The market just marked TG Therapeutics down hard, with the stock dropping about 11% the day after earnings, even as the core multiple sclerosis drug story looked stronger on the surface. Investors came in after a solid 12 month run, only to be met with an earnings print that paired powerful BRIUMVI revenue of about US$228 million with a sharp hit to bottom line profit.

The headline this quarter is margin pressure. Heavy manufacturing related charges cut reported net income to US$7.8 million and earnings per share to just over US$0.05, raising fresh questions about how clear the current profit picture really is.

Is TG Therapeutics now a rare bargain after a sharp post earnings sell off, or a stock that looks cheap for a reason? Compare the current P/E, growth profile and DCF gap in the valuation analysis for TG Therapeutics.

Q2 2026 Earnings Summary

• Revenue (Q2 2026 vs. Q2 2025): US$240.3 million vs. US$141.1 million (up about 70%)
• Net Income (Q2 2026 vs. Q2 2025): US$7.8 million vs. US$28.2 million (down about 72%)
• Basic EPS (Q2 2026 vs. Q2 2025): US$0.05 vs. US$0.19 (down about 71%)
• U.S. BRIUMVI Gross Margin (Q2 2026): About 87% compared with a total company gross margin of about 83%, highlighting the profitability of the core multiple sclerosis franchise

Prefer clean charts instead of sifting through dense earnings tables and margin footnotes? See TG Therapeutics' valuation picture at a glance in our company report for TG Therapeutics.

BRIUMVI growth narrative meets a tougher margin reality

Bulls argue that TG Therapeutics can turn BRIUMVI into a high growth, high margin MS franchise that funds a broader portfolio. On growth milestones, the quarter lines up with that view. U.S. BRIUMVI revenue of about US$228 million and total revenue of US$240.3 million, with guidance raised again to a range of US$890 to US$905 million for U.S. BRIUMVI, show clear commercial traction. Fully enrolled Phase 3 for subcutaneous BRIUMVI and ongoing work in myasthenia gravis and schizophrenia mean the pipeline optionality story is advancing on schedule. High U.S. BRIUMVI gross margin of about 87%, above the total company level, supports the idea that the core product can be very profitable. The hit comes from heavy manufacturing charges tied to subcutaneous and secondary source work, which cut reported net income to US$7.8 million. That shows the growth engine is working, but the path to clean earnings is still uneven.

Profit compression and concentration fears gain new support

Bears have argued that TG Therapeutics is over reliant on BRIUMVI and that scaling costs and manufacturing complexity could blunt the earnings power that top line growth implies. This quarter gives that concern more weight. Net income fell sharply to US$7.8 million and EPS to US$0.05, even with BRIUMVI revenue near US$228 million and total revenue of US$240.3 million. Management highlighted about US$55 million in manufacturing related charges and guided to roughly US$100 million of similar expenses for 2026, which points to a cost base that is heavier than the simple MS growth story suggests. Operating income of US$21.7 million, compared with what management framed as roughly US$76 million on an adjusted basis, underlines how sensitive reported profit is to production and supply chain decisions. With the stock down about 11% after earnings and BRIUMVI still driving almost all revenue, the concentration and cost risks are very visible in these numbers.

With earnings compressed by manufacturing charges and the stock down about 11%, do TG Therapeutics’ cash, debt and runway comfortably support this plan or stretch it too far? Check the full financial health analysis of TG Therapeutics stock.

Stay Ahead With TG Therapeutics Insights

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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.