TG Therapeutics Inc (TGTX) Reports Third Quarter 2023 Financial Results
TG Therapeutics Inc (NASDAQ:TGTX) reported a total net revenue of $165.8 million for Q3 2023, including BRIUMVI net sales of $25.1 million in the United States.
The company has seen approximately 2,200 BRIUMVI prescriptions since its launch from over 500 healthcare providers across approximately 350 centers in the U.S.
Payor coverage is in place for approximately 95% of covered lives for BRIUMVI.
The company's Chairman and CEO, Michael S. Weiss, expressed satisfaction with the team's execution in Q3 and optimism for the future of BRIUMVI and TG.
Released on November 1, 2023, TG Therapeutics Inc (NASDAQ:TGTX)'s financial results for the third quarter ended September 30, 2023, show a strong performance with significant progress on corporate goals. The company reported a total net revenue of $165.8 million, including BRIUMVI net sales of $25.1 million in the U.S. and license revenue of $140.0 million from the upfront payment received from Neuraxpharm.
Company Performance and Financial Highlights
Michael S. Weiss, the Company's Chairman and Chief Executive Officer, stated,
The team has executed very well in the third quarter, making significant progress on our corporate goals and continuing to build a solid foundation for the BRIUMVI launch. We showed strong net quarterly revenue of approximately $166 million, including an upfront milestone payment from our ex-U.S. partner, Neuraxpharm, as well as $25.1 million in BRIUMVI net sales in the U.S., which again exceeded our expectations.
Mr. Weiss also expressed optimism about the growing adoption of BRIUMVI and the company's prospects for 2024.
Financial Results for Q3 2023
The company's financial results for the three and nine months ended September 30, 2023, show a net income of $113.93 million for Q3 2023, compared to a net loss of $35.82 million for the same period in 2022. For the nine months ended September 30, 2023, the company reported a net income of $27.09 million, compared to a net loss of $145.34 million for the same period in 2022. The company's total equity stood at $164.77 million as of September 30, 2023.
Future Prospects
With the successful launch of BRIUMVI and the establishment of payor coverage for approximately 95% of covered lives, TG Therapeutics Inc (NASDAQ:TGTX) is well-positioned for future growth. The company's strong financial performance in Q3 2023, coupled with the positive reception of BRIUMVI among healthcare providers, bodes well for its prospects in 2024 and beyond.
Explore the complete 8-K earnings release (here) from TG Therapeutics Inc for further details.
This article first appeared on GuruFocus.
