TG Therapeutics Inc (TGTX)
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TG Therapeutics sells a single drug — BRIUMVI, an infusion against relapsing multiple sclerosis — and is thereby the rare profitable biotech in our value scanner after Joel Greenblatt's Magic Formula. Net product revenue rose from $92 million (2023) to $606.9 million (2025), and the bottom line showed a record profit of $447.2 million. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: three quarters of that profit is a one-time tax bonus, nearly all the revenue hangs on this one drug, and the rivals are named Roche and Novartis. A sober reckoning behind a genuine success story — and no, this is not investment advice.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.15 | – | 108 | 146.00 | 21.60 | -26 | -26 |
| 2025: Q1 | 0.03 | – | 121 | 90.40 | 4.20 | -29 | -29 |
| 2025: Q2 | 0.17 | 301.90 | 141 | 92.10 | 20.00 | 7 | 7 |
| 2025: Q3 | 2.43 | 9,956.80 | 162 | 92.80 | 241.70 | -23 | -23 |
| 2025: Q4 | 0.14 | -0.70 | 193 | 78.00 | 12.00 | 20 | 20 |
| 2026: Q1 | 0.12 | 297.50 | 205 | 69.60 | 9.70 | -18 | -18 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
BRIUMVI is growing impressively: net product revenue from $92.0 million (2023) to $606.9 million (2025), Q1 2026 alone $201.3 million (plus about 68 percent). The rare case of a profitable biotech with a clear product advantage (short infusion) in a growing MS segment.
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 from the release of the valuation allowance on deferred taxes. The price-to-earnings ratio therefore looks cheaper than the operating result justifies.
Positive equity ($583.1 million, 31.03.2026), Altman-Z 6.15, about $572.8 million in cash — no distress. At the same time an accumulated deficit of about $1.1 billion, and in March 2026 the loan was increased from $250 million to $750 million (secured by all assets) with a simultaneous share buyback.
About 98 percent of revenue hangs on a single drug — "our only marketed product". In the MS market BRIUMVI competes with ocrelizumab (Roche, Ocrevus) and ofatumumab (Novartis, Kesimpta), both from significantly larger corporations; on the horizon possible new BTK inhibitors.
Market value about $8.3 billion, P/S about 12, P/B about 15 — ambitious for a one-product business; Weinstein Stage 2, institutional accumulation, about 79 percent price gain over six months and a buy-leaning analyst consensus. Plenty of success is priced in (data as of July 8, 2026).
TG Therapeutics is the rare profitable biotech in the value scanner: BRIUMVI, an anti-CD20 agent against multiple sclerosis, has driven revenue from $92 million to $606.9 million and pushed the company into the profit zone. But the 2025 record profit is three quarters a one-time tax bonus, about 98 percent of the business hangs on this one product, and the rivals are named Roche and Novartis. Positive equity and full coffers stand against a loan freshly increased to $750 million. Not investment advice.
- Membership in the value scanner "Joel Greenblatt: Magic Formula" (not a warning scanner) was confirmed locally and live on July 14, 2026; TGTX shows up in 27 value, quality and momentum scanners, in no warning scanner.
- All earnings and balance-sheet figures come from the verified annual report 10-K for 2025 (filed 27.02.2026) and the quarterly report 10-Q as of 31.03.2026; the 2025 net income contains a one-time income tax benefit of $339.8 million from the release of the valuation allowance on deferred taxes.
- Price and valuation figures dated to July 8, 2026 (about $53.60, about 155 million shares); analyses are evergreen, daily prices are not a buy argument.
About the Company
TG Therapeutics, Inc. ist ein biopharmazeutisches Unternehmen in der kommerziellen Phase, das sich auf die Akquisition, Entwicklung und Kommerzialisierung neuartiger Behandlungen für B-Zell-vermittelte Erkrankungen in den USA und international konzentriert.
| IPO Year | 1995 |
|---|---|
| Next Earnings | 3. Aug 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.