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.

Read the full Earnings Call Transcript

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2026 Financial Guidance

• Full year 2026 target total global revenue of approximately $875-$900 million, including BRIUMVI U.S. net product revenue of approximately $825 million-$850 million.
• Q1 2026 target BRIUMVI U.S. net product revenue of approximately $185 million–$190 million.
• Full-year 2026 target operating expense, defined as R&D and SG&A, of approximately $350 million excluding non-cash compensation, in addition to approximately $100 million in expenses associated with the subcutaneous BRIUMVI manufacturing costs and secondary manufacturer start-up costs.

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In light of this, below is a list of mid-cap stocks with high short interest, ranked according to their Seeking Alpha Quant Ratings. These stocks have short interest ranging from approximately 15.8% to 25.3% and market capitalizations between $2.13B and $4.32B, spanning sectors including energy, entertainment, semiconductors, biotechnology, and airlines.

The list is topped by PBF Energy Inc. (PBF) and Sphere Entertainment Co. (SPHR), both earning Strong Buy ratings with scores of 4.85 and 4.75, respectively. These leaders represent the oil and gas refining sector and the movies and entertainment industry.

Navitas Semiconductor (NVTS), TG Therapeutics (TGTX), and JetBlue Airways (JBLU) round out the next tier, each maintaining Buy ratings despite their elevated short interest levels. BigBear.ai Holdings (BBAI) and Advance Auto Parts (AAP) complete the list, with all stocks earning either a Buy or Strong Buy designation from the Quant system.

Seeking Alpha’s Quant Ratings grade stocks based on their relative performance on critical quantitative measures, including valuation, growth, stock momentum, and profitability. Ratings are given on a scale of 1 to 5, with any score of 3.5 or above considered a bullish rating and any score of 2.5 or below representing a bearish assessment.

Here is the list:

1. PBF Energy Inc. (PBF), Quant Rating: 4.85

2. Sphere Entertainment Co. (SPHR), Quant Rating: 4.75

3. Navitas Semiconductor Corporation (NVTS), Quant Rating: 4.48

4. TG Therapeutics, Inc. (TGTX), Quant Rating: 4.21

5. JetBlue Airways Corporation (JBLU), Quant Rating: 4.03

6. BigBear.ai Holdings, Inc. (BBAI), Quant Rating: 4.02

7. Advance Auto Parts, Inc. (AAP), Quant Rating: 3.52

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In today’s volatile market, investors are constantly searching for stocks with strong growth potential and solid financial fundamentals. These companies are still under $7B in market cap but have been rated “Strong Buy” by Seeking Alpha’s Quant rating system.

The stocks featured in this list have been filtered through Seeking Alpha’s proprietary Quant Model. This sophisticated trading algorithm evaluates stocks based on multiple factors, including growth, profitability, value, momentum, and rising analysts’ earnings estimates.

The model has proven remarkably effective, with Seeking Alpha’s very bullish Quant Stock recommendations outperforming the S&P 500 (SP500) by 1,755% versus 379% from January 2010 to June 2021.

Top small-cap and mid-cap healthcare stocks by Quant:

1. Inhibrx Biosciences (INBX) – Strong Buy rating (4.99), up 108.90% year-to-date, $1.16B market cap
2. Nektar Therapeutics (NKTR) – Strong Buy rating (4.98), up 434.71% year-to-date, $1.12B market cap
3. GRAIL, Inc. (GRAL) – Strong Buy rating (4.97), up 117.83% year-to-date, $3.34B market cap
4. Zenas BioPharma (ZBIO) – Strong Buy rating (4.95), up 203.48% year-to-date, $1.87B market cap
5. PTC Therapeutics (PTCT) – Strong Buy rating (4.91), up 61.99% year-to-date, $6.14B market cap
6. Amylyx Pharmaceuticals (AMLX) – Strong Buy rating (4.91), up 145.83% year-to-date, $1.49B market cap
7. Arcus Biosciences (RCUS) – Strong Buy rating (4.89), up 139.35% year-to-date, $2.29B market cap
8. TG Therapeutics (TGTX) – Strong Buy rating (4.89), down 14.15% year-to-date, $4.45B market cap
9. Sight Sciences (SGHT) – Strong Buy rating (4.88), up 103.06% year-to-date, $351.07M market cap
10. AnaptysBio (ANAB) – Strong Buy rating (4.87), up 78.48% year-to-date, $1.04B market cap

