TGTX

IDEXX Laboratories, Inc. IDXX is set to release third-quarter 2026 results on Nov. 2, before the opening bell. In the last reported quarter, the company posted adjusted earnings per share (EPS) of $4.27, which surpassed the Zacks Consensus Estimate by 8.10%. IDEXX's earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 5.74%. The Zacks Consensus Estimate for revenues is pegged at $1.19 billion, indicating an increase of 7.5% from the year-ago figure. The Zacks Consensus Estimate for EPS is pinned at $3.71, implying a rise of 9.1% from the year-ago figure. Estimates for third-quarter earnings have remained unchanged in the past 60 days. Here's a brief snapshot of the pet healthcare innovator's performance leading up to the announcement. The business is likely to have sustained its momentum in the third quarter of 2026, supported by continued volume growth. CAG Diagnostics' recurring revenues are expected to have been a key driver of this performance, with robust gains across both the U.S. and international regions. IDEXX VetLab consumables might have benefited from volume expansion driven by net new customer gains in the premium instrument installed base and expanded testing utilization. Global Reference Lab revenues are likely to have benefited from an expanding customer base and increased same-store utilization, as existing customers adopted a broader testing menu, such as IDEXX Cancer Dx. Global Rapid Assay revenues are expected to have improved as the impact of customers transitioning pancreatic lipase testing to the Catalyst instrument platform gradually subsides. Within Veterinary Software, Services and Diagnostic Imaging Systems, recurring revenue growth was likely supported by expanding cloud-based PIMS recurring revenues and increased adoption of the newly launched DR50 Plus platform. Additionally, the September acquisition of CoVetAI Inc. is expected to strengthen IDEXX's global software presence through integration with IDEXX VetConnect PLUS while addressing the needs of veterinary practice teams in markets not currently served by its practice management systems. On the flip side, continued pressure on wellness visits might have remained a key constraint on clinical visit growth during the third quarter. The Zacks Consensus Estimate for CAG's third-quarter business revenues implies an increase of 7.9%. The segment's revenues are expected to have benefited from both the United States and international regions, including benefits from order recovery in the Middle East. The Zacks Consensus Estimate for Water's revenues implies 6.4% year-over-year growth. IDEXX Laboratories, Inc. price-eps-surprise | IDEXX Laboratories, Inc. Quote Revenues in this division might have gained from an increase in test volumes across all regions. The Zacks Consensus Estimate for LPD revenues indicates a 3.5% year-over-year increase. Per our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is exactly the case here, as you can see below: Earnings ESP: IDEXX Laboratories has an Earnings ESP of +0.59%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. Zacks Rank: The company currently carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here. Here are some other medical stocks worth considering, as these too have the right combination of elements to post an earnings beat this time around: TG Therapeutics TGTX has an Earnings ESP of +71.43% and a Zacks Rank #1 at present. The company is expected to release third-quarter 2026 results soon. TGTX's earnings beat estimates in one of the trailing four quarters and missed in the other three, the average surprise being 184.65%. The Zacks Consensus Estimate for third-quarter EPS implies a decrease of 84.8% from the year-ago quarter's figure. Revvity RVTY has an Earnings ESP of +1.03% and a Zacks Rank #2 at present. The company is slated to release third-quarter 2026 results on Nov. 3. RVTY's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.59%. The Zacks Consensus Estimate for third-quarter EPS indicates an increase of 9.3% from the year-ago quarter's figure. Acadia Healthcare ACHC has an Earnings ESP of +4.84% and a Zacks Rank #3 at present. The company is slated to release third-quarter results on Nov. 4. ACHC's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 47.02%. The Zacks Consensus Estimate for third-quarter EPS calls for a decrease of 36.1% from the year-ago quarter's figure. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report IDEXX Laboratories, Inc. (IDXX) : Free Stock Analysis Report Acadia Healthcare Company, Inc. (ACHC) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report Revvity Inc. (RVTY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

- After 90 days of receiving Azer-cel, 89% of evaluable patients had stable or improved disability scores - Azer-cel is designed as an off-the-shelf therapy and not a personalized treatment. - TG Therapeutics said it will continue the trial to evaluate higher doses and longer-term outcomes. TG Therapeutics (TGTX) was on investors' radar on Friday after the company reported encouraging early results from a Phase 1 trial of its experimental cell therapy in patients with progressive multiple sclerosis. Multiple sclerosis is a disease in which the immune system attacks the protective covering of nerve fibres, causing problems with movement and coordination in general. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox TGTX shares were up around 4% at the time of writing, bucking the broader biotech sector's selloff. TGTX was also among the top trending tickers on Stocktwits at the time of writing. The Phase 1 trial evaluated patients whose disabilities continued to worsen despite receiving other treatments. After 90 days of receiving Azer-cel, 89% of evaluable patients had stable or improved disability scores, including five who showed improvements. Azer-cel is an experimental CAR-T cell therapy that uses genetically modified immune cells from healthy donors to target CD19, a protein found on B-cells involved in multiple sclerosis. Azer-cel is designed as an off-the-shelf therapy and not a personalized treatment. TG Therapeutics also reported no severe CAR-T-related toxicities or dose-limiting side effects. However, the results remain preliminary, and the company will continue the trial to evaluate higher doses and longer-term outcomes. Beyond Azer-cel, TG Therapeutics already markets Briumvi to treat relapsing forms of multiple sclerosis. The company is also developing an injectable version of Briumvi, with Phase 3 results expected by early 2027. Separately, TG Therapeutics is also studying the drug in Phase 2 trials for myasthenia gravis, a condition that causes muscle weakness, and treatment-resistant schizophrenia. TG had $612.3 million in cash, cash equivalents and investments as of June 30, 2026, significantly more than the $199.5 million it had at the end of 2025. Retail sentiment surrounding TGTX on Stocktwits remained 'bullish' over the past 24 hours, amid 'high' message volumes. One user called the data "fantastic news." Another user said the data changes the value of the stock. TGTX shares have surged nearly 90% so far in 2026. For updates and corrections, email newsroom[at]stocktwits[dot]com. Arnab Paul has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits. Related: - Stocktwits Weekly Spread: What Shaped Treasury Yields And The Dollar This Week - SpaceX's 80,000 Cell Site Push A Win For AST SpaceMobile, Ericsson, Nokia, NextNav, Among Others, Says Roth Capital - Stocktwits Zero To Sixty: Tesla And SpaceX Form Merger Committees As Profits Drop, While Rivian Buys AI Startup And GM, Ford Advance EV Plans

Align Technology, Inc. ALGN is set to release third-quarter 2026 results on Oct. 28, after the closing bell. In the last reported quarter, the company posted adjusted earnings per share (EPS) of $2.64, which surpassed the Zacks Consensus Estimate by 3.13%. Align Technology beat on earnings in each of the trailing four quarters, the average surprise being 9.36%. The Zacks Consensus Estimate for revenues is pegged at $1.01 billion, which suggests 1.1% growth from the year-ago reported figure. The Zacks Consensus Estimate for earnings is pinned at $2.77 per share, which implies a 6.1% rise from the year-ago recorded actuals. Estimates for earnings have moved south 1 cent to $2.77 per share in the past 30 days. Here's a brief overview of the company's performance leading up to this announcement. The segment is likely to have benefited from higher Clear Aligner volumes, with particular strength across the EMEA, APAC and Latin America, with continued stability in North America. Both orthodontists and GP dentist channels may have seen volume growth, driven by growth across adults, teens and growing kids. From a product standpoint, it is likely to have seen strong contributions from Invisalign First, the Invisalign Palatal Expander and the Invisalign Mandibular Advancement with Occlusal Blocks ("MOAB"). Dental and orthodontic service organizations (DSOs) must have remained a key, scalable growth channel in the to-be-reported quarter, with continued strong progress across all major regions. Meanwhile, the doctor subscription program (DSP), which includes retention, touch-up and relapse cases, is expected to have maintained strong momentum during the quarter. The Zacks Consensus Estimate for Clear Aligner revenues indicates 3.6% year-over-year growth. Labcorp Holdings Inc. price-eps-surprise | Labcorp Holdings Inc. Quote Within this segment, revenues are likely to have faced a negative impact from continued challenges in the capital equipment market with higher interest rates and increased macro uncertainty. However, in the previous quarter, scanner placements to new doctors reached a record level and increased double digits year over year, driven by continued adoption of iTero Lumina. We expect this trend to have continued in the to-be-reported quarter as well. exocad achieved strong revenue growth, reinforcing the company's strategy to integrate orthodontics and restorative dentistry within a customer and patient-centric digital platform. We expect this trend to have persisted in the third quarter as well. The company introduced two new Align Digital Platform capabilities to enhance patient engagement, treatment planning and workflow efficiency. Combined with the Invisalign Palatal Expander platform and customized 3D-printed features, these innovations support a more integrated digital workflow from imaging and diagnosis to treatment delivery. We expect the development to have contributed to the company's top-line growth. The Zacks Consensus Estimate for the segment's revenues implies a decrease of 8% on a year-over-year basis. Per our proven model, stocks with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, have a higher chance of beating estimates. However, this is not the case here, as you can see below: Earnings ESP: Align Technology has an Earnings ESP of -2.03%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. Zacks Rank: The company currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank stocks here. Here are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time around: TG Therapeutics TGTX has an Earnings ESP of +71.43% and a Zacks Rank #1 at present. The company is expected to release third-quarter 2026 results soon. TGTX's earnings beat estimates in one of the trailing four quarters and missed on the remaining three occasions, the average surprise being 184.65%. The Zacks Consensus Estimate for third-quarter EPS implies a decrease of 84.8% from the year-ago quarter's figure. Revvity RVTY has an Earnings ESP of +1.03% and a Zacks Rank #2 at present. The company is slated to release third-quarter 2026 results on Nov. 3. RVTY's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.59%. The Zacks Consensus Estimate for third-quarter EPS indicates an increase of 9.3% from the year-ago quarter's figure. Acadia Healthcare ACHC has an Earnings ESP of +4.84% and a Zacks Rank #3 at present. The company is slated to release third-quarter results on Nov. 4. ACHC's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 47.02%. The Zacks Consensus Estimate for third-quarter EPS calls for a decrease of 36.1% from the year-ago quarter's figure. