Investing.com -- TG Therapeutics, Inc. (NASDAQ: NASDAQ:TGTX) shares climbed 8% after the company reported preliminary net product revenue for the fourth quarter and full year of 2024 that surpassed expectations. The announcement was made during a presentation at the 43rd Annual J.P. Morgan Healthcare Conference.
The biopharmaceutical company, known for its innovative treatments for B-cell malignancies and autoimmune diseases, revealed that its U.S. net product revenue for BRIUMVI® is expected to reach $103.6 million for the fourth quarter and $310 million for the full year, marking a significant increase compared to previous periods. This performance has set a positive tone for the company's financial outlook as it heads into 2025.
TG Therapeutics' Chairman and Chief Executive Officer, Michael S. Weiss, expressed enthusiasm about the company's trajectory, stating, "2024 was a great year for TG, and we are excited to share preliminary fourth quarter and year-end U.S. BRIUMVI net product revenue which far exceeded our initial expectations." Weiss also highlighted the company's plans to expand BRIUMVI's reach and the launch of pivotal trials aimed at optimizing the treatment for patients with relapsing forms of multiple sclerosis (RMS).
Further bolstering investor confidence, TG Therapeutics offered an optimistic target for total global revenue in 2025, projecting approximately $540 million, with BRIUMVI U.S. net product revenue expected to contribute approximately $525 million. The company's 2025 development pipeline includes the commencement of a pivotal program for a subcutaneous form of BRIUMVI and the initiation of trials to enhance the administration of the drug.
The company's year-end cash position for 2024 stood strong at approximately $310 million. These financials, while still unaudited and subject to adjustment, provide a glimpse into the company's robust financial health as it plans to announce complete financial results before March 3, 2025.
Market consensus for TG Therapeutics' 2025 revenue is slightly below the company's target at $537.8 million, indicating that the firm's guidance is in line with analyst expectations. The stock's positive movement reflects investor optimism surrounding the company's financial performance and strategic plans for the coming year.
TG Therapeutics' progress, particularly with BRIUMVI and its anticipated milestones for 2025, demonstrates the company's commitment to growth and innovation in the treatment of autoimmune diseases and B-cell malignancies. As the company moves forward with its development pipeline, investors and industry observers will closely watch its efforts to maintain a competitive edge in the biopharmaceutical sector.
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