Q4 2025 TG Therapeutics Inc Earnings Call Transcript
Key Points
- TG Therapeutics Inc (TGTX) reported approximately $616 million in total global revenue for 2025, with $594 million coming from BRIUMVI US net sales, reflecting a 92% year-over-year growth.
- The company presented six-year open label extension data showing nearly 90% of patients were free from 24-week confirmed disability progression after continuous treatment with BRIUMVI.
- Enrollment for the Phase 3 enhanced study evaluating a single 600 mg dose of BRIUMVI is complete, with top-line data expected mid-year, potentially simplifying the treatment experience.
- The subcutaneous BRIUMVI program is approximately 75% enrolled, targeting pivotal top-line data later this year or early next year, with a potential 2028 launch.
- TG Therapeutics Inc (TGTX) completed a $100 million share repurchase program and authorized an additional $100 million, indicating confidence in the company's long-term outlook.
- Gross margin for the quarter was slightly below typical due to timing of sales to ex-US partners and a one-time inventory reserve.
- Full-year 2025 operating expenses were slightly above guidance due to incremental manufacturing and development costs related to subcutaneous BRIUMVI.
- The company faces typical seasonal headwinds in Q1, such as benefit re-verifications and gross-to-net variability driven by deductible resets.
- Despite strong new patient starts, guidance for Q1 and the year is considered conservative, potentially indicating cautious expectations for growth.
- The subcutaneous portion of the market is stable but may require significant effort to expand, with competition from established players like Roche and Novartis.
Greetings, and welcome to the TG Therapeutics fourth-quarter and year-end 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.
I would now like to turn the conference over to your host, Jenna Bosco, Chief Communications Officer. Please proceed.
Thank you. Welcome, everyone, and thank you for joining us this morning. I'm Jenna Bosco, and with me to discuss TG Therapeutics fourth-quarter and year-end 2025 financial results are Michael Weiss, our Chairman and Chief Executive Officer; Adam Waldman, our Chief Commercial Officer; and Sean Power, our Chief Financial Officer.
Following our Safe Harbor statement, Mike will begin with an overview of our recent corporate developments. Adam will provide an update on our commercial efforts, and Sean will review our financial results before we open the call for Q&A.
Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements within the meaning
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