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Here are 1-2 brief analogies for TG Therapeutics (TGTX):

• They are a biotech company focused on treating multiple sclerosis, similar to a more specialized Biogen (a major player in MS).
• They develop a key drug for multiple sclerosis, aiming to compete directly with treatments from large pharmaceutical companies such as Roche or Novartis in that disease area.

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• Briumvi (ublituximab): An anti-CD20 monoclonal antibody approved for the treatment of relapsing forms of multiple sclerosis (RMS) in adults.

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TG Therapeutics (TGTX) is a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative B-cell therapies. As such, it sells its pharmaceutical products primarily to other companies within the healthcare supply chain, rather than directly to individual patients.

According to its public filings, TG Therapeutics utilizes a distribution model where its direct primary customers are a limited number of specialty distributors. These specialty distributors then sell TG Therapeutics' commercial product, BRIUMVI® (ublituximab-xiiy), to specialty pharmacies. These specialty pharmacies are responsible for ultimately dispensing the medication to patients based on prescriptions.

While TG Therapeutics' public filings do not explicitly name its specific major specialty distributors or provide revenue concentration figures for individual customers, it is standard industry practice for pharmaceutical companies to rely on a limited number of large pharmaceutical wholesale distributors who also operate extensive specialty distribution divisions. These companies serve as critical intermediaries in the pharmaceutical supply chain, managing logistics, warehousing, and sales to pharmacies and healthcare providers.

Therefore, it is highly probable that TG Therapeutics' primary customers include, or are affiliated with, these major publicly traded distributors in the United States:

• Cencora (formerly AmerisourceBergen Corporation) (NYSE: ABC)
• Cardinal Health, Inc. (NYSE: CAH)
• McKesson Corporation (NYSE: MCK)

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• Lonza Group Ltd. (LONN)
• Catalent Pharma Solutions, Inc. (CTLT)

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Michael S. Weiss, Chairman, President, and Chief Executive Officer

Mr. Weiss founded TG Therapeutics and has served as its Chairman, President, and CEO since December 2011. He is a seasoned biotech entrepreneur who previously founded ACCESS Oncology in 1999, where he served as CEO. ACCESS Oncology later merged with Keryx Biopharmaceuticals in 2004, and Mr. Weiss served as Chairman and CEO of Keryx until mid-2009. During his tenure at Keryx, he was involved in acquiring and developing AURYXIA. Mr. Weiss also co-founded and served as a Managing Partner and Principal of Opus Point Partners. He continues to support early-stage biotech companies, serving as Vice Chairman of Fortress Biotech and Chairman of Checkpoint Therapeutics and Mustang Bio.

Sean A. Power, Chief Financial Officer, Treasurer, and Corporate Secretary

Mr. Power has served as the Chief Financial Officer, Treasurer, and Corporate Secretary of TG Therapeutics since December 2011. Prior to joining TG Therapeutics, he was the Corporate Controller at Keryx Biopharmaceuticals, Inc. from 2006 to 2011, where he was involved in capital raising and licensing transactions and ensured compliance with SEC rules and regulations. Mr. Power also serves as the Chief Financial Officer of Opus Point Partners. He previously worked as a Senior Associate at KPMG, LLP.

Adam Waldman, Chief Commercialization Officer

Mr. Waldman joined TG Therapeutics in June 2018 as the Chief Commercialization Officer. Before TG Therapeutics, he served as the Head of Hematology-Oncology Marketing at Celgene Corporation for thirteen years, holding various roles in sales, marketing, and new product strategy. His experience also includes serving as a Senior Product Manager at Schering-Plough, where he coordinated global marketing strategy for oncology products.

Hari Miskin, Chief Development Officer

Mr. Miskin serves as the Chief Development Officer at TG Therapeutics.

Jun Zhao, Chief Quality Officer

Ms. Zhao serves as the Chief Quality Officer at TG Therapeutics. She also holds the title of Senior Vice President, Quality.

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The most significant risk to TG Therapeutics is its **revenue concentration on BRIUMVI**.

The company is heavily dependent on sales of BRIUMVI (ublituximab-xiiy) for relapsing forms of multiple sclerosis (RMS) as its primary source of revenue. This concentration makes TG Therapeutics highly vulnerable to market fluctuations, pricing pressures, and any potential issues regarding the drug's efficacy, safety, or market acceptance.

A second key risk involves **regulatory challenges and clinical development risks**.

Operating in a highly regulated industry, TG Therapeutics is continuously subject to changes in regulations, potential delays in approvals, or even adverse regulatory decisions that could significantly impact its business operations and product commercialization. The company's pipeline candidates, including a subcutaneous formulation of BRIUMVI and other treatments for B-cell diseases, face inherent risks in clinical trials, such as the failure to demonstrate sufficient efficacy or safety, which could hinder their approval and future revenue streams. The historical withdrawal of a previous product (Ukoniq) due to safety concerns highlights the unpredictable nature of regulatory pathways.

Finally, **intense competition** presents a substantial risk to TG Therapeutics.

The biopharmaceutical industry is characterized by fierce competition from both established pharmaceutical giants and emerging biotech firms, many of whom possess greater resources and more advanced technologies. BRIUMVI competes directly with other approved and effective multiple sclerosis therapies, including other anti-CD20 monoclonal antibodies like ocrelizumab (Roche) and ofatumumab (Novartis), as well as a range of other treatments, necessitating continuous innovation and strategic planning to maintain market share.

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The primary emerging threat for TG Therapeutics (TGTX) is the intense competition for its newly approved drug, BRIUMVI (ublituximab), in the relapsing forms of multiple sclerosis (RMS) market. This market is dominated by well-established and highly effective B-cell depleting therapies, notably Roche's Ocrevus (ocrelizumab) and Novartis's Kesimpta (ofatumumab).

