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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
TG Therapeutics reported revenue of $616M in the fiscal year ended Dec 2025, up 87.3% from the year before. Operating income was $123M, an operating margin of 20.0%, and net income was $447M. Operating cash flow of −$25M less capital expenditure of $214,000 left free cash flow of −$25M. Net debt was $166M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 6.7 | 2.8 | 234 | 329 | 616 |
| Cost of revenue | 0.8 | 0.3 | 14.1 | 38.5 | 101 |
| Gross profit | 5.9 | 2.5 | 220 | 291 | 516 |
| Research & development | 223 | 125 | 76.2 | 94.3 | 160 |
| Selling, general & admin | 128 | 95.5 | 123 | 154 | 232 |
| Operating income | −345 | −218 | 20.6 | 41.9 | 123 |
| Interest expense | 5.6 | 10.2 | 12.6 | 24.0 | 26.7 |
| Pre-tax income | −348 | −224 | 13.1 | 25.6 | 107 |
| Income tax | 0.0 | 0.0 | 0.4 | 2.2 | −340 |
| Net income | −348 | −224 | 12.7 | 23.4 | 447 |
| Diluted EPS | −2.63 | −1.65 | 0.09 | 0.15 | 2.77 |
| Diluted shares | 132 | 135 | 149 | 160 | 161 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 299 | 102 | 92.9 | 180 | 79.1 |
| Receivables | 1.4 | 0.0 | 51.1 | 129 | 306 |
| Inventory | – | 0.0 | 39.8 | 110 | 126 |
| Current assets | 331 | 168 | 318 | 566 | 631 |
| Net PP&E | 0.6 | 0.3 | 0.1 | – | – |
| Goodwill | 0.8 | 0.8 | 0.8 | – | – |
| Total assets | 380 | 194 | 330 | 578 | 1,063 |
| Payables | 51.3 | 42.0 | 38.5 | 58.3 | 108 |
| Deferred revenue | – | 0.2 | 0.2 | 11.4 | 21.2 |
| Current liabilities | 65.4 | 53.2 | 53.7 | 90.7 | 154 |
| Short-term debt | 1.0 | 0.0 | – | – | – |
| Long-term debt | 66.8 | 71.1 | 100 | 244 | 246 |
| Total liabilities | 142 | 135 | 169 | 355 | 415 |
| Shareholders' equity | 237 | 58.6 | 161 | 222 | 648 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −296 | −176 | −31.4 | −40.5 | −24.8 |
| Capital expenditure | 0.4 | 0.0 | 0.0 | 0.0 | 0.2 |
| Free cash flow | −296 | −176 | −31.4 | −40.6 | −25.0 |
| Depreciation & amortisation | 0.3 | 0.3 | 0.2 | 0.1 | 0.1 |
| Stock-based compensation | 61.3 | 44.7 | 37.9 | 42.5 | 64.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −58.4% | 8290.0% | 40.8% | 87.3% |
| Operating income growth (YoY) | – | – | – | 103.2% | 194.1% |
| EPS growth (YoY) | – | – | – | 66.7% | 1746.7% |
| Gross margin | 88.2% | 90.5% | 94.0% | 88.3% | 83.7% |
| Operating margin | −5154.3% | −7839.0% | 8.8% | 12.7% | 20.0% |
| Net margin | −5204.1% | −8036.3% | 5.4% | 7.1% | 72.6% |
| Return on equityBlank when equity is negative | −146.8% | −382.0% | 7.9% | 10.5% | 69.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −109.7% | −155.5% | 7.5% | 8.6% | 13.6% |
| Free cash flow margin | −4425.7% | −6326.2% | −13.4% | −12.3% | −4.1% |
| Cash conversion (CFO ÷ net income) | 0.85x | 0.79x | −2.48x | −1.73x | −0.06x |
| Receivable days | 76 | 0 | 80 | 143 | 181 |
| Inventory days | – | 0 | 1029 | 1048 | 455 |
| Payable days | 23699 | 57875 | 994 | 553 | 390 |
| Interest cover | −61.2x | −21.4x | 1.64x | 1.75x | 4.61x |
| Debt ÷ equity | 0.29x | 1.21x | 0.62x | 1.10x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −231 | −31.2 | 7.2 | 64.5 | 166 |
| Current ratio | 5.06x | 3.16x | 5.92x | 6.25x | 4.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.