TG Therapeutics (TGTX) Stock Surged After Financial Update And Milestones

TG Therapeutics, Inc. (NASDAQ: TGTX) has unveiled its financial results for the First Quarter 2024, along with noteworthy company advancements. Subsequently, there was a notable surge of 17.43% in TGTX stock, reaching $16.04 at the latest assessment.

The financial report discloses that TG Therapeutics (TGTX) has recorded BRIUMVI (ublituximab-xiiy) U.S. net earnings amounting to $50.5 million, contributing to a total revenue figure of $63.5 million. This total includes a $12.5 million milestone payment related to the launch of BRIUMVI in the first European Union nation.

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Bolstered by these favorable outcomes, TG Therapeutics has revised its annual projections, anticipating BRIUMVI U.S. net earnings to range between $270 million and $290 million for the year 2024. Furthermore, the company is actively pursuing various clinical objectives for the year.

These objectives encompass refining the administration of intravenous BRIUMVI for enhanced convenience, formulating a subcutaneous iteration of BRIUMVI, expanding the spectrum of indications for BRIUMVI beyond multiple sclerosis (MS), and progressing the clinical development of its latest pipeline addition, azer-cel, an allogeneic CAR T-cell therapy.

TG Therapeutics has recently secured a significant national agreement with the Department of Veterans Affairs (VA), designating BRIUMVI as the preferred therapeutic option listed on the VA National Formulary for Anti-CD20 Antibody indications in patients diagnosed with relapsing forms of multiple sclerosis (RMS).

This collaboration with the National VA Health System is poised to provide Veterans nationwide grappling with RMS access to BRIUMVI at a substantial discount. The contractual arrangement spans the base year ordering phase from June 17, 2024, to June 16, 2025, with provisions for four additional one-year extension periods exercisable at the discretion of the U.S. Government.

As stipulated by the contract terms, BRIUMVI is mandated for new patient commencements unless clinically contraindicated. While not obligatory, patients currently prescribed alternative agents within the anti-CD20 class may transition to BRIUMVI upon the recommendation of their attending physicians.

The total contract value is estimated at $186,776,520, predicated on the assumption that all MS patients projected to receive anti-CD20 therapies via the VA annually will opt for BRIUMVI over a five-year period at the contracted rate.

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