The company achieved a 69.6% year-over-year revenue growth rate in 2026Q1 while maintaining a robust 83.6% gross margin, though operating margins remain constrained at 17.0% due to heavy commercial reinvestment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 700.35M | 616.29M | 329M | 233.66M | 2.79M | 6.69M | 152K | 152K | 152K | 152.38K | 152.38K | 152.38K | 152.38K | 152.38K | 19.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 2.71M | 5.36M | 1.2M | 3M | 100K | 100K |
| Revenue Growth % | 81.26% | 87.32% | 40.8% | 8290.02% | -58.36% | 4300.66% | 0% | 0% | -0.25% | 0% | 0% | 0% | 0% | 699.98% | - | - | - | - | - | - | - | - | - | -100% | -81.56% | -49.39% | 346.58% | -60% | 2900% | 0% | - |
| Cost of Goods Sold | 118.75M | 100.71M | 38.49M | 14.13M | 265K | 790K | 0 | 0 | 88K | 82.36K | 62.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08M | 4.06M | 800K | -200K | -100K | 0 |
| COGS % of Revenue | - | 16.34% | 11.7% | 6.05% | 9.52% | 11.81% | - | - | 57.89% | 54.05% | 41.32% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 76.79% | 75.75% | 66.67% | -6.67% | -100% | - |
| Gross Profit | 581.6M | 515.57M | 290.52M | 219.53M | 2.52M | 5.9M | 152K | 152K | 64K | 70.03K | 89.42K | 152.38K | 152.38K | 152.38K | 19.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 629.35K | 1.3M | 400K | 3.2M | 200K | 100K |
| Gross Margin % | 83.04% | 83.66% | 88.3% | 93.95% | 90.48% | 88.19% | 100% | 100% | 42.11% | 45.95% | 58.68% | 100% | 100% | 100% | 100% | - | - | - | - | - | - | - | - | - | 100% | 23.21% | 24.25% | 33.33% | 106.67% | 200% | 100% |
| Gross Profit Growth % | - | 77.47% | 32.34% | 8611.55% | -57.28% | 3780.92% | 0% | 137.5% | -8.61% | -21.69% | -41.32% | 0% | 0% | 699.98% | - | - | - | - | - | - | - | - | - | -100% | -20.55% | -51.57% | 224.9% | -87.5% | 1500% | 100% | - |
| Operating Expenses | 432.11M | 392.25M | 248.59M | 198.9M | 220.84M | 350.67M | 273.75M | 169.21M | 174.55M | 118.86M | 79.12M | 63.33M | 55.87M | 20.32M | 25.81M | 881.97K | 2.02M | 1.77M | 4.41M | 12.14M | 10M | 19.36M | 6.14M | 4.76M | 2.05M | 3.74M | 4.46M | 3.1M | 5.9M | 5.5M | 3.9M |
| OpEx % of Revenue | - | 63.65% | 75.56% | 85.12% | 7929.48% | 5242.47% | 180096.05% | 111320.39% | 114836.84% | 78004.56% | 51923.47% | 41561.87% | 36666.96% | 13335.5% | 135496.89% | - | - | - | - | - | - | - | - | - | 410.58% | 137.79% | 83.26% | 258.33% | 196.67% | 5500% | 3900% |
| Selling, General & Admin | 254.78M | 232.03M | 154.3M | 122.71M | 95.48M | 128.09M | 107.85M | 15.03M | 15.16M | 16.33M | 9.89M | 15.63M | 15.79M | 6.66M | 4.78M | 554.69K | 1.52M | 1.73M | 2.61M | 3.61M | 3.83M | 2.29M | 1.99M | 1.79M | 1.51M | 2.85M | 3.26M | 1.9M | 2.7M | 2.8M | 2.8M |
| SG&A % of Revenue | - | 37.65% | 46.9% | 52.51% | 3428.51% | 1914.93% | 70953.95% | 9886.18% | 9974.34% | 10717.22% | 6489.65% | 10254.02% | 10360.3% | 4369.37% | 25102.14% | - | - | - | - | - | - | - | - | - | 302.63% | 105.09% | 60.75% | 158.33% | 90% | 2800% | 2800% |
