At a glance
TG Therapeutics Inc is worth $8.79B, about 21 times its fiscal 2025 earnings. Revenue grew 87.3% to $616.3M in fiscal 2025, with 72.6% kept as profit; over 5 years it has grown 426.7% a year. It pays no dividend; it spent $100.0M buying back its shares over FY2021–FY2025. The stock returned +66.1% over the past year with dividends reinvested and +12.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.3% in the 2020 crash (S&P 500: 33.7%) and 81.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 10 months after the lows.
The business in plain English
TG Therapeutics is a biotech company focused on diseases driven by B cells, a type of immune cell. Its only marketed product is BRIUMVI (ublituximab-xiiy). The U.S. Food and Drug Administration approved it in December 2022 for adults with relapsing forms of multiple sclerosis (MS). BRIUMVI is a monoclonal antibody, a lab-made protein that targets a marker called CD20 on B cells. After the starting doses, it is given as a one-hour infusion every 24 weeks.
TG launched BRIUMVI in the U.S. in January 2023. Sales depend on doctors prescribing it and on insurers and government programs paying for it. Outside the U.S., Neuraxpharm, a European specialty drug company, markets it under an August 2023 agreement. Germany was the first market, in February 2024. Revenue reached $616 million in 2025, up 87% from 2024. The annual report does not split revenue cleanly by product, segment or region.
Growth plans center on BRIUMVI. As of February 2026, a late-stage (Phase 3) trial of a version injected under the skin was more than three-quarters enrolled. Another Phase 3 trial, testing a simpler dosing schedule for the infusion, had finished enrolling its randomized group. TG is also testing ublituximab in myasthenia gravis, an autoimmune muscle-weakness disease. It is also testing an early-stage cell therapy, azer-cel, in progressive MS. It licenses its drugs from other companies and relies on outside manufacturers.
Price history
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TGTX +66.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $240.3M, up 70.3% from a year earlier, and net income was $7.8M (-72.4%).
- For fiscal 2025, revenue was $616.3M (+87.3% year over year; +426.7% a year from FY2020 to FY2025) with a 72.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +426.7% good |
|---|---|
| Operating margin | 20% good |
| Free cash flow margin | -4.1% weak |
| Return on equity (FY2025) | 69% good |
| Return on assets (FY2025) | 42.1% good |
| Net cash (cash minus debt) | $-128.8M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $152K | $-279.4M | $-214.9M |
| FY2021 | $6.7M | $-348.1M | $-296.0M |
| FY2022 | $2.8M | $-223.8M | $-176.2M |
| FY2023 | $233.7M | $12.7M | $-31.4M |
| FY2024 | $329.0M | $23.4M | $-40.6M |
| FY2025 | $616.3M | $447.2M | $-25.0M |
Valuation snapshot
| Market value | $8.79B |
|---|---|
| P/E ratio | 20.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
TG Therapeutics’s market value went from $254.5M at the end of 2016 to $8.79B on Oct 28, 2026, about 34.5 times as much; since the end of 2025 it is up 86%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.79B | +85.7% |
| 2025 | $4.73B | +1.0% |
| 2024 | $4.69B | +81.2% |
| 2023 | $2.59B | +50.4% |
| 2022 | $1.72B | -36.7% |
| 2021 | $2.72B | -60.3% |
| 2020 | $6.84B | +518.9% |
| 2019 | $1.11B | +225.2% |
| 2018 | $339.9M | -41.3% |
| 2017 | $579.3M | +127.6% |
| 2016 | $254.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TGTX price data to Oct 28, 2026 | +92.6% | +66.1% | +102.0% | +12.7% | +26.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +92.5% |
| 2025 | -1.0% |
| 2024 | +76.2% |
| 2023 | +44.4% |
| 2022 | -37.7% |
| 2021 | -63.5% |
| 2020 | +368.6% |
| 2019 | +170.7% |
| 2018 | -50.0% |
| 2017 | +76.3% |
| 2016 | -61.0% |
| 2015 | -24.7% |
| 2014 | +306.1% |
| 2013 | +7.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.3% over that stretch · deepest drop along the way 55.3%, back to its old high 1.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 72.2% over that stretch · deepest drop along the way 81.7%, back to its old high 9.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (12 read): 0 open-market purchases and 2 sales ($438K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 10, 2026 | Laurence N Charney Director | sell | $275K |
| Nov 24, 2025 | Yann Echelard Director | sell | $163K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.8% | Sep 30, 2026 |
| Vanguard Portfolio Management | 5.26% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Sep 30, 2025 |
ETFs with the most weight in TGTX
| PBE Invesco Biotechnology & Genome ETF | 3.93% |
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 3.69% |
| PSCH Invesco S&P SmallCap Health Care ETF | 3.37% |
| FFTY Innovator IBD 50 ETF | 3.05% |
| BBP Virtus LifeSci Biotech Products ETF | 2.34% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 2.06% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.85% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.79% |
What could go wrong
- The company depends on a single drug. BRIUMVI is TG's only marketed product, and its newer versions are still in trials. Weak sales, limits on its approved uses or failed trials would leave little else to fall back on.
