stockrowWhat it does
TG Therapeutics is a biotechnology company that acquires, develops and sells treatments for diseases involving B cells, a type of immune cell. Its primary focus is multiple sclerosis (MS), a disease in which the immune system damages the central nervous system. The company was incorporated in Delaware in 1993. Its headquarters is listed in New York City, while its executive offices are in Morrisville, North Carolina. Michael Weiss is chairman and chief executive officer.
Its approved medicine, BRIUMVI, treats adults with relapsing forms of MS. It is an antibody that targets CD20, a protein on B cells. After the starting dose, BRIUMVI can be given as a one-hour intravenous infusion every 24 weeks. Physicians and patients can access it in the United States, and it is also available in several countries outside the U.S.
TG is developing a formulation of the same medicine for injection under the skin, as well as a simplified starting schedule for the intravenous version. It is also studying BRIUMVI for other conditions and developing azer-cel, a cell therapy made from donor-derived cells, for autoimmune diseases. TG obtains drug candidates through licenses, collaborations and joint ventures and evaluates additional products and technologies for potential partnerships or acquisition.
How it makes money
TG earns most of its revenue by selling BRIUMVI. U.S. net product revenue comes from the medicine’s commercial sale; product revenue also includes supplies sold to Neuraxpharm, its commercialization partner outside the United States. TG receives royalties on Neuraxpharm’s net product sales and can receive payments for achieving specified launch and commercial milestones, as well as revenue for development and regulatory services.
Total revenue was $616.3 million for the twelve months ended December 31, 2025.
Product revenue was $606.9 million in FY2025, compared with $313.7 million in FY2024. Of the FY2025 product total, U.S. BRIUMVI net sales were $594.1 million, and sales to Neuraxpharm were $12.8 million. Royalty revenue was $5.6 million in FY2025. Under the Neuraxpharm agreement, TG is eligible for tiered double-digit royalties on net product sales up to 30%, as well as further milestone payments if the specified conditions are met.
BRIUMVI is administered repeatedly, with an infusion every 24 weeks after the starting dose. Continued revenue depends on patients starting and remaining on treatment, prescribers, and coverage from payers. Net product revenue is reduced by items including government discounts and rebates, contractual rebates, distribution fees and patient support programs. Those adjustments can change with payer mix, coverage and contracting.
TG reported Q2 2026 U.S. net product revenue of approximately $228 million. It expects U.S. BRIUMVI net revenue of $890 million to $905 million for the full year and has a $950 million full-year global revenue target.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Product | $606.9 million | 98.5% | 93.5% |
| Royalty | $5.6 million | 0.91% | 601.0% |
| Other Revenue | $3.6 million | 0.58% | 97.0% |
| License Revenue | $152,000.00 | 0.02% | 0.00% |
| Milestone | $0.00 | 0.00% | −100.0% |
Customers and how it sells
BRIUMVI is intended for adults with relapsing forms of MS. Physicians prescribe the medicine, and TG’s U.S. commercialization efforts include increasing awareness among prescribers, expanding its presence across infusion centers and neurology practices, securing payer coverage and supporting patient access. Adoption also depends on site-of-care logistics, established prescribing practices and patients’ decisions about switching treatments.
Four customers accounted for substantial shares of revenue in FY2025. These shares do not identify the customers by name.
TG sells BRIUMVI in the United States and supplies product to Neuraxpharm for commercialization in specified territories outside the United States, Canada and Mexico, excluding certain Asian countries covered by earlier partnerships. Neuraxpharm first made the medicine available in Europe in Germany, and it is now commercially available in several other countries outside the U.S. Revenue from those markets depends on country-specific approvals, pricing and reimbursement decisions, launch timing and adoption.
TG said an increasing percentage of patients were beginning their treatment with BRIUMVI rather than switching to it later. It also said prescribers had used BRIUMVI for more than 30,000 patients globally.
Suppliers and costs
TG’s cost of revenue includes royalties owed to its BRIUMVI licensing partner, materials and third-party manufacturing costs, freight, distribution, logistics and supply-chain overhead. The company also relies on third-party contractors in activities subject to drug regulation. Manufacturing facilities and processes must meet regulatory quality requirements, and manufacturing problems can delay commercialization.
Some BRIUMVI inventory sold in the years ended December 31, 2025, 2024 and 2023 had been manufactured before approval, with its production costs previously expensed to research and development. TG expects cost of revenue and gross margin to reflect current commercial manufacturing costs, royalties and supply-chain expenses as that pre-approval inventory is depleted.
