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TG Therapeutics, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 3 August 2026: press release. Guidance figures: 2 raised, 1 kept. The quarter’s numbers.

Key takeaways

  • BRIUMVI U.S. revenue grew 64%: BRIUMVI U.S. net product revenue was $227.7 million in the second quarter, about 64% above the same period last year. Source
  • R&D expense rose on manufacturing: R&D expense was $95.3 million for the quarter, against $31.8 million a year earlier. About $54.6 million related to subcutaneous manufacturing and secondary manufacturer expenses. Source
  • Commercial spend lifted SG&A: SG&A expense was $82.1 million for the quarter, up from $55.6 million, with the increase mainly from marketing, media spend and commercial personnel costs. Source
  • Net income fell to $7.8 million: Net income was $7.8 million for the quarter, against $28.2 million a year earlier. Net income for the six months was $27.6 million. Source
  • ENHANCE met its primary endpoint: The Phase 3 ENHANCE trial met its primary endpoint. Exposure from a single 600 mg Day 1 infusion was bioequivalent to the approved Day 1 150 mg and Day 15 450 mg regimen. Source
  • Subcutaneous BRIUMVI bioavailability above 60%: Phase 1 data showed mean bioavailability above 60% for subcutaneous BRIUMVI relative to IV. Quarterly subcutaneous dosing is being evaluated in a fully enrolled Phase 3 trial. Source
  • Cash and investments reached $612.3 million: Cash, cash equivalents and investment securities were $612.3 million at June 30, 2026, up from $572.8 million at March 31, 2026. Source
  • BRIUMVI as base for broader company: Management said BRIUMVI is becoming the foundation of a company focused on advancing therapies for immune-mediated diseases. Source

“The second quarter of 2026 was another strong quarter for TG Therapeutics.”

Michael S. Weiss, the Company’s Chairman and Chief Executive Officer

Guidance

AreaPeriodFigureAgainst last quarter
Total global revenue Sourcefull year 2026approximately $950 millionRaised from approximately $925 million
BRIUMVI U.S. net product revenue Sourcefull year 2026$890 - $905 millionRaised from $885-900 million
Operating expense (R&D and SG&A, excluding non-cash compensation) Sourcefull year 2026$350 - $400 million
Subcutaneous BRIUMVI manufacturing and secondary manufacturer start-up costs Sourcefull year 2026approximately $100 millionKept

What changed from last quarter

  • Guidance raised: Full-year total global revenue target raised from about $925 million to about $950 million. Source
  • Guidance raised: Full-year BRIUMVI U.S. net product revenue target raised from $885-900 million to $890-905 million. Source
  • New: Phase 3 ENHANCE trial topline results announced as positive. The first-quarter release had expected this data at mid-year 2026. Source
  • New: Phase 1 trial data for subcutaneous BRIUMVI reported: positive pharmacokinetic, pharmacodynamic, safety and tolerability results versus IV BRIUMVI. Source
  • New: Positive topline Phase 1 data for subcutaneous BRIUMVI in myasthenia gravis announced. The first-quarter release did not include this item. Source
  • New: Potentially registration-directed Phase 2 trial of IV BRIUMVI maintenance after efgartigimod induction in myasthenia gravis initiated. Source

Second quarter revenue and growth

  • BRIUMVI U.S. revenue grew 64%: BRIUMVI U.S. net product revenue was $227.7 million in the second quarter, about 64% above the same period last year. Source
  • Total revenue reached $240.3 million: Total global revenue was $240.3 million for the quarter, against $141.1 million a year earlier. Product revenue, net was $235.8 million. Source
  • Six-month product revenue rose: Product revenue, net was $437.1 million for the six months, against $258.5 million in the same period of 2025. Source

Ex-U.S. partner sales and royalties

  • Neuraxpharm sales were $8.1 million: Sales of BRIUMVI to ex-U.S. licensing partner Neuraxpharm were $8.1 million for the quarter and $14.6 million for the six months. Source
  • License and royalty revenue increased: License, milestone, royalty and other revenue was about $4.5 million for the quarter, against $2.3 million a year earlier. Most of it was Neuraxpharm royalties and development consideration. Source

“The progress we made this quarter reinforces our confidence in our strategy and our ability to create long-term value for both patients and shareholders.”