- Tough competition in MS treatment. The company faces substantial competition. Rivals could bring drugs to market sooner or market them more successfully. That could shrink BRIUMVI's sales and limit the payoff from its pipeline.
- Safety and infection concerns. BRIUMVI suppresses part of the immune system. Patients and doctors have raised concerns that such drugs may raise the risk or severity of infections. New side effects found after approval could hurt demand.
- Reliance on licensors and sole-source suppliers. TG licenses BRIUMVI from outside parties. It relies on contract manufacturers that are its sole source of supply. A licensing dispute or production problem could interrupt supply and sales.
- Debt exceeds cash on hand. As of June 30, 2026, total debt was about $745 million against $617 million in cash and investments. Interest and repayments could strain finances if BRIUMVI sales fall short.
- Pricing and insurance coverage pressure. BRIUMVI's sales depend on insurers and government programs covering it. Price regulations, tighter coverage rules, or high patient copays and deductibles could reduce use or push prices lower.
Recent events
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
TG Therapeutics pays no dividend and paid none from fiscal 2021 through 2025, so any return comes from share price changes alone. Free cash flow, the cash left after running and investing in the business, was negative every year from 2020 through 2025. The company has repurchased its own shares instead. It finished a $100 million buyback in September 2025, repurchasing about 3.5 million shares at an average $28.55. The board then approved another $100 million. Even so, shares outstanding rose 7.1% from November 2021 to August 2026.
In the 2020 COVID crash, the stock fell 55% between February 19 and March 18, 2020, and recovered by May 5. In the 2022 bear market, it fell 82% by June 16, 2022, and regained its peak in April 2023. Its deepest drop over its trading history, as of October 28, 2026, was 93%. A single stock like TGTX carries far more risk than a diversified fund.
Questions investors ask
How does TG Therapeutics make money?
Mainly from sales of BRIUMVI, its only marketed drug, which treats adults with relapsing forms of multiple sclerosis. TG markets BRIUMVI itself in the U.S., where it launched in January 2023. Outside the U.S., partner Neuraxpharm handles sales, starting with Germany in February 2024. Revenue was $616 million in 2025, up 87% from 2024. The annual report does not give a clean revenue split by product, segment or region.
Does TG Therapeutics pay a dividend?
No. TG Therapeutics paid no dividends from fiscal 2021 through 2025, so the stock provides no income stream and any return comes from the share price. Instead, the company spent about $100 million on share buybacks over that period. In September 2025, its board approved a new $100 million program. Free cash flow was negative every year from 2020 through 2025, so the business did not generate surplus cash that could fund a dividend.
Is TG Therapeutics profitable?
Yes, on an earnings basis, after losses from 2020 through 2022. Net income was $12.7 million in 2023, $23.4 million in 2024 and $447.2 million in 2025. But 2025 operating income, the profit from the core business, was $123.3 million. That means most of 2025's net income came from items outside day-to-day operations. Free cash flow stayed negative, with an outflow of about $25 million in 2025. In the quarter ended June 30, 2026, net income fell 72% to $7.8 million, while revenue rose 70%.
How much debt does TG Therapeutics have?
About $745 million as of June 30, 2026, against about $617 million in cash and investments. Debt exceeded cash by roughly $129 million. In a March 20, 2026 filing, the company reported signing a major agreement and taking on a new debt or financial obligation. Its annual report warns that its debt and the payments on it could hurt its finances and make it harder to fund operations.
How volatile is TGTX stock?
Very volatile. As of October 28, 2026, the stock's one-year volatility, a measure of how widely its price swings, was 47%. Over its trading history it has fallen as much as 93% from a peak. From 2021 through 2025, calendar-year returns ranged from a 63% loss in 2021 to a 76% gain in 2024. The stock was up about 93% for 2026 through October 28. Its one-year beta of 0.54 suggests that company news, more than broad market moves, drives those swings.