TG Therapeutics Reports Third Quarter 2026 Financial Results and Raises Full-Year Revenue Guidance
TG THERAPEUTICS, INC. (TGTX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 TG Therapeutics Reports Third Quarter 2026 Financial Results and Raises Full-Year Revenue Guidance Raises full-year 2026 total global revenue guidance to approximately $1 billion, from approximately $950 million Raises full-year 2026 BRIUMVI U.S. net product revenue
How this was made
The 30-second read
Why it matters
The raised guidance reflects strong product performance and could drive buying interest in the stock.
Market read
The new guidance and quarterly performance are material for investors and may move the stock.
What to watch
Execution risk on upcoming subcutaneous BRIUMVI launch and potential competition.
TG Therapeutics reports Q3 2026 total revenue of $259,936 thousand and raises full-year 2026 total global revenue guidance to approximately $1 billion
Quarterly total revenue, BRIUMVI U.S. net product revenue and operating income all rose sharply on the printed figures, and the company raised both full-year revenue targets. Net income fell from the prior-year quarter, which the filing says included a non-recurring income tax benefit of approximately $365.0 million, and operating expenses rose.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended Sep 30, 2026GAAP | $259.9M | – | – |
| Product revenue, net, three months ended Sep 30, 2026GAAP | $240.0M | – | – |
| License, milestone, royalty and other revenue, three months ended Sep 30, 2026GAAP | $19.89M | – | – |
| Royalty revenue under Commercialization Agreement, three months ended Sep 30, 2026GAAP | $4.1M | – | – |
| License, milestone and other revenue related to Commercialization Agreement, three months ended Sep 30, 2026GAAP | $15.8M | – | – |
| BRIUMVI U.S. net product revenue, three months ended Sep 30, 2026GAAP | $232.6M | – | approximately 52% increase |
| Sales of BRIUMVI to ex-U.S. partner Neuraxpharm, three months ended Sep 30, 2026GAAP | $7.4M | – | – |
| Cost of revenue, three months ended Sep 30, 2026GAAP | $42.08M | – | – |
| Total research and development expense, three months ended Sep 30, 2026GAAP | $51.29M | – | – |
| R&D stock-based compensation, three months ended Sep 30, 2026GAAP | $7.55M | – | – |
| Other research and development expense, three months ended Sep 30, 2026GAAP | $43.74M | – | – |
| Total selling, general and administrative expense, three months ended Sep 30, 2026GAAP | $80.67M | – | – |
| SG&A stock-based compensation, three months ended Sep 30, 2026GAAP | $17.15M | – | – |
| Other selling, general and administrative expense, three months ended Sep 30, 2026GAAP | $63.52M | – | – |
| Total costs and expenses, three months ended Sep 30, 2026GAAP | $174.0M | – | – |
| Operating income, three months ended Sep 30, 2026GAAP | $85.90M | – | – |
| Interest expense, three months ended Sep 30, 2026GAAP | $15.82M | – | – |
| Other income, three months ended Sep 30, 2026GAAP | −$3.78M | – | – |
| Total other expense, three months ended Sep 30, 2026GAAP | $12.04M | – | – |
| Net income before taxes, three months ended Sep 30, 2026GAAP | $73.86M | – | – |
| Income tax (expense) benefit, three months ended Sep 30, 2026GAAP | −$18.40M | – | – |
| Net income, three months ended Sep 30, 2026GAAP | $55.46M | – | – |
| Basic net income per share, three months ended Sep 30, 2026GAAP | $0.39 | – | – |
| Diluted net income per share, three months ended Sep 30, 2026GAAP | $0.35 | – | – |
| Product revenue, net, nine months ended Sep 30, 2026GAAP | $677.1M | – | – |
| License, milestone, royalty and other revenue, nine months ended Sep 30, 2026GAAP | $28.04M | – | – |
| Total revenue, nine months ended Sep 30, 2026GAAP | $705.2M | – | – |
| BRIUMVI U.S. net product revenue, nine months ended Sep 30, 2026GAAP | $655.1M | – | – |
| Sales of BRIUMVI to ex-U.S. partner Neuraxpharm, nine months ended Sep 30, 2026GAAP | $22M | – | – |
| Royalty revenue under Commercialization Agreement, nine months ended Sep 30, 2026GAAP | $10.4M | – | – |
| License, milestone and other revenue related to Commercialization Agreement, nine months ended Sep 30, 2026GAAP | $17.6M | – | – |
