Total Revenue: Reported $63.5 million in Q1 2024, surpassing estimates of $54.58 million.
Net Loss: Recorded at $10.7 million for Q1 2024, significantly below the estimated net loss of $4.13 million.
Earnings Per Share: Actual EPS of -$0.07, fell short of the estimated -$0.04.
Product Revenue Growth: BRIUMVI U.S. net product revenue reached $50.5 million, indicating over 25% growth quarter over quarter.
R&D Expenses: Increased to $32.7 million in Q1 2024 from $15.9 million in the same period last year, driven by development costs and licensing expenses.
SG&A Expenses: Rose to $34.6 million due to scale-up activities for BRIUMVI's commercial launch.
Cash Position: Ended the quarter with $209.8 million in cash, cash equivalents, and investment securities.
The first quarter of 2024 saw TG Therapeutics achieve a total revenue of $63.5 million, significantly higher than the analyst estimate of $54.58 million. This includes $50.5 million from BRIUMVI U.S. net product sales, marking over 25% growth quarter over quarter, and a $12.5 million milestone payment related to BRIUMVI's launch in the first EU country. Despite these gains, the company recorded a net loss of $10.7 million for the quarter, a notable improvement from the $39.2 million loss in Q1 2023 but still higher than the estimated net loss of $4.13 million.
Operational and Development Milestones
During Q1 2024, TG Therapeutics continued to expand its commercial and clinical footprint. The company secured a national contract with the Department of Veterans Affairs, making BRIUMVI the preferred anti-CD20 antibody for RMS. On the development front, efforts are underway to enhance BRIUMVI's dosing convenience and to expand its indications beyond MS.
Financial Health and Future Outlook
As of March 31, 2024, TG Therapeutics reported having $209.8 million in cash, cash equivalents, and investment securities. This robust financial position is expected to support ongoing operations and fund further development activities. The company has updated its 2024 revenue guidance for BRIUMVI in the U.S. to range between $270 million and $290 million.
https://finance.yahoo.com/news/tg-therapeutics-inc-tgtx-surpasses-123417768.html
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