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Align Technology, Inc. (ALGN) : Free Stock Analysis Report Acadia Healthcare Company, Inc. (ACHC) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report Revvity Inc. (RVTY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Labcorp Holdings Inc. LH is slated to report its third-quarter 2026 results on Oct. 28, before the market opens. In the last reported quarter, the company posted adjusted earnings per share (EPS) of $4.99, surpassing the Zacks Consensus Estimate by 4.18%. Labcorp outpaced estimates in each of the trailing four quarters, the average surprise being 3.09%. The Zacks Consensus Estimate for Labcorp's third-quarter 2026 revenues is pegged at $3.77 billion. This suggests a 5.7% rise from the year-ago reported figure. The Zacks Consensus Estimate for third-quarter EPS indicates an improvement of 11.2% to $4.65. The estimate has remained unchanged in the past 30 days. Here's a quick review of the company's performance leading up to its third-quarter earnings. In the third quarter of 2026, Diagnostics Laboratories ("Dx") segment's performance is likely to have benefited from continued organic growth, supported by strong testing volumes and increasing tests per accession. Labcorp is expected to have benefited from its ongoing expansion through health system partnerships and laboratory acquisitions, strengthening its patient and provider network and supporting testing demand. In the previous quarter, Labcorp's acquisition of select outreach laboratory services from Parkview Health in Indiana and Ohio, along with Tribal Diagnostics in Oklahoma and Texas, is expected to have supported third-quarter sales growth. Additionally, strategic collaborations with the National Association of Community Health Centers and OHSU's Knight Cancer Institute, along with an agreement with the Defense Health Agency to continue providing clinical reference laboratory services to the Military Health System, are expected to have strengthened Labcorp's market presence and growth prospects. The company's expanding specialty testing portfolio likely remained another tailwind. These tests are focused on the areas spanning oncology, women's health, neurology and autoimmune disease, which are projected to far outpace the broader diagnostics market. In the third quarter of 2026, Labcorp Oncology's performance is likely to have benefited from portfolio expansion across lung, colorectal and prostate cancer. This is supported by the nationwide launch of ColoSense, an RNA-based colorectal cancer screening test with an at-home collection, and the addition of advanced DPYD genotyping testing, which helps identify patients at risk for severe treatment-related toxicity from certain chemotherapies. Additionally, in August, the nationwide availability of Roche's FDA-approved VENTANA PTEN (SP218) RxDx Assay, which helps identify prostate cancer patients eligible for treatment with AstraZeneca's TRUQAP-based combination therapy, is expected to have further strengthened the company's oncology testing portfolio. In the third quarter of 2026, Labcorp OnDemand's revenues are expected to have benefited from strong demand for consumer health tests, supported by the expansion of its direct-to-consumer testing portfolio. The introduction of the Marker by Labcorp Genetic Health Panel, offering integrated biomarker and genetic testing insights, along with the launch of at-home self-collection tests for fertility-related hormones and testosterone levels in Canada, is likely to have further supported growth. Labcorp is also expected to have benefited from its continued adoption of advanced technologies, including AI and robotics, to enhance customer experiences and operational efficiency. The growing adoption of its recently launched AI-powered MyLabcorp app, which has already attracted millions of downloads, is likely to have further supported customer engagement and productivity. The Zacks Consensus Estimate expects Dx revenues to grow 6% year over year. Labcorp Holdings Inc. price-eps-surprise | Labcorp Holdings Inc. Quote Within the Biopharma Laboratory Services ("BLS") segment, Labcorp is likely to have benefited from the solid performance of Central Laboratories. The company may have also progressed with its strategic actions to streamline the Early Development business, which may have limited overall growth. During the third quarter, Labcorp acquired MLM Medical Labs ("MLM"), a leading global central and specialty laboratory provider. The acquisition strengthens Labcorp's global presence and biomarker testing capabilities, establishing a wholly owned laboratory network across North America, Europe, Asia and Africa. The Zacks Consensus Estimate suggests that BLS revenues will grow 3.9% year over year. Per our proven model, stocks with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, have a higher chance of beating estimates, which is not the case here, as you can see below: LH's Earnings ESP: Labcorp has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. Labcorp's Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here. Here are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time: TG Therapeutics TGTX has an Earnings ESP of +71.43% and a Zacks Rank #1 at present. The company is expected to release third-quarter 2026 results soon. TGTX's earnings beat estimates in one of the trailing four quarters and missed on the remaining three occasions, the average surprise being 184.65%. The Zacks Consensus Estimate for third-quarter EPS implies a decrease of 84.8% from the year-ago quarter's figure. Revvity RVTY has an Earnings ESP of +1.03% and a Zacks Rank #2 at present. The company is slated to release third-quarter 2026 results on Nov. 3. RVTY's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.59%. The Zacks Consensus Estimate for third-quarter EPS indicates an increase of 9.3% from the year-ago quarter's figure. Acadia Healthcare ACHC has an Earnings ESP of +4.84% and a Zacks Rank #3 at present. The company is slated to release third-quarter results on Nov. 4. ACHC's earnings surpassed estimates in all of the trailing four quarters, the average surprise being 47.02%. The Zacks Consensus Estimate for third-quarter EPS calls for a decrease of 36.1% from the year-ago quarter's figure. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Labcorp Holdings Inc. (LH) : Free Stock Analysis Report Acadia Healthcare Company, Inc. (ACHC) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report Revvity Inc. (RVTY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Quest Diagnostics DGX is set to release third-quarter 2026 results on Oct. 22, before the market opens. In the last reported quarter, the renowned diagnostics provider posted adjusted earnings per share (EPS) of $3.12, which surpassed the Zacks Consensus Estimate by 11.03%. The company beat on earnings in each of the trailing four quarters, the average surprise being 5.77%. The Zacks Consensus Estimate for revenues is pegged at $3.04 billion, indicating an increase of 8.1% from the year-ago reported figure. The Zacks Consensus Estimate for EPS suggests a 9.6% rise to $2.85. Estimates for Quest Diagnostics' third-quarter earnings have remained unchanged in the past 30 days. Here's a brief review of the company's performance leading up to the announcement. As in the previous quarter, third-quarter 2026 revenues are expected to have been supported by broad clinical demand from physicians, hospitals and consumers and increased volume from collaborations with Corewell Health and Fresenius Medical Care. In the physician channel, a key driver has likely been geographic expansion from greater health plan access and acquisitions. Enterprise accounts may have generated additional revenues through new customer acquisitions and expanded business with existing clients. Quest Diagnostics Incorporated price-eps-surprise | Quest Diagnostics Incorporated Quote Growth in the hospital channel may have been driven by Co-Lab solutions, which leverage the company's lab and process management expertise to optimize quality and drive cost efficiencies. In the consumer channel, as in recent quarters, the company is likely to have generated strong revenue growth from both questhealth.com and its portfolio of leading consumer health collaborations. In the third quarter of 2026, the company is likely to have maintained momentum in Advanced Diagnostics, which includes non-routine and specialized tests across advanced cardiometabolic, autoimmune, brain health, oncology, and women's and reproductive health areas. Offerings such as the Quest AD-Detect blood test portfolio for Alzheimer's disease, Haystack MRD, ApoB and Lp(a) as well as liverfibrosis testing for new treatments for late-stage liver disease are expected to have supported growth. The company is also investing in AI and automation to improve laboratory efficiency and customer experiences. Front-end specimen processing automation is improving productivity, while the newly launched IntelliDraw tool aims to improve specimen collection quality and service for physician customers. Additionally, operational efficiencies and cost synergies from the Invigorate initiative are likely to have supported Quest Diagnostics' operating performance. Per our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is not the case here, as you can see below. Earnings ESP: Quest Diagnostics has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today's Zacks Rank #1 Rank stocks here. Here are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time around: TG Therapeutics TGTX has an Earnings ESP of +71.43% and a Zacks Rank #1 at present. The company is expected to release third-quarter 2026 results soon. TGTX's earnings beat estimates in one of the trailing four quarters and missed in the remaining three, the average surprise being 184.65%. The Zacks Consensus Estimate for third-quarter EPS implies a decrease of 84.8% from the year-ago quarter's figure. Revvity RVTY has an Earnings ESP of +1.03% and a Zacks Rank #2 at present. The company is slated to release third-quarter 2026 results on Nov. 3. RVTY's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.59%. The Zacks Consensus Estimate for third-quarter EPS indicates an increase of 9.3% from the year-ago quarter's figure. HeartSciences HSCS has an Earnings ESP of +2.70% and a Zacks Rank #2 at present. The company is expected to release second-quarter fiscal 2027 results soon. HSCS' earnings surpassed estimates in two of the trailing four quarters and missed in the other two, the average negative surprise being 0.06%. The Zacks Consensus Estimate for fiscal second-quarter loss per share calls for an improvement of 12.9% from the year-ago quarter's loss. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quest Diagnostics Incorporated (DGX) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report HeartSciences Inc. (HSCS) : Free Stock Analysis Report Revvity Inc. (RVTY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

