What's Going On With TG Therapeutics Stock Today?

TG Therapeutics Inc TGTX shares are down over 40%. The company reported Q2 FY23 Briumvi net sales of $16 million in the U.S., with total net revenue of approximately $24 million since launch.

Overall revenues reached $16.07 million, missing the consensus of $17.45 million.

The company reported a Q2 EPS loss of $(0.34), up from $(0.30) a year ago, missing the consensus of $(0.25).

Over 800 Briumvi prescriptions in the second quarter of 2023, marking over 1200 prescriptions since launch, from more than 340 healthcare providers at more than 225 centers.

The FDA approved Briumvi, a novel monoclonal antibody that targets a unique epitope on CD20-expressing B-cells, in January 2023 for relapsing forms of multiple sclerosis (RMS) that can be administered in a one-hour infusion following the starting dose.

In June 2023, the European Commission approved Briumvi for adult patients with RMS with active disease defined by clinical or imaging features.

Concurrently, the company announced an agreement with Neuraxpharm for the ex-U.S. commercialization of Briumvi in RMS.

Agreement terms include a total deal size of $645 million with over $150 million in upfront and near-term milestones, tiered double-digit royalties up to 30%, and an option to buy back all rights under the commercialization agreement for a period of two years in the event of an acquisition of TGTX.

Agreement with Neuraxpharm for the ex-U.S. commercialization of Briumvi in RMS strengthens the balance sheet with a pro-forma cash balance, including the upfront payment, of approximately $285 million.

Price Action: TGTX shares are down 49.2% at $10.51 on the last check Tuesday.