NEW YORK, August 3, 2026, 10:22 EDT
- TG stock fell 9.8% to $46.94 as of 10:06 a.m. EDT. The iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) slipped 0.2%.
- Revenue for the second quarter increased by 70% to $240.3 million, while operating income declined 38% to $21.7 million and diluted earnings per share fell to five cents.
TG Therapeutics Inc NASDAQ:TGTX shares fell in early trading in New York on Monday, as stronger BRIUMVI sales did not offset a significant earnings shortfall and broader spending outlook. Evercore ISI analyst Michael DiFiore noted that analysts were “underestimating operating expenses.” Investor’s Business Daily
The results were mixed. Revenue exceeded the analyst consensus of $229.7 million by 4.6%. Diluted EPS came in 84% under the 31.71-cent forecast. Demand outperformed expectations, but costs were higher.
TG’s revenue grew by $99.2 million compared to a year earlier, while costs and expenses increased by $112.4 million. Each additional $1 in revenue resulted in $1.13 in extra cost. R&D spending almost tripled, SG&A climbed by 48%, and operating margin dropped to 9.0% from 24.7%, based on company data calculations.
| Q2 metric | 2026 | 2025 | Change |
|---|---|---|---|
| Total revenue | $240.3 mln | $141.1 mln | +70.3% |
| R&D plus SG&A | $177.5 mln | $87.4 mln | +103.1% |
| Total costs and expenses | $218.7 mln | $106.3 mln | +105.7% |
| Operating income | $21.7 mln | $34.8 mln | -37.8% |
| Operating margin | 9.0% | 24.7% | -15.7 points |
| Diluted EPS | $0.05 | $0.17 | -70.6% |
Management stated that manufacturing activity made reported profit an unreliable indicator of the current operating pace. Chief Executive Michael Weiss said, “BRIUMVI is enabling us to build something much bigger.” Finance chief Sean Power noted net income would have totaled roughly $62 million had it not been for manufacturing charges, connecting that number to the company’s “underlying earnings power.” On the same call, base 2026 R&D and SG&A was projected at $350 million to $400 million, up from around $350 million in May, while global revenue guidance increased to about $950 million from $925 million. With the revised midpoint, base spending increases by $25 million, matching the rise in revenue. At the second quarter gross margin of 82.9%, the sales gain would contribute about $20.7 million in gross profit if the margin remains steady. Investing.com
| 2026 guidance | May | August | Change |
|---|---|---|---|
| Total global revenue | About $925 mln | About $950 mln | +$25 mln |
| U.S. BRIUMVI revenue | $885–$900 mln | $890–$905 mln | +$5 mln at each end |
| Base R&D plus SG&A | About $350 mln | $350–$400 mln | Midpoint +$25 mln |
| Special manufacturing and start-up costs | About $100 mln | About $100 mln | No change |
Non-cash compensation not included.
U.S. sales remain the primary driver for second-quarter results that topped expectations. In May, TG targeted $220 million in second-quarter sales after first-quarter sales of $194.8 million, requiring $470.2 million to $485.2 million in sales for the second half. First-half sales came to $422.5 million. The updated range lowers the second-half requirement to $467.5 million-$482.5 million, reducing the target at both ends by $2.7 million. To hit the new range, average third- and fourth-quarter sales only need to be 2.7% to 6.0% higher than second-quarter sales. TG recorded $58.8 million of its $100 million planned special manufacturing spend in the first half, leaving about $41.2 million if the full-year target remains intact.
| U.S. BRIUMVI sales bridge | May setup | August setup |
|---|---|---|
| First-half base used | $414.8 mln: Q1 actual, Q2 goal | $422.5 mln actual |
| Full-year target | $885–$900 mln | $890–$905 mln |
| Second-half revenue required | $470.2–$485.2 mln | $467.5–$482.5 mln |
| Average per second-half quarter | $235.1–$242.6 mln | $233.8–$241.3 mln |
Management aims for quarterly U.S. revenue to exceed $250 million before the end of the year. Achieving this would mean a significant portion of the growth needed in the second half would be concentrated in the fourth quarter; a weaker third quarter would still be consistent with the updated outlook. However, if core spending lands at the higher end of projections, the stock might not respond positively.
The next significant update is for subcutaneous BRIUMVI. Phase 1 results showed mean bioavailability above 60%, and company projections indicate quarterly dosing is feasible. Enrollment for the Phase 3 trial is complete, with top-line results expected late in 2026 or early 2027.
Risks: Core operating costs may rise to $400 million, surpassing the May goal by $50 million. Phase 3 outcomes or schedule could fall short. BRIUMVI remains TG’s sole commercialized drug, so any drop in demand would affect total commercial revenue.
