TG Therapeutics (NASDAQ:TGTX) executives highlighted rapid revenue growth for BRIUMVI in 2025, expanding adoption in relapsing multiple sclerosis (RMS), and multiple upcoming clinical and regulatory catalysts during the company’s fourth-quarter and year-end 2025 earnings call.
BRIUMVI revenue growth and 2026 outlook
Chairman and CEO Michael Weiss said 2025 was a “defining year,” with the company delivering approximately $616 million in total global revenue. The “vast majority” came from $594 million of BRIUMVI U.S. net sales, capped by a fourth quarter of $183 million. Weiss characterized the fourth-quarter performance as approximately 92% year-over-year growth and 20% sequential growth versus the third quarter, attributing the results to physician choice, patient persistence, and rising confidence in the product.
Commercial drivers: share gains, persistence, and field expansion
Waldman said 2025 growth was supported by “consistent and increasing year-over-year new patient starts,” expansion of the prescriber base, “better than expected persistence,” and increased depth in high-volume infusion accounts. He described adoption as “broad-based” across academic and community settings.
Management emphasized BRIUMVI’s positioning within the IV anti-CD20 segment, citing its one-hour, twice-yearly maintenance infusion and multi-year data package as key differentiators. In response to questions about competitive dynamics, Waldman said the company continues to see share gains in the IV segment and noted it is not seeing decreases in switches from Ocrevus to BRIUMVI.
On sales infrastructure, Waldman said TG expanded its field organization in 2025 to deepen coverage in high-opportunity geographies and broaden reach to community neurologists and independent infusion centers. When asked whether the sales force needed a refocus, he said the company continues to expand strategically where it sees opportunity and emphasized a “pay-for-performance” culture.
Clinical updates: ENHANCE, subcutaneous BRIUMVI, and pipeline programs
Weiss pointed to six-year open-label extension results from ULTIMATE I and II presented at ECTRIMS in September, stating that nearly 90% of patients were free from 24-week confirmed disability progression after six years of continuous treatment. He also said the relapse rate observed “translates into one relapse occurring in every 83 years of treatment,” and management reported no new safety signals in the dataset.
On lifecycle management, Weiss said the company’s Phase III ENHANCE study evaluating consolidation of the day 1 and day 15 infusions into a single 600 mg dose has completed enrollment, with top-line data expected mid-year and a potential 2027 launch if successful. Management said market research and advisory board feedback have been positive on eliminating the second initial dose, and executives believe it could support continued share gains and help in switching decisions.
Weiss also provided an update on a self-administered subcutaneous (sub-Q) BRIUMVI program using an auto-injector, with Phase III evaluating dosing every two months and quarterly administration. The trial is approximately 75% enrolled, with pivotal top-line data targeted later in 2026 or early 2027 (management said “later this year or early next year” on the call), and a potential 2028 launch. Weiss said the sub-Q anti-CD20 market is “substantial” and that competing there could nearly double the company’s total addressable market opportunity. In Q&A, Weiss said the sub-Q portion of the market has been relatively stable around 35% to 40% and suggested it could expand over time as more at-home options become available.
Regarding incremental commercialization costs for sub-Q in the U.S., Weiss said there is significant overlap with the current IV field force—approximately 80%—with some incremental marketing spend but “not a huge incremental cost.” On ex-U.S. plans, he said the company expects partner Neuraxpharm to opt in when offered and that TG would work with Neuraxpharm on strategy at that point.
Beyond MS, Weiss said TG has treated a series of myasthenia gravis patients in a Phase I study as part of exploring BRIUMVI in additional autoimmune indications. In Q&A, he said the patients treated “look quite good” anecdotally, but he had not yet discussed a presentation plan with the team. TG also discussed azer-cel, an allogeneic anti-CD19 CAR T being studied in progressive MS. Weiss said demand is exceeding available trial slots and that the company expects to share updates later in 2026.
Financial results, profitability, and capital allocation
Chief Financial Officer Sean Power reported fourth-quarter U.S. BRIUMVI net product revenue of $182.7 million and total net product revenue of $189.1 million, which included $6.4 million related to sales to Neuraxpharm. For full-year 2025, he reiterated approximately $616 million in global revenue, including $12.8 million from product supplied to Neuraxpharm and $9.4 million in royalty and other revenue.
Power said gross margin was “slightly below typical” in the quarter due to the timing of ex-U.S. partner sales and a one-time inventory reserve. He reported full-year 2025 operating expenses (R&D and SG&A excluding non-cash compensation) of approximately $328 million, slightly above the company’s prior guidance of $300 million to $320 million, driven by incremental manufacturing and development costs related to subcutaneous BRIUMVI and continued commercial investment. The company generated operating income of $123 million for the year.
Net income for Q4 was $23 million, or $0.14 per diluted share. Full-year 2025 net income was $447.2 million, or $2.77 per diluted share, compared with $23.4 million, or $0.15 per diluted share in 2024. Power noted 2025 included a non-recurring income tax benefit of approximately $340 million, primarily tied to releasing the deferred tax asset valuation allowance in the third quarter.
On the balance sheet, Power said TG ended the year with more than $600 million in current assets, including approximately $200 million in cash equivalents and investment securities, $300 million in accounts receivable, and $140 million in inventory.
Management also discussed capital allocation and share repurchases. Weiss said TG completed a $100 million buyback and the board authorized an additional $100 million. Power added the company repurchased approximately 3.5 million shares at an average price of $28.55 per share. Weiss said the company views its shares as significantly undervalued relative to expected cash flow and would consider actions including adding leverage to reduce share count.
Looking ahead, Power guided to 2026 operating expenses of approximately $350 million (excluding non-cash compensation), plus approximately $100 million tied to subcutaneous BRIUMVI manufacturing and secondary manufacturer startup activities. He explained these manufacturing costs currently run through R&D, and if successful, related inventory could be sold later with little to no associated cost of goods, potentially benefiting gross margin in future periods.
Patient engagement and awareness initiatives
Executives highlighted direct-to-patient and educational initiatives, including a partnership with Christina Applegate and the launch of NextInMS.com. Weiss described the platform as focused on “honest, unfiltered conversations” about living with MS. Waldman said early engagement metrics—such as sign-ups, visits, and sessions—have exceeded expectations, and he characterized feedback from patients, customers, and advocacy groups as “incredibly positive.”
About TG Therapeutics (NASDAQ:TGTX)
TG Therapeutics, Inc is a clinical‐stage biopharmaceutical company headquartered in New York City that specializes in developing targeted therapies for hematological malignancies and autoimmune diseases. The company’s research strategy focuses on the modulation of B-cell biology through novel antibody and small‐molecule agents. Since its founding in 2003, TG Therapeutics has built a diversified portfolio aimed at addressing unmet medical needs in oncology and immunology.
In December 2022, TG Therapeutics achieved its first commercial milestone when ublituximab-xiiy (marketed as Briumvi® in collaboration with Biogen) received U.S.