| Research & Development | 157.37M | 160.22M | 94.29M | 76.19M | 125.35M | 222.58M | 165.9M | 154.18M | 153.79M | 96.89M | 66.49M | 43.45M | 31.35M | 12.62M | 20.57M | 327.28K | 495.79K | 40.38K | 1.8M | 8.54M | 6.17M | 17.07M | 4.15M | 1.72M | 539.75K | 886.72K | 1.13M | 1.1M | 3M | 2.6M | 1.1M |
| R&D % of Revenue | - | 26% | 28.66% | 32.61% | 4500.97% | 3327.54% | 109142.11% | 101434.21% | 101179.61% | 63581.51% | 43633.93% | 28511.31% | 20576.57% | 8282.63% | 108001.8% | - | - | - | - | - | - | - | - | - | 107.95% | 32.7% | 21.09% | 91.67% | 100% | 2600% | 1100% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61K | -58.74K | 393.2K | 1.03M | 815.47K | 3.41M | 1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.25M | 0 | 0 | 76.09K | 100K | 200K | 100K | 0 |
| Operating Income | 149.5M | 123.32M | 41.93M | 20.63M | -218.32M | -344.77M | -273.59M | -169.06M | -174.4M | -118.71M | -78.97M | -63.18M | -55.72M | -22.97M | -26.9M | -881.97K | -2.02M | -1.77M | -4.41M | -12.14M | -10M | -19.36M | -6.14M | -4.76M | -1.55M | -3.11M | -3.16M | -2.7M | -2.7M | -5.3M | -3.8M |
| Operating Margin % | 21.35% | 20.01% | 12.74% | 8.83% | -7838.99% | -5154.28% | -179996.05% | -111220.39% | -114736.84% | -77904.56% | -51823.47% | -41461.87% | -36566.96% | -15071.43% | -141196.45% | - | - | - | - | - | - | - | - | - | -310.58% | -114.58% | -59.01% | -225% | -90% | -5300% | -3800% |
| Operating Income Growth % | - | 194.13% | 103.21% | 109.45% | 36.68% | -26.02% | -61.84% | 3.06% | -46.91% | -50.33% | -24.99% | -13.39% | -142.62% | 14.61% | -2949.42% | 56.27% | -13.84% | 59.85% | 63.66% | -21.44% | 48.34% | -215.12% | -29.1% | -206.41% | 50.02% | 1.74% | -17.13% | 0% | 49.06% | -39.47% | - |
| EBITDA | 149.69M | 123.57M | 42.21M | 21.06M | -217.8M | -344.28M | -273.22M | -168.77M | -174.31M | -118.63M | -78.91M | -63.16M | -55.72M | -22.96M | -26.89M | -845.98K | -2.01M | -1.77M | -4.39M | -12.1M | -9.94M | -19.3M | -6.01M | -4.57M | -1.5M | -3.04M | -3.09M | -2.6M | -2.5M | -5.2M | -3.6M |
| EBITDA Margin % | 21.37% | 20.05% | 12.83% | 9.01% | -7820.5% | -5146.9% | -179750% | -111034.87% | -114678.95% | -77850.52% | -51782.16% | -41451.73% | -36564.38% | -15070.69% | -141195.21% | - | - | - | - | - | - | - | - | - | -300.68% | -112.14% | -57.59% | -216.67% | -83.33% | -5200% | -3600% |
| EBITDA Growth % | 149.16% | 192.75% | 100.46% | 109.67% | 36.74% | -26.01% | -61.89% | 3.18% | -46.94% | -50.34% | -24.92% | -13.37% | -142.62% | 14.61% | -3079.15% | 57.98% | -14% | 59.74% | 63.73% | -21.68% | 48.51% | -220.94% | -31.64% | -203.92% | 50.56% | 1.47% | -18.71% | -4% | 51.92% | -44.44% | - |