UnitedHealth Group, Inc. UNH reported third-quarter 2026 adjusted earnings per share (EPS) of $4.69, which beat the Zacks Consensus Estimate of $4.12. The bottom line rose 60.6% year over year. Revenues declined 0.4% year over year to $112.7 billion. However, the top line beat the consensus mark by 1.2%. The quarterly results were aided by the strength witnessed in Optum Insight and Optum Rx. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weakness in Optum Health and declining memberships partially offset the positives. UnitedHealth Group Incorporated price-consensus-eps-surprise-chart | UnitedHealth Group Incorporated Quote UnitedHealth's third-quarter premium of $87.1 billion decreased from $89 billion a year ago but beat the consensus mark of $86 billion. UNH's adjusted medical care ratio (MCR) was 88.4% in the third quarter, which improved 150 bps from the year-ago period. MCR witnessed a decrease, backed by solid medical cost management, pricing discipline and benefit design changes. Medical costs of $77 billion declined from $80 billion a year ago. Third-quarter total operating costs of $106.1 billion decreased 2.5% year over year, benefiting from lower medical costs and operating costs. However, the figure was higher than our model estimate of $104.5 billion. The third-quarter 2026 operating cost ratio improved to 12.8% from 13.5% a year ago. UnitedHealth's adjusted operating earnings rose 45.2% year over year to $6.3 billion in the third quarter. Revenues of the health benefits business of UnitedHealth, UnitedHealthcare, declined 0.8% year over year to $86.3 billion in the third quarter. However, the metric beat the Zacks Consensus Estimate of $84.7 billion and our estimate of $82.8 billion. The UnitedHealthcare business catered to 48.3 million people as of Sept. 30, 2026, which fell 3.6% year over year. Adjusted earnings from operations amounted to $2.7 billion, up from $1.8 billion a year ago. The adjusted operating margin increased to 3.1% from 2.1% a year ago. Revenues in the Optum business line were $66.9 billion, which fell from $69.2 billion a year ago due to lower contribution from Optum Health. The figure missed the consensus mark of $67.1 billion. Optum's adjusted earnings from operations rose to $3.6 billion from $2.5 billion a year ago. The adjusted operating margin of 5.3% increased from 3.6%. UnitedHealth exited the third quarter with cash and short-term investments of $28.5 billion, which rose from the 2025-end level of $28.1 billion. Total assets of $312.8 billion increased from the $309.6 billion figure at 2025-end. Long-term debt, less current maturities, amounted to $68.7 billion, down from the $72.3 billion figure as of Dec. 31, 2025. Short-term borrowings and the current maturities of long-term debt were $5.6 billion. Total equity of $104.1 billion advanced from the 2025-end level of $100.1 billion. UnitedHealth generated operating cash flows of $25.1 billion in the first nine months of 2026, which grew from the prior-year figure of $18.6 billion. In the first nine months of 2026, it paid dividends worth $6.2 billion and repurchased $5 billion of stock. Management earlier anticipated revenues for 2026 above $439 billion, which are below the 2025 level due to planned right-sizing across operations. Adjusted EPS is now expected to be at least $20.5 for 2026, up from the previously guided range of $19.5-$20, indicating improving margins. Net margin was expected to be around 3.6%, up from 2.7% in 2025. The company earlier expected MCR to be 88.1% (± 25 bps) in 2026, down from 89.1% in 2025. The operating cost ratio was likely to be 12.8% (± 50 bps) in 2026. The tax rate was expected to be around 18.5%. Operating cash flows were estimated to be around $24 billion, up from the previous guidance of greater than $18 billion. UNH was expected to make repurchases of at least $5 billion and pay dividends worth $8 billion in 2026. Capital expenditure was estimated at $3.8 billion for the year. Furthermore, management earlier expected medical memberships to be within 46.945-47.495 million in 2026, with significant declines in commercial risk, Medicare Advantage and Medicaid heads. UNH currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the broader medical space are Phibro Animal Health Corporation PAHC, Corcept Therapeutics Incorporated CORT and TG Therapeutics, Inc. TGTX, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for Phibro Animal Health's current-quarter earnings is pegged at 77 cents per share, suggesting 5.5% year-over-year growth. PAHC beat earnings estimates in each of the trailing four quarters, with the average surprise being 18.4%. The consensus estimate for current-quarter revenues is pegged at $376.1 million, suggesting 3.4% year-over-year growth. The Zacks Consensus Estimate for Corcept Therapeutics' current-quarter earnings of 68 cents per share has remained stable over the past seven days. CORT beat earnings estimates in one of the trailing four quarters, met once and missed twice. The consensus estimate for current-quarter revenues is pegged at $329.2 million, suggesting 58.5% year-over-year growth. The Zacks Consensus Estimate for TG Therapeutics' current-quarter earnings of 37 cents per share has witnessed one upward revision in the past seven days, against no movement in the opposite direction. The consensus estimate for TGTX's current-quarter revenues is pegged at $247.2 million, suggesting 52.8% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UnitedHealth Group Incorporated (UNH) : Free Stock Analysis Report Corcept Therapeutics Incorporated (CORT) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report Phibro Animal Health Corporation (PAHC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Thermo Fisher Scientific TMO is set to release third-quarter 2026 results on Oct. 21, before the market opens. In the last reported quarter, the company posted adjusted earnings per share (EPS) of $6.03, which surpassed the Zacks Consensus Estimate by 5.60%. The company's earnings topped estimates in each of the trailing four quarters, the average surprise being 4.42%. The Zacks Consensus Estimate for revenues is pegged at $11.91 billion, indicating an increase of 7.1% from the year-ago reported figure. The consensus mark for the company's EPS implies a 10.5% year-over-year rise to $6.40. The estimate has remained unchanged in the past 30 days. The segment's performance is expected to have benefited from continued strength in the Bioproduction business. A steady cadence of product launches is also expected to have supported the Life Sciences Solutions segment. Among its newer innovations, Thermo Fisher introduced the Gibco CHO-K1 Catalog Panel, a cGMP-ready portfolio of basal and feed media designed to support strong cell growth and protein production across CHO-K1 cell lines. The company also launched the Multiskan Ease Absorbance Microplate Reader to support protein quantification, enzyme-linked immunosorbent assays (ELISAs), cell viability studies, microbial growth monitoring and other routine laboratory applications with simplified operation and dependable performance. Thermo Fisher's new Applied Biosystems PowerFlex Thermal Cycler is designed to help deliver enhanced flexibility, precise thermal performance and improved productivity for modern molecular biology laboratories. We expect all these developments to have positively boosted revenues in the third quarter of 2026. Per the Zacks Consensus Estimate, the Life Sciences Solutions revenues are expected to increase 10.1% year over year. The segment is likely to have witnessed growth across all three businesses, led by the electron microscopy business in third-quarter 2026. Also, Thermo Fisher's strength in innovations may have remained a bright spot. The company introduced the EMPAD G2 detector to help researchers capture more information about materials in a single scan, recording both the strongest and weakest signals without sacrificing imaging speed or data quality. TMO also introduced Orbitrap Isora Mass Spectrometer and Orbitrap Isora Pro Mass Spectrometer, the company's first Orbitrap instruments with a dedicated isotope ratio analysis mode. In the previous quarter, Thermo Fisher collaborated with NVIDIA, which is expected to have made further progress toward commercializing AI-enabled scientific workflow solutions. These developments might have favorably boosted the company's top line in the third quarter. Per the Zacks Consensus Estimate, revenues in this segment are projected to increase 2.6% year over year. Similar to the previous quarter, the segment's growth may have been driven by the immunodiagnostics and transplant diagnostics businesses. The healthcare market channel likely contributed to third-quarter revenues. Recent product innovations are also expected to have supported the segment's performance. These include InstaFlux, an integrated media-on-demand enrichment workflow that helps food microbiology laboratories simplify media preparation, improve productivity and enhance sample traceability, as well as Thermo Scientific Brilliance Candida 2 Agar and Spectra Candida Agar, new color-based (chromogenic) culture media to quickly detect and differentiate clinically important Candida species. Thermo Fisher Scientific Inc. price-eps-surprise | Thermo Fisher Scientific Inc. Quote Thermo Fisher marked a notable development in August 2026, completing the sale of its microbiology business to Astorg for approximately $1.075 billion. The Zacks Consensus Estimate for Specialty Diagnostics revenues implies a decline of 3% year over year. In the third quarter of 2026, the segment is likely to have delivered solid performance due to its clinical research business and the research and safety market channel. Thermo Fisher launched the PPD CorEvitas Vitiligo Registry, a prospective, observational clinical registry designed to generate longitudinal real-world evidence in adolescents and adults