TG Therapeutics raises 2026 BRIUMVI guidance to $890–905M, targets ~$1B run-rate
TG Therapeutics raises 2026 BRIUMVI guidance to $890–905M, targets ~$1B run-rate with key MS pipeline catalysts ahead
- Q2 2026 EPS $0.05 on revenue $240.3M, missing EPS expectations while revenue beat forecasts.
- Q2 U.S. BRIUMVI net revenue $228M, +17% QoQ and 64%+ YoY, above guidance.
- Total Q2 revenue $240M; gross margin 83% overall, 87% in U.S. business.
- Underlying operating income about $76M and net income ~$62M excluding $55M manufacturing charges.
- 2026 U.S. BRIUMVI guidance raised to $890–905M; global revenue expected around $950M.
- Management targets exiting 2026 with >$250M U.S. quarterly revenue, ~$1B annualized run-rate.
- ENHANCE Phase III supports single 600mg IV initiation; potential mid-2027 launch to simplify dosing.
- Subcutaneous BRIUMVI Phase III readout late 2026/early 2027; could more than double addressable market.
- Commercial metrics strong: record new patient starts, better-than-expected persistence, rising treatment-naive starts on BRIUMVI.
- 2026 OpEx guided to $350–400M plus ~$100M manufacturing; DTC and pipeline investments increasing.
- Pipeline broadened into MG, schizophrenia and azer-cel in several autoimmune diseases; current spend described as modest.
- Main concern: Heavy reliance on BRIUMVI in a competitive anti-CD20 market with critical subcutaneous data and launches still ahead.
- Strong quarter, driven by accelerating BRIUMVI adoption and higher 2026 guidance with significant MS pipeline catalysts upcoming.
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