TG Therapeutics, Inc. Q1 FY2026 earnings call

Corporate Developments: Q1 2026 was exceptional with consistent business performance. Revenue exceeded guidance. ### Commercial Efforts: Record - setting quarter in nearly every metric. U.S. net revenue $195M, global over $200M. Over 25,000 patients globally prescribed BrionV. Raised full - year U.S. revenue guidance to 885 - 900M and Q2 U.S. net revenue guidance to ~220M. Growing new patient enrollments and prescribers. Competing effectively with established products by delivering on clinical profile, operational simplicity, and treatment experience. ### Pipeline: Phase three enhanced study of RheumV expected top - line data in coming weeks. Subcutaneous program for BrionV in phase III, fully enrolled, expects top - line data year - end or early next year. Expanding Priyambi in additional autoimmune indications, phase one work completed in myasthenia gravis with phase two study to initiate this quarter, exploratory study in treatment - resistant schizophrenia, and Azercel anti - CD19 CAR T advancing in progressive MS with more trial sites expressing interest. ### Capital Allocation: Expanded relationship with Blue Owl enhancing financial flexibility. Repurchased over 3 million shares during the quarter at an average price of ~$30.

In Q1 2026, U.S. net product revenue was approximately $195 million, global revenue exceeded $200 million. U.S. net revenue grew 63% year over year. OpEx excluding stock - based comp was ~$117 million. Operating income was $34.8 million vs $8.6 million in Q1 2025. Net income was $19.8 million or $0.12 per diluted share vs $5.1 million or $0.03 per diluted share a year ago. Cash, cash equivalents, and investment securities ended the quarter at ~$573 million.

Revenue: Raised full - year total global revenue guidance to ~$925 million. Raised full - year U.S. revenue guidance to 885 - 900 million and Q2 U.S. net revenue guidance to ~220 million. ### Expenses: Expect full - year operating costs of ~$350 million excluding stock - based comp, plus ~$100 million for subcutaneous manufacturing and secondary manufacturer startup activities.

Q: Speak to the market opportunity for the subcutaneous product.

A: Subcutaneous segment represents ~35% of CD20 market not currently participated in. Expanding into new patient population, not shifting within existing base. Q3 data coming soon.

Q: Cadence of data from enhanced trial and Phase 1 bioavailability data.

A: Data coming in coming weeks, timing not exact.

Q: Color on persistence and DTC campaign.

A: Encouraged by persistence, trends better than expected. DTC efforts encouraged with markers of success, will continue to invest.

Q: Cadence from subcube reumbie data readout to filing and commercial availability.

A: Target to have sub - Q available in 2028, goal to file as soon as possible after study completion, including bridge to auto - injector.

Q: Impact of Remy Burton's potential approval in MS on BrionV and CD20 class.

A: Await product profiles, don't think BTK class will have material impact on CD20 class.

Q: Dosing profile for sub - cube griampi to be meaningfully differentiated.

A: Every two months or quarterly dosing strong offerings, BrionV's molecule and convenience factors continue in sub - Q marketing.

Q: Confidence in growth sustained and operating expenses.

A: Q1 performance driven by strengths, momentum continues into Q2. Full - year OPEX expected ~$350M excluding stock - based comp plus ~$100M for subcutaneous manufacturing.

Q: Capital allocation and gross to net discount.

A: Highly selective in BD efforts, continue to buy back shares, gross to net expected to average ~65% for the year.

Q: Azercel trial readout.

A: Still early, moving up in dose escalation, close to penultimate dose, safety and biomarkers important, hopeful to present data later this year