TG Therapeutics Stock: Finally Profitable — but Three Quarters of the Record Profit Is a Tax Bonus

There is a reflex that lulls us investors especially gently to sleep: let's call it the redemption reflex. For years a company wrote red numbers, for years you (or a friend) hoped for the breakthrough — and suddenly there it finally is, a fat profit. The body breathes out, the brain ticks off "done" and switches off the critical questions. This is exactly the reflex TG Therapeutics (Nasdaq: TGTX) is serving perfectly right now: a biopharma out of New York that, after more than a decade of losses, is now profitable, whose revenue has multiplied — and which, as a rare exception, shows up in a value scanner, the place where otherwise solid, "cheap" companies stand, not the usual wobbly biotech candidates. Everything shouts: "Here, at last, all is well." So let's make a deal: before you let yourself be redeemed by the word "profit" and the green price, we read together what TG Therapeutics itself reported to the U.S. securities regulator, the SEC — in the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026. An SEC filing is honest under penalty of law. And this one shows what this pretty profit really consists of. In the end, you decide for yourself.

What TG Therapeutics actually does

Picture the immune system as a guard troop that defends the body — but in multiple sclerosis (MS) a part of this troop attacks the body's own nervous system and destroys the protective sheath of the nerve pathways. A particularly effective strategy against this: take out the attackers in a targeted way. For that, TG Therapeutics builds an anti-CD20 antibody — a molecule that docks onto a specific marker (CD20) on the misguided B cells and pulls them out of circulation. The product is called BRIUMVI (active ingredient ublituximab-xiiy), is administered as an infusion and is approved against relapsing multiple sclerosis (RMS). In the United States it came to market in January 2023; outside the U.S. the partner Neuraxpharm has marketed it since 2024.

And here is the peculiarity that carries this analysis: unlike most biotechs we write about, TG Therapeutics is no longer a perpetually loss-making research shop but earns real money — the company began its current business activities in 2012 and, with BRIUMVI, wrote its first full year of profit in 2024. The pipeline behind it is modest: a subcutaneous (under the skin) injectable ublituximab in development and azer-cel, a licensed-in cell therapy. Sounds like the successful leap from lab to pharmaceutical company? In part, it is. But note the central tension of this analysis right now: a profitable biotech that a value filter rightly recognizes as a profit machine — whose 2025 profit, however, comes three quarters from a one-time tax entry, whose revenue hangs almost 100 percent on a single drug, and which competes against two of the largest pharmaceutical corporations in the world. It runs through every chapter. How such a "first profit" can also deceive is shown, for comparison, by our analysis of Affirm — there it was a flattered one-off number, here it is a tax effect.

Where the stock shows up in our scanner

Every day we run about 3,500 stocks through our scanners. TG Therapeutics lights up in 27 filters (data as of July 8, 2026) — and this time not a single warning scanner is among them. The most interesting hit is the Magic Formula of value investor Joel Greenblatt. His idea, in everyday language: buy good companies at a fair price — measured by two figures. First, the return on capital (how much operating profit comes out per dollar of working capital employed?); second, the earnings yield (how much operating profit do I get per dollar of enterprise value?). Added to that are hits in quality and momentum scanners: Weinstein Stage 2 (intact uptrend), institutional accumulation, "quality growth", William O'Neil (CAN SLIM), the Levermann ranking. The hard balance-sheet metrics confirm the clean picture: Altman-Z score 6.15 (a classic bankruptcy early-warning — danger begins only below 1.8, so green here), Piotroski F-Score 5 of 9 (a nine-point balance-sheet test — 5 is okay, not outstanding), fundamental rating B. Positive equity of $583.1 million (March 31, 2026) rounds off the picture. No distress, no going-concern doubt — unlike many biotechs we otherwise dissect here.

Before you read that as a free pass, you need to know the best-known weakness of the Magic Formula — Greenblatt himself has never hidden it: the formula calculates with the most recently reported earnings. If that profit is inflated by a special effect, the stock looks "cheaper" than the actual business justifies. And that is exactly the case at TG Therapeutics — more on that in a moment. The scanner recognizes a real, profitable, growing company; but it says nothing about what this profit consists of and how vulnerable a business with only one product is. The filter is a good metal detector. Whether the signal is gold or a tin can is only revealed by the dig. Let's start digging.