| D&A (Non-Cash Add-back) | 188K | 244K | 280K | 423K | 515K | 494K | 374K | 282K | 88K | 82.36K | 62.96K | 15.45K | 3.93K | 1.13K | 235 | 36K | 3.4K | 5.53K | 26.11K | 48.34K | 60.19K | 53.73K | 128.14K | 189.25K | 49.5K | 66.23K | 76.09K | 100K | 200K | 100K | 200K |
| EBIT | 156.69M | 134.12M | 49.62M | 25.68M | -213.62M | -342.46M | -273.05M | -167.58M | -172.6M | -117.63M | -78.97M | -63.18M | -55.72M | -19.53M | -24.95M | -881.97K | 1.89M | -1.74M | -3.95M | -12.03M | -9.69M | -19.14M | -5.9M | 0 | -1.02M | -3.11M | -3.16M | -2.7M | -3.2M | -5.3M | -3.7M |
| Net Interest Income | -27.64M | -26.73M | -24.03M | -12.62M | -10.19M | -5.64M | -6.33M | -5.29M | -877K | -845K | 323K | -798.08K | -875.65K | -922.07K | -889.96K | 0 | -722.6K | 38.34K | 393.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 857K | 294.48K | 323.03K | 174.65K | 55.05K | 30.82K | 15.79K | 0 | 548.45K | 586.7K | 458.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 27.64M | 26.73M | 24.03M | 12.62M | 10.19M | 5.64M | 6.33M | 5.29M | 1.73M | 1.14M | 0 | 972.74K | 930.7K | 952.89K | 905.74K | 7.1K | 1.27M | 548.36K | 64.79K | 476 | 1.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -27.21M | -15.93M | -16.34M | -7.57M | -5.5M | -3.33M | -5.79M | -3.82M | 918K | 235.99K | 716K | 231.37K | -60.19K | -309.82K | -62.55K | -7.1K | 3.36M | -521.73K | 393.84K | 111.7K | -1K | 5.85K | 71.18K | -2.46M | -539.97K | 1.33M | -2.73M | 0 | 0 | 200K | 200K |
| Pretax Income | 122.28M | 107.39M | 25.59M | 13.06M | -223.81M | -348.1M | -279.38M | -172.87M | -173.48M | -118.48M | -78.25M | -62.95M | -55.78M | -20.48M | -25.85M | -889.07K | 1.35M | -2.83M | -4.66M | -12.03M | -10M | -19.35M | -6.07M | -7.22M | -1.56M | -1.78M | -5.9M | 0 | 0 | -5.1M | -3.6M |
| Pretax Margin % | 17.46% | 17.43% | 7.78% | 5.59% | -8036.34% | -5204.08% | -183803.29% | -113730.92% | -114132.89% | -77749.86% | -51353.45% | -41310.04% | -36606.45% | -13438.82% | -135725.28% | - | - | - | - | - | - | - | - | - | -311.63% | -65.52% | -110.01% | - | - | -5100% | -3600% |
| Income Tax | -340.78M | -339.79M | 2.21M | 390K | 0 | 0 | 0 | 0 | -918K | -235.74K | -716.23K | -231.37K | 60.19K | -2.49M | 330K | 0 | -2.64M | 1.02M | -143.84K | -111.7K | -305.2K | -216.01K | -246.79K | 1.2M | -5.98K | -1.37M | 2.64M | -300K | 100K | 100K | 0 |
| Effective Tax Rate % | -278.68% | -316.41% | 8.64% | 2.99% | 0% | 0% | 0% | 0% | 0.53% | 0.2% | 0.92% | 0.37% | -0.11% | 12.15% | -1.28% | 0% | -196.13% | -36.08% | 3.08% | 0.93% | 3.05% | 1.12% | 4.06% | -16.65% | 0.38% | 77.24% | -44.78% | - | - | -1.96% | 0% |
| Net Income | 461.9M | 447.18M | 23.38M | 12.67M | -223.81M | -348.1M | -279.38M | -172.87M | -173.48M | -118.48M | -78.25M | -62.95M | -55.78M | -20.48M | -18.07M | -853.07K | 623.64K | -2.79M | -4.27M | -12.03M | -9.7M | -19.14M | -5.9M | -5.96M | -1.55M | -1.73M | -5.8M | -2.4M | -2.8M | -5.2M | -3.6M |
