TG THERAPEUTICS, INC. (TGTX): Results of Operations and Financial Condition
TG THERAPEUTICS, INC. (TGTX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 TG Therapeutics Reports Second Quarter 2026 Financial Results and Raises BRIUMVI ® Revenue Guidance Second quarter 2026 total global revenue of approximately $240 million, including BRIUMVI U.S. net product revenue of approximately $228 million Raises full year 2026
How this was made
The 30-second read
Why it matters
The key tradable inputs are the raised FY2026 revenue and BRIUMVI U.S. net product revenue targets, plus clinical catalysts that could expand the addressable market and improve dosing convenience.
Market read
Traders can reprice TGTX on the same-day guidance raise and the disclosed clinical progress that supports future BRIUMVI uptake and regimen simplification.
What to watch
Operating expense guidance excludes non-cash comp and adds subcutaneous manufacturing and secondary manufacturer start-up costs, which could pressure margins if revenue ramp underperforms.
TG Therapeutics Reports Second Quarter 2026 Financial Results and Raises BRIUMVI Revenue Guidance
BRIUMVI U.S. net product revenue was $227.7 million, representing approximately a 64% increase over the same period last year, and the company raised its full year 2026 total global revenue and BRIUMVI U.S. net product revenue targets. Higher R&D and SG&A expenses contributed to net income declining to $7.8 million from $28.2 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total global revenueGAAP | $240.3 million | – | – |
| Product revenue, netGAAP | $235.8 million | – | – |
| Product revenue, net, six months ended June 30GAAP | $437.1 million | – | – |
| BRIUMVI U.S. net product revenueGAAP | $227.7 million | – | approximately a 64% increase |
| BRIUMVI U.S. net product revenue, six months ended June 30GAAP | $422.5 million | – | – |
| BRIUMVI sales to ex-U.S. licensing partner NeuraxpharmGAAP | $8.1 million | – | – |
| BRIUMVI sales to ex-U.S. licensing partner Neuraxpharm, six months ended June 30GAAP | $14.6 million | – | – |
| License, milestone, royalty and other revenueGAAP | approximately $4.5 million | – | – |
| License, milestone, royalty and other revenue, six months ended June 30GAAP | $8.1 million | – | – |
| Royalty revenue recognized under the Commercialization Agreement with NeuraxpharmGAAP | $3.6 million | – | – |
| Royalty revenue recognized under the Commercialization Agreement with Neuraxpharm, six months ended June 30GAAP | $6.3 million | – | – |
| Consideration received for development and regulatory activities performed on behalf of NeuraxpharmGAAP | $0.9 million | – | – |
| Consideration received for development and regulatory activities performed on behalf of Neuraxpharm, six months ended June 30GAAP | $1.8 million | – | – |
| Research and development expenseGAAP | approximately $95.3 million | – | – |
| Research and development expense, six months ended June 30GAAP | $143.7 million | – | – |
| Subcutaneous manufacturing and secondary manufacturer expensesGAAP | approximately $54.6 million | – | – |
| Subcutaneous manufacturing and secondary manufacturer expenses, six months ended June 30GAAP | $58.8 million | – | – |
| Selling, general and administrative expenseGAAP | approximately $82.1 million | – | – |
| Selling, general and administrative expense, six months ended June 30GAAP | $170.3 million | – | – |
| Net incomeGAAP | $7.8 million | – | – |
| Net income, six months ended June 30GAAP | $27.6 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| BRIUMVI U.S. net product revenueBRIUMVI delivered another outstanding commercial quarter, according to the company. | $227.7 million | – | approximately a 64% increase |
| BRIUMVI sales to ex-U.S. licensing partner NeuraxpharmSales to the company's ex-U.S. licensing partner, Neuraxpharm. | $8.1 million | – | – |
| License, milestone, royalty and other revenuePredominantly comprised of royalty revenue recognized under the Commercialization Agreement with Neuraxpharm and consideration for development and regulatory activities performed on behalf of Neuraxpharm. | approximately $4.5 million | – | – |
full year 2026 outlook
- Revenueapproximately $950 million total global revenue; approximately $890 - $905 million BRIUMVI U.S. net product revenue
- Operating expensesapproximately $350 - $400 million excluding non-cash compensation
- Noteapproximately $100 million in expenses associated with the subcutaneous BRIUMVI manufacturing costs and secondary manufacturer start-up costs
What drove it
- BRIUMVI U.S. net product revenue was $227.7 million for the second quarter 2026.
- The increase in R&D was attributable to subcutaneous manufacturing and secondary manufacturer expenses and higher clinical trial-related expenses associated with the development pipeline.
- The increase in SG&A was primarily due to increased marketing and media spend and personnel costs associated with BRIUMVI commercialization.
- The Phase 3 ENHANCE trial met its primary endpoint, demonstrating bioequivalent drug exposure between the approved two-infusion initiation regimen and a consolidated single 600 mg infusion on Day 1.
Concerns
- Net income was $7.8 million, compared to net income of $28.2 million for the three months ended June 30, 2025.
- R&D expense was approximately $95.3 million, including approximately $54.6 million related to subcutaneous manufacturing and secondary manufacturer expenses.
- SG&A expense was approximately $82.1 million, driven primarily by marketing, media and personnel costs.
- Top-line Phase 3 data for subcutaneous BRIUMVI is expected year-end 2026 or early 2027.
What to watch
- Presentation of full results from the Phase 3 ENHANCE trial combining Day 1 and Day 15 doses of IV BRIUMVI.
- Preliminary Phase 1 azer-cel data in Progressive MS in the second half of 2026.