living with nonsegmental vitiligo (NSV). During the previous quarter, Thermo Fisher's PPD clinical research business expanded its global bioanalytical capabilities by opening a new bioanalytical and biomarker laboratory in Gothenburg, Sweden. Collectively, these developments are expected to have supported the segment's third-quarter revenues. The Zacks Consensus Estimate for revenues indicates an increase of 9.8% year over year. Per our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is not the case here, as you can see below. Earnings ESP: Thermo Fisher has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. Zacks Rank: The company currently carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here. Here are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time around: TG Therapeutics TGTX has an Earnings ESP of +71.43% and a Zacks Rank #1 at present. The company is expected to release third-quarter 2026 results soon. TGTX's earnings beat estimates in one of the trailing four quarters and missed on the remaining three occasions, the average surprise being 184.65%. The Zacks Consensus Estimate for third-quarter EPS implies a decrease of 84.8% from the year-ago quarter's figure. Revvity RVTY has an Earnings ESP of +1.03% and a Zacks Rank #2 at present. The company is slated to release third-quarter 2026 results on Nov. 3. RVTY's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.59%. The Zacks Consensus Estimate for third-quarter EPS indicates an increase of 9.3% from the year-ago quarter's figure. HeartSciences HSCS has an Earnings ESP of +2.70% and a Zacks Rank #2 at present. The company is expected to release second-quarter fiscal 2027 results soon. HSCS' earnings surpassed estimates in two of the trailing four quarters and missed in the other two, the average negative surprise being 0.06%. The Zacks Consensus Estimate for fiscal second-quarter loss per share calls for an improvement of 12.9% from the year-ago quarter's figure. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Thermo Fisher Scientific Inc. (TMO) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report HeartSciences Inc. (HSCS) : Free Stock Analysis Report Revvity Inc. (RVTY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It has been about a month since the last earnings report for Kymera Therapeutics, Inc. (KYMR). Shares have added about 10.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Kymera Therapeutics due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Kymera Therapeutics, Inc. before we dive into how investors and analysts have reacted as of late. KYMR Q2 Earnings and Revenues Top Estimates on Gilead, Sanofi Payments Kymera Therapeutics reported a second-quarter 2026 loss of 62 cents per share, narrower than the Zacks Consensus Estimate of a loss of 64 cents. The company posted a loss of 95 cents per share in the year-ago period. Revenues surged to $65 million from $11.5 million in the year-ago quarter and surpassed the Zacks Consensus Estimate of $39 million. KYMR's Collaboration Revenues Drive Top-Line Growth All second-quarter revenues came from collaboration agreements. Kymera recognized a $45 million option exercise fee related to Gilead Sciences, Inc.’s exclusive license for KT-200, its oral CDK2 molecular glue degrader candidate. The company also recorded a $20 million milestone payment after Sanofi initiated a phase I study of KT-485, an oral, potent and selective second generation IRAK4 degrader, in adult healthy volunteers and hidradenitis suppurativa patients. Management said all deferred revenues have now been recognized. Consequently, Kymera does not expect additional revenues in 2026. Future collaboration revenues will depend on milestones achieved under the Gilead or Sanofi agreements in 2027 and beyond. Kymera's R&D Spending Rises With Clinical Activity Research and development expenses increased 52.4% year over year to $119.48 million. The increase reflected higher investments in the STAT6 program, platform and discovery programs, along with continued expansion of the R&D organization. R&D expenses included $10.4 million of stock-based compensation. Excluding that noncash expense, adjusted cash R&D spending was $109.1 million. General and administrative expenses rose 19.7% to $21.13 million. The increase was driven by higher legal and professional service costs, personnel expenses and facility-related spending. Kymera Maintains Cash Runway Into 2029 Cash, cash equivalents and marketable securities totaled $1.50 billion as of June 30, 2026, compared with $1.62 billion at the end of 2025. Management maintained its expectation that available capital will be sufficient to fund operations through 2029. The runway is expected to support completion of KT-621’s phase IIb studies in atopic dermatitis and asthma, as well as KT-579’s planned lupus proof-of-concept program. Kymera also expects to fund the initial stages of a phase III asthma study and most of the planned phase III atopic dermatitis study for KT-621. Kymera Accelerates KT-621 Development Timeline KT-621, an investigational once-daily oral STAT6 degrader, is being developed for type II inflammatory diseases. Kymera completed enrollment in the BROADEN2 phase IIb study of KT-621 in moderate-to-severe atopic dermatitis (AD) nearly six months ahead of schedule. Top-line data are now expected by year-end 2026, six months earlier than the company’s previous target. Subject to regulatory discussions, phase III studies in atopic dermatitis are planned to begin by mid-2027. The trial is evaluating three doses of the once-daily oral STAT6 degrader against placebo. Its primary endpoint is the percentage change from baseline in the Eczema Area and Severity Index score at week 16. Enrollment is also underway in the BREADTH phase IIb study in patients with moderate-to-severe eosinophilic asthma. Kymera continues to expect top-line data in late 2027 and has initiated an open-label extension that permits eligible participants to receive KT-621 for up to 52 additional weeks. KYMR Advances IRF5 and Partnered Programs Beyond STAT6, Kymera is progressing KT-579, a first-in-class oral degrader of IRF5, a transcription factor positioned as a master regulator across autoimmune diseases. Enrollment is ongoing in the phase I study of KT-579 in healthy volunteers, with data expected in the fourth quarter of 2026. The study is assessing whether the oral IRF5 degrader can achieve more than 90% degradation in blood while maintaining a favorable safety profile. Kymera plans to initiate a proof-of-concept study in lupus patients soon after completing the healthy-volunteer trial. Update on KYMR’s Partnered Programs Sanofi initiated the first-in-human phase I study evaluating KT-485 (SAR447971) in adult healthy volunteers and hidradenitis suppurativa patients. KT-485 has the potential to offer a novel oral approach for a variety of chronic immuno-inflammatory diseases.  Under the agreement, Sanofi is responsible for the program's development, regulatory and commercialization activities. In April 2026, Gilead Sciences exercised its option to exclusively license KT-200, Kymera's first-in-class oral CDK2 molecular glue degrader, triggering a $45 million milestone payment. KT-200 is being developed for breast cancer and other solid tumors and has the potential to improve the current standard of care. Gilead plans to advance the candidate into IND-enabling studies, with an IND filing targeted for 2027. It turns out, estimates revision have trended downward during the past month. The consensus estimate has shifted -24.69% due to these changes. At this time, Kymera Therapeutics has a poor Growth Score of F, a grade with the same score on the momentum front. Following the exact same course, the stock has a score of F on the value side, putting it in the lowest quintile for value investors. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Kymera Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Kymera Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, TG Therapeutics (TGTX), has gained 14.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. TG Therapeutics reported revenues of $240.34 million in the last reported quarter, representing a year-over-year change of +70.3%. EPS of $0.05 for the same period compares with $0.17 a year ago. TG Therapeutics is expected to post earnings of $0.36 per share for the current quarter, representing a year-over-year change of -85.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +9.9%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for TG Therapeutics. Also, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kymera Therapeutics, Inc. (KYMR) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It has been about a month since the last earnings report for TG Therapeutics (TGTX). Shares have added about 15.1% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is TG Therapeutics due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. TG Therapeutics reported earnings of 5 cents per share for the second quarter of 2026, missing the Zacks Consensus Estimate of 41 cents. The company had reported earnings of 17 cents per share in the year-ago quarter. Total revenues in the second quarter were $240.3 million, up almost 70.3% year over year, driven by strong demand for the company’s sole marketed drug, Briumvi. The figure beat the Zacks Consensus Estimate of $231 million. The top line comprised product sales from Briumvi and license, royalty and other revenues. Total product revenues were $235.8 million in the reported quarter, reflecting a 69.9% year-over-year increase. Total product revenues included sales of Briumvi to TG Therapeutics’ licensing partner, Neuraxpharm, in ex-U.S. markets, of $8.1 million. Briumvi's net product sales in the United States were $227.7 million in the second quarter, up 64% year over year. Sales of the drug came in ahead of management’s guided range of $220 million. License, milestone, royalty and other revenues were $4.5 million in the second quarter, compared with $2.3 million reported in the year-ago quarter. Research and development (R&D) expenses (excluding stock-based compensation) surged 217.5% year over year to $87.3 million due to higher expenses related to ongoing clinical studies. Selling, general and administrative (SG&A) expenses (excluding stock-based compensation) totaled $62.3 million, up 43.2% from the year-ago quarter’s level, due to higher commercialization costs for Briumvi as well as other personnel costs. As of June 30, 2026, TG Therapeutics had cash, cash equivalents and investments worth $612.3 million compared with $572.8 million as of March 31, 2026. TG Therapeutics raised its total revenue guidance. The company now expects worldwide total revenues of around $950 million in 2026, compared with the previous expectation of around $925 million. The company now expects net product revenues of $890-$905 million from Briumvi sales in the United States in 2026, up from the previous expectation of $885-$900 million. Excluding non-cash compensation, total operating expenses, defined as R&D