TG Therapeutics Gains After Strong Q3 Beat

TG Therapeutics (NASDAQ:TGTX) added ~21% pre-market Wednesday after the company posted solid topline and bottom-line beats with its Q3 2023 financials.
The Morrisville, North Carolina-based biotech reported $165.8M in net revenue for the quarter, up from $94M in the prior-year period, exceeding the consensus by as much as $102.5M.

A one-time payment of $140M from Neuraxpharm, its ex-U.S. partner for multiple sclerosis therapy Briumvi, boosted the top line.

However, Briumvi's net sales also exceeded the company's expectations, reaching $25.1M from $16M in Q2 2023. The FDA approved the anti-CD20 monoclonal antibody in late 2022, leading to its commercial launch in January.
TG Therapeutics (TGTX) recorded 900 Briumvi prescriptions for Q3, taking the total prescriptions for the drug to 2,200 since its launch.
Meanwhile, the company's SG&A expenses reached $32.8M, a twofold rise from Q2 2022. However, given the strong topline growth, TG Therapeutics (TGTX) reported $113.9M in net income compared to $35.8M of net loss in the prior year period.