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The Swiss drugmaker said fenebrutinib, a Bruton’s tyrosine kinase (BTK) inhibitor, reached the primary endpoint in FENhance 2, the first of two Phase 3 trials similarly designed to evaluate fenebrutinib in patients with relapsing MS.

Additionally, the company announced that fenebrutinib, an oral, central nervous system (CNS)-penetrant, was found to be non-inferior to Ocrevus (ocrelizumab) in its Phase 3 FENtrepid pivotal study, which tested it against the non-oral medication.

The experimental therapy indicated a safety profile in line with its prior studies, according to Roche (OTCQX:RHHBF), which, however, said that further analysis of safety data is currently underway. TG Therapeutics (TGTX), the developer of the FDA-approved MS therapy Briumvi, fell ~7% after the readout.

Roche (OTCQX:RHHBY) expects to report data from FENhance 1, its second RMS Phase 3 trial for fenebrutinib, by H1 2026.

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Management View

• CEO Michael Weiss reported, “Our flagship product, BRIUMVI for relapsing MS continues to outperform, exemplifying what happens when innovation meets execution. We’ve always believed BRIUMVI had a best-in-class profile, and we’ve built what we believe is the best-in-class team around it.” Weiss detailed the launch and progress of two pivotal studies: ENHANCE, which seeks to consolidate BRIUMVI’s dosing into a single infusion, and a Phase III trial of subcutaneous ublituximab, with enrollment progressing well and data expected by late 2026 or early 2027. Weiss stated these could lead to “meaningful new launches in ’27, ’28 and ’29, each with the potential to drive continued growth into the next decade.”
• Weiss emphasized a disciplined approach to capital allocation, noting, “During the quarter, we completed our initial $100 million share repurchase program, buying back 3.5 million shares at an average price of about $28.50. The Board has now authorized another $100 million program, giving us flexibility to keep doing what makes sense.”
• Chief Commercialization Officer Adam Waldman highlighted, “U.S. net sales for BRIUMVI in Q3 totaled approximately $153 million, extending our track record of strong sequential and year-over-year growth. BRIUMVI’s performance once again exceeded both our internal targets and the Street’s expectation, underscoring the depth and consistency of demand we continue to see across the marketplace.” Waldman attributed growth to strong demand, favorable commercial indicators, and strategic expansion of the field organization. He also referenced the first full quarter of national television campaigns as an early success in brand awareness.
• CFO Sean Power stated, “Our third quarter results reflect sustained commercial strength with total revenue reaching $161.7 million, an increase of 93% compared to Q3 ’24 and 15% over Q2 ’25. Product revenue totaled $159.3 million, driven primarily by $152.9 million in U.S. BRIUMVI net sales.”

Outlook

• Waldman announced, “Based on the strong year-to-date performance, continued new patient growth and positive persistence trends, we are again raising our full year 2025 U.S. BRIUMVI net revenue guidance from $570 million to $575 million to now approximately $585 million for the full year 2025.”
• Management reiterated confidence in BRIUMVI’s long-term potential, describing it as “on track to become a multibillion-dollar brand in RMS.”

Financial Results

• Power detailed that total operating expenses, defined as R&D and SG&A excluding noncash compensation, were approximately $86.6 million in Q3 and approximately $239 million for the nine months ended September 30. He explained, “The quarter-over-quarter increase in OpEx was primarily driven by continued investment in R&D for subcutaneous BRIUMVI as well as higher SG&A spend to support the continued expansion of the BRIUMVI commercial footprint.”
• The company ended the quarter with approximately $178 million in cash, cash equivalents and investment securities.
• GAAP net income was $390.9 million or $2.43 per diluted share, which included a nonrecurring income tax benefit of approximately $365 million from the release of the deferred tax asset valuation allowance. Power clarified, “While this release impacts reported GAAP net income and earnings per share, it does not affect our cash position or our day-to-day operating performance.”