and SG&A, are now expected to be around $350-$400 million in 2026, compared with the previous expectation of around $350 million. It turns out, estimates revision have trended downward during the past month. At this time, TG Therapeutics has a poor Growth Score of F, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, TG Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. TG Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Alnylam Pharmaceuticals (ALNY), a stock from the same industry, has gained 12.4%. The company reported its results for the quarter ended June 2026 more than a month ago. Alnylam reported revenues of $1.29 billion in the last reported quarter, representing a year-over-year change of +66.9%. EPS of $1.84 for the same period compares with $0.32 a year ago. For the current quarter, Alnylam is expected to post earnings of $2.19 per share, indicating a change of -24.5% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.7% over the last 30 days. Alnylam has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report Alnylam Pharmaceuticals, Inc. (ALNY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Monday, Aug. 3, 2026 at 8:30 a.m. ET Chief Communications Officer - Jenna Bosco Chairman and Chief Executive Officer - Michael Weiss Chief Commercial Officer - Adam Waldman Chief Financial Officer - Sean Power Need a quote from a Motley Fool analyst? Email [email protected] Operator: Greetings. Welcome to TG Therapeutics Second Quarter Conference Call. [Operator Instructions] Please note, this conference is being recorded. At this time, I'll turn the conference over to Jenna Bosco, Chief Communications Officer. Thank you. You may begin. Jenna Bosco: Thank you. Welcome, everyone, and thank you for joining us this morning. I'm Jenna Bosco, and with me to discuss TG Therapeutics' Second Quarter 2026 Financial results are Michael Weiss, our Chairman and Chief Executive Officer; Adam Waldman, our Chief Commercial Officer; and Sean Power, our Chief Financial Officer. Following our safe harbor statement, Mike will begin with an overview of our recent corporate developments. Adam will provide an update on our commercial efforts, and Sean will review our financial results before we open the call for Q&A. Before we begin, I would like to remind everyone that today's discussion will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include expectations regarding our future operating and financial performance, including sales trends, revenue guidance, projected milestones development plans and outlook for our marketed products and pipeline products. Please note that these statements are subject to risks and uncertainties that can cause our actual results to differ materially from those indicated. These risks are detailed in our SEC filings. Additionally, any forward-looking statements made today reflect our views only as of this date, and we disclaim any obligation to update or revise them. As a reminder, this conference call is being recorded and will be available for replay for the next 30 days on our website at www.tgtherapeutics.com. With that, I will turn the call over to Mike Weiss, our CEO. Michael Weiss: Thank you, Jenna, and good morning, everyone. We appreciate you joining us. The second quarter of 2026 was another quarter of strong execution. More importantly, it marked an important evolution for TG Therapeutics. For the last several years, we've been singularly focused on one objective, establishing BRIUMVI as a leading therapy in relapsing multiple sclerosis. That remains our highest priority today and will remain so for years to come. But increasingly, BRIUMVI is enabling us to build something much bigger. It really represents the starting line for TG, the starting line for continued innovation from new formulations and new indications to novel therapeutic approaches to thoughtful business development and ultimately, for building an organization capable of repeatedly creating value for patients and shareholders. The second quarter provided a window into where we're headed. From a commercial perspective, we delivered another excellent quarter, once again exceeding our guidance. New patient starts continue to grow, physician adoption expanded and our commercial organization continued to execute at an exceptionally high level. As we approach $1 billion annualized run rate, we continue to believe we're still early in the life cycle of the BRIUMVI franchise. Our objective is straightforward: to become the #1 prescribed anti-CD20 therapy in relapsing MS based on dynamic market share, and we're making meaningful progress toward that goal, not only by continued commercial execution, but also by ongoing product innovation and a growing body of real-world evidence demonstrating the BRIUMVI value proposition. During the quarter, we announced positive top line Phase III results from our ENHANCE study, demonstrating that patients can initiate BRIUMVI with a single 600-milligram infusion, replacing the currently approved day 1 and day 15 initiation schedule. Based on feedback from health care providers, the ability to initiate BRIUMVI with a single infusion will be viewed very positively by both patients and infusion centers. Eliminating the need for an additional infusion visit reduces treatment burden and removes one of the barriers to switching from another anti-CD20 therapy to BRIUMVI. If all goes well, this new initiation schedule could be available as early as the middle of next year. We also reported additional real-world data from our ongoing ENABLE Phase IV study, demonstrating significant and durable improvements in patient-reported outcomes on BRIUMVI. Importantly, patients transitioning from prior anti-CD20 therapies maintained strong disease control while also reporting meaningful improvements in convenience, tolerability and overall treatment satisfaction. While we continue to strengthen our position within the IV anti-CD20 market, we also made significant progress during the quarter, advancing subcutaneous ublituximab, the active agent in BRIUMVI. We reported positive Phase I bioavailability data for our proprietary subcutaneous formulation, increasing our confidence in the quarterly dosing schedule that is being evaluated in our fully enrolled Phase III study. We're expecting top line Phase III results around year-end or early next year. And to be clear, subcutaneous BRIUMVI is not simply another formulation. It has the potential to materially expand the reach of the franchise. Today, we participate in the physician-administered segment, representing approximately 60% to 65% of the overall anti-CD20 market. A successful subcu BRIUMVI will allow us to compete for patients who choose a self-administered therapy, giving us the opportunity to participate across the entire anti-CD20 landscape for RMS. When pricing dynamics are considered, the subcu opportunity has the potential to more than double BRIUMVI's current addressable market. And when you combine the strength we're already seeing in the IV franchise with the potential to have a best-in-class subcutaneous product, we continue to believe the long-term opportunity for the BRIUMVI franchise is substantially greater than many appreciate today. Beyond MS, we've begun extending the reach of BRIUMVI into additional autoimmune-mediated diseases. During the quarter, we announced encouraging preliminary Phase I data in patients with myasthenia gravis and initiated what we believe could be a registration-directed Phase II study. There are now multiple treatment options available for MG, but our approach, combining the rapid symptomatic relief of FcRn inhibition with the possibility for durable disease control with BRIUMVI has the potential to represent a meaningful treatment advance by reducing the long-term treatment burden of FcRn inhibition and optimizing disease control. We also initiated a Phase II study in treatment-resistant schizophrenia. Growing evidence suggests that a subset of treatment-resistant patients may have an underlying autoimmune component to their disease. Our study is designed not only to evaluate clinical outcomes, but also to better characterize that biology through biomarker analysis. The current investment is modest, but the potential upside if the biology proves correct, could be significant. And we continue to evaluate additional opportunities to expand BRIUMVI. Finally, I'd like to discuss azer-cel, our allogeneic CD19 CAR-T program. We continue to make encouraging progress. We have now enrolled more than 20 patients, primarily with progressive forms of multiple sclerosis and recently expanded the study to include additional B-cell-mediated diseases. While we're focused on generating rigorous clinical evidence before drawing conclusions, we've been encouraged by the continued enthusiasm from investigators, strong patient interest and the anecdotal reports emerging from some study participants. We're looking forward to sharing a clinical update during the second half of the year. When I step back and look at everything we accomplished during the quarter, continued commercial execution, positive ENHANCE data, growing real-world evidence from ENABLE, encouraging progress with subcu, expansion into MG and schizophrenia and continued advancement of azer-cel, I see a strategy coming to life, one successful product becoming a durable engine for innovation. Our goal isn't simply to build a great product, it's to build an organization that repeatedly creates great products for patients and great opportunities for our shareholders. Before turning the call over to Adam, let me briefly touch on our capital allocation. Our philosophy remains unchanged. We will continue to invest where we believe we can create the greatest long-term value. That means, first and foremost, investing behind BRIUMVI and our commercial efforts, also advancing our pipeline and pursuing strategic business development opportunities that strengthen our long-term vision and generate attractive returns as well as when appropriate, continuing to repurchase our own shares. Every capital allocation decision begins with the same question, where can we create the greatest value per dollar invested? That discipline has served us well and will continue to guide us. With that, I'll turn the call over to Adam Waldman, our Chief Commercial Officer. Adam, please go ahead. Adam Waldman: Thanks, Mike, and good morning, everyone. I'm delighted to provide a commercial update. Performance was once again very strong. Second quarter was another record quarter of new patient starts, which surpassed our prior record seen in the first quarter. Persistence continues to exceed our expectations. We're adding new prescribers, repeat prescribers continue to increase. And importantly, an increasing percentage of patients are beginning their treatment journey with BRIUMVI rather than switching to us later. . We highlighted that trend last quarter as one of the strongest leading indicators of long-term franchise strength. The second quarter reinforced that view. When you combine a growing