 million.

• Achieved first operationally cash flow positive quarter in Q2 2024.

Outlook and guidance

• Full-year BRIUMVI revenue guidance raised to $290–$300 million, reflecting confidence in continued growth.

• Management expects existing cash and projected BRIUMVI revenues to fund operations for at least 12 months.

• Modest sequential growth expected from Q2 to Q3 due to seasonality, with stronger growth anticipated in Q4.

• Anticipates modest decrease in gross margin after depletion of pre-commercialization inventory in early 2025.

• Plans to expand BRIUMVI into additional EU markets and advance azer-cel in multiple autoimmune indications.