| Cost of revenue, nine months ended Sep 30, 2026GAAP | $116.8M | – | – |
| Total research and development expense, nine months ended Sep 30, 2026GAAP | $195.0M | – | – |
| Total selling, general and administrative expense, nine months ended Sep 30, 2026GAAP | $251.0M | – | – |
| Total costs and expenses, nine months ended Sep 30, 2026GAAP | $562.8M | – | – |
| Operating income, nine months ended Sep 30, 2026GAAP | $142.4M | – | – |
| Interest expense, nine months ended Sep 30, 2026GAAP | $40.06M | – | – |
| Loss on extinguishment of debt, nine months ended Sep 30, 2026GAAP | $9.15M | – | – |
| Other income, nine months ended Sep 30, 2026GAAP | −$11.30M | – | – |
| Total other expense, nine months ended Sep 30, 2026GAAP | $37.91M | – | – |
| Net income before taxes, nine months ended Sep 30, 2026GAAP | $104.5M | – | – |
| Income tax (expense) benefit, nine months ended Sep 30, 2026GAAP | −$21.44M | – | – |
| Net income, nine months ended Sep 30, 2026GAAP | $83.02M | – | – |
| Basic net income per share, nine months ended Sep 30, 2026GAAP | $0.58 | – | – |
| Diluted net income per share, nine months ended Sep 30, 2026GAAP | $0.52 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| BRIUMVI U.S. net product revenueThe company states the Q3 2026 figure represents approximately a 52% increase over the same period last year. The filing does not explain the drivers of the U.S. product revenue line beyond the Commercialization disclosures listed elsewhere in the release. | $232.6 million for three months ended Sep 30, 2026; $655.1 million for nine months ended Sep 30, 2026 | – | approximately 52% increase (three months) |
| Sales to ex-U.S. licensing partner NeuraxpharmIncluded in product revenue, net. The release prints $6.4 million for both the three and nine months ended Sep 30, 2025. | $7.4 million for three months ended Sep 30, 2026; $22.0 million for nine months ended Sep 30, 2026 | – | – |
| Royalty revenue under the Commercialization Agreement with ex-U.S. partnerPredominantly comprises License, milestone, royalty and other revenue, which the release gives as $19.9 million for the quarter and $28.0 million for nine months. | $4.1 million for three months ended Sep 30, 2026; $10.4 million for nine months ended Sep 30, 2026 | – | – |
| License, milestone and other revenue related to the Commercialization AgreementPredominantly comprises License, milestone, royalty and other revenue. The release does not give the components of this line beyond the figures shown. | $15.8 million for three months ended Sep 30, 2026; $17.6 million for nine months ended Sep 30, 2026 | – | – |
FY2026 outlook
- RevenueTotal global revenue approximately $1 billion (raised from approximately $950 million)
- Operating expensesOperating expenses (R&D and SG&A excluding non-cash compensation) approximately $450 - $500 million (reaffirmed); includes expenses associated with subcutaneous BRIUMVI manufacturing costs and secondary manufacturer start-up costs
- NoteBRIUMVI U.S. net product revenue approximately $915–920 million (raised from $890–905 million)
- NoteCompany describes the full-year revenue guidance raise as reflecting the continued strength of its commercial business
- NotePipeline milestone: topline Phase 3 subcutaneous BRIUMVI data expected year-end 2026/first quarter 2027
- NotePotential simplified IV initiation launch in mid-2027 and potential subcutaneous BRIUMVI launch in 2028, per the Chairman and CEO
Capital returns
- Repurchased approximately $100 million of TGTX common stock in Q3 2026 under the current share repurchase program, representing approximately 2.0 million shares at an average price of $49.43 per share
- Through the end of Q3 2026, repurchased $300 million of TGTX common stock, representing 8.9 million shares, or approximately 6% of shares outstanding, at an average price of $33.88 across all share repurchase programs to date
- No dividend is described in the release
What drove it
- Company states BRIUMVI U.S. net product revenue of $232.6 million for Q3 2026 represents approximately a 52% increase over the same period last year
