Tg Therapeutics, Inc. (TGTX)

Price$55.99Cached quoteAs of 2026-09-05 07:11 UTC

AI: Overvalued

Price checkThe shares look expensive because today’s valuation assumes rapid sales growth and much stronger lasting cash profits.

At the observed quote, the company’s shares are valued around $8.5 billion. Adding about $133 million of net debt, meaning debt minus cash and investments, gives an enterprise value near $8.7 billion. Enterprise value is the value of the operating business before financing choices. That equals about 9 times management’s $950 million 2026 revenue target. Reported trailing earnings look cheaper, but 2025 net income included a $340 million tax benefit. First-half 2026 operating income was only $56 million, so the valuation already assumes major profit expansion.

Big pictureBriumvi is growing very fast, but one medicine still carries nearly the entire investment case.

Revenue rose from $329 million in 2024 to $616 million in 2025, while first-half 2026 revenue reached $445 million, up about 70% from the prior-year period. U.S. Briumvi product sales were $422.5 million in that half, so growth remains concentrated in one medicine. Management now targets about $950 million of global revenue for 2026. This is not a classic recession-driven cyclical business because multiple sclerosis treatment is ongoing, although partner product sales, royalties and milestone revenue can make reported periods less even.

Business strengthHigh product margins and improving cash generation are strengths, but debt and share awards reduce the cushion.

U.S. Briumvi gross margin was about 87% in first-half 2026, meaning roughly 87 cents of each product-sales dollar remained after direct product costs. Operating cash flow turned positive at $21 million for the half versus a $21 million outflow a year earlier, although working-capital movements helped. Cash and investments totaled $612 million against $745 million of debt. Buybacks reduced shares outstanding from 155.3 million at year-end to 153.1 million, but stock-based compensation was $47.8 million in the half and unvested awards remain substantial.

What could change the storyA cheaper, easier Briumvi format could justify more value, while slowing sales or stubborn costs would not.

The strongest bull case is that Briumvi keeps taking share, 2026 revenue meets or beats about $950 million, and the quarterly self-injected version succeeds in late-stage testing, making treatment more convenient. The bear case is slower growth while research, manufacturing, marketing and interest costs stay high; second-quarter research and development expense jumped to $95 million from $32 million. I would reconsider the valuation if operating cash becomes consistently strong and profits scale faster than expenses. Failure of the under-the-skin program or a clear sales slowdown would weaken the thesis materially.

AI: News

Sales beat, costs jumpSales beat expectations and guidance rose, but higher development spending sharply reduced profit and hit the shares.

On August 3, TG Therapeutics reported second-quarter revenue of $240.3 million, including about $227.7 million of U.S. Briumvi sales, and raised its 2026 global revenue target to about $950 million. Net income was only $7.8 million as research spending surged, partly from manufacturing work for the under-the-skin Briumvi program. Investor’s Business Daily reported the shares fell 11.3% that day, linking the earnings miss to operating expenses rather than weak Briumvi demand.

Under-the-skin Briumvi dataEarly data supported quarterly self-injections, strengthening the case for a more convenient version of the company’s main drug.

On June 3, the company reported positive Phase 1 results for subcutaneous Briumvi, meaning an under-the-skin version rather than an intravenous infusion. Drug exposure and B-cell effects supported quarterly dosing, and no new safety signal was reported. A late-stage trial is already fully enrolled, with top-line results expected around year-end 2026 or early 2027. Dow Jones reported the shares were up about 12% that afternoon, consistent with investors assigning more value to a potentially easier treatment format.

Myasthenia gravis expansionSmall early-stage results opened a new disease opportunity, but the evidence is still too limited to value confidently.

On June 9, TG Therapeutics reported results from 11 myasthenia gravis patients treated with under-the-skin Briumvi. About 82% achieved a clinically meaningful improvement, with the average symptom score improving by more than four points. The company also started a randomized Phase 2 study that it says could support registration if successful. Yahoo Finance coverage reported the shares climbed about 6% that day; the timing is consistent with enthusiasm for a new disease opportunity, but does not prove the announcement was the only cause.

Simpler infusion regimen succeedsA late-stage trial supported a simpler starter regimen, reducing treatment friction for the existing Briumvi franchise.

