TG Therapeutics, Inc. Q4 FY2025 earnings call

• Corporate developments: 2025 was a defining year. Advancement in R&D included phase three enhanced study on consolidating Briomvi infusions with enrollment complete and top-line data expected mid-year 2026 with potential 2027 launch. Subcutaneous program for self-administered Briomvi with Phase III study ~75% enrolled and pivotal top-line data targeted later in 2026 or early 2027. Actively advancing Bionvi in additional autoimmune indications and Azercel allogeneic anti-CD19 CAR T in progressive MS with growing momentum. - Commercial efforts: 2025 was a year of continued acceleration from Briomvi. Fourth quarter U.S. net sales were $183 million, full-year U.S. Briomvi net revenue was $594 million. Growth driven by consistent year-over-year new patient starts, expanding prescriber base, better-than-expected persistence, and greater depth within high-volume infusion accounts. Expanded field organization in 2025 to deepen coverage in high opportunity geographies. Partnered with Christina Applegate to launch nextnms.com, an educational platform for RMS patients and caregivers. - Financials: 2025 net income totaled $447.2 million or $2.77 per diluted share compared to $23.4 million or 15 cents per diluted share in 2024. Ended 2025 with more than $600 million in current assets, ~$200 million in cash, cash equivalents and investment securities, $300 million in accounts receivable, and $140 million in inventory. Completed $100 million share repurchase program and Board authorized additional $100 million share repurchase program.

In 2025, total global revenue was approximately $616 million. The vast majority came from $594 million of Briomvi U.S. net sales. Fourth quarter revenue was $183 million, representing ~92% year-over-year growth and 20% sequential growth from Q3. For full year 2025, global revenue was comprised of $594 million in U.S. Briomvi net product revenue, $12.8 million in revenue from products supplied to Nuro-X Farm, and $9.4 million in royalty and other revenue. Gross margin for the quarter was slightly below typical due to timing of sales to ex-U.S. partner and a one-time inventory reserve. Full-year 2025 operating expenses totaled ~$328 million, in line with prior guidance of $300 to $320 million, resulting in operating income of $123 million. Net income for 2025 was $447.2 million or $2.77 per diluted share.

• Reaffirmed full-year U.S. pre-MV net revenue guidance of $825 to $850 million, with total global revenue at $875 to $900 million for 2026. Outlook reflects continued growth driven by expanding prescriber adoption, increasing depth within existing accounts, and ongoing share gains, and a growing installed base of patients with strong persistence on therapy. - For Q1 2026, expect U.S. revenue to grow sequentially over Q4 levels to approximately $185 to $190 million, with ex-U.S. revenue in the range of $5 million to $10 million. - In 2026, expect full-year operating expenses of approximately $350 million, excluding non-cash comp, plus approximately $100 million in expenses associated with subcutaneous pre-MV manufacturing and secondary manufacturer startup activities.

Q: Can you help us think about how dynamics fit together and where you're currently seeing the strongest incremental momentum by site of care?

A: Adam responded that they've operated alongside Roche's new entry for several quarters, continue to seek share gains in IV segment, physicians driven by clinical data, long-term data, operational considerations. Seeing growth across both private practice and academic centers, driven by durability of clinical profiles, six-year data including safety and efficacy, operational advantages of Briomvi's one-hour infusion, twice-a-year, expanding prescriber breadth and depth with field force expansion, strong persistence.

Q: As growth evolves across channels, are you seeing any meaningful change in gross to net assumptions?

A: Adam said gross to net can vary quarter to quarter, in Q1 influenced by deductible resets and high utilization of copay programs, consistent with historical patterns, not a structural change, fully baked into full year guidance.

Q: How much conservatism is baked into the guidance, or should we expect a lot higher growth to net for full year 2026?

A: Mike said early in the year, seeing strong start, possible outperformance from continued new patient starts, incremental share gains, better than expected persistence, but being somewhat conservative as only in February.

Q: What is your perspective on sub-Q share with respect to IV versus sub-Q share?

A: Adam said sub-Q portion of market has been relatively stable, but long term more options available can expand the space, with forces pushing people towards sub-Q at home over time.

Q: Is there any potential need for a refocus of the sales force goal this year? And magnitude of step up in DTC campaign expenses?

A: Adam said they continue to take strategic expansion approach to field force, don't see need for new goal as they have a pay-for-performance culture and great team. Feedback on DTC campaign with Christina Applegate partnership has been positive, engagement with content exceeded expectations with number of sign-ups, website visits, sessions tracking well.

Q: When might we see sub-Q bioequivalence data generated and early stage data from mythenia scravis?

A: William was told phase three sub-Q study ~75% enrolled, phase three data expected later this year or early next year. Phase 1 bioequivalence data study just about closing, phase one data plans to be evaluated based on phase three timing and conference schedule. For phase one mythenia scravis, plans for presenting data to be checked with team later