Earnings Call Insights: TG Therapeutics (TGTX) Q2 2025
Management View
- Michael S. Weiss, CEO, stated, “I’m pleased to share that we delivered another strong quarter with solid performance across all aspects of our business, highlighted by the continued momentum of our flagship product BRIUMVI. The ongoing enthusiasm from the MS community has been both gratifying and energizing and our commercial performance has exceeded expectations.”
- Weiss highlighted, “Now approximately 2.5 years into launch, we estimate that nearly 1 in every 3 new IV anti-CD20 patients are prescribed BRIUMVI.” He also announced, “We remain focused on expanding choice and flexibility for patients and providers through the development of subcu BRIUMVI in our ENHANCE study.”
- On pipeline progress, Weiss said, “We have dosed our first patient with progressive MS using azer-cel our investigational allogeneic CD19-directed CAR-T therapy.”
- Adam Waldman, Chief Commercial Officer, reported, “U.S. net sales for BRIUMVI in Q2 totaled approximately $139 million, ahead of our internal expectations and building on the robust growth we achieved in Q1, positioning us for a strong second half of 2025.”
- Waldman commented on market penetration, “We saw a meaningful increase in both new prescribers and new accounts, reflecting deeper penetration across academic institutions and community neurology practices.”
- Sean A. Power, CFO, stated, “We’re very pleased to report total revenue of $141.1 million for the second quarter of 2025, which includes U.S. net product revenue of $138.8 million, representing a 91% increase compared to the same period last year, and 16% growth over the first quarter of this year.”
Outlook
- Waldman raised full year U.S. BRIUMVI net revenue guidance, stating, “We are again raising our full year U.S. BRIUMVI net revenue guidance which was $560 million to $570 million to $575 million for the full year 2025.”
- Management expects “stronger growth Q3 to Q4 than Q2 to Q3” due to expected Q3 seasonality.
- Power maintained, “We continue to expect full year operating expenses to be in the range of approximately $300 million in line with our prior guidance.”
Financial Results
- Power reported, “Total revenue of $141.1 million for the second quarter of 2025, which includes U.S. net product revenue of $138.8 million.”
- Operating expenses totaled “approximately $71 million for the second quarter of 2025,” lower than the previous quarter but up year-over-year.
- Power stated, “We continue to expect full year operating expenses to be in the range of approximately $300 million.”
- GAAP net income for the quarter was $28.2 million, or $0.17 per diluted share, compared to $6.9 million or $0.04 per diluted share a year ago.
- TG closed the quarter with approximately $279 million in cash, cash equivalents and investment securities.
Q&A
- Tara Bancroft, TD Cowen: Asked about the guidance and cadence for the rest of the year. Waldman responded, “We’re raising guidance here… we do see seasonality in the summer… we expect stronger growth from Q3 to Q4.”
- Michael DiFiore, Evercore ISI: Inquired about subcu market share breakdown and payer impact. Waldman indicated, “We believe in the IV segment or physician-administered segment. We’re capturing about 1 out of every 3 patients today. As far as the payer questions, we’re not seeing it today, but certainly, we could see it.”
- Corinne Johnson, Goldman Sachs: Asked about subcutaneous administration devices. Weiss said, “Our plan is probably just go straight to the auto-injector… I don’t think we’re expecting any technical challenges with the auto-injector.”
- Mayank Mamtani, B. Riley Securities: Queried about anti-CD20 IV market trends and ZUNOVO impact. Waldman said, “We’re not seeing a lot of enthusiasm for the ZUNOVO product in the U.S. … we’re not really seeing any impact on us.”
- Cha Cha Yang, Jefferies: Asked about product adherence and Q3 guidance. Waldman responded, “No, we did not give 3Q guidance… our persistence continues to be good, both at week 24, and we’re getting preliminary data here at week 48, continues to be above our expectations.”
- Prakhar Agrawal, Cantor Fitzgerald: Inquired about subcu dosing and gross to net. Waldman noted, “On the gross to net, I’ll take that first. We’ve guided 70% to 75% for the year and that still remains intact. I would say this quarter, it was probably closer to 70%… mostly volume” for sequential growth.
Sentiment Analysis
- Analysts pressed for more granular guidance and clarity on market trends, displaying a neutral to slightly positive tone, as reflected in questions about guidance, market share dynamics, and new product development.
- Management maintained a confident and upbeat tone in both prepared remarks and Q&A, frequently highlighting strong performance and future potential with statements such as “we are again raising our full year U.S. BRIUMVI net revenue guidance.”
- Compared to the previous quarter, management’s tone remains confident but is more focused on execution and pipeline milestones, while analysts continue to probe for competitive insights and risk factors.
Quarter-over-Quarter Comparison
- Revenue guidance for 2025 was raised from $560 million to $575 million, whereas the previous quarter raised it from $525 million to $560 million.
- Sequentially, BRIUMVI’s net product revenue grew 16%, similar to the prior quarter’s sequential growth rate.
- Management’s focus shifted toward the launch and progress of subcu BRIUMVI and pipeline expansion, building on prior quarter’s discussions about lifecycle innovation.
- Analysts’ questions continue to center on competitive dynamics and market uptake, but with increased attention on the subcu segment and payer trends this quarter.
- Management reiterated strong persistence and adherence, as in Q1, and reinforced confidence in meeting and raising guidance.
Risks and Concerns
- Management noted a potential shift in payer preference toward lower-cost at-home therapies but stated, “we’re not seeing it today, but certainly, we could see it.”
- Variability in operating expenses was acknowledged, particularly related to subcu BRIUMVI development timing.
- No specific new risks regarding tariffs or manufacturing were raised this quarter.
Final Takeaway
TG Therapeutics delivered another quarter of robust growth, highlighted by increasing BRIUMVI adoption and a significant raise in revenue guidance for 2025. Strategic investment in the subcutaneous BRIUMVI program and continued pipeline development are positioning the company for further expansion in the MS market, while strong cash reserves and disciplined execution underpin management’s confidence in long-term value creation.