TG Therapeutics (TGTX) Conference Call Summary Company Overview - **Company**: TG Therapeutics (TGTX) - **Event**: 2025 Conference on September 03, 2025 - **Key Speaker**: Mike Weiss, Chairman and CEO Key Points Product Launch and Performance - **Bremvio Launch**: Launched approximately two and a half years ago, exceeding internal and Wall Street projections consistently each quarter and year [4][5] - **Focus on Healthcare Providers**: Initial strategy focused on educating healthcare providers about Bremvio, with a shift towards direct-to-patient programming now underway [5][6] - **Advertising Initiatives**: First commercial aired on traditional and connected TV platforms, indicating a significant push in marketing efforts [6][7] Drug Profile and Market Position - **Efficacy and Tolerability**: Bremvio demonstrated an annualized relapse rate (ARR) of 0.08 in phase three trials, with a long-term follow-up showing an ARR of one relapse in every fifty treatment years [9][10] - **Competitive Pricing**: Bremvio is priced approximately 25% lower than competitors, which is a significant factor for price-sensitive customers [11][12] - **Market Share Dynamics**: CD20 drugs hold over 50% market share, with Bremvio capturing about one in three dynamic patients in the IV class [14][18] Guidance and Financial Performance - **Conservative Guidance Philosophy**: The company maintains a conservative approach to guidance, aiming to avoid missing projections, with a current target of $575 million for the year [20][21] - **Gross to Net Dynamics**: The gross-to-net ratio is expected to range between 70% and 75%, influenced by 340B hospital utilization [29][30] Pipeline and Future Opportunities - **Subcutaneous Formulation**: The subcutaneous version of Bremvio is anticipated to represent a significant market opportunity, potentially doubling the market size for the product [58][59] - **Ezrcel Development**: Early-stage development for primary progressive MS is ongoing, with expectations for increased enrollment in 2026 [60][62] Capital Allocation and Share Buyback - **Share Buyback Authorization**: A new $100 million share buyback was announced, with $70 million already executed, indicating confidence in the company's valuation [65][68] - **Business Development Strategy**: The company is actively evaluating business development opportunities, focusing on early to mid-stage assets rather than major acquisitions [70][72] Competitive Landscape - **Impact of Ocrevus**: The CEO views the potential introduction of a biosimilar Ocrevus as an opportunity rather than a threat, expecting continued market share growth for Bremvio [43][44] Market Trends and Seasonality - **Seasonal Trends**: July showed record enrollment, while August was slower, consistent with historical trends in the MS market [24][25] Additional Insights - **Direct-to-Consumer Investments**: The company is investing in direct-to-consumer marketing, with patient awareness levels reportedly increasing [39][40] - **Long-term Market Dynamics**: The CEO expressed confidence in the long-term growth potential of Bremvio, emphasizing the importance of patient accumulation in market modeling [48][49] This summary encapsulates the key insights and strategic directions discussed during the TG Therapeutics conference call, highlighting the company's performance, market positioning, and future opportunities.

Summary of TG Therapeutics Conference Call Company Overview - **Company**: TG Therapeutics (TGTX) - **Event**: 2025 Jefferies Global Healthcare Conference - **Focus**: CD20 MS (Multiple Sclerosis) treatment pipeline Key Points on CD20 MS Market - **Market Dynamics**: The CD20 market is the leading treatment for MS patients, with a dynamic market share of approximately 50-55% for new starts, indicating growth from previous levels around 50% [5][20] - **Shift in Treatment**: Younger MS clinicians are more inclined to use CD20 therapies, which is expected to increase patient adoption [5][6] - **IV vs. Subcutaneous (SubQ)**: - IV remains the leading mode of delivery, but SubQ is growing, currently accounting for about 35-40% of new starts [7][15] - SubQ products are gaining traction due to convenience and cost-effectiveness compared to IV infusions at academic centers [8][9] - **Future Expectations**: The overall CD20 market is expected to continue growing, with no significant threats to its position in the near term [21][24] TG Therapeutics' Positioning - **Market Share Goals**: TG Therapeutics aims to become the number one player in the CD20 market, currently positioned at number three [27][28] - **Competitive Advantages**: - TG's product is priced as the lowest branded treatment for MS, which is a key driver for market share growth [29] - The company emphasizes having a strong team with an average of 12 years of experience in MS [30] - **Marketing Strategy**: The marketing approach focuses on targeting impactful clinicians and expanding outreach [40][41] Product Development and Innovations - **Enhanced Regimen**: TG is working on a combined dosing regimen to improve patient convenience, aiming for a pivotal trial to start soon [53][54] - **SubQ Development**: Plans for a SubQ product are underway, with potential for every other month dosing, which would be less frequent than the current monopoly product [62][66] - **Timeline for SubQ**: Expected to start pivotal studies soon, with potential filing by mid-2027 and approval by mid-2028 [66][70] Financial Outlook - **Revenue Growth**: TG anticipates revenue growth from $310 million last year to approximately $560 million this year, while keeping operational expenses relatively stable [72][73] - **Focus on Top-Line Growth**: The company is prioritizing revenue growth over immediate profitability, with no current focus on bottom-line metrics [78][79] Additional Insights - **Patient Awareness**: Awareness of TG's product, Brionvi, is currently around 30%, compared to over 70% for competitors, indicating room for improvement [43][44] - **DTC Marketing**: The company has initiated direct-to-consumer marketing efforts to enhance product awareness [45][46] - **Long-Term Strategy**: TG is open to exploring new opportunities and indications beyond MS, which may impact future operational expenses [76][77]