Zerbor
TG Therapeutics (NASDAQ:TGTX) shares rose ~26% in the premarket on Wednesday after the biotech exceeded expectations with its Q1 2024 revenue, as U.S. sales from its multiple sclerosis therapy, Briumvi, topped management’s guidance.
The company said that its anti-CD20 monoclonal antibody, launched in January 2023, generated $50.5M in U.S. net revenue in Q1, indicating over ~25% growth from the preceding quarter.
“We were extremely pleased with the strong sales of just over $50 million in Briumvi U.S. net revenue for the first quarter of 2024, which was ahead of our guidance,” TG Therapeutics (TGTX) CEO Michael Weiss remarked.
Notably, the company’s net loss contracted ~73% YoY to $10.7M as total revenue indicated a more than eight-fold rise to $63.5M, thanks mainly to a $12.5M milestone payment linked to the Briumvi launch in Germany, which marked the beginning of its EU rollout.
Expecting sales momentum to continue, TG Therapeutics (TGTX) raised its U.S. net product revenue target from Briumvi to $270M-$290M, up from $220M-$260M previously.
“We believe this strong momentum will continue to build throughout 2024 and are pleased to update our yearly guidance to $270 to $290 million in Briumvi U.S. net revenue in 2024,’ Weiss added.