Slides
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TAKING ON MS TG Therapeutics (NASDAQ: TGTX) Presenter: Michael S. Weiss, Chairman & CEO January 2026 J.P . Morgan Healthcare Conference
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Forward Looking Safe Harbor Statement 2 This presentation contains forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward- looking statements contained in the Private Securities Litigation Reform Act of 1995. Such forward looking statements include but are not limited to statements regarding the estimated preliminary financial results referred to above, expectations for the timing and success of the commercialization and availability of BRIUMVI® (ublituximab-xiiy) for relapsing forms of multiple sclerosis (RMS) in the United States, or any jurisdictions outside of the United States; anticipated healthcare professional (HCP) and patient acceptance and use of BRIUMVI for the approved indications; expectations of future revenue for BRIUMVI, or our expenses or profit estimates or targets; our ability to execute the proposed share repurchase program; expectations and timing for our clinical trials of subcutaneous ublituximab (the active ingredient in BRIUMVI), and sometimes referred to as subcutaneous BRIUMVI, including feasibility, approvability and commercial acceptance; expectations and timing for our ENHANCE Phase 3 trial combining day 1 and day 15 doses, including, feasibility, approvability and commercial acceptance and impact on BRIUMVI sales; and expectations and timing for any of our pipeline products or programs, including Azer-cel or BRIUMVI in MG. Additional factors that could cause our actual results to differ materially include the following: the Company’s ability to continue to commercialize BRIUMVI; the risk that trends in prescriptions are not maintained or that prescriptions are not filled; the failure to obtain and maintain payor coverage; the risk that HCP interest in BRIUMVI will not be sustained; the risk that momentum in sales for BRIUMVI will not be sustained during the course of the year; the risk that the commercialization of BRIUMVI does not continue to exceed expectations; the risk that our BRIUMVI revenue targets will not be achieved; the failure to obtain and maintain requisite regulatory approvals, including the risk that the Company fails to satisfy post- approval regulatory requirements, the potential for variations from the Company’s projections and estimates about the potential market for BRIUMVI due to a number of factors, including, further limitations that regulators may impose on the required labeling for BRIUMVI (such as modifications, resulting from safety signals that arise in the post-marketing setting or in the long-term extension study from the UL TIMATE I and II clinical trials); the Company’s ability to meet post-approval compliance obligations (on topics including but not limited to product quality, product distribution and supply chain, pharmacovigilance, and sales and marketing); the Company’s reliance on third parties for manufacturing, distribution and supply, and other support functions for our clinical and commercial products, including BRIUMVI, and the ability of the Company and its manufacturers and suppliers to produce and deliver BRIUMVI to meet the market demand for BRIUMVI; the risk that any individual patient’s clinical experience in the post-marketing setting, or the aggregate patient experience in the post-marketing setting, may differ from that demonstrated in controlled clinical trials such as UL TIMATE I and II; the risk that the Company does not achieve its 2026 development pipeline anticipated milestones or goals in the timeframe projected or at all; the risk that the subcutaneous Phase 3 program will not be successful or if successful still will not be approved by the FDA or achieve commercial acceptance; the risk that the ENHANCE Phase 3 trial will not be successful or if successful will not be approved by the FDA or achieve commercial acceptance; the risk that we will not move forward with the development of BRIUMVI in MG and azer-cel following these preliminary studies; the uncertainties generally inherent in research and development; regulatory developments, legislative actions, executive orders, including the imposition of tariffs and policy changes in the U.S. and other jurisdictions; and general political, economic and business conditions. The preliminary, estimated financial results for the fourth quarter and fiscal year ended 2025 and the 2026 guidance estimates provided in this presentation contain forward-looking statements and are subject to the completion of management’s and the audit committee’s final reviews and our other financial closing procedures and are therefore subject to change. Further discussion about these and other risks and uncertainties can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our other filings with the U.S. Securities and Exchange Commission. Any forward-looking statements set forth in this presentation speak only as of the date of this presentation. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.
