TG Therapeutics Inc (TGTX) has just released their financial results for the third quarter ending September 30, 2023, and the numbers are nothing short of astonishing.
With a total net revenue of $165.8 million, including a whopping $140.0 million license revenue from Neuraxpharm and $25.1 million in U.S. BRIUMVI® net sales, TGTX is making waves in the pharmaceutical world.
In this article, we’ll delve into the financial highlights, the impressive performance of the company, and what the future holds for this pharmaceutical powerhouse.
Company Performance and Financial Highlights
Michael S. Weiss, the Chairman and Chief Executive Officer of TG Therapeutics Inc, couldn’t be more thrilled with the results.
He stated, “The team has executed very well in the third quarter, making significant progress on our corporate goals and continuing to build a solid foundation for the BRIUMVI launch.
We showed strong net quarterly revenue of approximately $166 million, including an upfront milestone payment from our ex-U.S. partner, Neuraxpharm, as well as $25.1 million in BRIUMVI net sales in the U.S., which again exceeded our expectations.”
Mr. Weiss’s optimism about BRIUMVI’s growing adoption and the company’s prospects for 2024 is infectious.
Financial Results for Q3 2023
The financial results for the third quarter of 2023 are turning heads. TGTX reported a net income of $113.93 million, a remarkable turnaround from a net loss of $35.82 million for the same period in 2022. And it’s not just a one-time success.
For the nine months ending September 30, 2023, the company reported a net income of $27.09 million, compared to a net loss of $145.34 million for the same period in 2022. The company’s total equity stood at $164.77 million as of September 30, 2023.
Future Prospects
With the triumphant launch of BRIUMVI and an impressive 95% payor coverage for covered lives, TG Therapeutics Inc (TGTX) is poised for significant growth in the coming years.
The strong financial performance in Q3 2023, combined with the enthusiastic response to BRIUMVI among healthcare providers, sets the stage for a promising 2024 and beyond.
Don’t miss out on this remarkable success story in the world of pharmaceuticals. TG Therapeutics Inc is making a name for itself, and its future looks brighter than ever.