The numbers over the years — honestly appraised

First, what genuinely impresses, and that is a lot here. BRIUMVI's net product revenue reads like a picture-book market entry: $92.0 million in the launch year 2023, $313.7 million in 2024, $606.9 million in 2025 — a doubling year after year. And the momentum holds: in the first quarter of 2026 alone the company booked $201.3 million, after $119.7 million in the prior-year quarter — a gain of about 68 percent. For a drug that has only been on the market since early 2023, that is a remarkable curve. And unlike a research-stage biotech, this curve no longer ends only in a loss: in 2024 TG Therapeutics earned money over a full year for the first time ($23.4 million), in the first quarter of 2026 it was $19.8 million in net profit ($0.14 per share). That is the good news, and it is real.

But now look at the profit line — and then one line higher. The bottom line for 2025 showed net income of $447.2 million. Pretax income, however, was only $107.4 million. The difference — $339.8 million — is a tax bonus, not a sold drug. Remember this image: three of every four profit dollars of the record year 2025 come not from the business but from accounting. Why that is so and what it means for the valuation is the core of the uncomfortable truths.

What the filings say — the uncomfortable truths

Uncomfortable truth no. 1: everything hangs on a single drug

Of the $616.3 million in total revenue in 2025, $606.9 million comes from product sales — and this product revenue is 100 percent BRIUMVI. So about 98 percent of the business hangs on a single agent. The company says it in the report itself, quite soberly:

"BRIUMVI is currently our only marketed product. […] Because of the numerous risks and uncertainties associated with developing and commercializing pharmaceutical products, we are unable to predict the extent of any future losses, or for how long we may continue to experience profitability. We may not be able to sustain or increase our profitability on a quarterly or annual basis."

— TG Therapeutics, SEC annual report 10-K 2025, Item 1A "Risk Factors" (Financial Position)

Translated into an image: picture a friend who proudly tells you his business is running splendidly — until you learn that a single customer accounts for almost all the revenue. You would swallow hard for a moment. It is exactly like that here, except the one "customer" is a single product. As long as BRIUMVI grows, it is a turbo; if it stalls — through a safety incident, a pricing or reimbursement decision, a superior competitor — there is no second leg to cushion the fall. Concentration risk means: one problem, and it hits not a quarter of the business but nearly all of it.

Uncomfortable truth no. 2: three quarters of the record profit is a one-time tax bonus

Here is the resolution of the scanner signal. Why did 2025 net income ($447.2 million) sit so far above pretax income ($107.4 million)? Because a tax item tipped — in the company's favor, but only a single time. The report explains it like this:

"Income tax benefit totaled $339.8 million for the year ended December 31, 2025, as compared to income tax expense of $2.2 million during the comparable period ended December 31, 2024. The increase in income tax benefit is primarily driven by the release of our deferred tax asset valuation allowance during the year ended December 31, 2025."

— TG Therapeutics, SEC annual report 10-K 2025, Item 7 MD&A "Income Tax Benefit (Expense)"

What is behind it? A company that makes losses for years accumulates deferred tax assets — credits on future taxes, so to speak. As long as profits are uncertain, it must write these credits down on the balance sheet ("valuation allowance"). Once the company tips sustainably into the profit zone, it may release the write-down — and the whole pent-up benefit lands all at once as income in the profit. That is entirely legal and even a good sign (the company trusts itself to make future profits). But it brought in no cash, and it flows exactly once. For the valuation that is decisive: whoever considers TG Therapeutics "cheap" at a price-to-earnings ratio of about 20 is calculating with the inflated profit. Subtract the tax bonus and calculate on the operating result, and the stock is far more expensive than the value metric suggests. Remember: a profit is not simply a profit — always ask whether it comes from the business or from accounting.

