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TG Therapeutics (TGTX) is sharply higher today after issuing FY25 and FY26 revenue guidance. For FY25, the biopharmaceutical company expects revenue of about $616 mln, well above expectations and representing a strong 87% yr/yr increase from $329 mln in 2024. It also guided FY26 revenue to $875-900 mln, which was in line with expectations.

• The strong results reflect continued commercial momentum for BRIUMVI, the company's anti-CD20 monoclonal antibody for relapsing forms of multiple sclerosis (RMS), which is expected to generate about $594 mln in product revenue in FY25.
• For FY26, BRIUMVI is expected to generate $825-850 mln in product revenue, reflecting continued growth, but also underscoring TGTX's reliance on a single key product.
• Management sees lifecycle initiatives, consolidated IV dosing and a self-administered subcutaneous formulation, as key near to mid-term catalysts that could further accelerate BRIUMVI revenue if approved.
• Looking into 2026, TGTX also outlined key development milestones, including preliminary Phase 1 azer-cel data in progressive MS (2H26) and plans to move BRIUMVI beyond MS by initiating a registration-directed trial in a new indication and additional exploratory autoimmune studies.

Briefing.com Analyst Insight

The strong outlook from TGTX reflects continued commercial momentum for BRIUMVI, which launched in January 2023. Management says BRIUMVI has captured meaningful market share since launch and is positioned to drive long-term growth, but perhaps the bigger incremental positive is the lifecycle pipeline, as TGTX is pursuing simplified IV dosing and a self-administered subcutaneous formulation that could further accelerate BRIUMVI revenue over the short to mid-term if approved. There is also additional optionality as the company looks to expand BRIUMVI beyond MS and advance azer-cel, with Phase 1 data in progressive MS expected in 2H26. For now, BRIUMVI's commercial execution is doing the heavy lifting, with the pipeline providing additional levers to extend the growth runway.