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TG Therapeutics Background 3 Founded in 2012 with a focus on developing treatments for people with B-cell mediated diseases Approved Drug Approaching Blockbuster Status Pivotal Trials Ongoing to Expand Total Addressable Market Programs Under Development 1 2 3
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4 BRIUMVI: The first & only anti-CD20 for RMS delivered in a 1-hour infusion every 6 months after starting dose Approved in the U.S. for Adults with Relapsing forms of Multiple Sclerosis - Launched Jan 29, 2023
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5 BRIUMVI is Rapidly Becoming a Global Brand Partner-led commercialization across EU and ROW 16 countries outside the U.S. where BRIUMVI has already launched 20,000+ patients prescribed BRIUMVI worldwide1 1: TG and NXP internal estimates
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Anti-CD20s Are the Standard in MS — Capturing ~50% of Dynamic and Overall Market Share1 61: Q3’25 Komodo Claims; 2:Publicly available company earnings calls and filings; 2 3: Q1’25 – Q3’25 Komodo Claims; HCP: healthcare professional ~$10B and Growing Anti-CD20 Market in the U.S. Today2 Anti-CD20 U.S. Dynamic Market Share3 Patient Administered Anti-CD20 HCP Administered Anti-CD20 65% HCP Administered Anti-CD20 35% Patient Administered Anti-CD20 Two (2) HCP Administered Options, including BRIUMVI One (1) Patient Administered Option Three (3) Anti-CD20’s Approved for MS, Including BRIUMVI
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Our Goal is to be the #1 Prescribed Anti-CD20 in RMS Based on Dynamic Market Share #1 7
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BRIUMVI has Seen Significant Uptake in the HCP Administered Anti-CD20 MS Market in <3 Years 8 >97% of Top 200 MS Centers Using BRIUMVI1 ~20% Dynamic Anti-CD20 Share3 ~1/3 of HCP Administered Anti-CD20 Dynamic Market3 ~90% of High Decile HCPs Prescribing BRIUMVI2 1: TG Patient Support HUB enrollments and TG shipment data; 2: TG Patient Support HUB enrollments and TG internal HCP deciling (includes deciles 8-10 which captures HCPs who drive top 30% of CD20 market opportunity based on internal TG ranking 3: TG Internal Estimates
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8 16 25 40 50 72 83 104 120 139 153 182 0 20 40 60 80 100 120 140 160 180 200 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 BRIUMVI U.S. Quarterly Net Revenue L TD ($ in millions) Nearing $1B in Cumulative BRIUMVI US Revenue 9 ~$992M Cumulative BRIUMVI U.S. Net Revenue LTD1 ~$182M BRIUMVI U.S. Net Revenue Q4 20251 ~$594M BRIUMVI U.S. Net Revenue FY 20251 ~$616M Total Global Revenue FY 20251 1. Q4 2025, FY 2025 and cumulative figures included are preliminary, unaudited, subject to adjustment, and provided as an approximation in advance of the Company's announcement of complete financial results; YoY: Year over Year; Q4: Fourth Quarter; FY: Full Year; LTD: Launch to date ~90% growth FY24 vs.FY25 ~20% growth Q3’25 vs.Q4’25
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BRIUMVI Differentiation 10 PRODUCT Consistent efficacy and safety over 6 years (ARR 0.012)1 Label without breast cancer risk and colitis2 Glycoengineered for enhanced ADCC PEOPLE Highly experienced commercial and medical teams Average 12 years of MS experience Focused on customer service PRICE Lowest priced branded MS treatment3 Potential for significant savings to the healthcare system4 Lowest priced and the preferred anti-CD20 for VA 1: BRIUMVI® (ublituximab-xiiy) Phase 3 open-label extension (OLE) study, 6-year follow-up ; 2: BRIUMVI® (ublituximab-xiiy) U.S. Prescribing Information; 3: Analysource: Lowest annual maintenance WAC, TG Therapeutics data on file 4: TG internal analysis. The first & only anti-CD20 for RMS delivered in a 1-hour infusion every 6 months after starting dose
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2026 Commercial Priorities Driving the Next Phase of Growth Strategic field expansion Increase reach and frequency with high-opportunity HCPs Scale patient initiatives across television and digital channels to further activate patients Optimize investments to maximize impact and drive depth and breadth of prescribing Expand HCP Engagement Amplify Patient Awareness Drive Market Share Gains
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12 2027 2027 Launch IV BRIUMVI consolidated dosing schedule (Day 1&15) 2028 2029+ 2028 Launch BRIUMVI SubQ 2029+ Launch BRIUMVI SubQ in new indications outside of MS and novel drugs (eg AZER-CEL) 1 Multiple Potential Launches Over Next Several Years 1: 2029 potential future launches are aspirational and subject to successful clinical development, regulatory approval, and other factors. No clinical development timelines have been established for these indications.
