TG Therapeutics Reports Third Quarter 2024 Financial Results and Raises BRIUMVI® (ublituximab-xiiy) Full Year Revenue Guidance

Third quarter 2024 U.S. BRIUMVI net revenue of $83.3 million

Raises full year 2024 U.S. BRIUMVI net revenue target to $300 - $305 million

Conference call to be held today, November 4, 2024, at 8:30 AM ET   

NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- TG Therapeutics, Inc. (NASDAQ:TGTX) (the Company or TG Therapeutics) today announced its financial results for the third quarter of 2024, along with recent company developments and provided an update on 2024 revenue guidance.

Michael S. Weiss, the Company's Chairman and Chief Executive Officer stated, "The positive feedback and uptake of BRIUMVI in the marketplace continues to outpace our expectations and we are excited to share with you the results of another quarter of growth and execution of our BRIUMVI launch and pipeline development. With $83.3 million of U.S. BRIUMVI net sales for the third quarter and continued strong commercial launch effort, we believe we are on a path for continued growth into the end of the year and into 2025 and further toward our long-term goal of becoming the number one prescribed anti-CD20 in terms of dynamic market share." Mr. Weiss continued, "Everyone at TG is focused on individuals living with relapsing forms of multiple sclerosis, and to that end, we continue to make strides with our clinical programs designed to improve their treatment experience, including shortening infusion times, minimizing infusion visits, offering a subcutaneous BRIUMVI option, and developing novel treatments such as our allogeneic CD19 CAR-T. We look forward to a strong close to 2024 and are excited for further progress in 2025 both commercially and clinically."

Recent Highlights & Developments

United States (U.S.) Commercialization of BRIUMVI® (ublituximab-xiiy)

BRIUMVI U.S. net product revenue of $83.3 million for the third quarter of 2024, reflecting approximately 15% quarter-over-quarter growth and over 230% growth from the same quarter last year

BRIUMVI Clinical Data Presentations

Presented updated data at the 2024 European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) annual meeting including:

New five year data from the ULTIMATE I & II Phase 3 trials evaluating BRIUMVI in patients with relapsing forms of multiple sclerosis (RMS) which demonstrated that 92% of patients were free from disability progression after five years of treatment, an annualized relapse rate of 0.02 during year 5 of treatment (equivalent to one relapse occurring every fifty years of patient treatment), and an overall safety profile which remained consistent over 5 years of continuous treatment, with no new safety signals emerging with prolonged treatment.

New data from the ENHANCE Phase 3b trial evaluating BRIUMVI in patients with RMS which demonstrated that:

Rapid 30-minute BRIUMVI infusions are well tolerated with all infusion related reactions being mild (Grade 1) and resolving completed, and

RMS patients who are already B-cell depleted can safely switch from a prior anti-CD20 therapy directly to 450 mg of BRIUMVI administered in 1 hour as an initial infusion, without a 150 mg initial dose, with 97% of infusions being completed without interruption or slowing.

Pipeline

Initiated a phase 1 clinical trial evaluating subcutaneous ublituximab in RMS

Received clearance by the U.S. Food and Drug Administration (FDA) of an Investigational New Drug (IND) application for azer-cel in progressive forms of multiple sclerosis (MS)

Manufacturing

Secured FUJIFILM Diosynth Biotechnologies as a secondary US-based manufacturer of BRIUMVI out of its Holly Spring, North Carolina, United States, based facility.

2024 Updated Target U.S. BRIUMVI Guidance

Raising BRIUMVI U.S. net product revenue target to $300 to $305 million for the full year 2024 (prior guidance of $290 to $300 million for full year 2024)

Remaining 2024 Development Pipeline Anticipated Milestones

Study BRIUMVI in an additional autoimmune disease outside of MS

Commence a clinical trial evaluating azer-cel in autoimmune diseases, starting with progressive MS

Financial Results for Third Quarter 2024

Product Revenue, net: Product revenue, net was approximately $83.3 million and $206.4 million for the three and nine months ended September 30, 2024, respectively, compared to $25.1 million and $48.9 million for the three and nine months ended September 30, 2023, respectively. Product revenue, net for both the three and nine months ended September 30, 2024, and 2023, consisted of net product sales of BRIUMVI in the United States.

License, milestone, royalty and other revenue: License, milestone, royalty and other revenue was approximately $0.6 million and $14.4 million for the three and nine months ended September 30, 2024, respectively, compared to $140.7 million and $140.8 million for the three and nine months ended September 30, 2023, respectively. License, milestone, royalty and other revenue for the nine months ended September 30, 2024, is predominantly comprised of a $12.5 million milestone payment under the Neuraxpharm Commercialization Agreement for the first key market commercial launch of BRIUMVI in the European Union (EU) which occurred in the first quarter of 2024. License, milestone, royalty and other revenue for the nine months ended September 30, 2023 is predominantly comprised of recognition of the one-time $140.0 million non-refundable upfront payment under the Commercialization Agreement with Neuraxpharm.

