TG Therapeutics: BRIUMVI's Record Quarter Masks a Bigger Subcu Ambition

With revenue approaching a $1B run rate and a pipeline that could double the addressable market, TG is no longer a one-product story.

TGTX · Earnings Call · 2026-08-03

Another Record Quarter

TG Therapeutics delivered another blowout quarter, with U.S. BRIUMVI net revenue of $228 million and global revenue exceeding $240 million—both ahead of guidance. Record new patient starts and expanding physician adoption highlight commercial momentum. As Adam Waldman noted: “We generated approximately $228 million in U.S. BRIUMVI net product revenue with global revenue exceeding $240 million, once again exceeding our guidance.” — Adam Waldman, Chief Commercial Officer · 2026-08-03 Mike Weiss framed the quarter as a glimpse into the future: “The second quarter provided a window into where we're headed.” — Michael Weiss, Chairman and Chief Executive Officer · 2026-08-03 The company raised full-year U.S. guidance to $890–905 million and projects a $1 billion annualized run rate by Q4.

Subcu: Doubling the Market

The standout catalyst is subcutaneous BRIUMVI. Positive Phase I bioavailability data and a fully enrolled Phase III trial position the program for a year-end/early-2027 readout. The self-administered segment represents roughly 35–40% of the anti-CD20 market—a segment TG doesn't currently serve. A successful subcu BRIUMVI could more than double the addressable market. Mike Weiss emphasized in Q&A: “We are fully committed to supporting our IV brand as we move forward.” — Michael Weiss, Chairman and Chief Executive Officer · 2026-08-03 This marks a strategic shift from prior commentary. In November 2025, Sean Power said: “The subcu portion of the market has been relatively stable for a while, I think 35% to maybe 40%.” — Sean Power, Chief Financial Officer · 2026-02-26 And in May 2026, Mike Weiss reaffirmed the timeline: “our goal is to have the subcu available sometime in 2028.” — Michael Weiss, Chairman and Chief Executive Officer · 2026-05-06 Now the company plans to compete across both IV and subcu, leveraging the BRIUMVI franchise to reduce treatment burden for patients.

Our goal isn't to ask physicians or patients to choose between IV and subcu.
Adam Waldman, Chief Commercial Officer · 2026-08-03

Beyond MS: Diversifying the Pipeline

TG is also extending BRIUMVI into new indications. The ENHANCE Phase III study supports a simplified single 600-mg infusion, which could remove a key barrier to switching. The company initiated a Phase II in myasthenia gravis, combining FcRn inhibition with BRIUMVI's durability, and a Phase II in treatment-resistant schizophrenia. The azer-cel allogeneic CAR-T program has enrolled 20+ patients, now expanded into relapsing MS, MG, CIDP, and NMO.

Financial Inflection

Financially, the story is improving operating leverage. Excluding manufacturing charges, operating income would have been ~$76 million in Q2. Total revenue continues its steep upward trajectory, though the company remains net cash negative due to share repurchases and manufacturing investments. With guidance raised twice this year, the market is rewarding execution—the stock is up over 60% in the last 90 days.