TG Therapeutics Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-06
TG Therapeutics Reports Second Quarter 2024 Financial Results
TG Therapeutics, Inc. (NASDAQ:TGTX) announced its financial results for the second quarter of 2024, revealing strong performance in various areas, especially BRIUMVI net revenue, which led to raised full-year revenue guidance.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change % | QoQ Change % | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $72.6 million | $50.5 million* | $16.0 million | +353% | +43.8%* | $65.89 million |
| Earnings (Net Income/Loss) | $6.9 million | $(10.7) million* | $(47.6) million | N/A | N/A | EPS: $-0.05 |
*Estimated values as detailed data is unavailable.
Financial Performance Interpretation: TG Therapeutics demonstrated robust financial growth in Q2 2024 with a notable year-over-year revenue increase of over 350%. The net revenue of $72.6 million, which surpasses the consensus estimate of $65.89 million, reflects strong market acceptance and operational efficiency. The company achieved profitability in this quarter, reversing the prior year's losses, underpinned by the thriving BRIUMVI sales.
Revenue Performance by Segment
| Segment | Revenue Q2 2024 | Revenue Q2 2023 | YoY Change % | Previous Guidance (Full Year) | Updated Guidance (Full Year) |
|---|---|---|---|---|---|
| BRIUMVI U.S. Net Product | $72.6 million | $16.0 million | >350% | $270-290 million | $290-300 million |
Segment Performance Interpretation: BRIUMVI’s U.S. net product revenue exhibited remarkable growth, contributing significantly to the overall revenue. The impressive performance led TG Therapeutics to upgrade its full-year guidance to $290-300 million from an earlier projection of $270-290 million, highlighting the product's successful market penetration and increasing demand.
Key Operational Data
| Operational Metric | Value Q2 2024 |
|---|---|
| New Patient Prescriptions Received | ~1,400 |
| Total Centers Involved | ~525 |
| Total Healthcare Providers Involved | ~950 |
| Total New Patient Prescriptions (all-time) | ~5,850 |
Comments from Company's Officers
Michael S. Weiss, Chairman and CEO, expressed satisfaction with the quarterly achievements stating, "We are pleased to report another quarter of outperformance across all aspects of our business... We look forward to continuing the positive momentum into the second half of 2024."
Dividends and Share Repurchase Program
TG Therapeutics has established a $250 million credit facility to repay $107 million of existing debt and fund up to $100 million in share repurchases, aiming to bolster shareholder value through capital restructuring.
Forward Guidance
The company has raised its full-year 2024 BRIUMVI U.S. net revenue target to approximately $290-300 million from a prior projection of $270-290 million, demonstrating confidence in sustained performance.
Stock Price Movement
Following the earnings release, TG Therapeutics witnessed a notable stock price increase of approximately 11.88%, reflecting positive investor sentiment and market reaction to the strong quarterly results and raised guidance.
TG Therapeutics continues to show operational strength and financial resilience, as evidenced by their latest quarter's results and forward-looking strategies.
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