TG Therapeutics, Inc. (TGTX) Earnings & Analysis

Latest quarter

TG Therapeutics reported Q2 FY2026 revenue of $240.3 million, above the consensus of $230.9 million and up from $141.1 million a year earlier. The company reported diluted earnings of $0.05 per share, down from $0.17; its reported earnings per share missed the consensus.

The filing attributed higher net product revenue to greater U.S. penetration of BRIUMVI and sales to its ex-U.S. licensing partner. U.S. BRIUMVI net product sales rose to $227.7 million from $138.8 million, while sales to the partner contributed $8.1 million in the quarter.

TG Therapeutics reported gross margin of 82.9%, compared with 86.6% a year earlier. Its filing said sales to the ex-U.S. partner and other revenue sources carried different margins from U.S. BRIUMVI sales. The company reported operating margin of 9.02%, down from 24.7%, and the filing attributed higher research and development expense primarily to manufacturing work. TG Therapeutics reported free cash flow of $39.0 million, compared with $7.4 million a year earlier.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

CEO Michael Weiss said new BRIUMVI patient starts grew and physician adoption expanded during the quarter. Chief Commercial Officer Adam Waldman said growth came from both patients new to treatment and those switching from another therapy. He attributed the growth in treatment-naive patients to increasing physician confidence in starting patients on BRIUMVI.

Asked about competition, Waldman said TG Therapeutics had continued to grow its new-patient business alongside a competing formulation. He said the company was still seeing patients switch to BRIUMVI despite efforts by the competitor to move patients from intravenous to subcutaneous treatment.

Weiss said the ENHANCE study showed patients could initiate BRIUMVI with a single infusion rather than the currently approved two-visit schedule. He said the new schedule could be available by the middle of next year if all goes well. On subcutaneous BRIUMVI, he said Phase 3 results were expected around year-end or early next year and that the formulation could let TG Therapeutics reach patients who choose self-administered treatment.

When analysts asked about subcutaneous pricing, Waldman declined to discuss a price but said the company expected to price competitively. He said TG Therapeutics planned to offer patients a choice between physician-administered and self-administered treatment, describing them as different markets.

Chief Financial Officer Sean Power said U.S. gross margin was approximately 87.0%. He put quarterly operating expenses excluding stock-based compensation and manufacturing charges at about $95.0 million, and said manufacturing costs were expensed through research and development as incurred.

Waldman said TG Therapeutics would expand direct-to-consumer marketing across digital, television and social channels. Looking ahead, he said the company continued to “expect fourth quarter to be the driver of the second half growth,” while noting seasonal dynamics in the third quarter.

Guidance

TG Therapeutics raised its FY2026 U.S. BRIUMVI net revenue guidance to $890.0 million–$905.0 million and its total global revenue target to approximately $950.0 million. Waldman said the revised annual guidance reflected first-half performance, including new patient starts, persistence and physician expansion.