On May 27, the Phase 3 ENHANCE trial met its main goal: a single 600 milligram first-day infusion produced drug exposure comparable with the currently approved two-starting-dose schedule. Safety was consistent with Briumvi’s established profile, and the company said it planned a supplemental U.S. filing in the second half of 2026. If approved, removing the second starter visit could make treatment easier to begin and modestly strengthen Briumvi’s competitive position without requiring a new drug launch.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$616.3M	$329.0M	$233.7M	$2.8M	$6.7M	$152,000	$152,000	$152,000	$152,000	$152,000	—	—	—	—	—
Gross profit	$515.6M	$290.5M	$219.5M	$2.5M	$5.9M	—	—	—	—	—	—	—	—	—	—
Gross margin	83.66%	88.30%	93.95%	90.48%	88.19%	—	—	—	—	—	—	—	—	—	—
Research & development	$160.2M	$94.3M	$76.2M	$125.4M	$222.6M	$165.9M	$154.2M	$159.4M	$102.5M	$69.2M	$47.7M	$40.1M	$13.7M	$21.0M	$327,283
Operating expenses	$493.0M	$287.1M	$213.0M	$221.1M	$351.5M	$273.7M	$169.2M	$174.6M	$118.9M	$79.1M	$63.3M	$55.9M	$23.1M	$26.9M	$881,974
Operating income	$123.3M	$41.9M	$20.6M	−$218.3M	−$344.8M	−$273.6M	−$169.1M	−$174.4M	−$118.7M	−$79.0M	−$63.2M	−$55.7M	−$23.0M	−$26.9M	−$881,974
Operating margin	20.01%	12.74%	8.83%	−7,838.99%	−5,154.28%	−179,996.05%	−111,220.39%	−114,736.84%	−78,100.00%	−51,953.29%	—	—	—	—	—
EBITDA	$123.4M	$42.0M	$20.8M	−$218.0M	−$344.5M	−$273.2M	−$168.8M	−$174.3M	−$118.6M	−$78.9M	−$63.2M	−$55.7M	−$23.0M	−$26.9M	−$881,974
EBITDA margin	20.02%	12.76%	8.92%	−7,828.11%	−5,150.07%	−179,750.00%	−111,034.87%	−114,678.95%	−78,046.05%	−51,911.84%	—	—	—	—	—
Net income	$447.2M	$23.4M	$12.7M	−$223.8M	−$348.1M	−$279.4M	−$172.9M	−$173.5M	−$118.5M	−$78.3M	−$62.9M	−$55.8M	−$20.5M	−$18.1M	−$853,074
Net profit margin	72.56%	7.11%	5.42%	−8,036.34%	−5,204.08%	−183,803.29%	−113,730.92%	−114,132.89%	−77,944.74%	−51,482.24%	—	—	—	—	—
Basic EPSper basic share	$3.10	$0.16	$0.09	-$1.65	-$2.63	-$2.42	-$1.96	-$2.30	-$1.91	-$1.60	-$1.38	-$1.64	-$0.81	-$1.38	-$0.44
Diluted EPSper diluted share	$2.77	$0.15	$0.09	-$1.65	-$2.63	-$2.42	-$1.96	-$2.30	-$1.91	-$1.60	-$1.38	-$1.64	-$0.81	-$1.38	-$0.44

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.40%of listed shares

BlackRock, Inc.22.05M shares · Jun 30, 2026

View holders

Top 20 reported holders of TGTX
Holder	% owned
BlackRock, Inc.	14.40%22.05M shares
WEISS MICHAEL S	≈6.39%9.78M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.20%7.96M shares
STATE STREET CORP	5.09%7.79M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.02%6.15M shares
GEODE CAPITAL MANAGEMENT, LLC	2.38%3.64M shares
D. E. Shaw & Co., Inc.	2.22%3.4M shares
Soleus Capital Management, L.P.	1.91%2.93M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.81%2.77M shares
Clearbridge Investments, LLC	1.73%2.65M shares
CONGRESS ASSET MANAGEMENT CO	1.70%2.6M shares
TWO SIGMA INVESTMENTS, LP	1.61%2.47M shares
GOLDMAN SACHS GROUP INC	1.51%2.31M shares
Pictet Asset Management Holding SA	1.17%1.79M shares
JANE STREET GROUP, LLC	1.14%1.75M shares
Nuveen, LLC	1.06%1.63M shares
MORGAN STANLEY	1.05%1.6M shares
Hood River Capital Management LLC	1.05%1.6M shares
NORTHERN TRUST CORP	1.00%1.54M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.86%1.31M shares

Percentages use 153.08M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)8$3.23M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 24, 2025Form 4	Echelard YannDirector	SellCommon Stock	5.0K	$32.57	$162.8K	223.8K
Sep 11, 2025Form 4	Lonial SagarDirector	SellCommon Stock	20.9K	$32.24	$672.3K	94.1K
Jun 13, 2025Form 4	Echelard YannDirector	SellCommon Stock	10.0K	$36.94	$369.4K	228.8K
Jan 6, 2025Form 4	Power Sean ACFO	SellCommon Stock	10.0K	$28.53	$285.9K	660.6K
Jan 3, 2025Form 4	Power Sean ACFO	SellCommon Stock	11.3K	$30.29	$343.4K	670.6K

Review ownership filings at SEC.gov ↗

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