Ocrevus holds a significant first-mover advantage with strong market penetration and a robust efficacy and safety profile. Kesimpta offers the convenience of subcutaneous self-administration, which can be a compelling alternative for patients compared to BRIUMVI's intravenous infusion. The challenge for BRIUMVI to differentiate itself and capture meaningful market share against these entrenched and strong competitors represents a clear and ongoing threat to its commercial success.

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TG Therapeutics' main product is BRIUMVI (ublituximab), indicated for the treatment of relapsing forms of multiple sclerosis (RMS) in adults.

The global multiple sclerosis (MS) drugs market was estimated at approximately $25 billion in 2022 and is projected to grow to $33 billion by 2029. In 2024, the top 20 MS drugs generated USD 20.30 billion in sales, with the market projected to grow at a CAGR of 10.06% from 2025 to 2030. The anti-CD20 drug class, to which BRIUMVI belongs, represents the largest and only growing drug class in the MS market, with combined sales exceeding $9 billion in 2023.

For BRIUMVI specifically, its addressable market is anticipated to expand with future developments. The addressable market for a subcutaneous version of BRIUMVI could reach $1.3 billion into the 2030s. TG Therapeutics aims for BRIUMVI to become the leading prescribed anti-CD20 treatment in terms of dynamic market share. Analysts have suggested that BRIUMVI could achieve $1 billion in annual U.S.-based sales by the end of 2024 and $2 billion in sales by 2025. The company's global revenue target for 2025 is approximately $540 million, with about $525 million expected from BRIUMVI in the U.S.

Another product, Umbralisib (Ukoniq), was voluntarily withdrawn from the U.S. market in April 2022 due to safety concerns.

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1. Continued Commercial Growth of BRIUMVI in Relapsing Multiple Sclerosis (RMS): BRIUMVI has demonstrated strong market uptake and has consistently exceeded revenue expectations since its launch. The company has repeatedly raised its full-year revenue guidance for BRIUMVI, with current projections for 2025 U.S. net product revenue ranging from $570 million to $585 million and total global revenue reaching approximately $600 million. This growth is fueled by positive physician feedback, sustained new patient growth, and strategic wins such as the national contract with the U.S. Department of Veterans Affairs (VA), positioning BRIUMVI as a preferred anti-CD20 agent for RMS patients.
2. Launch and Adoption of Subcutaneous BRIUMVI: TG Therapeutics is advancing a subcutaneous (SC) formulation of BRIUMVI, with a pivotal program expected to commence in 2025. This self-administered version, anticipated to be dosed at least every other month, aims to significantly expand BRIUMVI's total addressable market by offering greater convenience to patients and healthcare providers, directly competing with other at-home treatment options. A regulatory filing for the SC formulation could occur as early as 2025, serving as a significant catalyst for revenue acceleration.
3. International Expansion of BRIUMVI: The company is actively expanding BRIUMVI's commercialization beyond the U.S. through partnerships. BRIUMVI has already launched in key European markets, including Germany, and is commercially available in additional countries within the European Union, the United Kingdom, Switzerland, and Australia. This ongoing international rollout is expected to contribute incrementally to global revenue as the drug gains traction in new territories.
4. Expansion of BRIUMVI into New Autoimmune Disease Indications: TG Therapeutics is exploring the potential of BRIUMVI beyond multiple sclerosis by evaluating its use in other autoimmune diseases, such as Lupus. Enrolling participants into ongoing trials for autoimmune diseases outside of MS represents a strategic effort to broaden BRIUMVI's therapeutic horizons and unlock new revenue streams in the future.
5. Pipeline Advancements, including Azer-cel: The company's pipeline includes the development of azer-cel (an allogeneic CD19-directed CAR-T therapy) for patients with progressive MS and other autoimmune disorders. While in earlier stages of development for these indications, the successful progression and potential commercialization of pipeline assets like azer-cel could provide long-term revenue diversification and growth opportunities beyond BRIUMVI's current scope.

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Share Repurchases

• TG Therapeutics completed a $100 million share repurchase program, initially announced in August 2024, repurchasing approximately 3.5 million shares at an average price of $28.55 per share.
• In August 2025, the company repurchased approximately $78 million of its stock.
• A new $100 million share repurchase program was authorized by the Board of Directors in September 2025.

Share Issuance

• In May 2020, TG Therapeutics completed a public offering of 8,500,000 shares of common stock at $18.00 per share, raising $153 million in gross proceeds.
• A 2025 automatic shelf registration on Form S-3 was filed to provide financial flexibility.
• The 2020 public offering, which was upsized to $275 million, provided critical funding for the development of Briumvi and umbralisib.

Inbound Investments

• In August 2023, TG Therapeutics entered into an ex-US commercialization agreement with Neuraxpharm Group for BRIUMVI, with an upfront payment of $140 million and eligibility for up to an additional $492.5 million in milestone-based payments, totaling up to $645 million.
• The agreement also includes an additional $12.5 million payment upon launch in the first EU country, and tiered double-digit royalties on net product sales up to 30%.

Capital Expenditures

• TG Therapeutics funds its operations and capital expenditures through sales of BRIUMVI, existing cash, and future offerings or financings.
• Research and development (R&D) expenses in the first half of 2025 were $78.1 million, focusing on optimizing Briumvi's dosing regimens and exploring new indications.
• R&D expenses increased from $32.7 million to $46.4 million year-over-year in Q1 2025, primarily due to the ublituximab subcutaneous program.