Uncomfortable truth no. 3: the rivals are named Roche and Novartis

The pretty revenue has to be fought for in a market where two of the largest pharmaceutical corporations in the world already sit. The report names them unmistakably:

"Currently, BRIUMVI directly competes with ocrelizumab, the only other approved intravenously administered anti-CD20 monoclonal antibody (Roche Holdings AG). BRIUMVI also competes with a subcutaneous version of ocrelizumab administered by healthcare providers. In addition, BRIUMVI competes with ofatumumab (Novartis AG), a patient/self-administered subcutaneous anti-CD20 monoclonal antibody approved for MS."

— TG Therapeutics, SEC annual report 10-K 2025, Item 1 "Business — Competition"

Appraise that honestly. In favor: BRIUMVI has a real advantage — it is given as a comparatively short infusion and has carved out a growing niche with rapidly rising sales figures. Against it stands the sheer size of the opponents: ocrelizumab (Roche, a billion-dollar blockbuster under the brand name Ocrevus) was in the market before BRIUMVI and is the top dog of infusion therapies; ofatumumab (Novartis, Kesimpta) offers convenient self-injection at home. Both corporations have incomparably more money for sales, studies and rebate negotiations — the report itself stresses that many competitors have "significantly greater financial, product development, manufacturing and commercialization resources". And on the horizon, per the report, stands a possible new drug class (BTK inhibitors) that could shift the treatment landscape. Growth that has to be wrestled from an established brand rival is never as safe as a steep revenue curve makes it look.

Uncomfortable truth no. 4: profitable yes — but the road there was expensive, and the road back is not ruled out

For all the justified joy about the profit zone: the report itself dampens the euphoria with a sentence you should have read before you tick off "finally made it":

"We have incurred substantial operating losses since our inception, and we may incur losses in the future."

— TG Therapeutics, SEC annual report 10-K 2025, Item 1A "Risk Factors" (Financial Position and Need for Additional Capital)

This fits the capital side, which is easily overlooked in the success story. Over the years the losses added up to an accumulated deficit of about $1.1 billion (March 31, 2026) — so today's positive equity stands on a lot of raised capital. And the company keeps refueling: on March 18, 2026 TG Therapeutics paid off its existing loan and closed a new $750 million loan with the financial investor Blue Owl — three times as much as the previous $250 million, secured by "substantially all of the assets" of the company. As of March 31, 2026 this did put a comfortable $572.8 million in cash and investments on the books (at the end of 2025 it was only $199.5 million), but at a price: interest cost and security interests over the entire company. A company that still carries about half a billion in operating costs annually remains, despite the profit zone, reliant on good growth to carry this load easily. "Profitable" and "invulnerable" are two different things.

Valuation: about $8.3 billion market value — for a one-product business

In early July 2026 the TG Therapeutics stock cost about $53.60; at about 155 million shares that makes a market value of about $8.3 billion (data as of July 8, 2026). The price-to-earnings ratio sits around 20 — but beware: it calculates with the tax-inflated 2025 profit. Subtract the one-time tax bonus and calculate on the pretax income of $107.4 million, and the stock is a multiple more expensive than the "20" suggests. The price-to-sales ratio of about 12 and the price-to-book ratio of about 15 are ambitious for a biopharma and show what is really being paid for here: not today's ongoing business, but the expectation that BRIUMVI keeps growing strongly, that the subcutaneous version and azer-cel move up — and that all of it succeeds against Roche and Novartis. The analyst consensus (about 9 firms) is on average buy-leaning, but that is the "professionals' view" of a future scenario, not a certainty. The price has multiplied over the past years (about 79 percent gain over six months alone, data as of July 8, 2026) — for a stock that has run this far, plenty of success is already priced in. The height of the fall arises where the expectation already stands high.

