Shares of TG Therapeutics took a hit on Tuesday as the biopharmaceutical company reported a wider loss in the second quarter that fell short of estimates.
Stock Performance
The stock plunged 46% to $11.16 shortly after the market opened, marking a decline of 3.5% so far this year.
Financial Results
TG Therapeutics, based in New York, revealed a second-quarter loss of $47.6 million, or 34 cents per share, compared with $40.5 million, or 30 cents per share, in the same period last year. Analysts surveyed by FactSet had projected a per-share loss of 25 cents.
Furthermore, although the company’s revenue increased to $16.1 million from $594,000 a year earlier, it fell short of the projected $17.4 million estimated by analysts polled by FactSet.
Approval of Briumvi
This reporting period covered TG Therapeutics’ first full quarter following the approval and commercial launch of its multiple sclerosis treatment, Briumvi, by the U.S. Food and Drug Administration.
Collaboration with Neuraxpharm
Concurrent with the earnings report, the company announced a partnership with European pharmaceutical firm Neuraxpharm for the commercialization of Briumvi outside the United States. Under this agreement, TG Therapeutics will receive an upfront payment of $140 million and may be eligible for up to $492.5 million in additional payments based on the achievement of certain milestones.
