TG Therapeutics (TGTX) Q1 2025 earnings summary

Executive summary

• BRIUMVI U.S. net revenue reached $119.7 million in Q1 2025, up 137% year-over-year, exceeding expectations and reflecting robust adoption and patient confidence.

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

• BRIUMVI is now approved and commercially available in the U.S., EU, UK, Switzerland, and several other countries, with ongoing expansion and additional clinical programs underway.

• Real-world patient experiences and recent publications highlight BRIUMVI's favorable tolerability and efficacy compared to other anti-CD20 therapies.

• The company is advancing innovations to simplify treatment, including a streamlined single-dose initiation, a self-administered subcutaneous (sub-Q) formulation, and pipeline progress with phase I trials for sub-Q BRIUMVI and Azer-cel.

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 profit was $8.6 million in Q1 2025, 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 in Q1 2025, 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.

• Management anticipates current cash and projected revenues will fund operations under the current plan for more than twelve months.

• Continued focus on accelerating uptake, launching a direct-to-patient TV campaign, and preparing for life-cycle innovations.

• Full-year 2025 target operating expense of ~$300 million, excluding non-cash compensation and cost of goods sold.