R&D Expenses: Total research and development (R&D) expense was approximately $20.1 million and $70.4 million for the three and nine months ended September 30, 2024, respectively, compared to $14.8 million and $58.7 million for the three and nine months ended September 30, 2023, respectively. The increase in R&D expense during the three and nine months ended September 30, 2024 was primarily attributable to license and milestone expense related to the license agreement with Precision BioSciences, Inc., as well as additional manufacturing and development costs incurred in connection with our ublituximab subcutaneous development work during the period.

SG&A Expenses: Total selling, general and administrative (SG&A) expense was approximately $42.0 million and $115.3 million for the three and nine months ended September 30, 2024, respectively, compared to $32.8 million and $91.6 million for the three and nine months ended September 30, 2023, respectively. The increase in both periods was primarily due to other selling, general and administrative costs, including personnel and consultants, associated with the commercialization of BRIUMVI during the period ended September 30, 2024.

Net Income: Net income was $3.9 million and $0.1 million for the three and nine months ended September 30, 2024, respectively, compared to net income of $113.9 million and $27.1 million for the three and nine months ended September 30, 2023, respectively.

Cash Position and Financial Guidance: Cash, cash equivalents and investment securities were $341.0 million as of September 30, 2024. We anticipate that our cash, cash equivalents and investment securities as of September 30, 2024, combined with the projected revenues from BRIUMVI, will be sufficient to fund our business based on our current operating plan.

CONFERENCE CALL INFORMATIONThe Company will host a conference call today, November 4, 2024 at 8:30 AM ET to discuss the Company's financial results from the third quarter ended September 30, 2024.

To participate in the conference call, please call 1-877-407-8029 (U.S.), 1-201-689-8029 (outside the U.S.), Conference Title: TG Therapeutics. A live audio webcast will be available on the Events page, located within the Investors & Media section, of the Company's website at http://ir.tgtherapeutics.com/events. An audio recording of the conference call will also be available for a period of 30 days after the call.

ABOUT BRIUMVI® (ublituximab-xiiy) 150 mg/6 mL Injection for IVBRIUMVI is a novel monoclonal antibody that targets a unique epitope on CD20-expressing B-cells. Targeting CD20 using monoclonal antibodies has proven to be an important therapeutic approach for the management of autoimmune disorders, such as RMS. BRIUMVI is uniquely designed to lack certain sugar molecules normally expressed on the antibody. Removal of these sugar molecules, a process called glycoengineering, allows for efficient B-cell depletion at low doses.

BRIUMVI is indicated in the U.S. for the treatment of adults with RMS, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease and in the EU and UK for the treatment of adult patients with RMS with active disease defined by clinical or imaging features.

A list of authorized specialty distributors can be found at www.briumvi.com.

IMPORTANT SAFETY INFORMATIONContraindications: BRIUMVI is contraindicated in patients with:

Active Hepatitis B Virus infection

A history of life-threatening infusion reaction to BRIUMVI

WARNINGS AND PRECAUTIONS

Infusion Reactions: BRIUMVI can cause infusion reactions, which can include pyrexia, chills, headache, influenza-like illness, tachycardia, nausea, throat irritation, erythema, and an anaphylactic reaction. In MS clinical trials, the incidence of infusion reactions in BRIUMVI-treated patients who received infusion reaction-limiting premedication prior to each infusion was 48%, with the highest incidence within 24 hours of the first infusion. 0.6% of BRIUMVI-treated patients experienced infusion reactions that were serious, some requiring hospitalization.

Observe treated patients for infusion reactions during the infusion and for at least one hour after the completion of the first two infusions unless infusion reaction and/or hypersensitivity has been observed in association with the current or any prior infusion. Inform patients that infusion reactions can occur up to 24 hours after the infusion. Administer the recommended pre-medication to reduce the frequency and severity of infusion reactions. If life-threatening, stop the infusion immediately, permanently discontinue BRIUMVI, and administer appropriate supportive treatment. Less severe infusion reactions may involve temporarily stopping the infusion, reducing the infusion rate, and/or administering symptomatic treatment.

Infections: Serious, life-threatening or fatal, bacterial and viral infections have been reported in BRIUMVI-treated patients. In MS clinical trials, the overall rate of infections in BRIUMVI-treated patients was 56%, compared to 54% in teriflunomide-treated patients. The rate of serious infections was 5% compared to 3%, respectively. There were 3 infection-related deaths in BRIUMVI-treated patients. The most common infections in BRIUMVI-treated patients included upper respiratory tract infection (45%) and urinary tract infection (10%). Delay BRIUMVI administration in patients with an active infection until the infection is resolved.

Consider the potential for increased immunosuppressive effects when initiating BRIUMVI after immunosuppressive therapy or initiating an immunosuppressive therapy after BRIUMVI.

Hepatitis B Virus (HBV) Reactivation: HBV reactivation occurred in an MS patient treated with BRIUMVI in clinical trials. Fulminant hepatitis, hepatic failure, and death caused by HBV reactivation have occurred in patients treated with anti-CD20 antibodies. Perform HBV screening in all patients before initiation of treatment with BRIUMVI. Do not start treatment with BRIUMVI in patients with active HBV confirmed by positive results for HBsAg and anti-HB tests. For patients who are negative for surface antigen [HBsAg] and positive for HB core antibody [HBcAb+] or are carriers of HBV [HBsAg+], consult a liver disease expert before starting and during treatment.

