aibioTG Therapeutics raises BRIUMVI sales guidance and widens buyback to $300 million
Tickers TGTX
First-quarter U.S. BRIUMVI sales rose 63% to $194.8 million. A $750 million Blue Owl loan in March funds growth and repurchases.
Key facts
- Company
- TG Therapeutics, Inc. (NASDAQ: TGTX)
- News type
- Financings
- Primary source
- TG Therapeutics (SEC 8-K)
TG Therapeutics raised its 2026 U.S. BRIUMVI sales forecast to $885 million to $900 million from $825 million to $850 million on May 6, after first-quarter U.S. net sales of $194.8 million, up about 63% from a year earlier. It lifted its total revenue target to about $925 million.
The company also said it had secured $500 million more in non-dilutive capital from Blue Owl Capital and expanded its second share buyback to $300 million from $100 million.
The details
Total global revenue was about $205 million. Net product revenue was $201.3 million, including $6.5 million of sales to partner Neuraxpharm. Net income rose to $19.8 million from $5.1 million. Cash, cash equivalents and investment securities were $572.8 million at March 31, per the release.
Selling, general and administrative expense rose to $88.2 million from $50.3 million on higher marketing and media spending. Research and development expense was $48.4 million, including license and milestone costs under TG's agreement with Precision BioSciences, the source of azer-cel. TG gave second-quarter guidance of about $220 million in U.S. BRIUMVI sales.
The financing came in March. An 8-K shows TG set up a $750 million term loan with Blue Owl, borrowed in full on March 18, 2026 and maturing in March 2031, and used part of it to repay its earlier $250 million loan. The deal also included an uncommitted facility of up to $250 million.
Context
Since starting buybacks in 2024, TG had repurchased $200 million of stock through April 30 at an average price of $29.28 a share, $100 million of it in the first quarter. The 10-Q for March 31 shows 153.1 million shares outstanding, down from 155.3 million at the end of 2025.
Chief executive Michael Weiss said growth came from "strong underlying demand, record new patient starts, and consistent commercial execution." He said TG sees BRIUMVI as having "multi-billion-dollar potential" before any effect from the subcutaneous version.
In the quarter TG completed enrollment in phase 3 trials of subcutaneous BRIUMVI and of a single-infusion start.
What it means for investors
TG is borrowing to buy back stock and fund growth while it is profitable. That is a bet that BRIUMVI's cash flow will stay strong enough to carry about $750 million of debt. With sales growing more than 60% a year and guidance rising, the bet looks reasonable for now. It does raise the cost of a stumble, such as a competitive setback or a failed subcutaneous trial.
The multi-billion-dollar claim is management's view, not a forecast, and it rests on continued share gains in a market with other anti-CD20 drugs, such as ocrelizumab. The buybacks reduce share count, but they also use cash that could fund pipeline work such as azer-cel and new indications.
What to watch
Second-quarter U.S. BRIUMVI sales, which TG guided to about $220 million, are the next test of the new forecast, per the first-quarter release. Year-end 2026 or first quarter of 2027: subcutaneous phase 3 topline data.