Breaking Down TG Therapeutics, Inc. (TGTX) Financial Health: Key Insights for Investors

You've seen the headlines, but the real story for TG Therapeutics, Inc. (TGTX) is in the Q3 2025 numbers, and honestly, they're a mixed bag of explosive growth and one-time accounting boosts that demand a closer look before you make a move. The revenue picture is defintely strong: total revenue for the third quarter hit $161.7 million, a massive jump driven by their flagship multiple sclerosis treatment, BRIUMVI, which alone pulled in roughly $153 million in U.S. net sales. Here's the quick math: management is so confident they raised the full-year 2025 global revenue guidance to approximately $600 million. But, and this is crucial, the reported Q3 net income of $390.9 million was heavily inflated by a one-time, non-recurring $365.0 million deferred tax benefit. That's a huge asterisk on the profitability milestone, so we need to map the true operational cash flow and see if the $178.3 million cash position as of September 30, 2025, is enough to fuel their pipeline and justify the current 'Strong Buy' analyst consensus.

Revenue Analysis

If you're looking at TG Therapeutics, Inc. (TGTX), the single most important thing to grasp is that this is now a one-product story. The company's financial health hinges almost entirely on the success of BRIUMVI (ublituximab-xiiy), their treatment for relapsing forms of multiple sclerosis (RMS).

The revenue streams are straightforward, but the growth is explosive. For the third quarter of 2025, total revenue hit $161.7 million. Here's the quick math: U.S. net product sales of BRIUMVI accounted for $152.9 million of that, meaning it drove over 94% of the quarter's total revenue. It's a powerhouse launch, defintely.

• BRIUMVI U.S. Net Sales: The primary engine, generating $152.9 million in Q3 2025.
• Ex-U.S. Product Sales: Sales to their partner, Neuraxpharm, added $6.4 million in Q3 2025.
• Other Revenue: License, milestone, royalty, and other revenue contributed a minor $2.4 million.

The year-over-year (YoY) growth rates confirm this shift to a commercial-stage company. Total revenue for Q3 2025 jumped an impressive 93% compared to the same period in 2024. More specifically, U.S. BRIUMVI net product revenue alone saw an 84% increase YoY. This isn't just incremental growth; it's a massive, structural change driven by market adoption of a single, key drug.

To put this into a broader context, the company's three-year revenue growth rate stands at a remarkable 242.7%, reflecting the transition from a development-stage biotech to a commercial one following the BRIUMVI launch. The near-term opportunity is clear, so the company is confident, raising its full-year 2025 global revenue guidance to approximately $600 million, with U.S. BRIUMVI net revenue expected to be around $585 million.

What this estimate hides is the risk of being a single-product company. The entire revenue stream is concentrated in BRIUMVI, primarily in the U.S. market. While the drug is now approved in the European Union, UK, and other regions, the U.S. remains the sole significant revenue segment, representing a geographic concentration risk. You need to monitor the competitive landscape in relapsing MS closely. For a deeper dive into the valuation, check out Breaking Down TG Therapeutics, Inc. (TGTX) Financial Health: Key Insights for Investors.

The significant change is the near-total reliance on BRIUMVI. Before its FDA approval, TG Therapeutics' revenue was minimal, mostly from grants or collaboration milestones. Now, the revenue is product-driven, and its quarterly sales growth is still strong, up 10% sequentially from Q2 2025. That momentum is what you're buying into, but it means any hiccup with BRIUMVI's market share or pricing will hit the top line hard.

Profitability Metrics

You need to look past the headline numbers for TG Therapeutics, Inc. (TGTX) to understand its true profitability, especially with the Q3 2025 results. The company is transitioning from a development-stage biotech to a commercial-stage one, which fundamentally changes its margin profile. The good news is the gross margin is stellar, but the operating margin tells a more nuanced story about commercialization costs.

The latest data, primarily from Q3 2025, shows a business model with a high barrier to entry and strong pricing power, but also high selling costs. Here's the quick math on the key margins:

• Gross Profit Margin: The current gross margin stands at an impressive 87.0%. This is exceptionally high and reflects the strong pricing and low cost of goods sold (COGS) for their flagship drug, BRIUMVI.
• Operating Profit Margin: For Q3 2025, with total revenue of $161.7 million, the calculated operating profit (Gross Profit minus R&D and SG&A expenses) was approximately $36.4 million. This translates to an operating margin of roughly 22.5%.
• Net Profit Margin: The reported net profit margin is 13.3%. However, the Q3 2025 net income of $390.9 million was heavily skewed by a non-recurring $365.0 million income tax benefit. This means the underlying, core net profitability is much lower than the Q3 reported number suggests.