| Net Margin % | 65.95% | 72.56% | 7.11% | 5.42% | -8036.34% | -5204.08% | -183803.29% | -113730.92% | -114132.89% | -77749.86% | -51353.45% | -41310.04% | -36606.45% | -13438.82% | -94879.88% | - | - | - | - | - | - | - | - | - | -309.39% | -63.97% | -108.28% | -200% | -93.33% | -5200% | -3600% |
| Net Income Growth % | 1079.81% | 1812.41% | 84.52% | 105.66% | 35.7% | -24.6% | -61.61% | 0.35% | -46.43% | -51.4% | -24.31% | -12.85% | -172.39% | -13.31% | -2018.54% | -236.79% | 122.33% | 34.57% | 64.52% | -24.11% | 49.35% | -224.64% | 1.09% | -285.34% | 10.84% | 70.1% | -141.77% | 14.29% | 46.15% | -44.44% | - |
| Net Income (Continuing) | 461.9M | 447.18M | 23.38M | 12.67M | -223.81M | -348.1M | -279.38M | -172.87M | -173.48M | -118.48M | -78.25M | -62.95M | -55.78M | -20.48M | -26.18M | -889.07K | 623.64K | -2.29M | -4.02M | -12.03M | -9.7M | -19.14M | -5.9M | -5.96M | -1.04M | -1.73M | -5.8M | -2.4M | -2.8M | -5.2M | -3.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.89 | 2.77 | 0.15 | 0.09 | -1.46 | -2.63 | -2.42 | -1.96 | -2.30 | -1.91 | -1.60 | -1.38 | -1.64 | -0.81 | -1.38 | -0.44 | 15.68 | -111.24 | -170.00 | -497.55 | -453.62 | -1236.34 | -615.64 | -748.86 | -347.70 | -1528.59 | -13339.03 | -7017.54 | -8750.00 | -23853.21 | -17391.30 |
| EPS Growth % | 1070.69% | 1746.67% | 75.85% | 105.84% | 44.49% | -8.68% | -23.47% | 14.78% | -20.42% | -19.38% | -15.94% | 15.85% | -102.47% | 41.3% | -213.64% | -102.81% | 114.1% | 34.56% | 65.83% | -9.68% | 63.31% | -100.82% | 17.79% | -115.38% | 77.25% | 88.54% | -90.08% | 19.8% | 63.32% | -37.16% | - |
| EPS (Basic) | - | 3.10 | 0.16 | 0.09 | -1.46 | -2.63 | -2.42 | -1.96 | -2.30 | -1.91 | -1.60 | -1.38 | -1.64 | -0.81 | -1.38 | -0.44 | 15.68 | -111.24 | -170.00 | -497.55 | -453.62 | -1236.34 | -615.64 | -748.86 | -347.70 | -1528.59 | -13339.03 | -7017.54 | -8750.00 | -23853.21 | -17391.30 |
| Diluted Shares Outstanding | 160.06M | 161.41M | 160.34M | 148.51M | 135.41M | 132.22M | 115.33M | 88.37M | 75.47M | 62.07M | 49.04M | 45.65M | 34.07M | 25.41M | 13.11M | 1.93M | 39.78K | 25.11K | 25.11K | 24.18K | 21.37K | 15.48K | 9.58K | 7.96K | 4.45K | 1.14K | 435 | 342 | 320 | 218 | 207 |
| Basic Shares Outstanding | 144.44M | 144.32M | 145.32M | 141.96M | 135.41M | 132.22M | 115.33M | 88.37M | 75.47M | 62.07M | 49.04M | 45.65M | 34.07M | 25.41M | 13.11M | 1.93M | 39.78K | 25.11K | 25.11K | 24.18K | 21.37K | 15.48K | 9.58K | 7.96K | 4.45K | 1.14K | 435 | 342 | 320 | 218 | 207 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Concentration in single asset
According to recent quarterly filings, TGTX achieved a 69.6% year-over-year revenue growth rate in 2026Q1, signaling that the commercial launch of Briumvi continues to capture significant market share within the competitive multiple sclerosis treatment landscape despite the inherent challenges of competing against established pharmaceutical incumbents.