installed base, record new patient demand, strong persistence and expanding physician adoption, you create a business that becomes more durable and more predictable over time. And that's exactly what we're seeing in our business today with another excellent quarter. We generated approximately $228 million in U.S. BRIUMVI net product revenue with global revenue exceeding $240 million, once again exceeding our guidance. In the U.S., that represented quarter-over-quarter growth of approximately 17% and year-over-year growth of more than 64%. Based on the strength of the business, we're raising our full year U.S. BRIUMVI net revenue guidance to $890 million to $905 million and now expect approximately $950 million in total global revenue for 2026. Looking to the balance of the year, we expect the fourth quarter to drive second half growth, positioning us to exit 2026 with quarterly U.S. net revenue exceeding $250 million, our first $1 billion annualized revenue run rate and setting the stage for our first $1 billion-plus U.S. BRIUMVI revenue year in 2027. Building a blockbuster brand in less than 4 years doesn't happen by accident. It's the result of disciplined execution and relentless focus on the fundamentals that matter most. Over the past several years, we've built a commercial platform designed not simply to launch a product, but to support a long-duration franchise. Our field organization, market access capabilities, patient support services and direct-to-consumer investments continue to make BRIUMVI easier to prescribe, easier to access and easier to remain on. We've also been encouraged by the early response to our direct-to-consumer campaign and plan to expand those efforts during the second half of the year. We believe increasing patient awareness complements the commercial infrastructure we've built and represents another important driver of long-term growth. As the business continues to grow, we're able to leverage that commercial platform across an expanding franchise, creating increasing operating leverage over time. Looking ahead, we see 2 important opportunities to build on our MS franchise. The first is the new simplified IV initiation schedule supported by the positive ENHANCE Phase III results. If approved, initiating patients with a 600-milligram infusion further enhances an already strong IV offering, and we believe it will fuel additional share gains within the IV marketplace. It reduces complexity for physicians, for infusion centers and most importantly, for patients. The second opportunity is subcu BRIUMVI. Today, approximately 35% to 40% of the dynamic anti-CD20 market consists of patients receiving self-administered therapy, a segment where we don't currently participate. A successful subcu BRIUMVI program would allow us to compete directly in that segment with what we believe could be a highly differentiated product. But the more important point is how we think about these opportunities together. While they are 2 products, they will represent one franchise powered by the trusted efficacy and safety profile of BRIUMVI that HCPs have already prescribed to more than 30,000 patients globally today. Our goal isn't to ask physicians or patients to choose between IV and subcu. Our goal would be to ensure whichever route of administration best fits an individual patient's need, there's a compelling BRIUMVI option. That allows us to compete across the entire anti-CD20 RMS market with a single trusted brand supported by one commercial organization, one reimbursement infrastructure, one patient support platform and one field team. That's powerful. And it's another example of how the operating leverage of this business continues to improve over time. When you step back and consider the size of the IV market, the portion of the market we'll be able to access with subcu, the trajectory we're seeing today and the commercial infrastructure we've already built, it's easy to see why the long-term opportunity for the BRIUMVI franchise is substantially larger than where it sits today and reinforces our confidence that BRIUMVI has the potential to become the leading therapeutic in this category over time. We're building that opportunity on top of a patent estate extending into the 2040s. That gives us confidence to continue investing in the brand, investing in life cycle innovation and investing in the commercial platform because we believe those investments will continue generating value for many years to come. So when I look at the business today, I don't see just another strong quarter. I see a commercial franchise that's becoming stronger, expanding its patient base, deepening physician adoption, demonstrating strong persistence and creating increasing operating leverage. That's why we remain confident that we're still in the early innings of realizing BRIUMVI's full potential. With that, I'll turn the call over to Sean. Sean Power: Thanks, Adam. A lot of what you just heard from Mike and Adam shows up in the financials. Let me take you through the details. U.S. net product revenue in Q2 was approximately $228 million, up 64% versus the same quarter last year. Total net product revenue was $236 million when including product sales to our ex-U.S. partner. Add in $4.5 million of license, royalty and other revenue and total revenue for the quarter was $240 million. In terms of margins, the gross margin of our U.S. business remains remarkably consistent and predictable at approximately 87%. When factoring in sales to our ex-U.S. partner and other revenue sources, total gross margin landed at 83% for the quarter, in line with our expectations. On the expense side, OpEx, which we define as R&D and SG&A, excluding stock-based compensation, was approximately $150 million for the quarter, including roughly $55 million of charges associated with subcutaneous and secondary source manufacturing activities. Excluding those, underlying OpEx was about $95 million, consistent with our expectations and down from Q1. As a reminder, our 2026 OpEx projections include approximately $100 million for these manufacturing activities. We call those costs out separately because they are expensed through R&D as incurred. And while not all of it converts to saleable inventory, a meaningful portion does, which would represent a gross margin tailwind in future periods if the programs are successful. The result was operating income of $21.7 million for the quarter and net income of $7.8 million or $0.05 per diluted share. Excluding the manufacturing charges I referenced earlier, operating income would have been approximately $76 million, a meaningful step-up from both Q1 and the prior year period. On the same basis, net income comes to approximately $62 million, and that's the number we'd point you to as the better reflection of our underlying earnings power. Turning to the balance sheet. We ended the quarter with approximately $612 million in cash, cash equivalents and investment securities. On revenue guidance, U.S. BRIUMVI net revenue through the first half was approximately $423 million, on track for our full year target of $890 million to $905 million. Total revenue of approximately $445 million puts us equally well positioned against our $950 million full year global target. In terms of expenses, we expect full year OpEx of $350 million to $400 million, excluding stock-based compensation, reflecting continued investment in our commercial organization and expanded DTC efforts. On top of that, we expect approximately $100 million for the manufacturing-related expenses I referenced earlier. All in, it was another strong quarter financially. And as Mike and Adam have laid out, we believe the best is still ahead of us. With that, I'll now turn the call back over to the conference operator to begin the Q&A. Operator: [Operator Instructions] And our first question today comes from the line of Tara Bancroft with TD Cowen. Gregory Wiessner: This is Greg Torres on for Tara. So as you evaluate the long-term opportunity for subcu BRIUMVI, how different are your peak sales assumptions under a quarterly dosing regimen versus a more frequent every 2-month regimen? Michael Weiss: Thanks for the question. Adam, do you want to take that one? Adam Waldman: Yes. I mean we haven't given -- thanks for the question, Greg. We haven't given specific guidance on that in terms of revenue. But in general, we do think a less frequent dose is going to be better than a more frequent dose. . Operator: The next question is from the line of Prakhar Agrawal with Cantor Fitzgerald. Prakhar Agrawal: Congrats on the quarter. Maybe firstly, on the subcu BRIUMVI, since this would be a Part D product, just curious how you'll approach the pricing here and contracting compared to KESIMPTA since you could have a quarterly regimen here? And any sort of initial comments on how do you think the uptake will be given the brand familiarity here? And maybe just a couple of clarifications. On the OpEx increase, if you can elaborate on how much of that is driven by R&D given some of the pipeline investments versus SG&A? And then a clarification on the BRIUMVI sales that you provide to Neuraxpharm ex U.S. seems like a meaningful increase in $25 million for the guide. Are there some one-offs here to Neuraxpharm for this year for ex U.S. buildup? Or are you expecting more meaningful royalty contribution from ex U.S. given this increase in ex U.S. supply? And just to clarify if the sales to Neuraxpharm is done at a cost plus some markup on the revenue line item. Michael Weiss: Prakhar, thank you for that 5-part question. We'll try to break that down. Adam, do you want to start us off with some thoughts on subcu Part D pricing and contracting and potential uptake. Adam Waldman: Sure. Yes. Thanks for the question, Prakhar. On the subcu side, we're not going to talk about pricing yet. We still got a little bit of time here. We'll do the work that we need to do. But we do think we can price it competitively in the market, and we'll take into account all the different factors you need to take into account. As far as uptake, we feel really good about the profile of the drug. We think the uptake will be strong. We continue to do market research, and we'll continue to do more as we get closer to launch here. But the profile that we have in mind, we think we'll do quite well in this space. Michael Weiss: Yes. I'll just layer on top of that. Adam and the team are to do proper market research. I do my own work when I go out in the field. I've been out in the field probably 6 or 7 days in the last 21 days, meeting with clinicians at primarily academic, large academic centers. And I can tell you the enthusiasm and excitement for the subcu product is pretty incredible, actually, pretty impressive. Particularly, it's really interesting. There's -- most of the people have heard about what we're doing. So the pretty educated teams have been out there. They see the data online and wherever. But the people who haven't yet realized that we're targeting a quarterly product that's in an auto-injector, their