Opportunities and risks at a glance

What speaks for TG Therapeutics:

• Real, growing profitability: net product revenue from $92.0 million (2023) to $606.9 million (2025), first full year of profit in 2024, still rising (Q1 2026: $201.3 million revenue, $19.8 million net profit) — the rare case of a profitable biotech (annual report 10-K 2025, quarterly report 10-Q Q1 2026).
• Clean balance-sheet signals: positive equity ($583.1 million, 31.03.2026), Altman-Z 6.15, fundamental rating B — no distress, no going-concern doubt; hits exclusively in value, quality and momentum scanners.
• Clear product advantage: BRIUMVI is given as a comparatively short infusion and has quickly carved out a growing niche in the MS market.
• Full coffers after refinancing: about $572.8 million in cash and investments (31.03.2026); the company sees liquidity secured for "more than twelve months".
• Tailwind from market and professionals: Weinstein Stage 2, institutional accumulation, about 79 percent price gain over six months and an on-average buy-leaning analyst consensus.

What speaks against it:

• Earnings quality: the record 2025 net income of $447.2 million consists of only $107.4 million from the business; $339.8 million is a one-time, non-cash tax bonus — the value metrics therefore look cheaper than reality.
• One-product concentration risk: about 98 percent of revenue hangs on BRIUMVI; the company itself calls it "our only marketed product" and cannot guarantee it will stay profitable.
• Overpowering competition: ocrelizumab (Roche, Ocrevus) and ofatumumab (Novartis, Kesimpta) — both from significantly larger corporations, with more sales and study budget; on the horizon possible new BTK inhibitors.
• Capital engineering: accumulated deficit of about $1.1 billion; in March 2026 the loan was increased from $250 million to $750 million (secured by all assets) with a simultaneous share buyback.
• High expectation is priced in: market value about $8.3 billion, price-to-sales ratio about 12, price-to-book about 15, price after a strong rally — plenty of success already sits in the price (data as of July 8, 2026).

A human conclusion

Back to the redemption reflex from the beginning. It has a true core: at TG Therapeutics something has genuinely succeeded that most biotechs never manage — the leap from perpetual loss to a profitable company with a real, growing product. That is no mirage, that is substance, and a value filter rightly recognizes it. But this is exactly where the thinking error lurks that this case can show you: "profitable" is a beginning, not an all-clear. The 2025 record profit is three quarters a tax accounting entry that flows exactly once; the whole business rests on a single drug; and the real fight for every future MS revenue dollar against Roche and Novartis is only just beginning. TG Therapeutics is thereby neither a bankruptcy candidate nor a sure thing, but a bet with clear conditions: it pays off if BRIUMVI keeps growing fast, the pipeline moves up and the operating earning power catches up over time with the one-time tax headline. It goes wrong if growth stalls against the giants — because then a high expectation meets a company that still lives off one product and has just loaded its balance sheet with fresh debt. Both stand in the same report, only a few pages apart. Whoever gets in here should do so because they have understood the bet — not because the word "profit" sounds so reassuring. What you make of it is your decision. And that is exactly as it should be.

Sources

All original documents used in this analysis — to read for yourself:

• TG Therapeutics, Inc. — SEC annual report 10-K for 2025 (filed February 27, 2026)
• TG Therapeutics, Inc. — SEC annual report 10-K for 2024 (filed March 3, 2025)
• TG Therapeutics, Inc. — SEC quarterly report 10-Q as of March 31, 2026 (filed May 6, 2026)
• TG Therapeutics, Inc. — SEC quarterly report 10-Q as of September 30, 2025 (filed November 5, 2025)
• TG Therapeutics, Inc. — SEC quarterly report 10-Q as of June 30, 2025 (filed August 8, 2025)
• TG Therapeutics, Inc. — SEC quarterly report 10-Q as of March 31, 2025 (filed May 9, 2025)
• TG Therapeutics' complete SEC filing history: EDGAR overview (sec.gov)
• Fundamental data (metrics, quarterly series, valuation; data as of July 8, 2026), reconciled with the SEC filings.
• Screener and rating data: in-house stock scanner (data as of July 8, 2026).

Transparency & disclaimer: This analysis is a journalistic contextualization of publicly available information and is not investment advice, not a financial analysis in the regulatory sense, and not a solicitation to buy or sell securities. It expressly contains no judgment on whether a drug will be commercially successful or whether the profitability will hold. Stock investments carry substantial risks up to total loss — with biopharma stocks to a particular degree. All information without guarantee; the data cut-off is noted in the text in each case. The author holds no position in TG Therapeutics stock at the time of publication.