Progressive Multifocal Leukoencephalopathy (PML): Although no cases of PML have occurred in BRIUMVI-treated MS patients, JC virus infection resulting in PML has been observed in patients treated with other anti-CD20 antibodies and other MS therapies.

If PML is suspected, withhold BRIUMVI and perform an appropriate diagnostic evaluation. Typical symptoms associated with PML are diverse, progress over days to weeks, and include progressive weakness on one side of the body or clumsiness of limbs, disturbance of vision, and changes in thinking, memory, and orientation leading to confusion and personality changes.

MRI findings may be apparent before clinical signs or symptoms; monitoring for signs consistent with PML may be useful. Further investigate suspicious findings to allow for an early diagnosis of PML, if present. Following discontinuation of another MS medication associated with PML, lower PML-related mortality and morbidity have been reported in patients who were initially asymptomatic at diagnosis compared to patients who had characteristic clinical signs and symptoms at diagnosis.

If PML is confirmed, treatment with BRIUMVI should be discontinued.

Vaccinations: Administer all immunizations according to immunization guidelines: for live or live-attenuated vaccines, at least 4 weeks and, whenever possible, at least 2 weeks prior to initiation of BRIUMVI for non-live vaccines. BRIUMVI may interfere with the effectiveness of non-live vaccines. The safety of immunization with live or live-attenuated vaccines during or following administration of BRIUMVI has not been studied. Vaccination with live virus vaccines is not recommended during treatment and until B-cell repletion.

Vaccination of Infants Born to Mothers Treated with BRIUMVI During Pregnancy: In infants of mothers exposed to BRIUMVI during pregnancy, assess B-cell counts prior to administration of live or live-attenuated vaccines as measured by CD19+ B-cells. Depletion of B-cells in these infants may increase the risks from live or live-attenuated vaccines. Inactivated or non-live vaccines may be administered prior to B-cell recovery. Assessment of vaccine immune responses, including consultation with a qualified specialist, should be considered to determine whether a protective immune response was mounted.

Fetal Risk: Based on data from animal studies, BRIUMVI may cause fetal harm when administered to a pregnant woman. Transient peripheral B-cell depletion and lymphocytopenia have been reported in infants born to mothers exposed to other anti-CD20 B-cell depleting antibodies during pregnancy. A pregnancy test is recommended in females of reproductive potential prior to each infusion. Advise females of reproductive potential to use effective contraception during BRIUMVI treatment and for 6 months after the last dose.

Reduction in Immunoglobulins: As expected with any B-cell depleting therapy, decreased immunoglobulin levels were observed. Decrease in immunoglobulin M (IgM) was reported in 0.6% of BRIUMVI-treated patients, compared to none of the patients treated with teriflunomide in RMS clinical trials. Monitor the levels of quantitative serum immunoglobulins during treatment, especially in patients with opportunistic or recurrent infections, and after discontinuation of therapy, until B-cell repletion. Consider discontinuing BRIUMVI therapy if a patient with low immunoglobulins develops a serious opportunistic infection or recurrent infections, or if prolonged hypogammaglobulinemia requires treatment with intravenous immunoglobulins.

Most Common Adverse Reactions: The most common adverse reactions in RMS trials (incidence of at least 10%) were infusion reactions and upper respiratory tract infections.

Physicians, pharmacists, or other healthcare professionals with questions about BRIUMVI should visit www.briumvi.com.

The full Summary of Product Characteristics approved in the European Union (EU) for BRIUMVI can be found here Briumvi | European Medicines Agency (europa.eu).

ABOUT BRIUMVI PATIENT SUPPORT in the U.S. BRIUMVI Patient Support is a flexible program designed by TG Therapeutics to support U.S. patients through their treatment journey in a way that works best for them. More information about the BRIUMVI Patient Support program can be accessed at www.briumvipatientsupport.com.

ABOUT MULTIPLE SCLEROSIS Relapsing multiple sclerosis (RMS) is a chronic demyelinating disease of the central nervous system (CNS) and includes people with relapsing-remitting multiple sclerosis (RRMS) and people with secondary progressive multiple sclerosis (SPMS) who continue to experience relapses. RRMS is the most common form of multiple sclerosis (MS) and is characterized by episodes of new or worsening signs or symptoms (relapses) followed by periods of recovery. It is estimated that nearly 1 million people are living with MS in the United States and approximately 85% are initially diagnosed with RRMS.1,2 The majority of people who are diagnosed with RRMS will eventually transition to SPMS, in which they experience steadily worsening disability over time. Worldwide, more than 2.3 million people have a diagnosis of MS.1

ABOUT TG THERAPEUTICSTG Therapeutics is a fully integrated, commercial stage, biopharmaceutical company focused on the acquisition, development, and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline including several investigational medicines, TG Therapeutics has received approval from the U.S. Food and Drug Administration (FDA) for BRIUMVI® (ublituximab-xiiy) for the treatment ...