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TG Therapeutics (TGTX)
NASDAQ:TGTX
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TG Therapeutics
(NASDAQ:TGTX)
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Rating:61Neutral
Price Target:
$28.00
▼(-6.88% Downside)
Action:ReiteratedDate:02/28/26
The score is held back primarily by weak cash-flow conversion (persistent negative operating/free cash flow) and a major revenue/earnings-quality concern in the latest annual figures, despite improved solvency. Offsetting these risks are a favorable valuation (P/E ~10.85) and an upbeat earnings call with reaffirmed 2026 growth guidance, multiple catalysts, and ongoing buybacks, while technical signals remain broadly neutral.
Positive Factors
BRIUMVI commercial momentum
Sustained, rapid top-line growth for BRIUMVI signals durable commercial adoption across prescribers and settings. Strong new patient starts, persistence and sequential sales acceleration indicate an expanding revenue base and deeper market penetration that can support multi-year cash generation and reinvestment.
Improved balance sheet and capital flexibility
Material deleveraging and a larger equity base reduce solvency risk and increase financial optionality. Combined with >$600M in current assets and completed/authorized buybacks, the company has runway to fund commercialization, subcutaneous scale-up and pivotal programs without immediate reliance on dilutive financing.
Robust clinical data and near-term pipeline catalysts
Long‑term efficacy and safety data strengthen physician confidence and patient persistence, underpinning durable market share. Ongoing pivotal readouts (ENHANCE, subcutaneous pivotal) and an azer‑cel program offer multiple structural upside pathways to expand indications and formulations, diversifying future revenue sources.
Negative Factors
Persistent negative operating cash flow
Chronic inability to convert accounting profits into positive operating cash flow creates a structural funding risk. Even with improving burn in 2025, recurring negative FCF forces reliance on receivables, inventory or capital markets to fund R&D, subcutaneous manufacturing and commercialization scale‑up, pressuring long‑term financial resilience.
Questionable 2025 earnings quality
Aone‑time tax benefit and anomalous revenue reporting in 2025 undermine the sustainability of reported profits. This earnings quality issue complicates trend analysis, obscures true operating margins and reduces confidence in recurring cash generation forecasts over the 2–6 month horizon and beyond.
Execution and competitive risk for subcutaneous launch
Commercializing a subcutaneous formulation requires successful pivotal data, manufacturing scale‑up (~$100M start‑up costs) and effective market positioning versus entrenched rivals. Execution missteps or stronger competitor launches could compress uptake, margins and extend timelines, hurting structural growth prospects.
TG Therapeutics (TGTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.80B
Dividend YieldN/A
Average Volume (3M)1.91M
Price to Earnings (P/E)9.6
Beta (1Y)0.65
Revenue Growth100.88%
EPS GrowthN/A
CountryUS
Employees352
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.14
Shares Outstanding159,688,260
10 Day Avg. Volume2,642,365
30 Day Avg. Volume1,905,869
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)6.64
Price to Sales (P/S)6.98
P/FCF Ratio-172.18
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue8.09
Enterprise Value/Gross Profit9.67
Enterprise Value/Ebitda37.11
Forecast
1Y Price Target
$42.00Price Target Upside39.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)1.39
Revenue Forecast (FY)$897.35M
TG Therapeutics Business Overview & Revenue Model
Company DescriptionTG Therapeutics, Inc., a commercial stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. Its therapeutic product candidates include Ublituximab, an investigational glycoengineered monoclonal antibody for the treatment of B-cell non-hodgkin lymphoma, chronic lymphocytic leukemia (CLL), and relapsing forms of multiple sclerosis; and Umbralisib, an oral inhibitor of PI3K-delta and CK1-epsilon for the treatment of CLL, marginal zone lymphoma, and follicular lymphoma. The company also develops Cosibelimab, a human monoclonal antibody of IgG1 subtype that binds to programmed death-ligand 1 (PD-L1) and blocks its interactions with PD-1 and B7.1 receptors; TG-1701 is an orally available and covalently-bound Bruton's tyrosine kinase (BTK) inhibitor that exhibits selectivity to BTK compared to ibrutinib in in vitro kinase screening; and TG-1801, a bispecific CD47 and CD19 antibody. In addition, it has various licensed preclinical programs for BET, interleukin-1 receptor associated kinase-4, and GITR; and collaboration agreements with Checkpoint Therapeutics, Inc., Jiangsu Hengrui Medicine Co., Novimmune SA, Ligand Pharmaceuticals Incorporated, and Jubilant Biosys. The company has strategic alliances with LFB Biotechnologies S.A.S; GTC Biotherapeutics; LFB/GTC LLC; Ildong Pharmaceutical Co. Ltd.; and Rhizen Pharmaceuticals, S A. TG Therapeutics, Inc. was incorporated in 1993 and is headquartered in New York, New York.
