Executive Summary

Q3 delivered strong top-line growth: total revenue rose 93% YoY to $161.7M and 15% QoQ, driven by U.S. BRIUMVI net sales of $152.9M (+10% QoQ) and ex‑U.S. partner sell‑in of $6.4M .
Guidance raised again: FY25 BRIUMVI U.S. net revenue to ~$585M (from $570–$575M) and total global revenue to ~$600M (from ~$585M), reflecting sustained demand trends .
GAAP EPS surged to $2.43 on a non‑recurring ~$365M income tax benefit from releasing the valuation allowance; normalized Primary EPS of ~$0.16 missed S&P Global consensus of ~$0.22, while revenue beat by ~$9.7M (6%) versus consensus of ~$152.0M* .
Capital returns remain active: TG completed its $100M repurchase (~3.5M shares at ~$28.55) and authorized a new $100M program, signaling confidence in BRIUMVI’s multi‑year growth and pipeline catalysts (ENHANCE and subcutaneous Phase 3) .

What Went Well and What Went Wrong

What Went Well
- Revenue outperformance and sustained demand: Total revenue $161.7M beat S&P Global consensus ~$152.0M*, with U.S. BRIUMVI net sales up 10% QoQ to $152.9M .
- Guidance raised again: FY25 BRIUMVI U.S. net revenue to ~$585M and total global revenue to ~$600M, underpinned by stronger‑than‑expected patient persistence and continued new prescriber growth .
- Pipeline execution: Completed enrollment in the randomized ENHANCE Phase 3 cohort (single day‑1 IV consolidation) and commenced the pivotal program for subcutaneous BRIUMVI; management highlighted subQ could nearly double TAM if self‑administered share reaches ~50% of new starts .
What Went Wrong
- Normalized EPS shortfall vs consensus: S&P Global “Primary EPS” came in at ~0.16 vs ~0.22 consensus*, despite GAAP EPS of $2.43 being inflated by a one‑time tax benefit .
- Higher operating spend: Opex (R&D + SG&A, ex‑non‑cash) increased to ~$86.6M in Q3 (vs ~$71M in Q2) as the company invested in subQ development and commercial expansion/DTC, though full‑year opex guidance of ~$300–$320M was reiterated .
- Gross‑to‑net dynamics to monitor: Mix shift toward hospitals (340B exposure) is a headwind to gross‑to‑net (prior commentary cited ~70–75% for the year with hospital mix keeping Q2 around the low end), implying ongoing vigilance on pricing/mix quality .

Financial Results

Revenue and EPS (chronological: oldest → newest)

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Total Revenue ($M)	83.879	120.856	141.148	161.709
Product Revenue, net ($M)	83.297	119.655	138.843	159.317
License/Milestone/Other ($M)	0.582	1.201	2.305	2.392
Diluted EPS (GAAP) ($)	0.02	0.03	0.17	2.43

Revenue composition and KPIs

Metric	Q1 2025	Q2 2025	Q3 2025
BRIUMVI U.S. net revenue ($M)	119.7	138.8	152.9
Ex‑U.S. BRIUMVI sell‑in to partner ($M)	—	—	6.4
Opex (R&D + SG&A, ex non‑cash) ($M)	~82	~71	~86.6
Cash, cash equivalents & investments ($M)	276.2 (3/31)	278.9 (6/30)	178.3 (9/30)
Share repurchases	—	Program ongoing	$100M completed; new $100M authorized

Margins and profitability

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Cost of Revenue ($M)	9.341	15.541	18.938	28.093
Operating Income ($M)	12.434	8.622	34.843	29.365
Net Income ($M)	3.880	5.060	28.187	390.895
Operating Margin % (calc)	14.8%	7.1%	24.7%	18.2%
Net Margin % (calc)	4.6%	4.2%	20.0%	241.6% (one‑time tax benefit)

Versus S&P Global consensus (estimates and Primary EPS are S&P Global constructs)

Metric	Q2 2025	Q3 2025	Q4 2025 (guidepost)
Revenue Consensus Mean ($M)	146.274*	152.023*	182.381*
Revenue Actual/Guide ($M)	141.148	161.709	—
Primary EPS Consensus Mean ($)	0.281*	0.220*	0.254*
Primary EPS Actual ($)	0.17	0.1609*	—
Diluted EPS (GAAP) ($)	0.17	2.43	—

Values with asterisks (*) are retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
BRIUMVI U.S. net revenue	FY 2025	$570–$575M	~ $585M	Raised
Total global revenue	FY 2025	~ $585M	~ $600M	Raised
Operating expenses (ex non‑cash)	FY 2025	~ $300M	~ $300–$320M (on track)	Updated/Range specified