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Consolidated Dosing to Simplify Starting IV BRIUMVI 13 ENHANCE PIVOTAL STUDY 1: +/- 5 minutes, data obtained from ULTIMATE trials APPROVED IV BRIUMVI DOSING PROPOSED IV BRIUMVI DOSING 24 Weeks 2 Weeks 22 Weeks FIRST INFUSION DAY 1 150mg 4 hours SECOND INFUSION DAY 15 450mg 1 hour THIRD INFUSION & BEYOND EVERY 24 WEEKS 450mg 1 hour 95% of all BRIUMVI 1-hour infusions were completed in 1 hour without interruption in clinical trials 1 24 Weeks FIRST INFUSION DAY 1 600mg 4 hours SECOND INFUSION AND BEYOND EVERY 24 WEEKS 450mg 1 hour Consolidated Dosing to Eliminate Day 15 infusion vs ● Target launch 2027● Top-line Data ~mid 2026● Trial fully enrolled
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Develop a Self-Administered SubQ BRIUMVI 14 SUBQ PIVOTAL STUDY UPDATE ● Target launch 2028● Top-line Data ~YE26/Q1 27● Pivotal Phase 3 Trial: >50% enrolled 1: +/- 5 minutes, data obtained from ULTIMATE trials; SubQ – sub cutaneous APPROVED IV BRIUMVI DOSING PROPOSED SUBQ BRIUMVI DOSING FIRST INFUSION DAY 1 150mg 4 hours SECOND INFUSION DAY 15 450mg 1 hour THIRD INFUSION & BEYOND EVERY 24 WEEKS 450mg 1 hour 95% of all BRIUMVI 1-hour infusions were completed in 1 hour without interruption in clinical trials 1 Target Product Profile: Self-Administered SubQ Auto-injector DAY 1 DAY 15 EVERY 8 OR 12 WEEKS vs
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SubQ BRIUMVI—Opportunity to Significantly Increase our Total Addressable Market 15 Anti-CD20 U.S. Dynamic Market Share1 Patient Administered Anti-CD20 HCP Administered Anti-CD20 65% HCP Administered Anti-CD20 35% Patient Administered Anti-CD20 SubQ will augment current IV business, reaching a distinct patient segment 1: Q1’25 – Q3’25 Komodo Claims; HCP= healthcare provider; SubQ= sub cutaneous Leverages current commercial infrastructure with minimal incremental cost e.g. ~85% of Target HCPs are covered by current Field Force Positions TG as only company with an offering in each market, addressing HCP and patient preferences
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Expanding Beyond BRIUMVI in MS 16 Phase 1 trial including myasthenia gravis (MG) ongoing Other indications under evaluation BRIUMVI INDICATIONS OUTSIDE MS Allogeneic, “off-the-shelf” CD19 CAR-T Patients with Progressive MS now dosed in Phase 1 Data targeted in 2026 Additional indications to include NMO, MG, CIDP AZER-CEL IN MS & BEYOND BRIUMVI as a “Pipeline in a Product”
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R&D Goals for 2026 17 Commence registration-directed trial for BRIUMVI in an indication outside of MS NEW TRIALS IN 2026 Announce pivotal topline data for ENHANCE trial combining Day 1 & 15 doses of IV BRIUMVI Mid-26 DATA IN 2026 Present preliminary Phase 1 azer-cel data in Progressive MS in 2H 2026 Announce pivotal topline data for subcutaneous BRIUMVI (ublituximab) YE26/1Q27 Commence additional exploratory studies for BRIUMVI and azer-cel in autoimmune disease (outside MS)
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BRIUMVI Tracking to Become a Multi-Billion Dollar MS Franchise in the U.S. 181All figures presented on this slide are estimates, unaudited, subject to adjustment , and provided as an approximation in ad vance of the Company's announcement of complete financial results. All target guidance numbers are based on TG internal estimates; FY: Full Year FY 2026 TOTAL GLOBAL NET REVENUE FY 2026 BRIUMVI U.S. NET REVENUE FY 2026 “CORE” OPERATING EXPENSE TARGET FY 2026 “ONE-TIME” OPERATING EXPENSE TARGET ~$875-900M ~$825-850M ~$350M ~$100M (excluding non-cash compensation) (includes SubQ inventory build and secondary manufacturer start-up costs) 2026 FINANCIAL GUIDANCE1
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TG Highlights 19 BRIUMVI continues to outperform expectations, with strong YoY growth and continued commercial momentum The IV portion of the anti-CD20 market alone represents an estimated multibillion opportunity for BRIUMVI SubQ expansion significantly increases TAM and would unlock next wave of growth Significant operating leverage expected to drive accelerating profitability BRIUMVI patents expected into early to mid 2040’s enables execution of long-term plan “Pipeline in product” potential for BRIUMVI in additional indications fueling further growth opportunities as well as AZER-CEL across multiple indications
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