You can see the clear trend here: the company is highly efficient at manufacturing (high gross margin) but is spending heavily to drive adoption of BRIUMVI, which compresses the operating margin. This is a typical, defintely expected trade-off for a new commercial launch.

Operational Efficiency and Cost Management

The trend in profitability over time shows a classic biotech commercialization curve. The gross margin has remained consistently high, averaging 92.2% from 2020 to 2024, with the current 87.0% still reflecting strong operational efficiency. The real action is in the operating expenses, which are surging to fuel growth.

For the full year 2025, total global revenue is guided to hit approximately $600 million, but the operating expenses (excluding non-cash items and COGS) are expected to be in the $300 million to $320 million range. This level of spending is necessary for market penetration, but it's what keeps the operating margin tight. The Q3 2025 selling, general, and administrative (SG&A) expense alone was $63.4 million, a direct reflection of the increased marketing and personnel costs for the BRIUMVI launch.

Comparison with Industry Averages

When you stack TG Therapeutics, Inc. against its peers, you see a premium valuation that implies investors are betting on future margin expansion. The current gross margin of 87.0% is competitive, sitting comfortably above a major peer like Gilead Sciences Inc. at 78.5%, though below the exceptional 94.26% seen at Krystal Biotech.

The market's expectation of future profitability is clear in the valuation multiples. The Price-to-Earnings (P/E) ratio for TG Therapeutics, Inc. is around 81.3x, which is significantly higher than the biotech peer average of 57.3x and the broader US biotech industry average of 17.7x. This premium valuation is the market pricing in the analyst consensus that the net profit margin is projected to nearly triple to 38.1% in three years as commercial execution improves and sales accelerate.

Here is a quick comparison of the profitability dynamics:

The takeaway is that the company has a structurally strong gross margin, but the current profitability is constrained by high, necessary commercial investment. The investment thesis hinges on the belief that the revenue growth-forecasted to climb 27% per year-will eventually outpace the growth in operating expenses. If you want a deeper look into who is making this bet, check out Exploring TG Therapeutics, Inc. (TGTX) Investor Profile: Who's Buying and Why?

Debt vs. Equity Structure

You're looking at TG Therapeutics, Inc. (TGTX) and want to know if their growth is fueled by smart borrowing or aggressive dilution. The direct takeaway is that as of the third quarter of 2025, TG Therapeutics, Inc. maintains a moderate and manageable debt load, relying more heavily on equity and cash flow, which is a healthy sign for a commercial-stage biotech.

TG Therapeutics, Inc.'s capital structure is relatively balanced, though it has seen a significant increase in debt to fund its commercial operations, primarily the launch of BRIUMVI. As of September 2025, the company's total debt stood at approximately $246.2 million, compared to total shareholder equity of about $607.2 million. This is a substantial jump from prior years, which is expected as a biotech shifts from pure R&D to commercialization with a blockbuster drug.

Here's the quick math on how that debt breaks down on the balance sheet for the quarter ending June 2025:

• Total Debt: approximately $253.72 million.
• Current Liabilities (Short-Term): approximately $156.81 million.
• Long-Term Liabilities: approximately $254.3 million due beyond one year.

The company is defintely using debt, but their financial position is solid, holding around $251.9 million in cash and equivalents as of June 2025, which actually puts them in a net cash position of about $6.02 million. That's a good spot to be in-they have more cash on hand than debt.

The most important metric here is the debt-to-equity (D/E) ratio, which measures how much debt a company uses to finance its assets relative to the value of shareholders' equity. For TG Therapeutics, Inc., the D/E ratio as of September 2025 is approximately 0.405 (or 40.5%). This means for every dollar of equity, the company has about 41 cents of debt. This is a moderate level of leverage and is well below the higher end of the general Biotechnology industry average, which can sometimes push past 1.377 for capital-intensive firms. However, compared to the more specific, lower biotech average of around 0.17, TG Therapeutics, Inc. is using more leverage, but it's still manageable. The higher leverage is a calculated risk to accelerate the commercial growth of BRIUMVI.

