Benzinga - by Vandana Singh, Benzinga Editor.
Wednesday, TG Therapeutics Inc (NASDAQ:TGTX) reported fourth-quarter 2023 revenues of $43.97 million, beating the consensus of $40.06 million.
Briumvi U.S. net product revenue reached $39.9 million for Q4 2023 and $88.8 million for the full year 2023.
Approximately 3,200 Briumvi prescriptions were received by TG Therapeutics since launch from around 640 healthcare providers at approximately 400 centers.
The company said the European Commission approval for Briumvi was received, leading to a partnership with Neuraxpharm for ex-U.S. commercialization.
Michael Weiss, Chairman and Chief Executive Officer, stated, “2023 was an exciting year of execution for TG, which we believe has set the stage for a successful 2024. The BRIUMVI launch exceeded our expectation.”
Weiss continued, “We were also pleased to see our ex-US partner, Neuraxpharm, commence the launch of BRIUMVI in Europe this week. As the year progresses, we look forward to providing continued updates on our launch of BRIUMVI in the U.S. and sharing data updates throughout the year at major medical meetings.”
The launch of Briumvi in Europe began in Germany with Neuraxpharm.
Three additional patents for Briumvi were obtained from the United States Patent and Trademark Office, extending patent protection through 2042.
Guidance: TG Therapeutics forecasts fiscal year 2024 Briumvi U.S. net product revenue of $220 million to $260 million, with operating expenses of approximately $250 million.
Cash, cash equivalents, and investment securities stood at $217.5 million as of December 31, 2023.
The company anticipates that current resources and projected Briumvi revenues will be sufficient to fund planned operations into cash flow positivity based on the current operating plan.
Price Action: TGTX shares are up 26.4% at $17.58 on the last check Wednesday.
Image: Illustration of Phrama lab worker created with MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.