- Company states the increase in R&D for the three and nine months ended Sep 30, 2026 was primarily attributable to subcutaneous manufacturing and secondary manufacturer expenses, as well as clinical trial-related expenses associated with the development pipeline
- Company states the increase in SG&A for the three and nine months ended Sep 30, 2026 was primarily due to an increase in marketing and media spend, and personnel costs associated with the commercialization of BRIUMVI
- Company states net income for the three and nine months ended Sep 30, 2025 includes a non-recurring income tax benefit of approximately $365.0 million, driven by the release of the deferred tax asset valuation allowance
- Operating income rose from $29,365 thousand to $85,899 thousand for the three months ended Sep 30, 2026, as printed in the statement of operations
Concerns
- Net income for Q3 2026 was $55,463 thousand, compared with $390,895 thousand in the prior-year quarter, which the company states included a non-recurring income tax benefit of approximately $365.0 million
- Interest expense increased from $6,721 thousand to $15,819 thousand for the three months ended Sep 30, 2026, and the release also reports a $9,153 thousand loss on extinguishment of debt for the nine months
- R&D expense rose from $40,878 thousand to $51,290 thousand, and SG&A rose from $63,373 thousand to $80,668 thousand in the quarter
- Total equity fell from $648,020 thousand at December 31, 2025 to $572,127 thousand at September 30, 2026, while total assets rose from $1,063,253 thousand to $1,592,252 thousand over the same period
- The release states the company's safety profile, including infusion reactions, serious infections and hepatitis B reactivation risk, in the Important Safety Information section
What to watch
- Delivery against the raised FY2026 total global revenue guidance of approximately $1 billion and the BRIUMVI U.S. net product revenue guidance of approximately $915–920 million, which implies the company's stated strong fourth quarter
- Full-year operating expense (R&D and SG&A excluding non-cash compensation) against the reaffirmed approximately $450 - $500 million range
- Topline Phase 3 subcutaneous BRIUMVI data, expected by year-end 2026 or early 2027
- Timing of potential simplified IV initiation launch in mid-2027 and potential subcutaneous launch in 2028
- Share repurchase pace after approximately $100 million was repurchased in Q3 2026 and $300 million to date
- Interest expense trajectory, given the increase from the prior-year quarter
Balance sheet and cash flow
- Cash, cash equivalents and investment securities: $556.7 million as of September 30, 2026 (table: 556,709 thousand), compared with 199,511 thousand as of December 31, 2025
- Total assets: 1,592,252 thousand as of September 30, 2026, compared with 1,063,253 thousand as of December 31, 2025 (December 31, 2025 figure condensed from audited financial statements)
- Total equity: 572,127 thousand as of September 30, 2026, compared with 648,020 thousand as of December 31, 2025
- The company anticipates that its cash, cash equivalents and investment securities as of September 30, 2026, combined with projected BRIUMVI revenues, will be sufficient to fund its business based on its current operating plan
- The release does not report operating cash flow, free cash flow, or total debt outstanding
Analysis
TG Therapeutics reported third-quarter 2026 total revenue of $259,936 thousand, compared with $161,709 thousand in the prior-year quarter. Product revenue, net was $240,043 thousand, and the company states BRIUMVI U.S. net product revenue of $232.6 million represented approximately a 52% increase over the same period last year. The release does not print the prior-year U.S. figure directly, so the comparison is shown as the company's stated percentage. License, milestone, royalty and other revenue rose to $19,893 thousand from $2,392 thousand, with $4.1 million of that quarter's amount described as royalty revenue under the Commercialization Agreement with the ex-U.S. partner. Nine-month total revenue was $705,189 thousand against $423,713 thousand.