The primary source of this debt is a significant financing move from August 2024, when the company entered into a $250 million term loan facility with HealthCare Royalty and Blue Owl Capital. This is a classic example of a growth-stage biotech balancing its funding. They used debt financing to capitalize on the FDA approval and sales momentum of their key product, BRIUMVI, instead of immediately issuing a massive amount of new stock (equity funding) and diluting existing shareholders. The goal is to fund commercial expansion with less dilution now, betting on future profits to service the debt. This strategy is only smart because their interest payments are currently well covered by their earnings before interest and taxes (EBIT), with an interest coverage ratio of 3.8x. For a deeper dive into their revenue drivers and product pipeline, you can read the rest of our analysis at Breaking Down TG Therapeutics, Inc. (TGTX) Financial Health: Key Insights for Investors.

Here is a quick snapshot of the key capital structure metrics:

The action item for you is to monitor the debt service coverage ratio in upcoming quarters. If the company's operating cash flow turns consistently positive, it will confirm that the debt was a smart, temporary tool for growth, not a crutch.

Liquidity and Solvency

You're looking for a clear picture of whether TG Therapeutics, Inc. (TGTX) can easily cover its near-term bills, and the answer is a confident yes-for now. Their liquidity position, which is how fast they can convert assets to cash, is defintely strong, but a deeper look at cash flow shows where the real work needs to happen to sustain it.

As of the third quarter of 2025, TG Therapeutics, Inc. (TGTX) shows excellent coverage of its short-term obligations. Their Current Ratio is a robust 3.86, meaning the company holds $3.86 in current assets for every dollar of current liabilities. The Quick Ratio (or acid-test ratio), which strips out less-liquid inventory, is also very healthy at 2.96. Both figures are well above the 1.0 benchmark, indicating a significant buffer against immediate financial pressure.

• Current Ratio: 3.86 (Strong coverage of short-term debt).
• Quick Ratio: 2.96 (Excellent ability to meet obligations without selling inventory).
• Cash Position: $178.3 million (Cash, cash equivalents, and investment securities as of September 30, 2025).

The working capital trend is positive, driven by the commercial success of BRIUMVI, their flagship drug. This strong liquidity is a massive advantage in the biotech space, giving them flexibility for R&D and market expansion. The cash, cash equivalents, and investment securities totaled $178.3 million as of September 30, 2025, which management believes is sufficient to fund their current operating plan. That's a solid cash cushion.

But here's the quick math on cash flow: while the reported GAAP net income for Q3 2025 was a massive $390.9 million, you have to look past the headline number. That figure included a non-recurring income tax benefit of approximately $365.0 million from the release of a deferred tax asset valuation allowance. This means core profitability is still building, and the company is not yet generating sustainable, positive free cash flow (FCF).

The cash flow statement overview shows a mixed picture. The company's free cash flow yield is actually negative at -1.11%, which flags a potential challenge: the business is still consuming cash from operations, even with soaring revenue. This is typical for a biotech scaling up, but it means the liquidity strength relies heavily on the existing cash pile, not yet on operational self-sufficiency. Investing cash flow saw an outflow, which is expected as they continue to fund two Phase 3 programs, including subcutaneous ublituximab. On the financing side, they executed a $100 million share repurchase program and authorized another $100 million program, a move that signals management confidence but also uses cash.

What this estimate hides is the reliance on BRIUMVI's continued growth to flip that negative free cash flow. If commercial momentum slows, the cash burn rate will become a more pressing issue. The near-term action is clear: monitor the Q4 2025 earnings release for a significant improvement in operating cash flow, stripping out that one-time tax benefit. For more on the bigger picture, check out Breaking Down TG Therapeutics, Inc. (TGTX) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at TG Therapeutics, Inc. (TGTX) and asking the right question: Is the market pricing this biotech company fairly, or is the recent growth already baked in? The short answer is that the stock appears undervalued based on analyst consensus, but its valuation multiples reflect the high-growth, high-risk nature of a commercial-stage biotech with a blockbuster drug like BRIUMVI (ublituximab-xiiy).

