TG Therapeutics, Inc. (NASDAQ: TGTX) has reported its financial results for the first quarter of 2025, with significant growth in revenue for its product Briumvi. The company announced that the first quarter of 2025 saw Briumvi's U.S. net revenue reach $119.7 million, reflecting a substantial 137% growth compared to the same period last year. The company also raised its full-year 2025 global net revenue target to approximately $575 million and increased the full-year Briumvi U.S. net revenue target to approximately $560 million.
The increase in revenue is attributed to the growing confidence in Briumvi's treatment, with Michael S. Weiss, the Chairman and CEO of TG Therapeutics, expressing pride in the progress made. He highlighted the positive feedback from patients and clinicians, reinforcing the company's belief in achieving its long-term goal of making Briumvi the number one prescribed anti-CD20 treatment.
The company's financial guidance for 2025 has been revised upwards, with the target operating expense for the full year expected to be approximately $300 million (excluding non-cash compensation and cost of goods sold). Additionally, TG Therapeutics anticipates that its cash, cash equivalents, and investment securities as of March 31, 2025, combined with projected revenues from Briumvi, will be sufficient to fund its business based on the current operating plan.
In terms of financial performance, the first quarter of 2025 saw a notable increase in net product revenue, which amounted to approximately $119.7 million, compared to $50.5 million for the same period in 2024. However, license, milestone, royalty, and other revenue decreased to approximately $1.2 million for the first quarter of 2025, down from $13.0 million for the first quarter of 2024.
Total research and development (R&D) expenses for the first quarter of 2025 were $46.4 million, compared to $32.7 million for the first quarter of 2024, primarily due to manufacturing expenses related to the development work for subcutaneous Briumvi. Selling, general, and administrative (SG&A) expenses also increased to $50.3 million for the first quarter of 2025, up from $34.6 million for the same period in 2024, driven by costs associated with the commercialization of Briumvi.
Despite the increased expenses, TG Therapeutics reported a net income of $5.1 million for the first quarter of 2025, marking a significant improvement compared to a net loss of $10.7 million for the first quarter of 2024.
The company's pipeline status includes ongoing clinical trials evaluating subcutaneous Briumvi in patients with relapsing forms of multiple sclerosis (RMS) and in patients with myasthenia gravis (MG), as well as the enrollment of participants into the clinical trials evaluating Azer-cel for the treatment of autoimmune diseases.
TG Therapeutics also outlined anticipated milestones for its development pipeline in 2025, including commencing pivotal programs for subcutaneous Briumvi, initiating a pivotal program based on improved dosing regimens evaluated in clinical trials, and presenting updated data at major medical conferences throughout the year.
Today the company's shares have moved -13.1% to a price of $37.74. If you want to know more, read the company's complete 8-K report here.
