Sales of a new multiple sclerosis drug from TG Therapeutics crushed analysts' expectations, but TGTX stock tumbled on lackluster 2024 guidance.
For the year, the biotech company expects $220 million to $260 million in sales of Briumvi, its new treatment for relapsing forms of multiple sclerosis. At the midpoint, that's in line with analysts' call for $240.3 million, according to FactSet.
After rising in premarket trading, TGTX stock toppled 15.4% to 17.77 after the stock market opened.
TGTX Stock Tumbles To 200-Day Line
TG Therapeutics is hoping to gain market share for Briumvi as an easier option in treating multiple sclerosis. After two loading doses in the first two weeks, patients switch to the maintenance schedule — a one-hour infusion every six months. Briumvi is approved in the U.S. and Europe.
During the December quarter, Briumvi brought in about $40 million in U.S. sales, TG said in a news release Wednesday. That handily beat forecasts for $35.7 million globally.
The company also said U.S. sales will come out to $89 million for 2023. Analysts who cover TGTX stock forecast $209.2 million in global sales. For the first quarter, the biotech company guided to $41 million to $46 million in U.S. sales of Briumvi, vs. analysts' projection for $49.1 million globally.
TGTX stock has been on an upswing after hitting a recent low at 6.46 in October. From that low point, TGTX stock has bounded 225% as of Tuesday's close. But shares reversed their premarket gain Wednesday and fell to a floor at their 200-day line, MarketSmith.com shows.
Still, shares have a strong Relative Strength Rating of 97, putting their 12-month performance in the leading 3% of all stocks, according to IBD Digital.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
