olivLaw · US equity research
TG Therapeutics, Inc. TGTX
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
TG Therapeutics is a commercial-stage biotechnology company focused on treatments for B-cell diseases, whose lead product BRIUMVI is approved for relapsing multiple sclerosis. The company is now in a phase where U.S. sales are growing quickly, and its 2026 guidance has been raised to a level of over 950 million USD in total global revenue.
At the close of 04 Nov 2026, TG Therapeutics, Inc. (TGTX) stock was 61.63 USD (+1.45% on the day), with market capitalisation 9.4 bn USD, P/E 22.5 on diluted EPS of 2.74 USD over the last 12 months, beta 0.65, 52-week range 26.94–61.63 USD. Latest reported quarter (Q2 2026): revenue of 240.3 m USD (+70.3% YoY), net income of 7.8 m USD (−72.4% YoY), diluted EPS 0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.1
- strong (55–70)
- Bollinger (20, 2)
- 50.57 – 61.55
- above the upper band · %B 1.01 · band width 19.6%
- SMA 50 / 200
- 55.66 / 44.26
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.54 / 0.75
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.3% | −1.1% | +15.4 pp | — |
| 3 months | +23.6% | −0.5% | +24.0 pp | — |
| 6 months | +46.8% | +4.4% | +42.5 pp | — |
| Year to date | +106.7% | +12.3% | +94.4 pp | — |
| 1 year | +82.3% | +13.5% | +68.7 pp | +19.3% |
| 3 years | +457.2% | +76.4% | +380.8 pp | +33.9% |
| 5 years | +73.6% | +63.7% | +9.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 83.9 m | 108.2 m | 120.9 m | 141.1 m | 161.7 m | 192.6 m | 204.9 m | 240.3 m |
| Cost of revenue | 9.3 m | 15.4 m | 15.5 m | 18.9 m | 28.1 m | 38.1 m | 33.5 m | 41.2 m |
| Research & development | 20.1 m | 23.9 m | 46.4 m | 31.8 m | 40.9 m | 41.2 m | 48.4 m | 95.3 m |
| SG&A | 42.0 m | 39.0 m | 50.3 m | 55.6 m | 63.4 m | 62.7 m | 88.2 m | 82.1 m |
| Operating income | 12.4 m | 29.9 m | 8.6 m | 34.8 m | 29.4 m | 50.5 m | 34.8 m | 21.7 m |
| Depreciation & amortisation | 11.0 k ≈ | 9.0 k | 8.0 k | 13.0 k ≈ | 17.0 k ≈ | 21.0 k | 32.0 k | 53.0 k ≈ |
| Interest expense | 10.8 m | 7.1 m | 6.8 m | 6.7 m | 6.7 m | 6.5 m | 7.7 m | 16.6 m |
| Pre-tax income | 4.3 m | 25.5 m | 5.5 m | 30.9 m | 25.9 m | 45.1 m | 20.4 m | 10.2 m |
| Income tax | 388.0 k | 2.1 m | 408.0 k | 2.7 m | -365.0 m | 22.1 m | 586.0 k | 2.5 m |
| Net income | 3.9 m | 23.3 m | 5.1 m | 28.2 m | 390.9 m | 23.0 m | 19.8 m | 7.8 m |
| Diluted EPS | 0.02 | 0.15 ≈ | 0.03 | 0.17 | 2.43 | 0.14 ≈ | 0.12 | 0.05 |
| Operating cash flow | -12.2 m ≈ | -25.6 m | -28.7 m | 7.4 m ≈ | -23.2 m ≈ | 19.7 m | -17.9 m | 39.3 m ≈ |
| Capex | 24.0 k ≈ | 21.0 k | 25.0 k | 42.0 k ≈ | 80.0 k ≈ | 67.0 k | 51.0 k | 293.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 10-quarter history (min 10.7, median 48.0, max 968.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 152.0 k | 152.0 k | 152.0 k | 6.7 m | 2.8 m | 233.7 m | 329.0 m | 616.3 m |
| Revenue YoY | 0.0% | 0.0% | 0.0% | +4,300.7% | −58.4% | +8,290.0% | +40.8% | +87.3% |
| Net income | -173.5 m | -172.9 m | -279.4 m | -348.1 m | -223.8 m | 12.7 m | 23.4 m | 447.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +84.5% | +1,812.4% |
| Diluted EPS | unavailable | unavailable | -2.42 | -2.63 | -1.65 | 0.09 | 0.15 | 2.77 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +66.7% | +1,746.7% |
| net % | -114,132.9% | -113,730.9% | -183,803.3% | -5,204.1% | -8,036.3% | 5.4% | 7.1% | 72.6% |
| Free cash flow | -129.0 m | -132.9 m | -214.9 m | -296.0 m | -176.2 m | -31.4 m | -40.6 m | -25.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 79.1 m USD
- Financial debt
- 245.6 m USD
- Net debt
- 166.5 m USD
- Equity
- 648.0 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 4.10x
- ROE
- 102.8%
- ROA
- 54.5%
- FCF margin
