TG Therapeutics (TGTX) Q2 2024 earnings summary

Executive summary

• Achieved Q2 2024 Briumvi net sales of $72.6 million, exceeding targets and reflecting over 350% year-over-year growth, with over 1,400 new patient scripts processed and a growing prescriber base.

• Raised full-year 2024 revenue guidance to $290–$300 million, up from previous forecasts.

• Achieved first operationally cash flow positive quarter and reported GAAP net income of $6.9 million ($0.04 per diluted share), a turnaround from a $47.6 million net loss in Q2 2023.

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

• Advanced R&D with new clinical trials, FDA IND clearance for azer-cel, and commercial launches in the U.S. and EU.

Financial highlights

• Q2 2024 Briumvi net product revenue reached $72.6 million, up from $16.0 million in Q2 2023.

• Total Q2 2024 revenue was $73.5 million; six-month revenue reached $136.9 million.

• Ended Q2 with $217.3 million in cash, cash equivalents, and investment securities.

• Operating expenses (OpEx), excluding non-cash items, were approximately $47 million in Q2, below guided ranges.

• Operating income for Q2 2024 was $8.8 million, compared to a $44.7 million loss in Q2 2023.

Outlook and guidance

• Full-year 2024 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 from Q3 to 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.