TG Therapeutics Inc Q2 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jiale Song - Jefferies - Analyst : Maybe the first one, Mike, you can comment on the current dynamic market share? As we recall, [we] have been seeing you're getting around 10%, just curious about this quarter? And then also what's the near term goal for the dynamic market share understanding you want to become the number one dynamic market share in the future?

Question: Jiale Song - Jefferies - Analyst : Excellent. Thank you. And then in terms of the allo CD19 CAR, your first indication of progressive MS, just biologically, can you comment on how you think about the CD19 versus CD20 for this particular sub population of the MS? And then also, when you start the trial, what are the targeted population for the progressive MS if you are targeting certain severity or any baseline characteristics you want to do the initial study?

Question: Jiale Song - Jefferies - Analyst : Yes, just curious about the progressive MS, any specific baseline population or baseline patient characteristics you want to target in your initial clinical trial?

Question: Jiale Song - Jefferies - Analyst : Got it. Thank you. Thanks a lot. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 06, 2024 / 12:30PM, TGTX.OQ - Q2 2024 TG Therapeutics Inc Earnings Call

Question: Matthew Kaplan - Ladenburg Thalmann & Co. Inc. - Analyst : I guess a few questions. First on the pipeline you mentioned that you started the subcu program. Can you give us a little bit more sense in terms of potential profile of your subcu from a frequency and delivery point of view?

Question: Matthew Kaplan - Ladenburg Thalmann & Co. Inc. - Analyst : Okay, that's helpful. Thank you. In your prepared remarks, you mentioned along with your guidance -- increased guidance, some seasonality to expect between second quarter to third quarter versus third to fourth. Can you talk a little bit about that, how we should think about that? And then also congrats on your first quarter in terms of achieving profitability from your underlying business. Is that something we should expect kind of going forward?

Question: Matthew Kaplan - Ladenburg Thalmann & Co. Inc. - Analyst : Thanks. Thanks, Mike.

Question: Michael DiFiore - EVERCORE ISI - Analyst : A few questions from me. Number one, like how do you perceive the initial launch of subcu Ocrevus impacting account penetration for the balance of the year? I mean, you've obviously increased guidance, but I was wondering if you're hearing anything from the field that may have helped boost your outlook in this regard? And I have two follow ups.

Question: Michael DiFiore - EVERCORE ISI - Analyst : That's helpful. Second question is just, any update on gross-to-net dynamics in Q2, any outlook for the balance of the year, as well as if you could comment on any inventory dynamics in Q2? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 06, 2024 / 12:30PM, TGTX.OQ - Q2 2024 TG Therapeutics Inc Earnings Call

Question: Michael DiFiore - EVERCORE ISI - Analyst : Yes, I was wondering if you could just clarify or -- any gross-to-net dynamics in Q2 and the outlook on gross-to-net for the balance of the year, as well as comment on whether there was any inventory dynamics to be noted in 2Q?

Question: Michael DiFiore - EVERCORE ISI - Analyst : My final question to you, any update on the [EU] launch? I mean, any feedback from large academic centers there, and have you noticed any notable differences compared to the initial rollout of BRIUMVI in the US?

Question: Eric Joseph - JPMorgan - Analyst : Congrats on a great quarter and thanks for taking the questions. I guess just first on the updated guidance, I guess, what does that anticipate [in terms of] pull through via the VA contract, I guess any sort of range you can kind of put around that? And then, I'm also curious to know what kind of incremental visibility you had this quarter on [inter] CD20 switching to BRIUMVI? How much switches contributed to BRIUMVI uptake, and also REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 06, 2024 / 12:30PM, TGTX.OQ - Q2 2024 TG Therapeutics Inc Earnings Call where you think that might go with additional data from the enhanced trial? And then secondly Mike, you commented on sort of additional expenditure to support the launch here. I guess, how should we be thinking about sort of the build and SG&A the next couple of quarters, and I guess ultimately looking long-term, I guess, how should be thinking about sort of the commercial margin, the profitability of the BRIUMVI franchise?

Question: Eric Joseph - JPMorgan - Analyst : Right. Great. Thanks for taking all the questions and again, congrats on the quarter.

Question: Mayank Mamtani - B. Riley Securities - Analyst : Congrats on a solid quarter. So quick 2-part on commercial metrics. Adam, if you could update on the persistence rate you're seeing, and if you guys can qualitatively talk to an year-end market share target, be it within new-to-class or intra class sort of switch segments? And then I have a quick follow up.

Question: Mayank Mamtani - B. Riley Securities - Analyst : And then at ACTRIMS, I see you're presenting an update to ENHANCE study results. Maybe just talk to what's new and incremental there and what sort of the healthcare provider feedback to -- the data you've generated to date? And also, I noticed there's a deliberative Phase III [late] breaker, Gemini and Hercules program data coming also at ACTRIMS. Would love to hear your latest thoughts on how you are thinking -- the BTK drug class impact on your sort of long range plan, recognizing the results have been relatively mixed recently?

Question: Mayank Mamtani - B. Riley Securities - Analyst : I understood, Mike. Thanks for that comprehensive answer. And congrats again on all the progress.

Question: Prakhar Agrawal - Cantor Fitzgerald - Analyst : Congrats on the quarter. So following up on the subcu Ocrevus uptake, based on your conversations in the field, do you expect the uptake to be similar or different between academic and community centers? And for the 1,000 or so physicians who have prescribed BRIUMVI, do you know whether the split of their IV versus subcu CD20 is similar or different than the overall market? And I had a follow up.

Question: Prakhar Agrawal - Cantor Fitzgerald - Analyst : Yes. So for the 1,000 physicians who have prescribed BRIUMVI so far, what's their share of IV versus subcu CD20?

Question: Prakhar Agrawal - Cantor Fitzgerald - Analyst : And just as a follow up on BRIUMVI uptake and maybe mixed by academic and community centers, if you can provide more details around the uptake by these segments and maybe which segments are seeing the most growth right now for BRIUMVI and which segments are starting to moderate?

Question: Edward White - H.C. Wainwright & Co., LLC - Analyst : So I just wanted to come back to the question on the VA contract. Adam had mentioned that it's not going to be really material in 2024. I was just wondering if you can give us your thoughts on the opportunity it represents in 2025 and beyond?

Question: Edward White - H.C. Wainwright & Co., LLC - Analyst :

Question: Edward White - H.C. Wainwright & Co., LLC - Analyst : And perhaps my last question is just on the share repurchase program. Do you have any timelines for that? When are you going to start and any expectations of how long that program will continue to get to the $100 million?

Question: Edward White - H.C. Wainwright & Co., LLC - Analyst : Okay, great. Thanks for taking my questions. Thanks, Ed.

Question: Palak Garg - Goldman Sachs - Analyst : This is Palak [on] for Corinne. Just one question for us here. You touched upon seasonality for the business into the second half of the year, but could you also highlight where you see room for potential upside to your revenue guidance?