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1. Company Snapshot

1.a. Company Description

TG Therapeutics, Inc., a commercial stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel treatments for B-cell malignancies and autoimmune diseases.Its therapeutic product candidates include Ublituximab, an investigational glycoengineered monoclonal antibody for the treatment of B-cell non-hodgkin lymphoma, chronic lymphocytic leukemia (CLL), and relapsing forms of multiple sclerosis; and Umbralisib, an oral inhibitor of PI3K-delta and CK1-epsilon for the treatment of CLL, marginal zone lymphoma, and follicular lymphoma.The company also develops Cosibelimab, a human monoclonal antibody of IgG1 subtype that binds to programmed death-ligand 1 (PD-L1) and blocks its interactions with PD-1 and B7.1 receptors; TG-1701 is an orally available and covalently-bound Bruton's tyrosine kinase (BTK) inhibitor that exhibits selectivity to BTK compared to ibrutinib in in vitro kinase screening; and TG-1801, a bispecific CD47 and CD19 antibody.


In addition, it has various licensed preclinical programs for BET, interleukin-1 receptor associated kinase-4, and GITR; and collaboration agreements with Checkpoint Therapeutics, Inc., Jiangsu Hengrui Medicine Co., Novimmune SA, Ligand Pharmaceuticals Incorporated, and Jubilant Biosys.The company has strategic alliances with LFB Biotechnologies S.A.S; GTC Biotherapeutics; LFB/GTC LLC; Ildong Pharmaceutical Co. Ltd.; and Rhizen Pharmaceuticals, S A.TG Therapeutics, Inc.


was incorporated in 1993 and is headquartered in New York, New York.

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1.b. Last Insights on TGTX

TG Therapeutics' recent performance has been driven by several positive factors. The company's Briumvi product has shown significant growth, with US net product revenues reaching $182.7M in Q4'25, representing 19.5% sequential growth. Additionally, the company has secured an additional $500 million in non-dilutive capital from Blue Owl, which provides financial flexibility to expand opportunistic share repurchases and support strategic and operational initiatives. A $300 million share repurchase program has been established, which could provide downside support. (Source: TG Therapeutics: Briumvi Performance Aiding Upside, Buybacks Limiting Downside)

1.c. Company Highlights

2. TG Therapeutics' Strong 2025 Performance and Future Growth Prospects

TG Therapeutics reported a robust financial performance for 2025, with total global revenue reaching approximately $616 million, driven primarily by $594 million in U.S. net sales of BRIUMVI. The company's fourth-quarter revenue was $183 million, representing a 92% year-over-year growth and 20% sequential growth from Q3 to Q4. The earnings per share (EPS) for the period came in at $2.43, significantly beating estimates of $0.24. This strong performance underscores the company's successful commercialization strategy and the growing demand for BRIUMVI in the relapsing multiple sclerosis (RMS) market.

Publication Date: Mar -01

📋 Highlights
  • Total Revenue Growth:: Achieved $616M total global revenue in 2025, driven by $594M in U.S. BRIUMVI net sales, with Q4 revenue reaching $183M (+92% YoY, +20% QoQ).
  • ENHANCE Study Progress:: Completed enrollment in Phase III ENHANCE trial for consolidated BRIUMVI dosing, with top-line data expected mid-2026 and potential 2027 launch.
  • Subcutaneous Development:: Advanced self-administered subcu BRIUMVI via auto-injector, targeting $1.7B U.S. MS market, with ex-U.S. commercialization via Neuraxpharm.
  • Commercial Momentum:: Q4 BRIUMVI U.S. net revenue hit $182.7M, with 72-96 week persistence rates and record new patient starts driving sustained market share gains.

Revenue Growth Drivers

The company's revenue growth was driven by continued acceleration in BRIUMVI sales, with U.S. net revenue reaching $594 million for the full year 2025. According to Adam Waldman, Chief Commercial Officer, the company saw "record new patient enrollments" and "great share gains in the IV segment," driven by the drug's clinical profile, operational advantages, and investments in the field force and direct-to-consumer (DTC) efforts. The persistence rates for BRIUMVI were also notably high, with rates as high as 72% and 96% at weeks 48 and 96, respectively, indicating strong long-term adherence.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 26.9%, indicating a continued upward trajectory for TG Therapeutics. With a current P/E Ratio of 9.78 and an EV/EBITDA ratio of 40.84, the market appears to be pricing in significant growth expectations. The company's ROE of 101.18% and ROIC of 11.29% further underscore its strong profitability. As the company advances its pipeline, including the potential launch of a consolidated treatment schedule for BRIUMVI and the development of a subcutaneous formulation, investors may expect further catalysts for growth.