Research and development costs include external clinical and manufacturing expenses, personnel, licensing and milestone payments. Selling, general and administrative costs include commercialization and the support of the commercial organization. TG reported approximately $150 million of Q2 2026 operating expenses, excluding stock-based compensation, including roughly $55 million of charges for subcutaneous and secondary-source manufacturing activities. It expects expenses to rise as it expands clinical programs and pursues potential commercialization of additional candidates.
- Revenue$616.3M
- Cost of revenue−$100.7M
- Research and development−$160.2M
- Selling, general and administrative−$232.0M
- Operating income$123.3M
Competitive position
BRIUMVI competes with Roche Holdings AG’s ocrelizumab, which is available as an intravenous anti-CD20 antibody and in a version administered under the skin by healthcare providers. It also competes with Novartis AG’s ofatumumab, a self-administered anti-CD20 medicine for MS. Ofatumumab would compete directly with a future self-administered ublituximab formulation. TG says it does not currently participate in the self-administered segment.
Other potential competitors include therapies in development that target different mechanisms, such as BTK inhibitors and CD40 ligand. If approved, they could change treatment choices and affect use of anti-CD20 medicines. Azer-cel, if approved, would also face approved treatments and candidates in development.
BRIUMVI can be given in a one-hour infusion every 24 weeks after its starting dose. Its pivotal trials demonstrated a reduction in annualized relapse rate compared with teriflunomide. TG has U.S. patents covering a newer ublituximab composition through 2042, and BRIUMVI has U.S. exclusivity against approval of a referencing biosimilar until December 2034. Patent rights can be challenged or circumvented.
Our reading: The patents and biosimilar exclusivity provide a meaningful but time-limited barrier; they do not prevent competition from other approved MS medicines. Our reading: BRIUMVI’s dosing schedule and clinical evidence support differentiation, but competing infusion and self-administered options limit its strength as a barrier.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Roche Holdings AG | Intravenous and healthcare-provider-administered anti-CD20 MS treatments | High |
| Novartis AG | Self-administered anti-CD20 MS treatment | High |
Growth opportunities
TG’s growth plans center on expanding BRIUMVI use and developing additional ways to administer it. The company says the self-administered segment represents approximately 35% to 40% of the dynamic anti-CD20 market and that it does not currently participate in that segment. Its Phase III study of subcutaneous ublituximab is fully enrolled; TG expects top-line results around year-end or early next year.
TG also reported positive top-line Phase III results for the ENHANCE study of a single starting infusion, compared with the approved two-visit starting schedule. The company says the simplified schedule could be available as early as the middle of next year if development proceeds as planned.
Beyond relapsing MS, TG reported preliminary Phase I data in myasthenia gravis and started a Phase II BRIUMVI study that it believes could support registration. It has also started a Phase II study in treatment-resistant schizophrenia. Its azer-cel program is studying autoimmune diseases, including progressive forms of MS; TG has expanded the study to other B-cell-mediated diseases.
Outside the U.S., Neuraxpharm’s launches and sales can generate product-supply revenue, royalties and milestone payments for TG. The company also evaluates licensing and acquisition opportunities for additional programs and technologies. These development programs require further clinical work and, where applicable, regulatory approval before commercialization.
- $6.7MFY2021
- $2.8MFY2022
- $233.7MFY2023
- $329.0MFY2024
- $616.3MFY2025
- $950.0MFY2026 guidance
Structural risks
- Product and customer concentration: BRIUMVI accounts for most product revenue, and four customers represented substantial shares of FY2025 revenue. Continued sales depend on physician and patient acceptance, reliable supply and reimbursement.
- Competition and access: Established MS therapies compete with BRIUMVI, while new treatments may change prescribing patterns. Payers may deny or delay coverage or require rebates and discounts.
- Clinical and regulatory development: Other than BRIUMVI, TG’s product candidates are not approved for sale in markets where it has marketing rights. Trials can be delayed or stopped because of enrollment, supply, side effects or lack of effectiveness, and results may not support approval.
- Manufacturing: TG and its contractors must comply with manufacturing quality requirements. Failure to comply can prevent marketing of affected products, and issues at contract facilities can delay approvals.
- Intellectual property: Competitors may challenge or circumvent patents, and TG cannot guarantee that issued claims will remain valid or enforceable. Licensing or litigation may be required to protect or use technology.
- Financial results: TG has achieved profitability but has historically incurred substantial operating losses. It cannot assure that it will maintain profitability, and expects continuing development and commercialization spending.
Bottom line
Our reading
TG is a commercial biotechnology business whose revenue rests primarily on BRIUMVI, while its pipeline seeks to extend that medicine into new forms and conditions and develop a separate cell therapy. Repeated treatment, patent protection and international royalties support the business, but competing medicines, concentrated customers and the need for coverage remain central exposures. The next stages of expansion depend on clinical results, approvals and manufacturing execution, with spending occurring before those outcomes are assured.