Key Takeaways:
TG Therapeutics reported second-quarter revenue of $240 million, up 70 percent from a year earlier, and raised its full-year 2026 target to about $950 million.
"BRIUMVI delivered another outstanding commercial quarter, exceeding our expectations once again and putting us on track to exit 2026 at an approximately $1 billion annualized U.S. BRIUMVI revenue run rate," Michael S. Weiss, chairman and chief executive officer at TG Therapeutics, said.
The New York-based biotech posted net income of $7.8 million, or $0.05 a share, in the three months ended June 30, missing the $0.44 consensus estimate by 89 percent. Revenue of $240 million topped the $230 million analysts expected, a 4.6 percent beat. BRIUMVI U.S. net product revenue reached about $228 million, up from $138.8 million in product revenue a year earlier.
The earnings miss stemmed from a surge in research and development spending, which more than tripled to $95.3 million from $31.8 million as the company funds a subcutaneous version of BRIUMVI, a Phase 3 ENHANCE trial and expansion into myasthenia gravis and schizophrenia. Cash and investments stood at $612.3 million at quarter-end, up from $199.5 million at the start of the year after a capital raise. For the first half, total revenue reached $445.3 million, up 70 percent from $262 million a year earlier.
The company lifted its full-year 2026 BRIUMVI U.S. net product revenue target to $890-905 million, from $825-850 million, and raised total global revenue guidance to about $950 million. Shares rose more than 8 percent to their highest level in over a year following the update, and are up nearly 28 percent year to date. The raise puts BRIUMVI on a faster growth path than Roche's Ocrevus and Novartis' Kesimpta, the leading CD20 therapies in relapsing multiple sclerosis.
Beyond the commercial franchise, the company reported positive topline Phase 3 ENHANCE data supporting a simplified day 1 and day 15 initiation regimen for intravenous BRIUMVI, and is advancing a subcutaneous formulation that could broaden the addressable market. Management also plans to enroll patients in trials evaluating BRIUMVI in myasthenia gravis and schizophrenia, alongside its azer-cel cell therapy platform.
The guidance raise points to management's expectation that BRIUMVI's commercial momentum will accelerate through the second half. Investors will watch for topline Phase 3 ENHANCE data and early Phase 1 results for azer-cel in progressive multiple sclerosis, both expected later this year.
This article is for informational purposes only and does not constitute investment advice.