- -4.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 152.0 k | 6.7 m | 2.8 m | 233.7 m | 329.0 m | 616.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | — | 790.0 k | 265.0 k | 14.1 m | 38.5 m | 100.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | — | 5.9 m ≈ | 2.5 m ≈ | 219.5 m ≈ | 290.5 m ≈ | 515.6 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Research & development | 165.9 m | 222.6 m | 125.4 m | 76.2 m | 94.3 m | 160.2 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 107.9 m | 128.1 m | 95.5 m | 122.7 m | 154.3 m | 232.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -273.6 m | -344.8 m | -218.3 m | 20.6 m | 41.9 m | 123.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | — | 282.0 k | 303.0 k | 211.0 k | 68.0 k | 59.0 k | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | — | -344.5 m ≈ | -218.0 m ≈ | 20.8 m ≈ | 42.0 m ≈ | 123.4 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 6.3 m | 5.6 m | 10.2 m | 12.6 m | 24.0 m | 26.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -279.4 k | -348.1 m | -223.8 m | 13.1 m | 25.6 m | 107.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 390.0 k | 2.2 m | -339.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -279.4 m | -348.1 m | -223.8 m | 12.7 m | 23.4 m | 447.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -2.42 | -2.63 | -1.65 | 0.09 | 0.15 | 2.77 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 115.3 m | 132.2 m | 135.4 m | 148.5 m | 160.3 m | 161.4 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 553.4 m | 298.9 m | 102.3 m | 92.9 m | 179.9 m | 79.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | — | — | 0 | 51.1 m | 129.2 m | 305.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | — | — | 0 | 39.8 m | 110.5 m | 125.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 611.7 m | 331.0 m | 168.3 m | 317.9 m | 566.4 m | 630.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 481.0 k | 600.0 k | 307.0 k | 95.0 k | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Goodwill | 799.0 k | 799.0 k | 799.0 k | 799.0 k | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Total assets | 625.6 m | 379.6 m | 193.6 m | 329.6 m | 577.7 m | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 37.0 m | 51.3 m | 42.0 m | 38.5 m | 58.3 m | 107.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 22.2 m | 975.0 k | 0 | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Long-term debt | 7.7 m | 66.8 m | 71.1 m | 100.1 m | 244.4 m | 245.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 87.6 m | 65.4 m | 53.2 m | 53.7 m | 90.7 m | 153.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 106.3 m | 142.5 m | 135.0 m | 169.1 m | 355.3 m | 415.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 519.4 m | 237.2 m | 58.6 m | 160.5 m † | 222.4 m † | 648.0 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -214.5 m | -295.6 m | -176.2 m | -31.4 m | -40.5 m | -24.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 357.0 k | 401.0 k | 14.0 k | 0 | 45.0 k | 214.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -214.9 m ≈ | -296.0 m ≈ | -176.2 m ≈ | -31.4 m ≈ | -40.6 m ≈ | -25.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -24.5 m | -332.0 k | -20.0 m | -50.7 m | -1.0 m | 13.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 679.8 m | 41.4 m | -391.0 k | 72.7 m | 128.5 m | -89.7 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet38
- Quality61
- Valuation31
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.75 – 119.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)3.75 – 6.81 (Mid 4.93)WACC 9.0% · starting FCFF 48.9 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA9.59 – 18.57 (Mid 12.94)4 companies used · median multiple 16.4x · quartiles 12.7x – 22.8xPBYI, TEVA, VRTX, VTRS
- Peers: P/E44.32 – 119.77 (Mid 80.00)14 companies used · median multiple 29.1x · quartiles 16.1x – 43.6xABBV, ABT, ALNY, BMY, JNJ, LAB, LLY, PBYI, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.2% | 75 (vs peers) | 13% |
| Net margin · Quality | 55.2% | 97 (vs peers) | 8% |
| FCF conversion · Quality | 3.9% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 504.9% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.9x | 17 (vs peers) | 13% |
| Interest coverage · Balance sheet | 3.6x | 33 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 22.5x | 65 (vs peers) | 13% |
| EV/EBITDA · Valuation | 71.1x | 20 (vs peers) | 13% |
| FCF yield · Valuation | 0.2% | 2 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation31/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TG THERAPEUTICS, INC. (TGTX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 616.3 m USD in 2025; YoY growth 87.3%; net margin 55.2%; ROE 100.3%; net debt/EBITDA 1.9x.