The revenue mix shows the U.S. franchise as the dominant line, with the ex-U.S. partner sales to Neuraxpharm at $7.4 million for the quarter and $22.0 million for nine months. The company frames the quarter as solid and expects a strong fourth quarter. It raised full-year total global revenue guidance to approximately $1 billion from approximately $950 million, and raised BRIUMVI U.S. net product revenue guidance to approximately $915–920 million from $890–905 million.
On the cost side, cost of revenue was $42,079 thousand in the quarter compared with $28,093 thousand a year earlier. Research and development expense was $51,290 thousand against $40,878 thousand, and SG&A was $80,668 thousand against $63,373 thousand. The company attributes the R&D increase to subcutaneous manufacturing and secondary manufacturer expenses along with clinical trial costs, and the SG&A increase to marketing and media spend and commercial personnel. Operating income was $85,899 thousand, against $29,365 thousand in the prior-year quarter. The release does not print a gross margin figure, so none is reported here.
Below the operating line, interest expense rose to $15,819 thousand from $6,721 thousand. Net income of $55,463 thousand, or $0.35 per diluted share, compares with $390,895 thousand, or $2.43 per diluted share, in the prior-year quarter. The company states that the prior-year figures include a non-recurring income tax benefit of approximately $365.0 million from the release of a deferred tax asset valuation allowance. All figures are GAAP; the release contains no non-GAAP reconciliation.
On capital allocation, the company repurchased approximately $100 million of stock in the quarter at an average of $49.43 per share, and $300 million year to date at an average of $33.88 per share across all programs. Cash, cash equivalents and investment securities were $556.7 million at September 30, 2026, up from 199,511 thousand at December 31, 2025, while total assets and total equity moved as printed in the balance sheet section. The release does not report operating or free cash flow, so cash generation cannot be assessed from this filing. Investors should weigh the raised revenue guidance and the pipeline milestones against the rise in interest expense and the prior-year tax benefit that distorts the net income comparison.
Management, verbatim
With solid third-quarter performance and a strong fourth quarter anticipated, we are on track to exceed $1 billion in global revenue in 2026, less than four years after launching BRIUMVI.
Michael S. Weiss, Chairman and Chief Executive Officer
Our increased full-year revenue guidance reflects the continued strength of our commercial business, while the approximately $100 million of shares repurchased during the quarter underscores our confidence in TG's long-term value.
Michael S. Weiss, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin percentage not printed in the release
- Year-over-year change for total revenue and product revenue, net not printed; only the U.S. net product revenue change is stated as approximately 52%
- Prior-year U.S. net product revenue figure not printed for the three or nine months
- Prior-quarter (Q2 2026) figures not printed
- Nine-month year-over-year percentage changes not printed
- Prior-year nine-month loss on extinguishment of debt shown as a dash in the table, not a figure
- Operating cash flow, free cash flow and capital expenditures not reported
- Total debt outstanding and debt maturity details not reported
- Non-GAAP reconciliation not included in the release
- Prior period outlook not provided, so guidance comparison against prior targets is not performed beyond the raise amounts printed in the release
- Full-year tax rate guidance not printed
- Consensus estimates, analyst expectations and share price reaction not included in the documents
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
TG Therapeutics filed a Form 8‑K reporting Q3 2026 results and raising its full‑year revenue outlook.
Ticker impact
TG Therapeutics raised full-year 2026 revenue guidance to about $1 billion, up from $950 million, and reported Q3 revenue of $260 million.
likely upward pressure as investors price in higher revenue expectations
The company disclosed higher guidance and strong quarterly results, a fresh primary disclosure that typically supports a price rally.
Market effects
Boosts outlook for the biotech sector focused on multiple sclerosis therapies.
Positive for US biotech investors and related exchange‑traded funds.
May influence global investors tracking innovative biotech pipelines.
Counterpoint
If the guidance is already priced in, the stock could face short‑term profit‑taking.
Key entities
- companyTG Therapeutics, Inc.
Biopharma developing BRIUMVI for multiple sclerosis.