- Top-line Phase 3 data for subcutaneous BRIUMVI at year-end 2026 or in the first quarter of 2027.
- Progress toward the full year 2026 targets of approximately $950 million in total global revenue and approximately $890 - $905 million in BRIUMVI U.S. net product revenue.
Balance sheet and cash flow
- Cash, cash equivalents and investment securities were $612.3 million as of June 30, 2026.
- The company anticipates that cash, cash equivalents and investment securities as of June 30, 2026, combined with projected revenues from BRIUMVI, will be sufficient to fund its business based on its current operating plan.
Analysis
TG Therapeutics reported second-quarter 2026 total global revenue of $240.3 million. Product revenue, net was $235.8 million versus $138.8 million in the prior-year period, while BRIUMVI U.S. net product revenue was $227.7 million and represented approximately a 64% increase over the same period last year. Sales to Neuraxpharm were $8.1 million, and license, milestone, royalty and other revenue was approximately $4.5 million.
Commercial performance is centered on BRIUMVI. Management raised its full year 2026 total global revenue target to approximately $950 million and its BRIUMVI U.S. net product revenue target to approximately $890 - $905 million. The company also cited positive Phase 3 ENHANCE topline data supporting a single 600 mg Day 1 initiation infusion, which would eliminate the Day 15 infusion, as well as progress in subcutaneous BRIUMVI, myasthenia gravis and schizophrenia.
Expense growth was substantial. R&D expense was approximately $95.3 million compared with $31.8 million in the prior-year quarter, including approximately $54.6 million for subcutaneous manufacturing and secondary manufacturer expenses. SG&A expense was approximately $82.1 million compared with $55.6 million, primarily reflecting marketing and media spend and personnel costs for BRIUMVI commercialization. These cost increases coincided with net income of $7.8 million, down from $28.2 million in the prior-year quarter.
The outlook embeds continued commercial expansion alongside elevated investment. Full year 2026 operating expense, defined as R&D and SG&A, is targeted at approximately $350 - $400 million excluding non-cash compensation, plus approximately $100 million of subcutaneous BRIUMVI manufacturing and secondary manufacturer start-up costs. Cash, cash equivalents and investment securities were $612.3 million as of June 30, 2026, and the company stated that this balance combined with projected BRIUMVI revenue will be sufficient under its current operating plan.
Key upcoming items are the full ENHANCE data presentation, preliminary Phase 1 azer-cel data in Progressive MS in the second half of 2026, and top-line Phase 3 subcutaneous BRIUMVI data expected at year-end 2026 or in the first quarter of 2027. These milestones are relevant to the company's stated strategy to expand BRIUMVI beyond its current commercial opportunity while maintaining its raised 2026 revenue objectives.
Management, verbatim
The second quarter of 2026 was another strong quarter for TG Therapeutics. BRIUMVI delivered another outstanding commercial quarter, exceeding our expectations once again and putting us on track to exit 2026 at an approximately $1 billion annualized U.S. BRIUMVI revenue run rate.
Michael S. Weiss, Chairman and Chief Executive Officer
Beyond our commercial performance, we continued to expand the long-term opportunity for BRIUMVI with positive Phase 3 ENHANCE results supporting a simplified initiation regimen, encouraging progress in our subcutaneous BRIUMVI program, advancement into myasthenia gravis and schizophrenia, and continued momentum across our azer-cel cell therapy platform.
Michael S. Weiss, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin
- Operating income or loss
- GAAP EPS
- Non-GAAP EPS
- Non-GAAP revenue, expenses, income or EPS measures
- Operating cash flow
- Free cash flow
- Debt
- Share repurchases
- Dividends
- Tax rate
- Prior-quarter comparisons for reported metrics
- Prior-year total global revenue
- Prior-year BRIUMVI U.S. net product revenue amount
- Prior-year sales to Neuraxpharm
- Prior-year royalty revenue and development/regulatory consideration
- Prior guidance, as no previous outlook section was provided
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This SEC 8-K reports Q2 2026 financial results and updates 2026 guidance, alongside multiple BRIUMVI clinical and development milestones.
Ticker impact
TG Therapeutics raised full-year 2026 revenue guidance and BRIUMVI U.S. net product revenue target after reporting Q2 results and clinical updates.
Bias upward with potential volatility around the next clinical readouts (ENHANCE full results and subcutaneous topline timing).
The filing discloses specific Q2 revenue figures, explicit FY2026 guidance increases, and new clinical topline/Phase 1 and trial initiation milestones tied to BRIUMVI commercialization and expansion.
Market effects
Reinforces investor appetite for commercial-stage biotech with expanding indications and regimen simplification, potentially improving read-through for immune-mediated disease peers.
Primarily US small/mid-cap biotech sentiment; limited direct regional spillover beyond healthcare growth factors.
Global revenue guidance and ex-US licensing royalties highlight international demand and partner economics, relevant for cross-border biotech sentiment.
Counterpoint
Despite the guidance raise, the company still faces execution risk around manufacturing scale-up for subcutaneous BRIUMVI and the timing/quality of upcoming Phase 3 and Phase 1/2 data.
Key entities
- issuerTG Therapeutics, Inc.
NASDAQ-listed company reporting Q2 2026 results and raising FY2026 guidance for BRIUMVI.
- productBRIUMVI (ublituximab-xiiy)
Core commercial asset driving revenue guidance and multiple clinical programs (RMS, subcutaneous formulation, myasthenia gravis, schizophrenia).
- clinical_programENHANCE trial
Phase 3 study in RMS where topline results showed bioequivalent exposure with a consolidated single infusion regimen.
- partnerNeuraxpharm
Ex-US licensing partner referenced for royalty and development-related revenue.