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
Subcutaneous BRIUMVI	Pivotal program planned; subQ could unlock 35–40% of dynamic market; target 2027 filing/2028 launch	Pivotal program launched; enrollment “going quite well”; subQ could nearly double TAM if self‑admin share grows	Positive momentum, TAM expanding
Simplified IV dosing (ENHANCE)	Initiated randomized Phase 3 to consolidate day‑1/day‑15; aim for 2026 data/2027 label	Randomized cohort enrollment completed; potential 2027 launch if successful	Executing to plan
DTC/awareness	TV campaign launched; early uplift in branded search/traffic and HCP patient requests	First full quarter of national TV; elevated web/search KPIs; plan to optimize spend into Q4	Building brand equity
Market mix (IV vs subQ)	IV ~60–65% vs subQ ~35–40% of new starts; BRIUMVI ~1/3 of IV new starts	SubQ now ~35–40% and growing; potential to reach ~50% over time	Watch share mix shift
GTN/pricing/mix	GTN guided 70–75%; hospital mix pulls GTN to ~70% in Q2	Hospital channel outpacing private practice; continued 340B exposure noted	Mix headwind persists
Capital allocation	Share buyback ongoing	$100M completed; new $100M authorized; high ROI threshold for BD	Shareholder‑friendly, disciplined
Ex‑U.S. expansion	Approvals broadened (EU/UK/CH/AU)	Added approvals (EU/UK/CH/AU/Kuwait/UAE); $6.4M partner sell‑in	Incremental tailwind

Management Commentary

“We are pleased to see that the third quarter marked another strong period of performance... driving continued BRIUMVI growth... We also successfully completed our initial $100 million share repurchase program and authorized an additional $100 million program...” — Michael S. Weiss, CEO .
“Based on the strong year‑to‑date performance... we are again raising our full year 2025 US BRIUMVI net revenue guidance... to approximately $585 million...” — Adam Waldman, CCO .
“Our third‑quarter results include a non‑recurring income tax benefit of approximately $365 million, driven by the release of our deferred tax asset valuation allowance.” — Sean Power, CFO .
On subQ BRIUMVI: “We view subcutaneous BRIUMVI as a major opportunity that could nearly double the total addressable market...” — Michael S. Weiss .

Q&A Highlights

Q4 cadence: Management implied ~14% QoQ growth for Q4, driven by patient retention, field expansion, and DTC, acknowledging typical seasonality .
Field expansion focus: Emphasis on hospital accounts where demand growth outpaced private practice; new reps broadening reach .
Subcutaneous competitive dynamics: Current at‑home subQ competitor is growing; market roughly 60–65% IV vs 35–40% subQ with potential continued subQ share gains .
Inventory/GTN: No notable inventory or gross‑to‑net changes in Q3; GTN within guided range (context: hospital mix can pressure GTN) .
Ex‑U.S. accounting: Partner sell‑in recognized in product revenue; royalties flow through license/milestone/other .

Estimates Context

Q3 2025: Revenue beat (actual $161.7M vs $152.0M consensus*) by ~$9.7M, but Primary EPS missed (~0.16 actual vs ~0.22 consensus*). GAAP EPS ($2.43) is not comparable due to a one‑time ~$365M tax benefit .
Q2 2025: Revenue missed ($141.1M actual vs $146.3M consensus*), Primary EPS missed (~0.17 vs ~0.28*), reflecting investment cadence and mix .
Q4 2025: Consensus sits at ~$182.4M revenue and ~$0.25 Primary EPS*, with raised FY25 revenue guidance supportive of upward revenue revisions if Q4 executes .
Target price consensus mean: ~$44.29 (7 estimates)*, indicating supportive Street stance into 2026.

Values with asterisks (*) are retrieved from S&P Global.

Key Takeaways for Investors

Revenue momentum is intact and broad‑based; sustained patient persistence plus prescriber additions and DTC support FY25 revenue raise — a constructive setup into Q4 seasonality .
Expect normalization of EPS optics: GAAP EPS inflated by non‑recurring tax; investors should anchor on normalized Primary EPS and cash/Opex trajectory (still within ~$300–$320M) .
Watch mix and GTN: Hospital channel growth is positive for share but can pressure gross‑to‑net; monitoring mix is key for modeling margins .
Pipeline can extend the growth curve: ENHANCE single‑day IV dosing (randomized cohort enrolled) and subQ pivotal program are the next catalysts; subQ could materially expand TAM over the medium term .
Capital returns remain a support: Completed $100M buyback and a fresh $100M authorization underscore confidence; disciplined BD screen suggests limited near‑term dilution risk .
Near‑term trading lens: Positive revenue beat and guidance raise vs a normalized EPS miss; stock reaction likely driven by Q4 demand cadence, DTC traction, and any incremental subQ/ENHANCE updates on timing .
Medium‑term thesis: Multi‑year BRIUMVI lifecycle (simplified IV, subQ) plus optionality in MG and azer‑cel support a durable growth narrative through 2027–2029 .

Appendix: Additional Detail

Selected operating detail (Q3 2025)

R&D: ~$40.9M (vs $20.1M in Q3’24), driven by subQ development and clinical pipeline .
SG&A: ~$63.4M (vs $42.0M in Q3’24), reflecting commercialization scaling and DTC .
Cash & investments: $178.3M as of 9/30/25 .
Selected balance sheet highlights: Total assets $1,025.0M; shareholders’ equity $607.2M .

Data sources: TG Therapeutics Q3 2025 8‑K/press release and financial tables ; Q3 2025 earnings call transcript ; Q2 2025 press release and call ; Q1 2025 press release and call ; ENHANCE enrollment PR (Oct 28, 2025) ; Share repurchase PR (Sept 3, 2025) . Estimates and target price from S&P Global as indicated with asterisks.

TG THERAPEUTICS, INC. (TGTX)·Q3 2025 Earnings Summary