TG Therapeutics Inc

Latest Results (04.04.2026):

TG Therapeutics Inc.'s fourth quarter and full year 2025 results show strong commercial momentum for BRIUMVI and significant year-over-year revenue growth. For Q4 2025 the company reported total revenue of $192.6 million (product revenue, net $189.1M) and for the full year 2025 total revenue was $616.3 million (product revenue, net $606.9M). BRIUMVI U.S. net product revenue was $182.7 million in Q4 2025 and $594.1 million for the full year. Net income was $23.0 million for Q4 and $447.2 million for FY 2025 (the FY result includes a non-recurring $339.8 million income tax benefit). Cash and investment securities were $199.5 million at December 31, 2025, and management provided raised 2026 revenue guidance and detailed expense guidance for the coming year.

Revenue

Q4 2025 total revenue: $192.6M; product revenue, net (Q4): $189.1M. Full year 2025 total revenue: $616.3M; product revenue, net (FY): $606.9M vs $313.7M in FY 2024 (~92% Y/Y growth in product revenue).

BRIUMVI commercial performance

BRIUMVI U.S. net product revenue Q4 2025: $182.7M (about 20% growth over Q3 2025). BRIUMVI U.S. net revenue FY 2025: $594.1M. Total global FY 2025 revenue (including ex-U.S. partner sales) was $616.3M; ex-U.S. sales to Neuraxpharm were $12.8M in 2025. Approvals expanded in the EU, UK, Switzerland, Australia, Kuwait and UAE.

Profitability and one-time tax effect

Net income Q4 2025: $23.0M (basic EPS $0.16; diluted $0.14). Net income FY 2025: $447.2M (basic EPS $3.10; diluted $2.77), driven largely by a non-recurring $339.8M income tax benefit from the release of a deferred tax valuation allowance. Operating income Q4: $50.5M; FY operating income: $123.3M.

Costs and operating expenses

R&D expense Q4 2025: $41.2M (FY: $160.2M), up due to manufacturing for subcutaneous development and higher clinical costs. SG&A expense Q4 2025: $62.7M (FY: $232.0M), driven by marketing and commercialization activities. Cost of revenue Q4: $38.1M; FY cost of revenue: $100.7M.

Cash, assets and equity

Cash, cash equivalents and investment securities as of Dec 31, 2025: $199.5M (down from $311.0M at year-end 2024). Total assets: $1.063B; total equity: $648.0M (compared with $577.7M assets and $222.4M equity at Dec 31, 2024).

Share repurchase

Completed prior $100M repurchase program in Q3 2025 (≈3.5M shares at an average $28.55). Board authorized a new repurchase program to acquire up to an additional $100M of common stock.

2026 financial guidance

Full year 2026 target total global revenue: ~$875–900M, including BRIUMVI U.S. net product revenue of ~$825–850M. Q1 2026 BRIUMVI U.S. target: ~$185–190M. Targeted 2026 operating expense (R&D + SG&A, excluding non-cash comp): ~ $350M, plus ~ $100M in subcutaneous BRIUMVI manufacturing and secondary manufacturer start-up costs.

Pipeline and near-term milestones

Key 2026 milestones: ENHANCE pivotal topline data (consolidated IV dosing) expected mid‑2026; preliminary Phase 1 azer-cel data in progressive MS in H2 2026; pivotal topline for subcutaneous ublituximab year‑end 2026/1Q 2027. Subcutaneous Phase 3 enrollment ~75% complete; ENHANCE randomized pivotal enrollment completed for dosing consolidation.