How the Company Makes MoneyTG Therapeutics primarily makes money through product revenue from the sale of BRIUMVI in the United States. Revenue is generated by supplying BRIUMVI (a prescription biologic administered by infusion) into the healthcare channel (e.g., specialty distributors) and being reimbursed through a mix of payer coverage and provider/hospital infusion billing and buy-and-bill dynamics typical for infused therapies; the company’s recognized revenue is tied to U.S. net sales after deductions such as rebates, chargebacks, distribution and prompt-pay discounts, patient assistance, and expected returns (where applicable). In addition to commercial product sales, the company may generate other income streams such as collaboration, licensing, or partnership-related revenue, milestone payments, or royalties if and when such agreements exist and are executed; however, specific active partnerships, milestone structures, or royalty arrangements contributing materially to current earnings are null.
TG Therapeutics Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and rapid revenue growth for BRIUMVI, reinforced by encouraging long‑term clinical data and a clear pipeline with multiple near‑term catalysts (ENHANCE, subcutaneous pivotal, early CAR‑T activity). Financially, the company is positioned with positive cash flow expectations, share repurchase activity and reaffirmed 2026 guidance. Notable cautionary items include that reported FY2025 net income was materially boosted by a one‑time tax benefit, near‑term margin/headwind items (inventory reserve and gross‑to‑net seasonality), and elevated near‑term R&D/manufacturing investment for subcutaneous rollout. Overall, the highlights (strong growth, pipeline momentum, capital flexibility) outweigh the lowlights (one‑time accounting benefit, short‑term expense impacts and execution risks), supporting an optimistic outlook.Q4-2025 Updates
Positive Updates
Strong Revenue Growth and Quarterly Acceleration
Total global revenue of ~$616M for FY2025, driven predominantly by U.S. BRIUMVI net sales of ~$594M. Q4 2025 U.S. net sales were $182.7M (total Q4 net product revenue $189.1M), representing ~92% year‑over‑year growth and ~20% sequential growth versus Q3.
Robust Operating Performance and Profitability (Adjusted)
Operating income for FY2025 was $123M. Reported net income was $447.2M ($2.77 diluted EPS) compared to $23.4M ($0.15) in 2024, noting the FY2025 results include a nonrecurring income tax benefit of ~ $340M from release of a deferred tax asset valuation allowance.
Positive Clinical and Long‑Term Data Supporting Uptake
Six‑year open‑label ULTIMATE I/II extension data showed nearly 90% of patients free from 24‑week confirmed disability progression and extremely low relapse rate (equivalent to 1 relapse per ~83 patient‑years); no new safety signals reported — data cited as a key driver of physician confidence and persistence.
Pipeline Momentum with Near‑Term Catalysts
ENHANCE Phase III (single consolidated 600 mg infusion) enrollment complete with topline data expected mid‑2026 and potential 2027 launch. Subcutaneous BRIUMVI Phase III ~75% enrolled with pivotal topline data expected late 2026/early 2027 and potential 2028 launch. Azer‑cel (allogeneic anti‑CD19 CAR‑T) and earlier‑stage programs (e.g., Myasthenia Gravis Phase I) showing early demand/momentum.
Reaffirmed and Growth‑Oriented 2026 Guidance
Reaffirmed FY2026 U.S. BRIUMVI net revenue guidance of $825M–$850M and total global revenue guidance of $875M–$900M. Q1 2026 U.S. revenue expected to be ~$185M–$190M (sequential growth over Q4). Management cites new patient starts tracking to the strongest level since launch.
Strong Balance Sheet & Capital Allocation Actions
Ended year with >$600M in current assets (including ~$200M cash/cash equivalents & investments, ~$300M AR, ~$140M inventory). Completed $100M share repurchase (≈3.5M shares at $28.55 avg) and Board authorized an additional $100M repurchase program. Management expects positive cash flow in 2026 and beyond.
Commercial Execution and Market Share Gains
Broad‑based growth across academic and community settings, expanding prescriber base, record new patient enrollments, strong persistence, and continued share gains within the IV anti‑CD20 segment driven by efficacy, multiyear safety data and operational advantages (1‑hour, twice‑year maintenance).
