TG Therapeutics Q2 Earnings Call Highlights

Key Points

• Strong BRIUMVI growth lifted TG Therapeutics’ outlook: Second-quarter revenue reached $240 million, driven by $228 million in U.S. BRIUMVI sales, which rose 17% sequentially and more than 64% year over year. The company raised 2026 U.S. BRIUMVI guidance to $890 million–$905 million and global revenue guidance to approximately $950 million.
• New formulations could expand BRIUMVI’s market: Positive Phase III results support a potential single-infusion initiation schedule as early as mid-2027, while the company expects subcutaneous BRIUMVI results around year-end 2026 or early 2027.
• Profitability and pipeline advanced: TG Therapeutics reported $21.7 million in operating income, $7.8 million in net income and $612 million in cash and investments. Beyond multiple sclerosis, it expanded studies in myasthenia gravis and treatment-resistant schizophrenia and continued enrollment in its azer-cel CAR T program.

TG Therapeutics NASDAQ: TGTX reported second-quarter 2026 revenue of $240 million and raised its full-year sales outlook for BRIUMVI, its treatment for relapsing multiple sclerosis, as the company cited record new patient starts, continued prescriber expansion and higher-than-expected treatment persistence.

U.S. BRIUMVI net product revenue totaled approximately $228 million in the second quarter, up 17% sequentially and more than 64% from a year earlier, according to Chief Commercial Officer Adam Waldman. Total net product revenue was $236 million, including sales to the company’s ex-U.S. partner, while license, royalty and other revenue contributed $4.5 million.

The company increased its 2026 U.S. BRIUMVI net revenue guidance to $890 million to $905 million and said it now expects approximately $950 million in total global revenue for the year. TG Therapeutics said U.S. BRIUMVI net revenue was approximately $423 million through the first half of 2026, while total revenue reached about $445 million.

BRIUMVI Commercial Growth

Waldman said the second quarter marked another record for BRIUMVI new patient starts, surpassing the prior record set during the first quarter. The company also reported continued growth in repeat prescribers and said a rising share of patients are beginning treatment with BRIUMVI rather than switching to it later.

“Persistence continues to exceed our expectations,” Waldman said, adding that the company is seeing growth from both patients switching from OCREVUS and treatment-naive patients. He said treatment-naive starts indicate growing physician confidence in the brand.

TG Therapeutics expects the fourth quarter to account for much of its second-half growth and said it aims to exit 2026 with quarterly U.S. net revenue above $250 million, representing a $1 billion annualized revenue run rate. The company did not provide 2027 guidance, though management said it expects continued franchise growth opportunities from a simplified intravenous initiation regimen and a potential subcutaneous formulation.

Management said it has begun to expand its direct-to-consumer efforts after seeing positive early indicators from its initial campaign. Waldman said the broader campaign is expected to include digital, linear television, connected television and social media channels.

New IV Schedule and Subcutaneous Program

During the quarter, TG Therapeutics reported positive top-line Phase III results from the ENHANCE study evaluating a single 600-milligram BRIUMVI infusion to initiate treatment. The proposed schedule would replace the currently approved initiation regimen involving infusions on day one and day 15.

Chief Executive Officer Michael Weiss said a single-infusion initiation could reduce the treatment burden for patients and infusion centers and remove a barrier for patients switching from another anti-CD20 therapy. If approved, the revised initiation schedule could become available as early as mid-2027, according to management.

The company also reported positive Phase I bioavailability data for its proprietary subcutaneous formulation of ublituximab, the active agent in BRIUMVI. Its Phase III subcutaneous BRIUMVI study is fully enrolled, with top-line results expected around year-end or early 2027.

TG Therapeutics currently participates in the physician-administered segment of the anti-CD20 market, which management estimated represents roughly 60% to 65% of the overall market. Waldman said self-administered products account for approximately 35% to 40% of the dynamic anti-CD20 market. The company believes a successful subcutaneous formulation would enable BRIUMVI to compete across both segments.

Management did not disclose prospective pricing for subcutaneous BRIUMVI, but Waldman said the company believes it can price the product competitively. He also said the company views less frequent dosing as preferable to a more frequent regimen.

Pipeline Expansion Beyond Multiple Sclerosis

TG Therapeutics is also studying BRIUMVI in other autoimmune-mediated conditions. The company announced preliminary Phase I data in myasthenia gravis and initiated what Weiss described as a potentially registration-directed Phase II study. The program is evaluating an approach that combines rapid symptom relief from FcRn inhibition with potentially longer-term disease control from BRIUMVI.

The company also initiated a Phase II study in treatment-resistant schizophrenia. Weiss said the trial will assess clinical outcomes and biomarkers intended to identify whether some patients have an autoimmune component to their disease. The study uses a Fleming two-stage design, with advancement decisions expected to depend primarily on the observed response rate and potentially on biomarker findings.

Separately, TG Therapeutics said its allogeneic CD19 CAR T-cell program, azer-cel, has enrolled more than 20 patients, primarily with progressive forms of multiple sclerosis. The study has expanded to include relapsing MS, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy and neuromyelitis optica. The company expects to provide a clinical update in the second half of 2026.

Profitability and Cash Position

Chief Financial Officer Sean Power said the company’s U.S. gross margin was approximately 87% during the quarter, while total gross margin was 83% after including ex-U.S. partner sales and other revenue sources.

Operating expenses, excluding stock-based compensation, were approximately $150 million. That amount included roughly $55 million of expenses tied to subcutaneous and secondary-source manufacturing activities. Excluding those charges, underlying operating expenses were about $95 million, Power said.

TG Therapeutics reported operating income of $21.7 million and net income of $7.8 million, or $0.05 per diluted share. Excluding the manufacturing-related charges, the company said operating income would have been approximately $76 million and net income approximately $62 million.

The company ended the quarter with approximately $612 million in cash equivalents and investment securities. It expects 2026 operating expenses, excluding stock-based compensation, of $350 million to $400 million, plus approximately $100 million in manufacturing-related expenses.

About TG Therapeutics (NASDAQ:TGTX)

TG Therapeutics, Inc is a clinical‐stage biopharmaceutical company headquartered in New York City that specializes in developing targeted therapies for hematological malignancies and autoimmune diseases. The company's research strategy focuses on the modulation of B-cell biology through novel antibody and small‐molecule agents. Since its founding in 2003, TG Therapeutics has built a diversified portfolio aimed at addressing unmet medical needs in oncology and immunology.

In December 2022, TG Therapeutics achieved its first commercial milestone when ublituximab-xiiy (marketed as Briumvi® in collaboration with Biogen) received U.S.

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