The estimated value range is 9.59–18.57 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 12.94 USD, the price of 61.63 USD leaves a potential of -79.0% (value / price − 1) and a margin of safety of -376.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.2%
- Net margin: 55.2%
- Revenue CAGR 3Y: 504.9%
- Current ratio: 4.3x
What contradicts it
- FCF conversion: 3.9%
- Net debt / EBITDA: 1.9x
- EV/EBITDA: 71.1x
- FCF yield: 0.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +82% / +457% |
| RYTMRhythm Pharmaceuticals, Inc. | 7.7 bn | — | -163.7% | -69.0% | +45.8% | +1% / +231% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| AGIOAgios Pharmaceuticals, Inc. | 1.9 bn | — | -34.3% | -418.2% | +48.0% | +7% / +41% |
| SLSSELLAS Life Sciences Group, Inc. | 1.8 bn | — | -39.6% | — | −100.0% | +464% / +779% |
| SVRASavara Inc | 957.4 m | — | -105.5% | — | unavailable | −26% / +21% |
| PBYIPuma Biotechnology, Inc. | 551.8 m | 20.5 | 22.0% | 11.6% | −0.9% | +112% / +174% |
| STTKShattuck Labs, Inc. | 516.9 m | — | -39.2% | -5,256.8% | −82.5% | +145% / +163% |
1- and 3-year price returns: for TGTX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 42.32 Total return -31% · Per year -31% | 74.48 Total return 21% · Per year 21% | 111.72 Total return 81% · Per year 81% |
| 3 years | 50.20 Total return -19% · Per year -7% | 98.50 Total return 60% · Per year 17% | 160.88 Total return 161% · Per year 38% |
| 5 years | 59.55 Total return -3% · Per year -1% | 130.27 Total return 111% · Per year 16% | 231.67 Total return 276% · Per year 30% |
- Exit P/E± 24.63
- Net margin± 17.24
- Annual revenue growth± 12.86
- Annual dilution± 1.45
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TG Therapeutics is a commercial-stage biotechnology company focused on treatments for B-cell diseases, whose lead product BRIUMVI is approved for relapsing multiple sclerosis. The company is now in a phase where U.S. sales are growing quickly, and its 2026 guidance has been raised to a level of over 950 million USD in total global revenue.
SWOT
Strengths
- The lead product is approved in the U.S. and its sales are growing rapidly, with a one-hour infusion given twice a year that supports its position in the anti-CD20 class 13.
- The company has an extensive set of Phase 3 and Phase 2 programs and long-term data from the ULTIMATE studies 123.
- The ex-U.S. partnership brings upfront payments, milestones and royalties, diversifying revenue sources 1.
Weaknesses
- The company depends heavily on a single product, which increases its exposure to changes in the RMS market 1.
- Research and sales expenses have grown considerably, and profitability can fluctuate from one quarter to another 23.
- The company has had large operating losses in the past, and its accumulated deficit remains significant 1.
Opportunities
- The subcutaneous formulation and the simplified initiation regimen could expand convenience and adoption 23.
- Studies in myasthenia gravis and schizophrenia could open new markets if results are confirmed 23.
- Azer-cel and other licensing agreements could extend the portfolio beyond multiple sclerosis 12.
Risks
- Dependence on a single producthigh
Revenue comes mainly from BRIUMVI, so any problem with adoption, pricing or access would have a major impact on the company 1.
- Intense competition in RMShigh
The market includes larger and more experienced rivals, and new therapies or biosimilars could reduce commercial opportunities 12.
- Side effects and label restrictionsmedium
New data from wider use could lead to restrictions, added warnings or product withdrawal, which would hurt sales 1.
- Development and manufacturing costsmedium
Expenses for subcutaneous manufacturing and studies have risen significantly and could delay a steady return to profitability 3.
- Uncertainty of study resultsmedium
Ongoing studies, including those for the subcutaneous formulation and new indications, could produce results different from those expected 123.
Investment thesis
What would need to be true (bull case)
- Rapid growth in U.S. sales and the raised 2026 guidance suggest BRIUMVI could become a solid commercial base 3.
- Expansion into new formulations and additional indications could open future revenue sources if studies confirm the preliminary results 23.
- The ex-U.S. partnership and royalty revenue add diversification and support the company's commercial plan 13.
What would break the thesis
- Dependence on a single product leaves the company exposed to pricing changes, competitive pressure and changes in payer rules 12.
- Rising research, sales and manufacturing costs could prevent stable profitability if revenue does not grow enough 3.
- Safety risks and the results of ongoing studies could limit product expansion or affect its labeling 12.