Negative Updates
Net Income Influenced by One‑Time Tax Benefit
FY2025 reported net income of $447.2M was materially impacted by a nonrecurring income tax benefit of ~ $340M (release of deferred tax asset valuation allowance), meaning reported profitability is not fully reflective of recurring operating performance.
Gross Margin & One‑Time Inventory Reserve Headwind
Quarterly gross margin was slightly below typical due to timing of sales to ex‑U.S. partner and a one‑time inventory reserve, creating near‑term margin pressure.
Rising Operating Costs and Subcutaneous Investment
Full year 2025 operating expenses (R&D + SG&A excl. noncash comp) were ~$328M (slightly above prior guidance of $300M–$320M) driven by incremental manufacturing and development costs for subcutaneous BRIUMVI and continued commercial investment. FY2026 outlook includes ~ $350M in operating expenses plus ~ $100M in subcu manufacturing/secondary manufacturer start‑up costs.
Quarterly Gross‑to‑Net & Seasonal Headwinds
Q1 revenue dynamics are subject to typical industry seasonality (benefit reverifications, deductible resets, high utilization of co‑pay programs) which can create quarter‑to‑quarter gross‑to‑net variability and dampen early‑year net revenue despite strong demand.
Competitive and Execution Risks in Subcutaneous Market
Competitors (noted Roche and Novartis) are accelerating subcutaneous offerings; while management expects subcu BRIUMVI to materially expand TAP (management estimates potential to nearly double TAM), successful commercialization depends on Phase III outcomes and competitive dynamics in a growing but contested subcu market.
Reliance on Upcoming Trial Readouts and Execution
Near‑term commercial expansion and expected market benefits depend on several pivotal readouts (ENHANCE mid‑2026, subcu pivotal late 2026/early 2027). Any delays or negative outcomes would meaningfully affect the 2027–2028 commercialization timeline and projected growth.
Company Guidance
TG reiterated full-year 2026 financial guidance of U.S. BRIUMVI net revenue of $825–$850 million and total global revenue of $875–$900 million, with Q1 2026 U.S. revenue expected to be roughly $185–$190 million (ex‑U.S. ~$5–$10 million); they forecast ~ $350 million of operating expenses in 2026 (excluding noncash comp) plus ~ $100 million of subcutaneous BRIUMVI manufacturing/secondary‑manufacturer start‑up costs (currently recorded to R&D), expect to continue generating positive cash flow in 2026 and beyond, and noted balance‑sheet flexibility after ending 2025 with >$600 million in current assets (≈$200M cash/cash equivalents/securities, $300M AR, $140M inventory) and completing a $100M share repurchase (~3.5M shares at $28.55 avg) with an additional $100M authorized; operationally, ENHANCE enrollment is complete with topline midyear, the subcu Phase III is ~75% enrolled with pivotal topline data late 2026/early 2027 (potential 2028 launch), and Q1 gross‑to‑net variability from deductible resets and co‑pay utilization is expected and baked into the full‑year guide.TG Therapeutics Financial Statement Overview
Summary
Mixed financial picture: the company shows a strong profitability turnaround and improved balance-sheet strength (low debt relative to equity by 2025), but cash generation is a major weakness with negative operating cash flow and free cash flow in every year shown. Additionally, the 2025 annual report anomaly of revenue dropping to zero despite a profit spike is a significant durability/earnings-quality red flag.Income Statement
The company showed a strong multi-year step-up in revenue through 2024 (including very strong growth in 2023 and solid growth in 2024), with consistently high gross margins and improving profitability (positive EBIT/EBITDA and positive net income in 2023–2024). However, the 2025 annual report shows revenue dropping to zero while net income spikes sharply, which creates a major sustainability and quality-of-earnings concern versus the prior operating trajectory. Profitability has improved dramatically from heavy losses in 2020–2022, but the latest year’s revenue profile is a clear red flag.58
Neutral
Balance Sheet
Balance sheet strength improved materially by 2025, with very low debt relative to equity and a much larger equity base versus 2023–2024, indicating meaningfully reduced leverage risk. Return on equity is strong in 2025 and positive in 2023–2024, reflecting the shift into profitability. The key weakness is volatility: leverage was elevated in 2022–2024 (including debt higher than equity in 2024 and 2022), so the capital structure has not been consistently conservative across the period.72
