TG Therapeutics lifts 2026 guidance to ~$1B as BRIUMVI growth meets a 2027–28 dosing pivot

The quarter in numbers

TG Therapeutics reported third-quarter 2026 total global revenue of $259.9 million. Net product revenue was $240.0 million, against $159.3 million in the third quarter of 2025. License, milestone, royalty and other revenue was approximately $19.9 million, against approximately $2.4 million a year earlier.

Nine-month net product revenue reached $677.1 million, against $417.8 million for the same period of 2025. BRIUMVI U.S. net product revenue was $232.6 million for the quarter and $655.1 million for the nine months.

What drove it

The U.S. BRIUMVI business is the story. It accounts for $232.6 million of the $240.0 million in net product revenue, and the company cited roughly 52% growth over the prior-year quarter. The release gives no volume or price breakdown, so the split between new patients, persistence and net pricing cannot be read from it.

Smaller contributors matter at the margin. Sales of BRIUMVI to ex-U.S. licensing partner Neuraxpharm were $7.4 million in the quarter and $22.0 million for nine months, against $6.4 million in the three- and nine-month periods of 2025. Royalty revenue under the Commercialization Agreement was $4.1 million for the quarter and $10.4 million for nine months.

The bigger swing in other revenue was $15.8 million of license, milestone and other revenue tied to the same agreement in Q3, compared with $17.6 million for nine months. That is the main reason total revenue ran about $20 million above product revenue this quarter. It is lumpier than product sales and should not be read as a run-rate.

Costs, margins and the balance sheet

Spending rose faster than the prior year. R&D was approximately $51.3 million in Q3 (versus $40.9 million) and $195.0 million for nine months (versus $119.0 million). The company attributed the increase primarily to subcutaneous manufacturing and secondary manufacturer expenses, plus clinical trial costs for the pipeline.

SG&A was approximately $80.7 million in Q3 (versus $63.4 million) and $251.0 million for nine months (versus $169.3 million). The company said this was primarily due to higher marketing and media spend and personnel costs tied to BRIUMVI commercialization.

Net income was $55.5 million for the quarter and $83.0 million for nine months. The comparison periods were $390.9 million and $424.1 million, which the company said included a non-recurring income tax benefit of approximately $365.0 million from releasing its deferred tax asset valuation allowance. The year-on-year decline in net income is therefore largely an accounting artifact. The release does not give gross margin or an operating income figure.

Cash, cash equivalents and investment securities were $556.7 million at September 30, 2026. The company said this, combined with projected BRIUMVI revenue, should fund the business under its current operating plan. It spent approximately $100 million on buybacks in the quarter: about 2.0 million shares at an average $49.43. Cumulative repurchases are $300 million, or 8.9 million shares (approximately 6% of shares outstanding), at an average $33.88.

Guidance

Full-year total global revenue guidance rises to approximately $1 billion from approximately $950 million. BRIUMVI U.S. net product revenue guidance rises to approximately $915–920 million from $890–905 million. Operating expense guidance (R&D and SG&A excluding non-cash compensation) is reaffirmed at approximately $450–500 million, including subcutaneous manufacturing and secondary manufacturer start-up costs.

By our arithmetic, not a company figure, the U.S. guidance range minus the $655.1 million nine-month total implies roughly $260–265 million in Q4. Total revenue of about $1 billion against $705.1 million over nine months implies roughly $295 million, which would require another sizeable non-product contribution or higher product sales. The company said it anticipates a strong fourth quarter.

Pipeline and regulatory catalysts

The company's near-term focus is on how BRIUMVI is dosed. The Phase 3 ENHANCE trial showed bioequivalent exposure between the current two-infusion initiation and a single 600mg infusion, with comparable infusion-related reactions and no Grade 3 or higher reactions observed. The CEO flagged a potential simplified IV initiation launch in mid-2027.

Phase 1 subcutaneous data showed mean bioavailability above 60% relative to IV. Top-line data from the fully enrolled Phase 3 subcutaneous trial, which evaluates a quarterly regimen, are expected by year-end 2026 or early 2027, and the CEO pointed to a potential subcutaneous launch in 2028. The release does not describe regulatory filing timelines.

Long-term data included a seven-year ULTIMATE I & II follow-up (ARR 0.018 in year seven; 88.3% of continuously treated patients free from 24-week confirmed disability progression) and Phase 4 ENABLE data in 1,076 participants (99.2% relapse-free, ARR 0.014). Beyond MS, the company started a potentially registration-directed Phase 2 trial in myasthenia gravis (IV BRIUMVI maintenance after efgartigimod induction) and a Phase 2 trial in treatment-resistant schizophrenia. Initial Phase 1 azer-cel data in progressive MS covered 26 participants.

What to watch

The first test is the subcutaneous Phase 3 readout, which carries the 2028 launch thesis. Next is whether Q4 delivers the revenue the raised guidance implies. Also worth watching is how R&D and SG&A track against the $450–500 million operating expense range as subcutaneous and secondary-manufacturer costs build. Finally, the early-stage azer-cel, myasthenia gravis and schizophrenia programs will show how far the company can diversify beyond a single product.