TG Therapeutics Gains After Strong Q3 Beat
TG Therapeutics (NASDAQ:TGTX) added ~21% pre-market Wednesday after the company posted solid topline and bottom-line beats with its Q3 2023 financials.
The Morrisville, North Carolina-based biotech reported 165.8M in net revenue for the quarter, up from 94M in the prior-year period, exceeding the consensus by as much as 102.5M.
A one-time payment of 140M from Neuraxpharm, its ex-U.S. partner for multiple sclerosis therapy Briumvi, boosted the top line.
However, Briumvi's net sales also exceeded the company's expectations, reaching 25.1M from 16M in Q2 2023. The FDA approved the anti-CD20 monoclonal antibody in late 2022, leading to its commercial launch in January.
TG Therapeutics (TGTX) recorded 900 Briumvi prescriptions for Q3, taking the total prescriptions for the drug to 2,200 since its launch.
Meanwhile, the company's SG&A expenses reached 32.8M, a twofold rise from Q2 2022. However, given the strong topline growth, TG Therapeutics (TGTX) reported 113.9M in net income compared to 35.8M of net loss in the prior year period.
The Morrisville, North Carolina-based biotech reported 165.8M in net revenue for the quarter, up from 94M in the prior-year period, exceeding the consensus by as much as 102.5M.
A one-time payment of 140M from Neuraxpharm, its ex-U.S. partner for multiple sclerosis therapy Briumvi, boosted the top line.
However, Briumvi's net sales also exceeded the company's expectations, reaching 25.1M from 16M in Q2 2023. The FDA approved the anti-CD20 monoclonal antibody in late 2022, leading to its commercial launch in January.
TG Therapeutics (TGTX) recorded 900 Briumvi prescriptions for Q3, taking the total prescriptions for the drug to 2,200 since its launch.
Meanwhile, the company's SG&A expenses reached 32.8M, a twofold rise from Q2 2022. However, given the strong topline growth, TG Therapeutics (TGTX) reported 113.9M in net income compared to 35.8M of net loss in the prior year period.
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