Why Is Multiple Sclerosis Focused TG Therapeutics Stock Trading Higher Today?

TG Therapeutics Inc TGTX reported Q3 FY23 Briumvi sales of $25.1 million compared to $16 million in Q2 FY23 in the U.S., with total net product revenue of approximately $48.9 million since launch.

Overall revenues reached $165.8 million, including a license revenue of $140 million from the upfront payment received from Neuraxpharm.

The company reported a Q3 EPS of 73 cents compared to a loss of 26 cents a year ago.

Over 900 Briumvi prescriptions in the third quarter of 2023 were announced, marking approximately 2,200 prescriptions since launch, from more than 500 healthcare providers at more than 250 centers.

The FDA approved Briumvi in January 2023 for relapsing forms of multiple sclerosis (RMS) that can be administered in a one-hour infusion following the starting dose.

The company says the payor coverage is in place for approximately 95% of covered lives for Briumvi. 

It received a permanent J-Code (J2329) for Briumvi from the U.S. Centers for Medicare & Medicaid Services, effective July 1, 2023.

The current cash position of TG Therapeutics stood at $229.2 million.

Price Action: TGTX shares were up 31.5% at $10.16 on the last check Wednesday.

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