Honestly, traditional metrics like the Price-to-Earnings (P/E) ratio can be messy for a company transitioning from clinical-stage losses to commercial-stage profitability, especially with a one-time tax benefit skewing the trailing numbers. Still, we have to look at the facts and the forward expectations for the 2025 fiscal year.

Here's the quick math on where TG Therapeutics, Inc. stands against its own projected earnings and book value:

The P/B ratio of nearly 20x and an Enterprise Value-to-EBITDA (EV/EBITDA) of over 44x definitely signal a premium valuation. Investors are pricing in the projected 2025 total global revenue of $600 million, which the company raised guidance for after a strong Q3 2025 showing. This is a growth stock, so you pay for future potential, not just current assets.

Stock Price Volatility and Dividend Policy

Mapping near-term risks requires looking at price action. Over the last 12 months, the stock has been volatile, which is typical for a biotech riding the commercial success of a new drug. The 52-week high was $46.48, and the 52-week low was $25.28. Trading around the $30.33 to $31.95 range in November 2025, the stock is sitting closer to its low than its high, suggesting a potential buying opportunity if the growth trajectory holds. The market is defintely weighing the immense growth of BRIUMVI against the competitive landscape and pipeline risk.

As for income, TG Therapeutics, Inc. does not pay a dividend. The dividend yield is 0.00% and the payout ratio is 0.00%, which is standard for a company focused on reinvesting all capital back into R&D and commercial expansion, particularly for advancing programs like subcutaneous ublituximab. For more on their long-term strategy, you can review their Mission Statement, Vision, & Core Values of TG Therapeutics, Inc. (TGTX).

Analyst Consensus and Price Targets

The Street's view is overwhelmingly bullish, which reinforces the case for the stock being technically undervalued right now. The consensus rating is a 'Strong Buy' or 'Buy,' with very few 'Hold' or 'Sell' ratings, as of November 2025.

• Consensus Price Target sits at approximately $50.25.
• The high-end target is $60.00, set by HC Wainwright & Co. in October 2025.
• The low-end target is $37.00.

Here's the thinking: with the stock trading near $31.95, the average target implies an upside of over 57%. What this estimate hides is that the consensus relies heavily on the continued, rapid market share capture of BRIUMVI. If the competition heats up or if the company misses its revised 2025 guidance, that consensus target will drop fast. The clear action here is to monitor the Q4 2025 revenue and prescription volume reports closely for any signs of deceleration.

Next Step: Portfolio Manager: Re-run a discounted cash flow (DCF) model using a conservative 5% deceleration in BRIUMVI's growth rate for 2026 to stress-test the $50.25 consensus target by the end of the month.

Risk Factors

You're looking at TG Therapeutics, Inc. (TGTX) after a strong 2025, but the market is a forward-looking machine, and the risks are real, especially around their core product, BRIUMVI. The primary challenge isn't immediate financial distress-their Altman Z-Score of 6.74 suggests strong financial health-but rather a combination of competitive pressure and execution risk in international markets.

The biggest near-term risk is competitive erosion in the relapsing multiple sclerosis (RMS) market. While TG Therapeutics is executing well in the U.S., the growth rate of BRIUMVI is slowing, a natural but concerning trend as the drug matures. New competition is intensifying both within and outside the CD20 antibody class, with rivals like Novartis testing a less frequently administered version of Kesimpta and Roche's fenebrutinib generating positive Phase 3 results.

Here's the quick math on the competitive landscape:

• BRIUMVI U.S. Net Revenue (2025 Guidance): Approximately $585 million.
• Threat: Competitors are developing products with improved convenience, such as less frequent administration or oral options, which could slow new patient uptake.

The second major risk is operational, specifically the disappointing performance of their ex-U.S. partner, Neuraxpharm. While U.S. cumulative net sales for BRIUMVI hit approximately $294 million in the first seven quarters, the estimated cumulative net sales in Neuraxpharm territories were only about $27 million. That's a huge gap. This underperformance means the company is missing out on a significant international revenue stream, and it puts pressure on the U.S. market to carry the load.

On the financial side, while the Q3 2025 diluted Earnings Per Share (EPS) was strong at $2.43, this was largely due to a substantial $365 million non-recurring tax benefit, not purely operating income. The stock also carries a high beta of 1.6, meaning it's significantly more volatile than the overall market. Plus, the free cash flow remains negative, at about negative $86.54 million as of October 2025, highlighting potential cash flow challenges despite strong revenue.