Positive
Cash Flow
Cash generation remains the main weak spot: operating cash flow and free cash flow are negative every year shown (2020–2025), even as reported earnings turned positive in 2023–2025. Cash burn improved substantially by 2025 versus the very large outflows in 2020–2022, but free cash flow also worsened versus 2024, and the business has not yet demonstrated an ability to consistently convert profits into positive cash flow.34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 616.29M | 329.00M | 233.66M | 2.79M | 6.69M |
| Gross Profit | 515.33M | 290.52M | 219.11M | 2.52M | 5.90M |
| EBITDA | 134.36M | 49.90M | 26.10M | -213.11M | -341.97M |
| Net Income | 447.18M | 23.38M | 12.67M | -223.81M | -348.10M |
Balance Sheet | |||||
| Total Assets | 1.06B | 577.69M | 329.59M | 193.57M | 379.63M |
| Cash, Cash Equivalents and Short-Term Investments | 141.97M | 311.00M | 217.51M | 161.68M | 314.76M |
| Total Debt | 260.73M | 253.72M | 110.80M | 83.06M | 79.05M |
| Total Liabilities | 415.23M | 355.33M | 169.09M | 134.99M | 142.48M |
| Stockholders Equity | 648.02M | 222.36M | 160.50M | 58.59M | 237.15M |
Cash Flow | |||||
| Free Cash Flow | -24.99M | -40.56M | -31.41M | -176.18M | -296.04M |
| Operating Cash Flow | -24.77M | -40.52M | -31.41M | -176.17M | -295.63M |
| Investing Cash Flow | 13.80M | -1.04M | -50.65M | -20.01M | -332.00K |
| Financing Cash Flow | -89.73M | 128.53M | 72.70M | -391.00K | 41.42M |
TG Therapeutics Technical Analysis
Positive
30.07
Price Trends
29.56
Positive
30.55
Negative
32.33
Negative
Market Momentum
0.08
Negative
53.13
Neutral
59.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TGTX, the sentiment is Positive. The current price of 30.07 is above the 20-day moving average (MA) of 29.48, above the 50-day MA of 29.56, and below the 200-day MA of 32.33, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 53.13 is Neutral, neither overbought nor oversold. The STOCH value of 59.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TGTX.
TG Therapeutics Risk Analysis
TG Therapeutics disclosed 74 risk factors in its most recent earnings report. TG Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TG Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $11.12B | 12.74 | -8.82% | ― | 4.14% | -179.96% | |
61 Neutral | $4.80B | 9.62 | 101.12% | ― | 100.88% | ― | |
52 Neutral | $8.03B | -49.60 | -254.14% | ― | 65.83% | 28.50% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $7.45B | -17.19 | -42.07% | ― | ― | -52.84% | |
50 Neutral | $11.73B | -33.22 | -68.82% | ― | 20.39% | 34.00% | |
50 Neutral | $5.97B | -35.39 | -179.05% | ― | 54.92% | 28.47% |
* Healthcare Sector Average
TGTX
TG Therapeutics
30.07
-12.54
-29.43%
IONS
Ionis Pharmaceuticals
70.99
37.54
112.23%
JAZZ
Jazz Pharmaceuticals
180.62
38.60
27.18%
AXSM
Axsome Therapeutics
156.92
27.75
21.48%
RYTM
Rhythm Pharmaceuticals
87.45
33.73
62.79%
NUVL
Nuvalent
94.77
17.63
22.85%
TG Therapeutics Corporate Events
Business Operations and StrategyFinancial Disclosures
TG Therapeutics Announces Strong 2025 BRIUMVI Revenue Outlook
Positive
Jan 13, 2026
On January 13, 2026, TG Therapeutics reported unaudited preliminary results showing U.S. BRIUMVI net product revenue of about $182 million for the fourth quarter of 2025 and $594 million for the full year, contributing to approximately $616 million in total global revenue for 2025, underscoring rapid commercial traction in the multiple sclerosis market since launch. For 2026, the company is targeting total global revenue of roughly $875 million to $900 million, driven largely by anticipated U.S. BRIUMVI sales of $825 million to $850 million, alongside planned operating expenses of about $350 million (excluding non-cash compensation) and roughly $100 million tied to scaling subcutaneous BRIUMVI manufacturing, while advancing a series of pivotal and exploratory clinical milestones intended to expand BRIUMVI’s use, support a subcutaneous and consolidated IV dosing strategy, and progress its azer-cel CAR-T program in autoimmune disease, which together aim to reinforce TG Therapeutics’ growth profile and broaden its autoimmune franchise.
The most recent analyst rating on (TGTX) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on TG Therapeutics stock, see the TGTX Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.