TG Therapeutics (TGTX) is a commercial-stage biopharmaceutical firm that treats autoimmune diseases, cancers, and other B-cell diseases. The company has received approval from the FDA for Briumvi, which treats patients with relapsing forms of multiple sclerosis. The drug is also approved in the E.U. and U.K. to treat certain autoimmune disorders.
BRIUMVI has had very strong sales since its launch, with over 350% revenue growth over last year in the U.S. in Q2. There were 5,850 new patient prescriptions, which substantially exceeded management’s expectations. The company has raised its FY24 product revenue target to $290-300 mln from $270-290 mln.
The strong sales have enabled the company to enter into a new $250 mln credit facility, which will be used for a share repurchase program and to pay down its current debt. Briumvi has patent protection through 2042.
The company mentioned in its conference call that it has around 15% market share, which is a quick increase of 5%. The company is exploring other drug delivery methods and new indications for Briumvi and is also expanding its pipeline.
In the second quarter, sales were $73.5 million versus $16.1 million last year. Analysts expect eps to grow to $0.75 in 2025 from $0.5 in 2024, but after a solid beat in the third quarter, there could be more upside to the numbers.
Technically, the chart looks very strong as it tests overhead resistance at $22.50 as a cup-on-cup pattern forms. The stock is on the screens of momentum investors and is an IBD50 name with 97 R.S. rank. B+ Accumulation and an eps rank of 74.
As always, we will not chase the stock to start the week but will aggressively trade it as a potential breakout pattern forms.
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