eyes light up. They've -- I think everyone is somehow thinking that you can't do this kind of a thing with taking an IV to a subcu. And it's really interesting to see how excited they get. So like I said, Adam is doing the market research on the uptake properly. But I can tell you, anecdotally, in the field when I talk to folks, they're pretty enthusiastic about it. And I'll layer on top of that, they're also super excited about the enhancements through the consolidated dosing. I think that's something that's also going to be pretty interesting in how that impacts the uptake next year. All right. The part 2 of your question, OpEx drivers, slightly guidance, a little higher on the OpEx for the year. Sean, do you want to take a crack at the distribution there, R&D, SG&A. And Prakhar, to your point, yes, we've expanded R&D, but we're also -- I'll layer in and then, Sean, you can add a top. We've also -- Adam and his team have done a really nice job piloting some DTC campaigns. And I think we're going to lean into some of that, both on the commercial side, but also online. So I think you'll see some of that showing up. But Sean, maybe what else can you add to that? Sean Power: Yes. I think you covered it on the SG&A side, Mike. And of course, Prakhar, as you know, we call out the $100 million in subcutaneous manufacturing, secondary source manufacturing costs as well. So we factored that into overall guidance as well. But I think the combination of those 2 things should cover it. I think your last question was on NXP ex U.S. revenue for the rest of the year. So we do model in some continued product revenue, as you noted, that we've seen throughout the first half of the year. And then there is some other, of course, license and milestone related revenue that we model in for the remainder of the year, which drives that overall global revenue guide. Michael Weiss: Yes, I'll just layer on top. They are moving along pretty well on driving revenues. And so royalties are picking up a bit. But yes, in the second half, it's probably more related to milestones and other payments at the lowest. Operator: Our next questions are from the line of Michael DiFiore with Evercore ISI. Michael DiFiore: Two for me. Roche recently said that anti-CD20 competition was running above expectations and moved OCREVUS growth to the end of its range to the low end of its range. Are you seeing acceleration in BRIUMVI's share gains? And is that coming more from OCREVUS switches or treatment-naive starts? And my second question is related to the schizophrenia study. What result would you consider strong enough to justify a larger randomized study? And yes, I'll just leave it there. Michael Weiss: Sure. Thanks. So Adam, maybe you can take the Roche anti-CD20 competitive issues that they're facing in the marketplace, which I assume was referring to us, which is interesting because people, I guess, didn't really think we could compete with Roche, but apparently, they do believe so. Adam, do you want to take that, and I'll take the schizo question second. Adam Waldman: Sure. Yes. Thanks for the question. Listen, we've -- this is certainly a competitive market space, and we've competed alongside the new product from a new formulation from Roche for several quarters, and we continue to grow our new patient business, 2 record quarters in a row. So we continue to grow through the increased competition. And in terms of your question of where we're seeing it, we're seeing it from both switches from OCREVUS and treatment-naive patients. And as I mentioned in our prepared remarks, I think the growth in naive patients reflects increasing physicians' confidence in the brand and starting with BRIUMVI, which we see as a really important indicator of long-term share growth and confidence in the brand. And then importantly, from switching from OCREVUS, we do know they're encouraging switches from their IV version to their subcu version. But despite that, we're still continuing to see strength in patients switching over to -- from OCREVUS to BRIUMVI. And we do see, I think, a lot of their business is coming from that switching as opposed to coming from BRIUMVI itself. Michael Weiss: Yes. Thank you, Adam, for that. I appreciate that. In terms of schizophrenia and the results that we would like to see to move on to Phase III. So Michael, the study is designed, we took a page out of our old oncology playbook. So it's designed as a Fleming 2-stage design. So you basically assume that there's a certain placebo rate that we've derived from the literature and that a good drug would have a certain rate of response, a PAS response. And we compare those 2 in 2 steps to see if you can sort of reach the hurdle. If we reach the hurdle rate of responders, again, as it's designed is set up against a historical placebo rate. You've got to get above a certain hurdle, then I think we'd be pretty confident to move forward. If we're below that, obviously, we'll look at the data and see, again, this is where biomarkers might come in to be helpful. And if the biomarkers are saying there's a subgroup that makes more sense, we could then probably more likely rerun the smaller kind of study, that Fleming 2-stage design on that and confirm that, that is predictive or not. But at the end of the day, this is a design that can move very quickly, give us some really robust preliminary information and give us an opportunity to move forward. So we'll keep you posted. But the idea is we'll get the response rate that we're expecting from the broader population that we're studying. We'll use -- again, we're doing the bio analysis to check and see what else is possible and what we can learn from it. But the main driver is going to be the response rate that we get. Operator: The next questions are from the line of Emily Bodnar with H.C. Wainwright. Emily Bodnar: I guess 2 for me as well. It looks like in the second quarter, a majority of growth in the MS market is kind of coming from the subcutaneous side. So I'm curious as you kind of advance and eventually commercialize BRIUMVI-based subcutaneous, how you see the IV market growing past that point? And then secondly, you mentioned you started some new indications for the azer-cel trial besides MS. Can you clarify which those are. Michael Weiss: Sure. Adam, do you want to talk about subcu growth over time and how that impacts IV growth in the future. Adam Waldman: Sure. I mean, look, we -- our plan is to give people a choice given we'll have an option in both markets. We believe these are fundamentally 2 different markets, a physician-administered market and a self-administered market. And today, we compete in the IV space and the subcu will provide us the opportunity to expand into the self-administered market. So -- and that will substantially increase our market. Strategically, we think about it as one BRIUMVI franchise. And I think different patients will have different preferences for route of administration. But our objective is to have a compelling BRIUMVI option regardless of which approach best fits in individual patients, which allows us, obviously, to compete across the entire RMS space with one trusted brand win and all the things that I said. And we think that's a significant competitive advantage for the franchise overall. Michael Weiss: Yes. I'll put an exclamation point on that. I mean we are fully committed to supporting our IV brand as we move forward. Creating a subcu is about patient empowerment, patient choice. We want to show up where the patients want to be, and we want to make sure everyone has a BRIUMVI option. But we don't know exactly where the market is going over time. The subcu distribution does oscillate quarter-to-quarter. Sometimes it's 30%, sometimes it's 35%. And we don't know if it's going to break out and become something different over time. But either way, we want to be prepared to make sure that patients have a choice. As for your azer-cel question, we expanded the study into relapsing MS, MG, CIDP and NMO. Operator: The next question is from the line of Brian Cheng with JPMorgan. Lut Ming Cheng: Congrats on the quarter. Maybe just first, can you give us a bit more color around your updated U.S. net product revenue guidance? How is the raise reflective of your latest thinking of the IV uptick for the rest of the year? And then secondly, on MG, it would be great to hear how you're thinking about the opportunity here based on the post-Asgard induction setting that you're aiming for in the trial. What are some of the patient characteristics that you expect to capture in the study that may ultimately differentiate yourself from other historical MG trials? Michael Weiss: Thank you. Adam, do you want to take a crack at the first part of that question on the guidance. Adam Waldman: Sure. Yes. First of all, we're excited about the second half of the year and then raising our annual guidance again for the second time this year. So that's great. I think the best way to think about it, about the second half is exactly how we outlined it in our prepared remarks. We continue to expect the fourth quarter to be the driver of the second half growth. And again, we've raised the annual guidance here based on the strength of what we've seen in the first half with the fundamentals that we're seeing good progress in record new patient starts, excellent persistence and continued physician expansion. All of that is giving us the confidence to raise here, and we feel good about the full year trajectory. Michael Weiss: Yes. And then again, I'll just put an exclamation point on that. I think during the course of the year, we've already raised our guidance somewhere in the order of $75-plus million. So we're going to continue to drive, and we're looking forward to our end of year coming out of the exit velocity of $1 billion run rate, which we think is pretty impressive. And I know Adam discussed it in his script, so I won't say more about that. On the MG and how we're thinking about it, MG is becoming a better served marketplace. But if you look at how the treatments are delivered today, it's -- look, my words, maybe not others, but it's a little clunky. You basically put a person into a really good symptomatic place relatively quickly using FcRn inhibition. And then you wait and let the symptoms come back and then you treat again. And it's a pretty intensive program. I mean it's not the worst schedule once a week or every other week or whatever they're doing and they're improving upon. But it's still a little -- definitely a treatment burden involved with that. The idea here is we can leverage that kind of rapid symptomatic relief of FcRn inhibition and hopefully layer in the long-term durability of response with something like BRIUMVI. And you put the 2 pieces together and hopefully, you have a treatment that is really tailor-made for this kind of a population, get them into a symptomatic remission quickly, keep them there by using BRIUMVI, whether it's every 6 months or quarterly. I think quarterly will be a really nice option for