Earnings Call Insights: TG Therapeutics (TGTX) Q4 2025
Management View
- Michael Weiss, Chairman, CEO & President, stated that 2025 was a defining year for TG Therapeutics, emphasizing, “We delivered approximately $616 million in total global revenue, the vast majority of which came from $594 million of BRIUMVI U.S. net sales, and we capped the year with a strong fourth quarter of $183 million. That represents approximately 92% year-over-year growth and 20% sequential growth from Q4 over Q3.” Weiss highlighted strong physician and patient confidence in BRIUMVI, supported by 6-year open-label extension data showing nearly 90% of patients free from 24-week confirmed disability progression.
- Weiss shared that the Phase III ENHANCE study, which consolidates BRIUMVI infusions into a single dose, has completed enrollment with top line data expected midyear and a potential 2027 launch. He also detailed progress on the subcutaneous (subcu) BRIUMVI program, targeting pivotal data later in 2026 or early 2027 for a potential 2028 launch, suggesting this could nearly double the addressable market opportunity.
- Weiss reported the completion of a $100 million share repurchase program, with the Board authorizing an additional $100 million buyback. He stated, “At current levels, we view our shares as significantly undervalued … and we will not hesitate to act accordingly, including adding leverage to reduce our share count.”
- Adam Waldman, Chief Commercial Officer, noted, “For the fourth quarter of 2025, we delivered U.S. net sales of $183 million and continued sequential expansion versus Q3.” Waldman reported broad-based growth across academic and community settings and reaffirmed the full year U.S. BRIUMVI net revenue guidance for 2026 at $825 million to $850 million, with global revenue at $875 million to $900 million.
- Sean Power, CFO, reported, “Total net product revenue for the quarter was $189.1 million, which includes $6.4 million of product revenue related to sales to our partner, Neuraxpharm in support of ex-U.S. commercialization.” Power added, “For the fourth quarter, net income was $23 million or $0.14 per diluted share. For the full year 2025, net income totaled $447.2 million or $2.77 per diluted share.”
Outlook
- The company reaffirmed 2026 full year U.S. BRIUMVI net revenue guidance of $825 million to $850 million and total global revenue at $875 million to $900 million.
- Waldman indicated, “Turning to the first quarter … we expect U.S. revenue to grow sequentially over Q4 levels to approximately $185 million to $190 million.”
- The guidance incorporates expectations for continued growth through prescriber adoption, share gains, and strong persistence on therapy.
Financial Results
- Power reported total global revenue for 2025 of $616 million, with $594 million in U.S. BRIUMVI net product revenue and $12.8 million in sales to Neuraxpharm. Quarterly net income was $23 million, with a full year net income of $447.2 million.
- Operating expenses for 2025 totaled approximately $328 million, with 2026 expenses expected at $350 million plus $100 million for subcutaneous manufacturing and start-up activities.
- The company ended the year with more than $600 million in current assets, including $200 million in cash, $300 million in accounts receivable, and $140 million in inventory.
Q&A
- Michael DiFiore, Evercore ISI: Asked about uptake dynamics between IV and subcu competitors. Waldman responded, “We continue to seek share gains in the IV segment… we’re seeing growth across both private practice and academic centers… the durability of the clinical profile… and the operational advantages of BRIUMVI … are relevant for patients and infusion centers.”
- DiFiore followed up on gross to net assumptions. Waldman stated, “Gross to net can vary quarter-to-quarter. In Q1, gross to net is influenced by deductible resets and high utilization of co-pay programs. … Our full year guide reflects the net revenue profile for this year.”
- Tara Bancroft, TD Cowen: Questioned the mix of new versus switch patients and growth sustainability. Waldman explained, “We’re still seeing growth. … We’re seeing more and more repeat patients as a bigger part of our business as that patients continue to pancake from quarter-to-quarter and stay on therapy for long periods of time.”
- Prakhar Agrawal, Cantor Fitzgerald: Asked about conservatism in guidance and subcu launch investment. Waldman said guidance is conservative given the early stage of the year, while Weiss noted, “Overlap between our current field force for IV to subcu is, I think, about 80%. … There will obviously be some incremental marketing costs. … As for ex-U.S., we expect our partners at Neurax will opt into that program when offered.”
- Corinne Jenkins, Goldman Sachs: Asked about the subcu market share potential. Power responded, “The subcu portion of the market has been relatively stable for a while, I think 35% to maybe 40% … over time, with new options available, that space can expand and probably will expand.”
- William Wood, B. Riley: Questioned timing of subcu and early-stage data. Weiss stated, “Phase III is approximately 75% enrolled. … Phase III data is expected later this year or early next year. … The Phase I is, I think, just about closing up or maybe it’s not there yet, but getting close.”
Sentiment Analysis
- Analysts pressed on guidance conservatism and market dynamics, reflecting a neutral to slightly positive sentiment. Questions focused on sustainability of growth, competitive positioning, and clarity on subcu strategy.
- Management maintained a confident and positive tone in prepared remarks and Q&A, repeatedly emphasizing strong demand, growth momentum, and a conservative approach to guidance. Weiss stated, “We are honored to partner with [Christina Applegate] on this platform. … We’re not just commercializing BRIUMVI. We’re building the MS company that shows up for patients beyond the prescription.”
- Compared to the previous quarter, both analysts and management continue to display confidence, though management’s language on future growth is more assertive in this call.
Quarter-over-Quarter Comparison
- The company’s full year U.S. BRIUMVI net revenue guidance increased from $585 million in Q3 2025 to $825–$850 million for 2026.
- Management emphasized accelerated enrollment in the ENHANCE and subcu studies, with projected launches and pivotal data timelines becoming more specific.
- Analysts in both quarters focused on growth sustainability and competitive threats, with a shift this quarter toward more detailed questions on market share and subcu strategy.
- Management’s tone is increasingly confident about the sustainability of revenue growth and pipeline opportunities, referencing a more aggressive capital allocation approach including share buybacks and leverage.
Risks and Concerns
- Management acknowledged that gross to net variability in Q1 is a recurring dynamic due to deductible resets and co-pay programs.
- Guidance for 2026 is described as conservative, with management open to revising as the year progresses based on performance.
- The subcu market’s expansion is described as significant but with uncertainties regarding the pace of adoption and competitive landscape.
- Incremental costs associated with the subcu launch and manufacturing are expected but are described as manageable given the overlap with the existing field force.
Final Takeaway
TG Therapeutics closed 2025 with strong revenue and net income growth, significant market share gains for BRIUMVI, and a robust pipeline highlighted by the ENHANCE and subcu programs. Management reaffirmed a confident outlook for 2026, targeting $825 million to $850 million in U.S. BRIUMVI net revenue and continued share buybacks. The company is preparing for pivotal data readouts and potential new launches, positioning itself for further expansion in the multiple sclerosis market and beyond.