TGTX Q4 Results Miss Projections, Briumvi Revenue Boosts Overall Sales

TG Therapeutics Q4 2025 Financial Overview

TG Therapeutics (TGTX) posted earnings of $0.14 per share for the fourth quarter of 2025, falling short of the Zacks Consensus Estimate of $0.35 per share. This result also represents a slight decrease from the $0.15 per share reported in the same period last year.

Revenue for the quarter reached $192.6 million, marking a nearly 78% increase compared to the previous year. This growth was primarily fueled by robust sales of Briumvi (ublituximab-xiiy), the company’s only marketed therapy. The revenue figure narrowly exceeded the consensus estimate of $192 million.

Briumvi’s Global Progress

Briumvi, an anti-CD20 monoclonal antibody, received FDA approval in December 2022 for treating adults with relapsing forms of multiple sclerosis (RMS). The medication is also authorized in the European Union, United Kingdom, Australia, Switzerland, and several other countries.

Over the past six months, TG Therapeutics shares have climbed 8.2%, while the broader medical, biomedical, and genetics industry advanced by 22.4%.

Source: Zacks Investment Research

Detailed Q4 Results

The company’s revenue was comprised of product sales from Briumvi as well as income from licenses, royalties, and other sources.

• Product revenue totaled $189.1 million, up 76.2% year over year. This includes $6.4 million in Briumvi sales to Neuraxpharm, TG Therapeutics’ partner for markets outside the U.S.
• The agreement with Neuraxpharm allows TG Therapeutics to receive milestone and target-based payments for Briumvi’s commercialization outside the U.S.
• U.S. net sales of Briumvi reached $182.7 million, reflecting a 76.4% increase from the prior year and a 20% rise from the previous quarter.
• License, milestone, royalty, and other revenues amounted to $3.5 million, up from $0.8 million in the same quarter last year.

Research and development expenses (excluding non-cash compensation) surged 81.6% to $37.6 million, driven by higher manufacturing costs for the subcutaneous version of Briumvi and increased spending on ongoing clinical trials. Selling, general, and administrative expenses (excluding non-cash compensation) rose 67.8% to $50.7 million, mainly due to expanded commercialization efforts and personnel costs.

As of December 31, 2025, TG Therapeutics held $199.5 million in cash, cash equivalents, and investments, compared to $178.3 million at the end of September 2025.

Full-Year 2025 Performance

For the entire year, TG Therapeutics reported total revenue of $616.3 million, an 87.3% increase over the previous year. Annual earnings per share reached $2.77, a significant improvement from $0.15 per share in the prior year.

2026 Outlook

The company reaffirmed its revenue guidance for 2026, initially provided in January. TG Therapeutics anticipates global revenue between $875 million and $900 million, with U.S. Briumvi sales expected to contribute $825–$850 million. For the first quarter of 2026, U.S. Briumvi sales are projected to be between $185 million and $190 million. Operating expenses, excluding non-cash compensation, are forecasted to total around $350 million, covering both R&D and SG&A costs.

Pipeline and Research Updates

TG Therapeutics is conducting additional studies of Briumvi for other autoimmune disorders. The company recently began enrolling patients in a phase III pivotal trial for subcutaneous Briumvi in RMS, with top-line results anticipated by late 2026 or early 2027. Patient enrollment has also concluded for the phase III ENHANCE study, which is evaluating the possibility of consolidating Briumvi’s intravenous infusions into a single 600-mg dose on day one, with results expected mid-2026.

Beyond multiple sclerosis, Briumvi is being investigated for other autoimmune conditions, including a phase I trial for myasthenia gravis. TG Therapeutics is also advancing azer-cel, an allogeneic CD19-directed CAR T cell therapy, in a phase I study for primary progressive multiple sclerosis.

Stock Performance and Analyst Ratings

TG Therapeutics currently holds a Zacks Rank #4 (Sell). In contrast, several other biotech stocks have higher ratings:

• Castle Biosciences (CSTL) – Zacks Rank #1 (Strong Buy)
• ANI Pharmaceuticals (ANIP) – Zacks Rank #2 (Buy)
• Arcus Biosciences (RCUS) – Zacks Rank #2 (Buy)

Castle Biosciences’ projected 2026 loss per share has improved from $1.06 to $0.96 over the past two months, and its stock has surged 54.6% in the last six months. The company surpassed earnings estimates in three of the last four quarters, with an average surprise of 66.11%.

ANI Pharmaceuticals’ 2026 earnings per share estimate has increased from $8.08 to $8.22 in the past 60 days, though its shares have declined 15.9% over the same period. The company exceeded earnings expectations in each of the last four quarters, averaging a 21.24% surprise.

Arcus Biosciences’ 2026 loss per share estimate narrowed from $3.90 to $3.86, and its shares have jumped 88.2% in the past six months. The company beat earnings estimates in three of the last four quarters, with an average surprise of 28.14%.