TG Therapeutics, Inc.

What they do

TG Therapeutics acquires, develops and commercializes treatments for B-cell diseases. Its one marketed product, BRIUMVI (ublituximab-xiiy), is an anti-CD20 monoclonal antibody approved by the FDA in December 2022 for adults with relapsing forms of multiple sclerosis (RMS), given as a one-hour infusion every 24 weeks after the starting dose. The company launched BRIUMVI in the U.S. in January 2023 and, through a 2023 agreement with Neuraxpharm, has made it commercially available in Germany and other ex-U.S. markets. It also runs a pipeline including subcutaneous ublituximab, azer-cel and research in myasthenia gravis and schizophrenia.

Revenue drivers

• BRIUMVI U.S. net product revenue — The dominant revenue source: $227.7M in Q2 2026, roughly 64% above the prior-year quarter, and the company guides to approximately $890-905M for full-year 2026.
• Ex-U.S. BRIUMVI revenue — Comes through the Neuraxpharm commercialization agreement for ex-U.S. rights; Q2 2026 total global revenue of $240.3M versus $227.7M U.S. product revenue implies roughly $13M from outside the U.S. and other items.
• Prior product revenue (historical) — Revenue was only $6.7M in 2021 and $2.8M in 2022 before BRIUMVI launch, showing the current revenue base is essentially all BRIUMVI.

Recent performance

Q2 2026 total global revenue was approximately $240.3M, including BRIUMVI U.S. net product revenue of approximately $227.7M, up about 64% year over year. Quarterly revenue has risen from $161.7M in Q3 2025 to $192.6M in Q4 2025 to $204.9M in Q1 2026 to $240.3M in Q2 2026. Full-year 2025 revenue was $616.3M with net income of $447.2M and diluted EPS of $2.77, versus 2024 revenue of $329.0M and net income of $23.4M. Operating cash flow remains negative, at -$24.8M for 2025 and between -$40.5M and -$295.6M in each year from 2021 to 2024. At June 30, 2026 the company had $482.6M of cash and equivalents, $745.4M of long-term debt, $1.04B of total liabilities and $604.1M of shareholder equity.

Strategy

The company is extending BRIUMVI beyond its approved IV RMS use. It reported positive Phase 3 ENHANCE topline results for a consolidated single 600 mg Day 1 infusion that would eliminate the Day 15 infusion, and a Phase 3 trial of subcutaneous ublituximab is fully enrolled with topline data expected year-end 2026 or early 2027. It initiated a potentially registration-directed Phase 2 trial of IV BRIUMVI as maintenance therapy after efgartigimod induction in myasthenia gravis and a Phase 2 trial in treatment-resistant schizophrenia, and expects preliminary Phase 1 azer-cel data in progressive MS in the second half of 2026. Marketing efforts include a Super Bowl LX commercial and the Next In MS platform with Christina Applegate. The board authorized a new $100M repurchase program in September 2025 after completing the prior $100M program (3,502,334 shares at an average $28.55).

Risks

• Single-product concentration — Revenue is almost entirely BRIUMVI U.S. product sales, so any decline in that one product's demand, pricing or reimbursement would hit total results directly.
• Limited commercial experience — The 10-K states the company has limited experience as a commercial company and that BRIUMVI may not gain acceptance among physicians, patients and third-party payors.
• Pipeline timing and approval risk — Subcutaneous ublituximab, the ENHANCE regimen, myasthenia gravis and schizophrenia programs still require trial success and, where applicable, regulatory approval before contributing revenue.
• Cash burn despite profitability — Operating cash flow was negative in 2021 through 2025, and full-year 2026 guidance includes approximately $350-400M of R&D and SG&A plus roughly $100M of subcutaneous manufacturing and secondary manufacturer start-up costs.

Outlook

Management raised full-year 2026 guidance to approximately $950M total global revenue and approximately $890-905M of BRIUMVI U.S. net product revenue, and said BRIUMVI is on track to exit 2026 at an approximately $1 billion annualized U.S. revenue run rate. Expected milestones include full ENHANCE results, preliminary Phase 1 azer-cel data in progressive MS in the second half of 2026, and topline Phase 3 subcutaneous BRIUMVI data at year-end 2026 or early 2027. Guided 2026 operating expense is approximately $350-400M excluding non-cash compensation, plus approximately $100M for subcutaneous manufacturing and secondary manufacturer start-up costs.