Revenue surged 87.3% year-over-year to $616M TTM, with sequential growth accelerating to 70.3% in 2026Q2, but gross margin contracted 840bps to 82.9% from 2024Q1, indicating pricing pressure.
TG Therapeutics, Inc. (TGTX) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 799.54M | 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 % | 76.08% | 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 | 141M | 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 | 658.53M | 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 % | 82.36% | 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 | 522.21M | 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 | 296.4M | 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 | 225.8M | 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 | 0 | 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 | 136.33M | 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 % | 17.05% | 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 | 136.54M | 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 % | 17.08% | 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 % | 58.6% | 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) | 209K | 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 | 133.96M | 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 | -37.49M | -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 | 37.49M | 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 | -34.73M | -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 | 101.6M | 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 % | 12.71% | 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 | -339.89M | -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 % | -334.54% | -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 | 441.49M | 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 % | 55.22% | 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 % | 630.24% | 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) | 441.49M | 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) | 2.81 | 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 % | 638.35% | 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 | 157.28M | 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 | 141.77M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Single-product concentration and rebate pressure
Metrics are mathematically derived from official filings.
Briumvi Drives Accelerating Revenue
TGTX's revenue surged 87.3% year-over-year to $616M TTM, with sequential growth accelerating from 70.3% in 2026Q2, indicating robust commercial execution for Briumvi, as per recent financial statements.
The 70.3% YoY growth in 2026Q2, up from 69.6% in the prior quarter, suggests sustained momentum in new patient starts and infusion center adoption. However, this growth is entirely dependent on a single product, and the ex-US licensing cap limits international upside, making durability contingent on US market share gains against Roche's Ocrevus.
Gross Margin Erosion Signals Pricing Pressure
Gross margin declined from 91.3% in 2024Q1 to 82.9% in 2026Q2, a 840bps drop, suggesting increased rebates or product mix shifts, as reported in quarterly filings.
The steady decline in gross margin, despite rising volumes, may indicate that TGTX is increasing discounts to secure formulary access or facing manufacturing scale inefficiencies. This trend warrants close monitoring, as it could compress future profitability if not offset by volume growth.
Operating Leverage Emerges Amidst SG&A Fluctuations
Operating margin swung from -14.6% in 2024Q1 to 9.0% in 2026Q2, with SG&A as a percentage of revenue falling from 54% to 34%, indicating improving overhead efficiency, based on income statement data.
While operating income has turned positive, the path is uneven; 2026Q2 saw a drop in operating margin to 9.0% from 17.0% in the prior quarter, driven by a spike in R&D spending. This suggests that operating leverage is not yet stable, and investors should watch for sustained SG&A discipline as revenue scales.
Net Margin Distorted by One-Time Items
Net margin of 72.6% TTM is inflated by a $390.9M gain in 2025Q3, likely from an out-licensing deal, masking core profitability; excluding this, net margin would be around 10%, per reported figures.
The massive one-time gain in 2025Q3, which boosted EPS to $2.43, obscures the underlying earnings power. Normalizing for this, TGTX's net income is modest relative to revenue, and the high stock-based compensation (e.g., $47.8M in 2026Q2) further dilutes economic value. Investors should focus on operating income and cash flow for a clearer picture.
R&D and SG&A Costs Remain Elevated
R&D and SG&A combined consumed 74% of revenue in 2026Q2, with R&D jumping to $95.3M from $48.4M in the prior quarter, reflecting increased pipeline investment, as per income statement data.
The sharp increase in R&D spending in 2026Q2 suggests management is reinvesting in pipeline expansion, which may pressure near-term margins. SG&A, while declining as a percentage of revenue, remains high in absolute terms, indicating the cost of maintaining a competitive sales force. This cost structure implies that significant revenue growth is needed to achieve sustainable profitability.
Sustainability of Growth and Margin at Risk
Despite 87% revenue growth, gross margin erosion and reliance on a single product expose TGTX to competitive rebate walls and potential BTK inhibitor disruption, as highlighted in recent financial disclosures.
Short-sellers would argue that the high net margin is a mirage, and the underlying operating margin of 20% is vulnerable to pricing pressure from Roche and Novartis. Additionally, the low cash balance of $79M relative to TTM revenue suggests potential future dilution, and the emergence of oral BTK inhibitors could threaten the entire CD20 infusion market. These factors warrant caution despite the impressive top-line growth.