TG Therapeutics jumps after second consecutive quarterly beat

TG Therapeutics (NASDAQ:TGTX) shares rose ~26% in the morning hours on Wednesday after the biotech exceeded expectations with its Q4 2023 financials, recording its second consecutive quarterly beat for the year.

The Morrisville, North Carolina-based company reported ~$44.0M in net revenue in Q4, up from $80K in the prior-year period, compared to ~$40.1M in FactSet Consensus.

Its newly launched multiple sclerosis therapy, Briumvi, boosted the top line, adding $39.9M in net product sales in Q4 with 3,200 prescriptions received from about 640 healthcare providers since its launch, compared to 2,200 prescriptions as of Q3.

The FDA authorized the anti-CD20 monoclonal antibody in late 2022, leading to its market rollout in January 2023.

The company swung to a net profit of $12.7M in 2023 after recording $198.4M of net loss in the prior year as net product sales from Briumvi reached $88.8M last year.

Looking ahead, TG Therapeutics (TGTX) projects net product sales of Briumvi to reach $220M-$260M this year.