The consistent double-digit revenue expansion suggests that the one-hour infusion value proposition is resonating with infusion centers and patients. However, investors should monitor whether this growth trajectory can maintain its current momentum as the company moves beyond early adopters and faces more entrenched formulary barriers.
As reported in financial statements, TGTX maintains a robust gross margin of 83.6% as of 2026Q1, reflecting the high-value nature of its biologic asset and the company's ability to manage production costs effectively during the initial stages of its national commercial rollout in the US market.
This high gross margin profile is characteristic of successful specialty biologics, providing the necessary cushion to absorb significant SG&A expenses. Analysts should remain cautious, however, as future margin stability may be tested by potential rebate pressures from pharmacy benefit managers seeking to optimize their own drug spend.
Based on TGTX's reported figures, the operating margin of 17.0% in 2026Q1 indicates that while the company is scaling, a substantial portion of gross profit is still being reinvested into SG&A and R&D to support the ongoing commercialization and potential pipeline expansion efforts.
The lack of significant operating margin expansion suggests that the company has not yet achieved the necessary scale to fully leverage its fixed-cost base. Investors should look for evidence of SG&A efficiency as the Briumvi franchise matures and the need for aggressive promotional spending potentially moderates.
Analysis of the income statement reveals that TGTX's net income has experienced extreme fluctuations, such as the 2025Q3 spike, which appears to be driven by non-recurring items rather than core operational performance, warranting a skeptical view of the company's reported bottom-line profitability metrics.
The discrepancy between operating income and net income suggests that headline EPS figures may be misleading for valuation purposes. A normalized view of earnings, excluding one-time licensing milestones and tax anomalies, is essential to determine the true underlying profitability of the US commercial business.
While TGTX has demonstrated impressive growth, short-term observers may focus on the company's low cash position of $79M relative to its revenue scale, which suggests that the current growth trajectory may be vulnerable to capital market volatility or unforeseen operational setbacks in the near term.
The reliance on a single asset for the entirety of its revenue stream creates a binary risk profile that the market may be underestimating. If the company fails to secure preferred formulary status or faces increased competition from oral alternatives, the current valuation may face significant downward pressure.
Quick answers to the most common questions about buying TGTX stock.
For fiscal year 2025, TG Therapeutics, Inc. (TGTX) reported total revenue of $616.3M. This represents a 616187.0% increase compared to $0.1M in 1996.
TG Therapeutics, Inc. (TGTX) is profitable, generating $447.2M in net income for the fiscal year ending 2025 with a net profit margin of 72.6%.
TG Therapeutics, Inc. (TGTX) reported an operating income of $123.3M, resulting in an operating profit margin of 20.0%. This margin reflects the operational efficiency of the business before interest and taxes.
TG Therapeutics, Inc. (TGTX) generated $515.6M in gross profit for the year, representing a gross profit margin of 83.7%. This demonstrates the company's core pricing power and production efficiency.