TGTX

TG Therapeutics has a genuine commercial success in BRIUMVI (ublituximab), an anti-CD20 antibody for relapsing MS whose one-hour, twice-yearly infusion is a real convenience differentiator. The launch is scaling impressively: FY2025 revenue jumped 87.3% to $616M (from $234M in FY2023, the first commercial year), and an ex-US commercialization deal with Neuraxpharm adds milestone, royalty and supply revenue. Operating income turned solidly positive at $123M (20.0% operating margin), a real inflection for a former cash-burning biotech.

The headline profitability, though, is misleading. Net income of $447M (+1,812%) and a 72.6% net margin dwarf the $123M of operating income — the gap is a large non-operating, mostly non-cash benefit (consistent with a deferred-tax release against the company's $1.08B accumulated deficit), not recurring earnings power. Tellingly, operating cash flow was still negative at -$24.8M and cash fell 56% to $79.1M. So the 19.2x P/E flatters the picture; on its operating economics the stock is far more expensive, and the 13.8x sales multiple reflects that.