TG Therapeutics, Inc. Q2 FY2025 earnings call

• BRIUMVI continues to gain momentum with nearly 1 in 3 new IV anti-CD20 patients prescribed BRIUMVI. - Subcu BRIUMVI in the ENHANCE study is on track to initiate patient enrollment in the coming weeks, with a Phase III trial evaluating two dosing schedules. - A randomized, double-blind Phase III cohort for IV BRIUMVI is enrolling to consolidate infusions. - First patient dosed with azer-cel, an investigational allogeneic CD19-directed CAR-T therapy for progressive MS. - Exploration of BRIUMVI in myasthenia gravis is ongoing.

Total revenue for the second quarter of 2025 was $141.1 million. U.S. net product revenue was $138.8 million, representing a 91% increase compared to the same period last year and 16% growth over the first quarter of 2025. License, milestone, and royalty revenue totaled $2.3 million. BRIUMVI was the key driver, with strong commercial momentum.

• Raised full-year U.S. BRIUMVI net revenue guidance to $575 million from $560 million to $570 million. - Anticipates stronger growth from Q3 to Q4 due to seasonality and factors like increasing new patient prescriptions and persistence.

Q: Curious about guidance and back half growth cadence A: Adam Waldman mentioned seasonality in summer was accounted for, and stronger growth expected from Q3 to Q4 due to increased enrollments and persistence Q: Expand on CD20 new starts breakdown and payer push for subcu A: Adam Waldman said BRIUMVI captures about 1/3 of IV patients, remaining 2/3 with other competitors; not seeing payer push for subcu outpacing IV yet but possible Q: Details on subcu product administration (auto-injector etc.) A: Michael S. Weiss said subcu starts with vial injections, bridges to auto-injector, with bridging study part of the program Q: 3Q guidance and product adherence A: Adam Waldman said no specific Q3 guidance given, but persistence good at week 24 and 48 above expectations Q: Subcu BRIUMVI dosing, volume, and Phase I data A: Michael S. Weiss said preliminary bioavailability supports every other month and potentially quarterly dosing; volume likely close to 2mls, Phase I data not provided yet Q: Sequential growth breakdown (volume vs price) and gross net trends A: Adam Waldman said mostly volume for sequential growth, gross to net guidance 70% to 75% for year, closer to 70% in Q2