To be fair, the company is defintely aware of these pressures and has clear mitigation strategies. They are advancing three product-enhancing late-stage programs for BRIUMVI, including a subcutaneous version, which aims to improve patient convenience and expand the total addressable market. Furthermore, to manage the financial risk and bolster investor confidence, they completed a $100 million share repurchase program and authorized an additional $100 million buyback, underscoring their belief in the long-term value.

The external regulatory environment also presents a risk, particularly the evolving landscape around Artificial Intelligence (AI) technology, which TG Therapeutics relies on. Uncertainty here could introduce unexpected compliance costs and legal liabilities, a new headwind for the entire biotech sector. You need to track their progress on the pipeline and their partner performance closely; that's where the real opportunity or failure lies. For a deeper dive into their financial metrics, you can check out our full analysis: Breaking Down TG Therapeutics, Inc. (TGTX) Financial Health: Key Insights for Investors.

Growth Opportunities

You're looking at TG Therapeutics, Inc. (TGTX) and seeing a company that has moved past the clinical stage and is now a commercial-stage growth story. The key takeaway is that their flagship product, BRIUMVI, is driving substantial near-term revenue, but the real long-term opportunity is in pipeline expansion and delivery innovation.

The company's latest guidance, following strong Q3 2025 results, projects Total Global Revenue to hit approximately $600 million for the full 2025 fiscal year. This is a significant bump from earlier estimates and reinforces the commercial momentum of their core multiple sclerosis (MS) treatment.

BRIUMVI's Market Dominance and Innovation

The primary engine for TG Therapeutics is BRIUMVI (ublituximab-xiiy), which treats relapsing forms of MS (RMS). It's capturing market share because it offers clear, practical advantages over older CD20 therapies. We're talking about convenience and cost, which are huge factors for both patients and payers.

The competitive edge is simple: BRIUMVI requires a convenient twice-a-year, 1-hour infusion. This is a massive time-saver compared to longer infusion regimens from competitors, making it more profitable for clinics to schedule patients. Plus, the drug is priced with a roughly 25% price discount compared to rival CD20 therapies, accelerating adoption among physicians.

• Shorter infusion time drives clinic preference.
• Competitive pricing aids payer adoption.
• Sales force doubled to cover 550 targeted U.S. centers.

Future Revenue and Earnings Trajectory

Looking at the numbers, the growth story is compelling. The company has raised its 2025 guidance for U.S. BRIUMVI net product revenue to approximately $585 million. On the earnings front, the reported Q3 2025 EPS of $2.43 was heavily influenced by a $365 million non-recurring tax benefit, but analysts still expect full-year EPS to grow to $1.00 per share next year, representing an 1,150.00% increase from the prior year's $0.08. That's a huge jump in expected profitability, even if some of it is non-cash.

Here's the quick math on the core product's revenue:

Strategic Initiatives and Pipeline Diversification

The company is defintely not resting on its laurels with the intravenous (IV) formulation. The most critical near-term catalyst is the development of a self-administered, subcutaneous (SC) version of BRIUMVI. This moves the drug from the clinic to the patient's home, a major market expansion that could unlock new patient segments and reduce healthcare costs. A pivotal program for the SC formulation is underway, with an auto-injector format targeted for a 2028 launch.

Beyond MS, the pipeline is strategically diversifying into other B-cell mediated autoimmune diseases. This is smart because it uses the same core mechanism of action (MOA) for a wider patient population.

• Evaluating BRIUMVI for other autoimmune diseases like Lupus and Myasthenia Gravis.
• Advancing azer-cel, an allogeneic CD19 CAR T therapy, in a Phase 1 trial for progressive MS through a collaboration with Precision BioSciences.
• Maintaining R&D collaborations with firms like LFB Biotechnologies and Rhizen Pharmaceuticals to support development.

Plus, they're expanding internationally with their partner Neuraxpharm, making BRIUMVI commercially available in the European Union, UK, and Switzerland. This global reach, combined with a commitment to shareholder value-evidenced by the completed $100 million share repurchase and an additional $100 million authorized buyback-shows a management team focused on both growth and capital discipline. For a deeper dive into their long-term vision, you should review the Mission Statement, Vision, & Core Values of TG Therapeutics, Inc. (TGTX).