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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 was driven by strong Q3 results, with Briumvi revenues surging 84% year-over-year and full-year guidance raised to $585 million. The company's growing anti-CD20 MS therapy market presence, driven by clinical data and increased prescriber adoption, contributed to the positive momentum. A subcutaneous version of Briumvi in Phase 3 trials could potentially double the market opportunity if approved. Additionally, the company completed a $100 million share repurchase program and authorized a new one, reducing outstanding shares and benefiting shareholders.

1.c. Company Highlights

2. TG Therapeutics' Q3 Earnings: A Strong Performance

TG Therapeutics reported a robust third quarter, with total revenue reaching $161.7 million, a 93% increase compared to Q3 '24. Product revenue totaled $159.3 million, driven primarily by $152.9 million in U.S. BRIUMVI net sales. The company's EPS came out at $2.43, significantly beating estimates of $0.24. The strong financial performance was largely driven by the success of BRIUMVI, which outperformed expectations with U.S. net sales totaling approximately $153 million.

Publication Date: Nov -08

📋 Highlights
  • BRIUMVI U.S. Net Sales:: Q3 net sales reached $153 million, surpassing internal targets and Street expectations.
  • Total Revenue Growth:: Q3 revenue hit $161.7 million, a 93% increase compared to Q3 2024.
  • Nonrecurring Tax Benefit:: $365 million income tax benefit from deferred tax asset valuation allowance release.
  • 2025 Guidance Raised:: Full-year U.S. BRIUMVI net revenue guidance updated to $585 million.
  • Subcutaneous Market Potential:: Market split 65% IV to 35% subcutaneous, with subcu opportunity potentially doubling BRIUMVI’s addressable market.

Financial Highlights

The company's financial results were bolstered by a nonrecurring income tax benefit of approximately $365 million, driven by the release of a deferred tax asset valuation allowance. The gross to net remained within the provided range, with Adam Waldman noting that "we didn't see any changes in inventory or gross to net in the quarter." The updated full year 2025 U.S. BRIUMVI net revenue guidance stands at $585 million.

Operational Performance

The operational performance was equally impressive, with strong demand, sustained physician engagement, and increasing patient awareness driving BRIUMVI's success. The company is targeting the first half of next year for the presentation of initial PK or exposure data from Phase I of BRIUMVI subcu, which could nearly double the total addressable market for BRIUMVI. Analysts estimate next year's revenue growth at 48.8%, indicating a strong outlook for the company.

Valuation Metrics

With a P/E Ratio of 78.25, P/B Ratio of 17.11, and P/S Ratio of 11.27, the company's valuation metrics suggest that the market has high expectations for TG Therapeutics' future growth. The EV/EBITDA ratio of 54.0 also indicates that the company's enterprise value is significantly higher than its EBITDA. ROE stands at 26.05%, indicating a strong return on equity.

Future Prospects

As the company looks ahead to the remainder of 2025, priorities include continuing to grow BRIUMVI sales, executing on subcu and ENHANCE Phase III trials, driving enrollment into the azer-cel program, and positioning TG for long-term leadership in MS and beyond. With a strong pipeline and a solid financial position, TG Therapeutics is well-positioned for future growth.

3. NewsRoom

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TG Therapeutics, Inc. (NASDAQ:TGTX) Receives Average Rating of “Moderate Buy” from Analysts

Dec -01

Source: defenseworld.net

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TG Therapeutics to Participate in the 8th Annual Evercore Healthcare Conference

Nov -28

Source: globenewswire.com

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TG Therapeutics, Inc. $TGTX Shares Sold by Advantage Alpha Capital Partners LP

Nov -28

Source: defenseworld.net

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Creative Planning Sells 7,534 Shares of TG Therapeutics, Inc. $TGTX

Nov -24

Source: defenseworld.net

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TG Therapeutics: Concerns About Slowing Growth And New Competition

Nov -18

Source: seekingalpha.com

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TG Therapeutics: Positives From Q3'25 Earnings, But Competitors Progressing

Nov -17

Source: seekingalpha.com

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TG Therapeutics Crumbles After Roche Unveils Its 'Unprecedented' Test Results

Nov -10

Source: investors.com

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TGTX's Q3 Earnings & Revenues Trump Estimates, 2025 View Raised

Nov -04

Source: zacks.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

Stock-Card
ACADIA Pharmaceuticals

A-Score: 5.6/10

Value: 3.0

Growth: 9.0

Quality: 9.1

Yield: 0.0

Momentum: 9.0

Volatility: 3.3

1-Year Total Return ->

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TG Therapeutics

A-Score: 4.8/10

Value: 2.0

Growth: 8.2

Quality: 7.7

Yield: 0.0

Momentum: 8.5

Volatility: 2.7

1-Year Total Return ->

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Arrowhead Pharmaceuticals

A-Score: 3.9/10

Value: 6.2

Growth: 1.1

Quality: 4.2

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

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Intellia Therapeutics

A-Score: 3.4/10

Value: 7.0

Growth: 2.8

Quality: 4.8

Yield: 0.0

Momentum: 4.5

Volatility: 1.0

1-Year Total Return ->

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Geron

A-Score: 3.1/10

Value: 7.0

Growth: 5.3

Quality: 4.8

Yield: 0.0

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

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Ultragenyx Pharmaceutical

A-Score: 3.0/10

Value: 6.4

Growth: 4.7

Quality: 3.5

Yield: 0.0

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

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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

30.76$

Current Price

30.76$

Potential

-0.00%

Expected Cash-Flows