Michael S. Weiss, the Company’s Chairman and Chief Executive Officer

Operating costs and expense drivers

  • R&D expense rose on manufacturing: R&D expense was $95.3 million for the quarter, against $31.8 million a year earlier. About $54.6 million related to subcutaneous manufacturing and secondary manufacturer expenses. Source
  • Commercial spend lifted SG&A: SG&A expense was $82.1 million for the quarter, up from $55.6 million, with the increase mainly from marketing, media spend and commercial personnel costs. Source
  • Cost of revenue more than doubled: Cost of revenue was $41.2 million for the quarter, against $18.9 million a year earlier, per the condensed statement of operations. Source

Profit and per-share results

  • Operating income declined year over year: Operating income was $21.7 million for the quarter, against $34.8 million a year earlier. Interest expense was $16.6 million, up from $6.7 million. Source
  • Net income fell to $7.8 million: Net income was $7.8 million for the quarter, against $28.2 million a year earlier. Net income for the six months was $27.6 million. Source
  • Diluted EPS was $0.05: Diluted net income per share was $0.05 for the quarter, against $0.17 a year earlier. The six-month figure was $0.17, against $0.20. Source

Pipeline and clinical programs

  • ENHANCE met its primary endpoint: The Phase 3 ENHANCE trial met its primary endpoint. Exposure from a single 600 mg Day 1 infusion was bioequivalent to the approved Day 1 150 mg and Day 15 450 mg regimen. Source
  • Subcutaneous BRIUMVI bioavailability above 60%: Phase 1 data showed mean bioavailability above 60% for subcutaneous BRIUMVI relative to IV. Quarterly subcutaneous dosing is being evaluated in a fully enrolled Phase 3 trial. Source
  • Schizophrenia and myasthenia gravis trials: A Phase 2 trial in treatment-resistant schizophrenia was started. Management also reported a Phase 2 MG maintenance trial and positive Phase 1 MG data. Source
  • Azer-cel platform momentum cited: Management cited continued momentum across the azer-cel cell therapy platform, without giving a new data figure. Source

Cash, debt and balance sheet

  • Cash and investments reached $612.3 million: Cash, cash equivalents and investment securities were $612.3 million at June 30, 2026, up from $572.8 million at March 31, 2026. Source
  • Funding statement for current plan: Management anticipates that cash and investments plus projected BRIUMVI revenues will be sufficient to fund the business under the current operating plan. Source
  • Debt extinguishment loss in six months: The six-month column shows a $9.2 million loss on extinguishment of debt, which appears in the first-quarter period. Six-month interest expense was $24.2 million. Source
  • Total assets and equity rose: Total assets were $1,639.6 million and total equity was $604.1 million at June 30, 2026, against $1,063.3 million and $648.0 million at December 31, 2025. Source

Strategy and BRIUMVI's broader role

  • BRIUMVI as base for broader company: Management said BRIUMVI is becoming the foundation of a company focused on advancing therapies for immune-mediated diseases. Source
  • ENHANCE extends BRIUMVI prospects: Management said positive ENHANCE results support a simplified initiation regimen and extend the long-run prospects for BRIUMVI. Source

Coming up, as management said on 3 August 2026

  • Full ENHANCE results to be presented: Full results from the Phase 3 ENHANCE trial combining Day 1 and Day 15 doses of IV BRIUMVI are to be presented. Source
  • Subcutaneous topline data timing: Topline Phase 3 data for subcutaneous BRIUMVI is to be announced at year-end 2026 or first quarter 2027. Source
  • Azer-cel progressive MS data: Preliminary Phase 1 azer-cel data in progressive MS is to be presented in the second half of 2026. Source

Figures management reported

FigureReported
BRIUMVI U.S. net product revenue, Q2 2026 Source$227.7 million
Neuraxpharm royalty revenue, Q2 2026 Source$3.6 million
Total R&D expense, Q2 2026 Source$95.3 million
Subcutaneous BRIUMVI topline Phase 3 timing Sourceyear-end 2026 or early 2027

Earlier plans management reported on

  • Ahead: The first-quarter release set a second-quarter target of about $220 million. The company reported $227.7 million and management said results exceeded expectations. Source
  • On track: Management said the second-quarter results put the company on track to exit 2026 at an annualized U.S. BRIUMVI revenue run rate of about $1 billion. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.