TG Therapeutics (TGTX) has just posted Q1 2026 results with revenue of US$204.9 million, basic EPS of US$0.14 and net income of US$19.8 million, putting fresh numbers behind a stock that last closed at US$41.97. The company has seen total revenue move from US$108.2 million in Q4 2024 to US$120.9 million in Q1 2025 and then to US$204.9 million in Q1 2026, while trailing twelve month basic EPS is reported at US$3.21 alongside trailing net profit margin of 66%. Taken together, these figures indicate earnings that are currently associated with substantial margins, which is where investors are likely to focus.

See our full analysis for TG Therapeutics.

With the headline numbers on the table, the next step is to set these results against the widely followed narratives around TG Therapeutics to see which stories line up with the data and which start to look out of date.

66% net margin puts profitability in focus

• On a trailing twelve month basis, TG Therapeutics reports net income of US$461.9 million on US$700.3 million of revenue, which lines up with the 66% net profit margin figure that investors are watching closely.
• Consensus narrative highlights the potential for margins to settle lower over time, with forecasts pointing to earnings growth of about 8.0% per year against faster revenue growth of around 20.8%. The current 66% margin and very large year on year earnings jump invite you to think about how much of this profitability is repeatable versus linked to one off or early launch factors.

Revenue up to US$204.9m while EPS looks lumpy

• Quarterly revenue has moved from US$120.9 million in Q1 2025 to US$204.9 million in Q1 2026, while quarterly basic EPS has ranged from US$0.03 in Q1 2025 to US$2.69 in Q3 2025 and US$0.14 in Q1 2026, which shows that profit per share has been much more uneven than revenue.
• Supporters of the bullish view point to BRIUMVI adoption and a growing addressable market as key drivers, but the earnings pattern in the last few quarters challenges a simple straight line story.
  • Bulls talk about long term revenue acceleration and margin expansion, yet net income excluding extra items was US$28.2 million in Q2 2025 and US$19.8 million in Q1 2026, so short term profit levels have moved around even as annual metrics look strong.
  • The trailing twelve month basic EPS of US$3.21 sits far above the most recent quarterly EPS of US$0.14, which means relying only on the trailing figure can make the bullish case look much smoother than the quarter by quarter results suggest.

Sustained revenue growth with choppy EPS is exactly the kind of setup bullish investors debate, so if you want to see how that argument is built out over multiple years, check out the 🐂 TG Therapeutics Bull Case.

Valuation gap worries meet rich margins

• At a share price of US$41.97, the stock is described as trading on a 13.4x P/E versus 17.6x for US biotechs and 40.5x for peers, and below a DCF fair value of about US$115.07, all while trailing twelve month earnings are reported at US$461.9 million with a 66% net margin.
• Critics in the bearish camp focus on heavy dependence on BRIUMVI and pressure on pricing and margins, and the current numbers give them several angles to stress test.
  • The shares are characterized as good value relative to peers, yet bearish narratives assume margins could move down from over 70% to the low 20% range, which would be a very different earnings profile to the 66% margin currently reported.
  • Revenue is forecast to grow around 20.8% per year while earnings are expected to rise at closer to 8.0% per year, so if cost pressures play out the way bears expect, the present gap between the US$41.97 share price and the US$115.07 DCF fair value could narrow without the stock moving much if profitability trends back toward those lower margin assumptions.

If you are weighing those margin and concentration concerns against the current P/E and DCF fair value gap, it is worth reading how skeptics frame the risks in the 🐻 TG Therapeutics Bear Case.

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 the mix of strong margins and debate around sustainability leaves you undecided, the best move is to test the numbers yourself and see how the reward drivers stack up for your own checklist by starting with the 4 key rewards.

See What Else Is Out There

The key weak spots here are choppy EPS, questions around how durable the current 66% net margin is, and concentration risk around a single product.

If that mix of margin uncertainty and stock specific risk feels uncomfortable, it is worth lining it up against 74 resilient stocks with low risk scores while you still have these results fresh in mind.

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.