TG Therapeutics, a biopharmaceutical company, unveiled its financial results for the third quarter (Q3) ending September 30, 2023, coupled with recent company milestones, sparking a notable surge in the company’s stock today.
At the time of this publication, TG Therapeutics Inc stock (TGTX) has witnessed a surge.
TG Therapeutics Inc
Current Price: $10.13
Change : +2.40
Change (%): (31.05%)
Volume: 39.9M
Source: Tomorrow Events Market Data
In the realm of general business, TG Therapeutics reported a total net quarterly revenue of $165.8 million, bolstered by a robust cash position of $229.2 million.
Turning to the financial landscape, product revenue, net, for the three and nine months ending September 30, 2023, amounted to approximately $25.1 million and $48.9 million, in stark contrast to the $0.1 million and $2.6 million reported for the same periods in 2022. License revenue witnessed a significant upswing, registering approximately $140.0 million and $140.1 million for the three and nine months ending September 30, 2023, compared to less than $0.1 million and $0.1 million in the corresponding periods of 2022.
Research and development (R&D) expenses experienced a reduction, totaling $14.8 million and $58.7 million for the three and nine months ending September 30, 2023. This is compared to $20.8 million and $95.7 million for the same periods in 2022. Selling, general, and administrative (SG&A) expenses, on the other hand, surged to $32.8 million and $91.6 million for the three and nine months ending September 30, 2023, as opposed to $14.3 million and $47.5 million for the same periods in 2022.
Notably, net income swung from a loss of $35.8 million and $145.3 million for the three and nine months ending September 30, 2022, to a profit of $113.9 million and $27.1 million for the same periods in 2023.
As of September 30, 2023, TG Therapeutics boasted a robust cash position, with $229.2 million in cash, cash equivalents, and investment securities. The company anticipates that this financial foundation, in conjunction with projected revenues from BRIUMVI, will sufficiently support planned operations and achieve cash flow positivity according to the current operating plan.
In conclusion, TG Therapeutics’ Q3 results stand as a testament to the company’s strategic achievements and the significant impact of BRIUMVI in driving both revenue growth and groundbreaking advancements in the field of multiple sclerosis treatment.