What to watch
- Topline Phase 3 data for subcutaneous ublituximabyear-end 2026 / Q1 2027
- Full results of the ENHANCE study combining Day 1 and Day 15 doses2026
- Preliminary Phase 1 data for azer-cel in progressive multiple sclerosissecond half of 2026
- U.S. BRIUMVI sales against the 890-905 million USD guidanceQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TG Therapeutics describes itself as a fully integrated, commercial-stage biotechnology company focused on acquiring, developing and commercializing novel treatments for B-cell mediated diseases, with a primary focus on multiple sclerosis 1. Its approved product, BRIUMVI (ublituximab-xiiy), is an anti-CD20 monoclonal antibody given as a one-hour infusion every 24 weeks after the starting dose, approved by the FDA in December 2022 1. Total revenue was 616.3 million USD in 2025, and in the second quarter of 2026 the company reported total global revenue of 240.3 million USD 13.
The company also maintains a research pipeline, including a subcutaneous form of ublituximab in a Phase 3 study and azer-cel, an allogeneic CD19-directed CAR T therapy tested in progressive forms of multiple sclerosis 12. In 2026 it announced expansion into myasthenia gravis and treatment-resistant schizophrenia, showing a strategy of diversifying beyond its main indication 23.
Outside the United States, commercialization rights for BRIUMVI were granted to Neuraxpharm under an agreement from August 2023 that includes upfront payments, milestone payments and royalties 1. The company also said it actively evaluates complementary products for in-licensing or acquisition 1.
Segments
BRIUMVI in the U.S.
U.S. net product sales are the main revenue source and reached 227.7 million USD in the second quarter of 2026, a 64% increase over the same period a year earlier 3. The company raised its 2026 U.S. BRIUMVI target to a range of 890-905 million USD 3.
Ex-U.S. partnership
Neuraxpharm commercializes BRIUMVI in Europe and other countries outside the U.S., and ex-U.S. revenue includes product sales to the partner, royalties and payments tied to development and regulatory work 123. The timing of these revenues depends on local approvals and pricing in each country 2.
Pipeline
The pipeline includes subcutaneous ublituximab in a Phase 3 study with topline data expected around year-end 2026 or early 2027, and azer-cel, with preliminary Phase 1 data expected in the second half of 2026 23. The ENHANCE study met its primary endpoint for a single-infusion initiation regimen, eliminating the Day 15 dose 2.
Market context
The multiple sclerosis market is large, with nearly 1 million people living with MS in the United States and over 2.3 million worldwide 1. The anti-CD20 class is a significant segment of RMS treatment, and BRIUMVI competes in a market with numerous disease-modifying therapies 12.
Competition plays out through pricing, contracting terms, payer utilization management and the arrival of new branded products or biosimilars 2. Revenue growth depends on physician adoption, patient persistence and access across commercial and government payers 2.
Trends
- Rapid growth in BRIUMVI salestailwind
U.S. sales grew 64% year over year in the second quarter of 2026, and the company expects to exit 2026 at an annualized rate of about 1 billion USD 3. If this momentum holds, revenue could exceed current estimates.
- Expansion of indications and formulationstailwind
The ENHANCE study, the subcutaneous formulation and studies in myasthenia gravis and schizophrenia could widen the BRIUMVI market if results are positive 23.
- Competitive pressure in the RMS classheadwind
The RMS market includes many therapies, and pricing, contracting and payer utilization could limit growth 12.
- Rising development and commercial costsmixed
Research and sales expenses rose sharply in 2026, including subcutaneous manufacturing and marketing spend 3. These costs could compress margins if revenue does not grow at a similar pace.
Competitive position
The company operates in a highly competitive market where many rivals have greater financial, product development and commercial resources, and some are active in the same neurological and immunological fields 1. The key competitive factors are efficacy, safety, convenience, price and reimbursement access 1.
Competition may also come from smaller or early-stage companies, especially through collaborations with large companies, as well as from new products and biosimilars 12. Pressure could increase if rivals gain approval faster or offer more convenient dosing 1.
- Large pharmaceutical companies active in neurology and immunology
The sources describe large companies with strong commercial experience and customer relationships, active in the same disease areas 1.
- Smaller or early-stage biotechnology companies
These can become significant competitors, particularly through collaborations with established companies 1.
- Other approved therapies for RMS
The market includes numerous disease-modifying therapies with different mechanisms, routes and dosing schedules 2.
- Biosimilar manufacturers
The introduction of biosimilars could change pricing and contracting dynamics in the RMS class 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- IBD Stock Of The Day, TG Therapeutics, Eyes Breakout After Topping Early Buy PointYahoo Finance — News · 02 Sept 2026 · EN
- TGTX Stock Outperforms 95% of Stocks. Here's Why.Yahoo Finance — News · 24 Aug 2026 · EN
SEC filings
- Quarterly report05 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report03 Jun 2026Other events · Financial statements and exhibits
- Current report27 May 2026Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report20 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TG Therapeutics, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TG Therapeutics, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TG Therapeutics, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.