TG Therapeutics, Inc.

In Q2, TG Therapeutics reported U.S. net product revenue of approximately $228 million, up 64% from the same quarter last year. Total net product revenue was $236 million, and adding $4.5 million of license, royalty and other revenue brought total revenue to $240 million. Gross margin was approximately 87% for the U.S. business and 83% on total revenue. Operating income was $21.7 million and net income was $7.8 million, or $0.05 per diluted share; excluding roughly $55 million of manufacturing charges, operating income would have been about $76 million and net income about $62 million. For the first half, U.S. BRIUMVI net product revenue was approximately $423 million and total revenue was about $445 million. Management raised full-year 2026 U.S. BRIUMVI net revenue guidance to $890 million-$905 million and now expects approximately $950 million in total global revenue. Full-year OpEx is expected to be $350 million-$400 million excluding stock-based compensation, plus about $100 million of manufacturing-related expenses.

Michael Weiss framed the quarter as both strong execution and a strategic inflection point, saying BRIUMVI is becoming the starting line for broader innovation rather than just a single product. He emphasized lifecycle expansion through simpler IV initiation, subcutaneous BRIUMVI, and new disease-area studies in myasthenia gravis and schizophrenia, while also highlighting progress with azer-cel. His tone was optimistic and ambitious, repeatedly stressing that BRIUMVI could become a multibillion-dollar franchise and that the company is focused on creating long-term shareholder value.

Sean Power said the quarter showed up clearly in the financials, with $228 million of U.S. BRIUMVI revenue, $240 million of total revenue, and gross margin of 87% in the U.S. business and 83% overall. He noted OpEx of approximately $150 million, including roughly $55 million of subcutaneous and secondary-source manufacturing charges, with underlying OpEx around $95 million. He also said the company ended the quarter with approximately $612 million in cash, cash equivalents and investment securities, and reiterated full-year OpEx guidance of $350 million-$400 million excluding stock-based compensation, plus about $100 million in manufacturing-related costs.

Analysts focused on subcutaneous BRIUMVI pricing, uptake, and the size of the opportunity versus KESIMPTA; management declined to give pricing details but said they believe they can price competitively and expect strong uptake based on the profile. Questions also centered on the revenue cadence into Q3 and Q4, where management said Q3 has seasonal dynamics but the second half should be driven by Q4. On competitive dynamics, management said BRIUMVI is still gaining patients from both OCREVUS switches and treatment-naive starts despite increased anti-CD20 competition, and that new patient starts hit records in back-to-back quarters.