TG Therapeutics: A High-Growth Biotech Play in the MS Market with a Clear Path to 2028 Expansion

The multiple sclerosis (MS) therapeutics market, valued at $31.39 billion in 2025, is poised for steady growth, driven by rising prevalence and demand for advanced therapies like monoclonal antibodies and oral disease-modifying treatments according to market analysis. Within this landscape, TG Therapeutics has emerged as a standout player, leveraging its flagship drug BRIUMVI (ublituximab-xiiy) to secure a dominant position. With a robust pipeline, strategic partnerships, and a clear roadmap for 2028 expansion, the company is well-positioned to capitalize on both near-term and long-term value creation.

Financial Momentum and Market Validation

TG Therapeutics' financial performance in 2025 underscores its growing market traction. BRIUMVI generated $152.9 million in U.S. net revenue during Q3 2025, contributing to total revenue of $161.7 million for the quarter. This success prompted the company to raise its full-year 2025 revenue guidance for BRIUMVI to $585 million in the U.S. and $600 million globally. Such growth reflects strong physician and patient adoption, particularly as BRIUMVI's six-year safety data-showing 89.9% of relapsing MS patients remaining free from disability progression-reinforces its therapeutic value.

Financially, the company reported a net income of $390.9 million in Q3 2025, a dramatic increase from $3.9 million in the same period in 2024. This profitability, coupled with operational efficiency, highlights TG's ability to scale commercialization while maintaining margins.

Strategic Catalysts: Pipeline Innovation and Market Expansion

The cornerstone of TG's long-term growth lies in its pipeline advancements. The company is advancing two key initiatives:
1. Subcutaneous BRIUMVI: A Phase 3 trial for the subcutaneous formulation of ublituximab is underway, with enrollment expected to conclude by mid-2026. If successful, this formulation could nearly double BRIUMVI's total addressable market by enabling self-administration, targeting the 40% of the relapsing MS (RMS) CD20 market that prefers injectable therapies. Regulatory approval is projected for 2028, with a potential launch that year according to company announcements.
2. ENHANCE Trial for Simplified Dosing: The ENHANCE trial aims to consolidate BRIUMVI's IV dosing schedule into a single infusion, streamlining treatment for patients and providers. Top-line data is expected by mid-2026, with a potential 2027 launch as reported in Q3 earnings.

These innovations align with broader industry trends toward patient-centric care and convenience, positioning BRIUMVI to outperform competitors in adherence and satisfaction metrics.

Global Commercialization and Strategic Partnerships

TG's international expansion is further bolstered by its partnership with Neuraxpharm, which handles ex-U.S. commercialization of BRIUMVI in key markets like the European Union, the United Kingdom, and Australia. This agreement, which includes an upfront $140 million payment and milestone-based incentives, ensures TG can focus on R&D while leveraging Neuraxpharm's regional expertise. The collaboration has already expanded BRIUMVI's footprint to territories including Kuwait and the United Arab Emirates, enhancing its global revenue potential.

Financial Projections and R&D Commitment

TG's R&D investments are central to its 2028 vision. The company spent $40.9 million on R&D in Q3 2025, driven by subcutaneous ublituximab development and other clinical trials. Analysts project that these efforts will yield $1.2 billion in revenue and $469 million in earnings by 2028, assuming a 39.5% annual revenue growth rate. Such projections hinge on successful Phase 3 outcomes and regulatory approvals but reflect the market's confidence in TG's innovation pipeline.

Long-Term Outlook and Risks

While TG's trajectory is promising, risks remain. Clinical trial failures, regulatory delays, or competition from emerging therapies could temper growth. However, the company's diversified pipeline-including azer-cel, an allogeneic CAR-T therapy for progressive MS-provides a buffer against single-product dependency. Additionally, the MS market's projected CAGR of 4.2% through 2032 ensures sustained demand for innovative therapies like BRIUMVI.

Conclusion

TG Therapeutics exemplifies a biotech company with a clear, data-driven path to growth. By combining strong financial performance, pipeline innovation, and strategic partnerships, the company is poised to dominate the MS market through 2028. Investors seeking exposure to a high-growth biotech play with tangible catalysts should closely monitor TG's progress in subcutaneous BRIUMVI development and its broader commercialization strategy.