Pipeline Advancements

TG Therapeutics is making progress on its pipeline, with the ENHANCE study evaluating a consolidated treatment schedule for BRIUMVI expected to yield top-line data mid-year. The company is also developing a self-administered subcutaneous BRIUMVI, which could have significant commercial potential. These advancements, along with the ongoing commercial success of BRIUMVI, position the company for sustained growth in the multiple sclerosis treatment market.

3. NewsRoom

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TG Therapeutics: Briumvi Performance Aiding Upside, Buybacks Limiting Downside

Mar -31

Source: seekingalpha.com

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TG Therapeutics, Inc. $TGTX Shares Bought by JPMorgan Chase & Co.

Mar -30

Source: defenseworld.net

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1,922,410 Shares in TG Therapeutics, Inc. $TGTX Acquired by Congress Asset Management Co.

Mar -24

Source: defenseworld.net

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TG Therapeutics Secures an Additional $500 Million in Non-Dilutive Capital from Blue Owl and Expands Share Repurchase Program to $300 Million

Mar -19

Source: globenewswire.com

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This Biotech With a Breakout MS Drug Draws $8 Million Investment Amid 30% Stock Drop

Mar -16

Source: fool.com

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TG Therapeutics, Inc. (NASDAQ:TGTX) Given Average Recommendation of “Moderate Buy” by Brokerages

Mar -11

Source: defenseworld.net

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Data Published in Neurology and Therapy Demonstrate Significant Reductions in Relapse and MRI Activity with BRIUMVI® in People with Highly Active Relapsing Multiple Sclerosis

Mar -09

Source: globenewswire.com

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TG Therapeutics Announces Schedule of Data Presentations for BRIUMVI® (ublituximab) in Multiple Sclerosis at the American Academy of Neurology 2026 Annual Meeting

Mar -06

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.30%)

6. Segments

Novel Treatments for B-cell Diseases

Expected Growth: 11.3%

TG Therapeutics' novel treatments for B-cell diseases drive 11.3% growth, fueled by increasing demand for targeted therapies, advancements in CAR-T cell technology, and a growing prevalence of B-cell malignancies. Additionally, strategic partnerships, expanded indications, and a strong pipeline of candidates contribute to the company's rapid expansion.

7. Detailed Products

Ublituximab

Ublituximab is a glycoengineered monoclonal antibody that targets a unique epitope on CD20, a protein expressed on the surface of B-cells. It is being developed to treat various B-cell malignancies, including chronic lymphocytic leukemia (CLL) and non-Hodgkin lymphoma (NHL).

Umbralisib

Umbralisib is an oral, once-daily, PI3K delta inhibitor that targets the delta isoform of the PI3K enzyme. It is being developed to treat various hematological malignancies, including CLL, NHL, and marginal zone lymphoma.

8. TG Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

TG Therapeutics, Inc. has a moderate threat of substitutes due to the presence of alternative treatments for cancer and autoimmune diseases. However, the company's focus on developing novel therapies with improved efficacy and safety profiles reduces the threat of substitutes.

Bargaining Power Of Customers

TG Therapeutics, Inc. has a low bargaining power of customers due to the specialized nature of its products and the lack of alternative treatment options for patients with rare diseases.

Bargaining Power Of Suppliers

TG Therapeutics, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and services. However, the company's dependence on a few key suppliers for critical components increases the bargaining power of suppliers.

Threat Of New Entrants

TG Therapeutics, Inc. faces a high threat of new entrants due to the growing interest in biotechnology and pharmaceutical research, as well as the increasing availability of funding for startups and early-stage companies.

Intensity Of Rivalry

TG Therapeutics, Inc. operates in a highly competitive industry with several established players and a growing number of new entrants. The company faces intense rivalry from companies with similar product pipelines and business strategies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 38.76%
Debt Cost 11.74%
Equity Weight 61.24%
Equity Cost 15.49%
WACC 14.04%
Leverage 63.28%

11. Quality Control: TG Therapeutics, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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ACADIA Pharmaceuticals

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Value: 2.1

Growth: 9.0

Quality: 9.1

Yield: 0.0

Momentum: 9.0

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Arrowhead Pharmaceuticals

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TG Therapeutics

A-Score: 4.2/10

Value: 2.0

Growth: 8.1

Quality: 7.7

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Growth: 4.7

Quality: 3.8

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Intellia Therapeutics

A-Score: 3.0/10

Value: 7.3

Growth: 2.8

Quality: 4.6

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

34.21$

Current Price

34.21$

Potential

-0.00%

Expected Cash-Flows