TG Therapeutics raises FY26 guidance despite Q4 earnings miss
BRIUMVI revenue surges 87% as company targets $875-900M in 2026, shares trade flat
TG Therapeutics reported fourth-quarter revenue that beat analyst expectations by more than a quarter while simultaneously raising its 2026 guidance, though shares traded flat as investors weighed the strong revenue growth against an earnings-per-share miss.
The biotechnology company posted fourth-quarter revenue of $192.6 million, surpassing the consensus estimate of $152.2 million by 26.6%. Full-year 2025 revenue surged 87% year-over-year to $616.3 million, driven by the commercial performance of its multiple sclerosis treatment BRIUMVI.
Despite the revenue beat, the company missed earnings expectations. Earnings per share came in at $0.14, falling short of the $0.21 analysts had anticipated. The mixed results left the stock little changed in early trading, with shares hovering around $29.66, down approximately 2.8% on the day.
The company's flagship product, BRIUMVI (ublituximab), generated $182.7 million in U.S. net revenue during the fourth quarter and $594.1 million for the full year 2025. Building on this momentum, management raised 2026 guidance, projecting total revenue of $875-900 million, representing 42-46% growth from 2025 levels. The company expects BRIUMVI U.S. net revenue to reach $825-850 million next year.
"We are pleased with our commercial execution and the strong performance of BRIUMVI in 2025," the company stated in its earnings announcement, highlighting the drug's continued market penetration.
BRIUMVI is competing in the crowded anti-CD20 multiple sclerosis market against established treatments including Roche's Ocrevus, which generated approximately $7.8 billion in 2025 sales, and Novartis' Kesimpta, which reached $4.4 billion in revenue last year. Despite the formidable competition, BRIUMVI has been gaining ground. According to analyst reports, BRIUMVI's new prescription volumes increased 5% quarter-over-quarter in Q4 2025, while total prescriptions grew 15%, outpacing both Ocrevus and Kesimpta in growth metrics.
The drug's competitive advantages include a shorter one-hour infusion time compared to Ocrevus's three-hour administration, and a lower annual wholesale cost of approximately $59,000, making it the most affordable anti-CD20 MS treatment in the U.S. market. The global MS drug market was valued at $21.07 billion in 2025 and is projected to grow to $22.95 billion in 2026, providing a substantial opportunity for continued market share gains.
TG Therapeutics also returned capital to shareholders through its buyback program. The company completed a $100 million share repurchase program and authorized an additional $100 million for future repurchases, signaling confidence in the company's valuation and cash flow generation.
Looking ahead, investors will be watching for pipeline developments that could further expand BRIUMVI's reach. The company is developing a self-administered subcutaneous formulation of BRIUMVI, with pivotal data expected by late 2026 or early 2027. If successful, this could significantly broaden the drug's addressable market by offering patients the convenience of at-home administration, similar to Novartis's Kesimpta.
Analysts maintain a generally positive outlook on the stock. According to market data, the stock carries an analyst target price of $44.43, with six buy ratings, one strong buy, one hold, and one strong sell among covering analysts. The consensus suggests significant upside potential from current levels, assuming the company can maintain its growth trajectory and execute on its pipeline objectives.
The company's profitability metrics have improved markedly, with quarterly earnings growth of 120.5% year-over-year and an operating margin of 18.2%. However, the stock trades at a premium valuation, with a forward price-to-earnings ratio of 42.9, reflecting high growth expectations that the company will need to continue meeting through sustained BRIUMVI adoption and potential new product launches.
As TG Therapeutics enters 2026, the key focus for investors will be whether BRIUMVI can maintain its prescription growth momentum in the face of intense competition and whether the company can expand its margins while scaling its commercial operations. The raised guidance suggests management confidence, but the market's muted initial reaction indicates investors will need to see consistent execution to justify the stock's premium valuation.