The case for & against
Bull & Bear analysis
TG Therapeutics, Inc. (NASDAQ: TGTX) is a biotechnology company focused on developing innovative therapies for autoimmune diseases and cancers, with its flagship product BRIUMVI, aimed at treating multiple sclerosis (MS). The company is strategically enhancing its market position through upcoming product innovations, particularly a subcutaneous formulation of BRIUMVI, which could significantly expand patient access and adoption. In a competitive landscape dominated by established anti-CD20 therapies, TG Therapeutics is aiming to carve out a substantial share by offering differentiated treatment options to patients.
Bull says
- ↑Q1 2026 U.S. net product revenue $195M (+63% YoY) beat $185–190M guide.
- ↑Over 25,000 patients prescribed BRIUMVI, expanding real-world installed base.
- ↑$573M cash and investments support R&D, share repurchases, strategy.
- ↑Subcutaneous BRIUMVI launch could access ~35% self-administered CD20 market.
- ↑Positive Phase 2 trials and subQ MG data (82% success) broaden pipeline.
- ↑High analyst revision momentum and strong growth/profitability factors drive upside.
Bear says
- ↓Q1 EPS fell 40% short of estimates, highlighting profit risks.
- ↓Operating expenses rose to $117M on higher R&D and SG&A, eroding margins.
- ↓Intense competition from large anti-CD20 incumbents (e.g., Ocrevus) threatens share.
- ↓SubQ formulation faces regulatory and timeline risks, potential launch delays.
- ↓Heavy reliance on patient persistence rates risks flattening revenue growth.
- ↓Negative earnings yield, weak book-to-price and high volatility flag valuation risks.
Investment themes with TGTX
Genetic and drug innovations driving medical breakthroughs
Earnings Call · Q1 2026 · Mgmt. Guidance
Transcript signals
Bull points
- Thank you. Welcome, everyone, and thank you for joining us this morning.
- we expect full-year OPEX, you know, again, which we define as R&D and SG&A, excluding stock-based comp, to be roughly $350 million, plus an additional $100 million for our subcutaneous manufacturing work and secondary manufacture,
- We think, again, the rationale for these drugs has not subsided, and we do think that there's a real opportunity, but it's still early.
Bear points
- Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
- Q1 was up a little bit higher than perhaps that range would guide
- One item worth flagging below the operating line was a one-time $9.2 million charge related to the refinancing of our Blue Owl facility, of which approximately 50% was non-cash.