TG Therapeutics (TGTX) 2025 Conference Transcript

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]