TG Therapeutics (TGTX) Q4 2025 earnings summary

Executive summary

• Achieved $616.3 million in global revenue for 2025, with $594.1 million from U.S. BRIUMVI net sales and $182.7 million in Q4, reflecting 92% year-over-year and 20% sequential growth.

• BRIUMVI demonstrated strong physician and patient confidence, supported by six-year open-label extension and ULTIMATE I & II trial data showing nearly 90% of patients free from 24-week confirmed disability progression.

• Advanced R&D with phase III ENHANCE study (single-dose consolidation) and subcutaneous BRIUMVI program, targeting pivotal data in late 2025/early 2026 and potential launches in 2027 and 2028.

• Expanded commercial footprint, increased prescriber engagement, and launched direct-to-patient initiatives, including a partnership with Christina Applegate for MS education and the "Next In MS" platform.

• Expanded BRIUMVI commercialization globally, with approvals in the EU, UK, Switzerland, Australia, Kuwait, and UAE.

Financial highlights

• Q4 2025 U.S. BRIUMVI net product revenue was $182.7 million; total Q4 net product revenue was $189.1 million, including $6.4 million ex-U.S.

• Full-year 2025 global revenue: $616.3 million; U.S. BRIUMVI: $594.1 million; ex-U.S. product: $12.8 million; royalty/other: $9.4 million.

• Operating income for 2025 reached $123.3 million; net income was $447.2 million ($2.77 per diluted share), including a $339.8 million non-recurring tax benefit.

• Gross margin slightly below typical due to timing of ex-U.S. sales and a one-time inventory reserve.

• R&D expenses: $160.2 million for 2025; SG&A expenses: $232.0 million for 2025.

Outlook and guidance

• Reaffirmed 2026 U.S. BRIUMVI net revenue guidance of $825–$850 million; total global revenue guidance of $875–$900 million.

• Q1 2026 U.S. revenue expected to grow sequentially to $185–$190 million, with ex-U.S. revenue of $5–$10 million.

• Full-year 2026 operating expenses projected at $350 million (excluding non-cash comp), plus $100 million for subcutaneous BRIUMVI manufacturing and startup.