Intro

TG Therapeutics (TGTX) just closed out FY 2025 with Q4 revenue of US$192.6 million and basic EPS of US$0.16, alongside trailing twelve month revenue of US$616.3 million and EPS of US$3.10. Over the past couple of years, the company has reported revenue increasing from US$83.9 million in Q3 2024 to US$192.6 million in Q4 2025. Quarterly basic EPS has ranged from US$0.03 in Q1 2025 to US$2.69 in Q3 2025 and US$0.16 in the latest quarter, framing this release as a check-in on how durable those margins are.

See our full analysis for TG Therapeutics.

With the latest numbers on the table, the next step is to see how this earnings profile compares with the most widely held narratives around TG Therapeutics, and where the story might need updating.

Net profit margin at 72.6% on US$616.3 million LTM revenue

• Over the last twelve months, TG Therapeutics reported US$616.3 million in revenue and US$447.2 million in net income, which works out to a 72.6% net margin compared with 7.1% a year earlier.
• Consensus narrative expects revenue to grow about 39.5% per year with margins moving from 13.3% to 38.1%. This contrasts with the current 72.6% trailing margin and raises the question of whether the recent profitability is more of a spike than a level that lines up with those longer term assumptions.
  • Trailing EPS of US$3.10 on a US$30.90 share price feeds into the 10.1x P/E, which is below the cited 23x for the US biotech industry and 57.9x for peers, while consensus still assumes the stock trades at 16.1x on US$2.85 of EPS by 2028.
  • The leap from US$60.5 million in current earnings to the consensus US$469.0 million figure is large, yet still below the US$447.2 million already shown in the trailing data, so investors may want to think carefully about how one off items versus repeatable earnings factor into that story.

Twelve month earnings growth very large versus 8% forecast

• Reported earnings grew by roughly 18x over the past year, taking trailing net income to US$447.2 million and EPS to US$3.10, while the same dataset cites an 8% per year earnings growth forecast and 20.9% per year revenue growth forecast.
• Bulls lean on ideas of accelerated BRIUMVI adoption and margin expansion, yet the current numbers already show very high profitability. The tension is whether future gains come from more growth or from simply holding on to what has already been achieved.
  • Optimistic analysts model earnings rising from US$60.5 million to US$654.1 million by 2028 with margins reaching 44.3%, which is below the current 72.6% trailing net margin and suggests their long range view builds in some margin compression from today’s reported level.
  • They also assume revenue growing 48.2% per year, compared with the 20.9% figure in the broader forecast dataset, so anyone leaning on the bullish case may want to check how comfortable they are with that higher growth path given the already large jump in recent earnings.

Have bulls got ahead of themselves or are they still underestimating what a 72.6% margin and strong BRIUMVI uptake can do for this story over time? 🐂 TG Therapeutics Bull Case

P/E of 10.1x and DCF fair value well above US$30.90 price

• With the share price at US$30.90 and trailing EPS at US$3.10, TG Therapeutics trades on a 10.1x P/E, which the data shows is below both the 23x US biotech industry average and a peer average of 57.9x, while the cited DCF fair value is US$134.39.
• Bears focus on dependence on BRIUMVI and on future pricing and competition pressure, and the valuation data gives them room to argue that even modest disappointment on those fronts could matter given how strong the trailing numbers already look.
  • More cautious analysts still forecast revenue rising 31.5% per year with margins moving from 13.3% to 33.3% and earnings reaching US$344.7 million by 2028, which is below the US$447.2 million trailing figure and frames their concern that current profitability may not be sustained at today’s level.
  • Those bearish assumptions sit alongside an allowed consensus price target of US$44.43, which is above the current US$30.90 price but below the DCF fair value of US$134.39, highlighting how a wide range of views exists on how much risk to assign to that heavy reliance on a single core drug.

If you are weighing up that 10.1x P/E against heavy dependence

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for TG Therapeutics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of strong reported margins and debate about sustainability has you on the fence, take a moment to review the underlying figures yourself and stress test your own assumptions. To see exactly what the market is optimistic about, check out 4 key rewards.

See What Else Is Out There

The story here leans heavily on an unusually high 72.6% net margin and strong BRIUMVI dependence, while forecasts still build in lower margins and a wide range of outcomes.

If that reliance on one product and the debate over how stable earnings really are makes you uneasy, you can quickly compare it with 80 resilient stocks with low risk scores that focus on companies where risk scores and fundamentals may feel more comfortable for your portfolio.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.