TG Therapeutics Raises Guidance, Stock Falls 10.6%
TG Therapeutics raised its full-year 2026 revenue guidance after BRIUMVI posted $228 million in Q2 sales, but the stock fell 10.6% as EPS of $0.16 missed analyst consensus of $0.22 — the third consecu
BRIUMVI Hits $228M but TGTX Profit Trails Forecasts
NEW YORK, August 4 —
TG Therapeutics, Inc. (TGTX) raised its full-year 2026 revenue target after BRIUMVI delivered $228 million in second-quarter sales, then watched the stock fall 10.6% as earnings per share missed analyst consensus for the third consecutive quarter. The market's verdict is blunt: revenue growth is not the question. Profit is.
- BRIUMVI Q2 2026 revenue: $228 million; trailing twelve-month revenue growing 69.6% year-over-year [8-K, Aug 3 2026]
- EPS of $0.16 vs. consensus of $0.22 in Q2; prior two quarters missed by 57% and 35% respectively
- Operating cash flow: negative $14 million; free cash flow: negative $30 million on a trailing basis, against 83.1% gross margins
The Gross Margin Mirage
Eighty-three percent gross margins on a biologic drug look like a license to print money, until operating cash flow is negative $14 million. The gap between BRIUMVI's pricing power and TGTX's bottom line is where the reinvestment thesis lives or dies. Three consecutive earnings misses, each quarter falling short of consensus by between 26% and 57%, show costs expanding faster than analysts expected. Whether that expansion is the deliberate cost of building a franchise or structural drag is the only question that matters at this price.
The Selling Pattern After a 386% Run
Before the post-earnings selloff, TGTX had risen roughly 386%, and one analyst commentary flagged the stock as "stretched" even at a 14.7x forward P/E. Short interest at 29% of float, nearly one in three tradeable shares, reflects a well-funded bet that the earnings gap is not temporary. Net debt stands at approximately $240 million against $510 million in cash, so the balance sheet provides runway, but not cover. A stock that falls 10.6% on raised guidance is a stock where expectations had outrun results.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| TGTX | $7.1B | 14.8× | +83.2% |
| AXSM | $10.9B | 36.6× | +110.4% |
| AUPH | $1.9B | 13.5× | +27.2% |
| IOVA | $2.0B | — | +48.0% |
| KPTI | $47M | — | -50.5% |
| MDGL | $11.7B | 52.8× | +37.9% |
What Closes the Gap
The consensus analyst price target of $68.57 against a current price of $46.44 implies the market is pricing in more pain before any re-rating. The specific number that would resolve this: operating cash flow turning positive, which requires operating expense growth to decelerate materially against a 69.6% revenue tailwind. The next earnings report is the checkpoint, another EPS miss below $0.22 confirms the structural read; a beat that holds the gross margin line reopens the bull case. For the latest numbers, see the TG Therapeutics, Inc. breakdown at /stock/tgtx, or stress-test the earnings trajectory in the DCF calculator.
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Frequently Asked Questions
What were TG Therapeutics Q2 2026 earnings results?
TG Therapeutics reported BRIUMVI revenue of $228 million for Q2 2026, with trailing twelve-month revenue growing 69.6% year-over-year. EPS came in at $0.16, missing analyst consensus of $0.22 — the third consecutive quarter of earnings misses, with prior quarters falling short by 57% and 35% respectively.
Why did TG Therapeutics stock drop after earnings?
The stock fell 10.6% despite raised full-year 2026 guidance because the earnings-per-share miss — $0.16 versus an expected $0.22 — marked three consecutive quarters below consensus. A stock that falls on raised guidance is one where expectations had outrun results.
How bad is TG Therapeutics' cash flow problem?
Operating cash flow was negative $14 million and free cash flow was negative $30 million on a trailing basis, even as the company reported 83.1% gross margins. The gap between BRIUMVI's pricing power and the bottom line is the central tension in the investment case.
What is TG Therapeutics' short interest?
Short interest stands at 29% of float — nearly one in three tradeable shares. That level of short positioning reflects a well-funded bet that the earnings shortfall is structural rather than temporary.
What is the analyst price target for TG Therapeutics?
The consensus analyst price target is $68.57, against a current price of $46.44. The article identifies operating cash flow turning positive — requiring operating expense growth to decelerate materially against the 69.6% revenue tailwind — as the specific number that would support a re-rating.
TG Therapeutics just raised its full-year 2026 revenue target on the back of $228 million in BRIUMVI sales — then watched the stock fall 10.6% as earnings per share missed analyst consensus for the third consecutive quarter, leaving investors to decide whether the cost structure will ever catch up to the top line.