Q&A

• Tara Bancroft, TD Cowen, asked about the updated revenue guidance and implied Q4 growth deceleration. Waldman responded that growth assumptions are “quite good, 14% quarter-over-quarter in the third year here,” driven by patient retention and field expansion, with hopes that media investments will further support demand.
• Lut Ming Cheng, JPMorgan, inquired about demand from the J-code and field force expansion. Waldman clarified, “We’ve had a J-code for several years at this point,” and said hospital demand growth outpaced private practice, driven by new sales reps and account additions.
• Corinne Jenkins, Goldman Sachs, sought details on the subcutaneous product’s market opportunity. Weiss responded, “Subcu — self-administered subcu is approximately 35% closer probably to 40% at this point, potentially growing… 50% of new starts, that would double the opportunity.”
• Michael DiFiore, Evercore ISI, questioned inventory and competitive dynamics. Waldman stated, “No inventory changes or gross to net changes in the quarter. Gross to net is still within the range that we’ve provided.” Regarding competition, he noted the subcutaneous segment has stabilized around a 65-35 or 60-40 IV to subcu split.
• Prakhar Agrawal, Cantor Fitzgerald, asked about 2026 trends and business development. Waldman emphasized patient persistence and new patient growth, while Weiss reiterated a high ROI standard for deals, saying, “It’s all about ROI and risk reward.”
• William Wood, B. Riley Securities, asked about 2026 expectations and maintenance drop-offs. Waldman said patient persistence is “above expectations” and remains a key growth driver, with DTC investments being refined for better targeting.
• Cha Cha Yang, Jefferies, asked about the simplified dosing regimen’s market impact. Weiss said, “This one doesn’t have a clearly different addressable market,” but cited customer excitement and rapid enrollment as positive indicators.

Sentiment Analysis

• Analysts expressed moderate optimism, focusing on sustainability of growth, competitive pressures, and market expansion, but pressed for clarity on growth drivers and the impact of new initiatives.
• Management maintained a confident tone in both prepared remarks and Q&A, consistently emphasizing growth, operational strength, and discipline, with Weiss stating, “Our progress to date, I believe, speaks volumes to the value BRIUMVI delivers.”
• Compared to the previous quarter, the management tone remains confident, but analysts showed increased focus on sustainability of current growth rates and competitive market dynamics.

Quarter-over-Quarter Comparison

• Revenue guidance was raised from a previous $575 million to approximately $585 million for 2025, reflecting stronger-than-expected demand and persistence.
• Product revenue for BRIUMVI increased from $139 million in Q2 to approximately $153 million in Q3.
• Operating expenses increased to $86.6 million from the Q2 figure of $71 million, attributable to R&D and commercial expansion.
• Management’s confidence in subcutaneous BRIUMVI and pipeline progress remained strong, with more specificity on timelines and addressable market potential compared to last quarter.
• Analysts’ questions shifted more toward the long-term sustainability of growth and the competitive landscape, compared to previous quarters where initial launch momentum was a primary focus.

Risks and Concerns

• Management cited the potential for temporary changes in profitability due to future business development moves.
• Weiss highlighted, “Some [deals] look tempting, but we’ve chosen to stay patient and true to our principles,” signaling caution in external investments.
• Analysts raised concerns about deceleration in sequential growth, the impact of competition in the subcutaneous segment, and the translation of DTC investments into sustained demand.

Final Takeaway

TG Therapeutics delivered another quarter of commercial strength, raising full-year BRIUMVI revenue guidance as demand and patient retention remain robust. The company advanced key pipeline milestones, progressing pivotal studies for both simplified dosing and subcutaneous BRIUMVI, which management believes could significantly expand the addressable market. With disciplined capital allocation, a focus on operational excellence, and a strong financial position, TG Therapeutics is positioning itself for sustained growth and leadership in the MS market.

Read the full Earnings Call Transcript

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