patients to be able to do it at home and really would simplify, I believe, the treatment burden. So yes, we think there's room for improvement. And any time there's room for improvement, there's an opportunity. Operator: The next question is from the line of William Wood with B. Riley Securities. William Wood: Congrats on a very nice quarter. When we're thinking about sort of the second half and the year-end guidance, your fourth quarter or your $1 billion exit runway implies a fourth quarter of around $250 million, which leaves third quarter relatively flat. So how should we think about what may be driving that third quarter decrease or flatness maybe seasonality or gross to net or potentially channel changes? And then coming away from fourth quarter and looking towards potentially into 2027, how should we think about the growth trajectory into 2027? And how do we start to think about the more meaningful focus of, I guess, TG a little bit more broadly. Is it BRIUMVI IV? Or is it sort of the addition of the subcu coming to market. Michael Weiss: Yes. I'll lead off with the second half of that question. I'll let Adam take some part of that first question. But obviously, we haven't given guidance yet for 2027. So we'll do that hopefully early next year as we've done in past years. But we're certainly feeling good about where we're heading. And in terms of the overall franchise, look, we think that we have multiple pieces that will continue to drive growth. We've got next year, ideally, we'll have ENHANCE with the consolidated dosing, which should hopefully give us another growth expansion. And then sub-cu is an order of magnitude change, right? We're talking about something that is upsize comparable to the current market, if not larger than the current market that we're currently serving. And the current market we're serving, we're not even close in our belief to full saturation of our market share. So '27, I think, is going to be a really exciting year for us. Like I said, with the launch, hopefully, sometime in the middle of the year, we could see some really interesting share gains. And then once we get into '28 subcu, it's a whole another ball game. So I think we're not there yet to give any guidance for 2027, but I think we're in a great place leading into that. Adam, any thoughts on Q3, Q4 dynamics? Adam Waldman: Sure. Yes. I mean, listen, we've talked about this before on the call. And certainly, as we move across the year, each quarter has some unique dynamics with Q3 having some seasonal dynamics at play, not just for BRIUMVI, but the entire MS market. It's simply too early in the quarter to know exactly how it would land. I think what we have greater visibility and confidence is the second half in aggregate, and that's why we felt comfortable raising the full year guidance. How exactly it plays out between quarters is not much of our concern -- we don't concern ourselves too much about it. We're just -- we're more focused on the full year guidance. And as I said, I think the best way to think about the second half is how we outlined it, where we continue to expect fourth quarter to be the driver of the second half growth. Operator: The next question is from the line of Cha Yang with Jefferies. Cha Cha Yang: This is Cha on for Roger. Congrats on another great quarter. I have 2 questions here from us. One is whether you can speak more to your plans for your DTC campaign expansion and what we can expect to see from that going forward? And then two is, you talked about persistence being longer than you expected, whether you can talk more about what's driving that. Michael Weiss: Sure. Adam, I think this is all you. Go ahead. Adam Waldman: Yes, sure. Thanks for the question, Cha. As I said in my remarks, I think the response to what we have done so far in the DTC arena has been positive. All the leading indicators have been trending in the right direction, gives us confidence to expand it here. You can expect more of an omnichannel presence across digital, linear television, connected television, social channels and sort of putting a full complement of assets in the market. And again, we're excited about it and the leading indicators so far give us the confidence to continue to do that. And then as far as your question on persistence, yes, I mean, we continue to see really good persistence here and continues to be better than what we've expected. We think that these patterns are basically driven that when patients do well, they stay on therapy. So we think it's a sign of confidence in BRIUMVI, and we'll continue to track it. We're still relatively early in the life cycle of this brand. But so far, we're very, very encouraged by the persistence trends that we continue to see. Operator: Our next question is from the line of Prakhar Agrawal with Cantor Fitzgerald. Prakhar Agrawal: I had a lot of questions this quarter, Mike. Firstly, on gross to net, if you can just comment on the gross to net for the quarter. I think you have previously said 65%. So how did it track relative to your expectations? And how should we think about gross to net for the rest of the year? And secondly, we are seeing some consolidation happening in the mid-cap biotech space. You have predictability around cash flows, especially meaningful cash flow starting next year. What's the appetite for doing something meaningful on the BD front? Or are you looking at opportunities more on the earlier side. Michael Weiss: Thanks, Prakhar. Adam or Sean, do you want to talk about the GTM for the remainder of the year. Adam Waldman: Sure. Yes. Gross to net is basically unchanged from what we said. We predicted it to be in the mid-60s, and that prediction is still accurate. Michael Weiss: And more on the biz dev side, strategic side, Prakhar, our goal is always to maximize shareholder value. As I said in our discussion on capital allocation, we continue to ask the question every day, what is the best use of our money, how can we best invest it? To me, obviously, it's an interesting part of the business. It's -- from my prior years as a hedge fund manager, I get to really think about the best way to create value for shareholders. As everyone knows, I'm probably the largest single shareholder. So I do care about how we spend our money and how we invest it. And yes, I think we're building a company that we do think has predictable cash flow and growing and will be growing for quite some time. And we have patents out to the mid-2040s. So I think the durability of this franchise is far beyond what most people, I think, on the sell side are modeling today, and I think that probably should be adjusted. All that's a long way of saying we're going to continue to build a company that creates shareholder value. We're going to continue to look for opportunities out there. We're not looking for any major consolidation plays. I think we continue to look for -- on our side, on the inbound side, we look for things that will create value without stressing our bank accounts. We think that there are a lot of interesting single assets or potentially even small companies, but mostly single assets that we can add to the company. One of the things we would like to think about is wherever BRIUMVI can go next and azer-cel can follow, we'd like to think about what other pieces we could put together in those areas. So as we continue to build out into some of these new therapeutic indications, the lead will always be around where can BRIUMVI work, where can azer-cel work because there'll be a lot of overlap between those 2. And then are there other mechanisms of action within those therapeutic areas that could be applied to satisfy the needs of that patient population. So that's I think we're thinking about it. But again, our goal is always to create and maximize long-term shareholder value. We understand that when we do that, we, of course, will create the most opportunities for us and our shareholders. . Operator: At this time, we've reached the end of our question-and-answer session. I'll hand the floor back to Mike Weiss for closing comments. Michael Weiss: Great. Thank you, and thanks, everyone, for joining us. Just a quick summary on the 2Q progress. I think we did -- we really had another really strong quarter. We generated positive Phase III data from the ENHANCE trial. We advanced our subcu BRIUMVI toward a pivotal readout later this year or early next. We expanded BRIUMVI into new autoimmunity-mediated diseases. We continue to advance azer-cel. And as you heard from Adam, we raised our guidance to $890 million to $905 million just in the U.S. alone and globally approaching $950 million. We continue to see BRIUMVI is a multibillion-dollar franchise in the making. I can't emphasize that enough. Creating value for our shareholders is our top priority. And BRIUMVI, as we said, becomes really the beginning of what we're working on to create value, becomes the lead of everything that we focus on. And finally, I just want to thank our shareholders for their continued support, our employees for their commitment to our mission and the patients, of course, who we serve and the health care professionals continue to place their trust in us. We take that really seriously. So thanks again for that. And thank you all for joining us. Have a great day. Operator: This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation. Before you buy stock in TG Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and TG Therapeutics wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* Now, it’s worth noting Stock Advisor’s total average return is 968% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the strong quarter to record new patient starts and expanding physician adoption, positioning BRIUMVI as a foundational engine for long-term innovation. The company is shifting from a single-product focus to building a durable franchise, leveraging BRIUMVI's success to fund new formulations, indications, and novel therapeutic approaches like azer-cel. Positive Phase III ENHANCE data supports a simplified 600-milligram single-infusion initiation schedule, which management believes will remove barriers for patients switching from competing anti-CD20 therapies. Strategic positioning in the subcutaneous market is viewed as a material expansion, potentially doubling the addressable market by competing for the 35% to 40% of patients who prefer self-administered therapy. Operational leverage is improving as the company utilizes a single commercial infrastructure, reimbursement platform, and field team to support both IV and future subcutaneous offerings. Management emphasized azer-cel's expansion into multiple B-cell-mediated diseases, including progressive MS and MG, as a key pillar for future value creation beyond the core BRIUMVI franchise. Full-year 2026 U.S. BRIUMVI net revenue guidance was raised to $890 million to $905 million, with total global revenue now expected to reach approximately $950 million. Management expects the fourth quarter to be the primary driver of second-half growth, targeting a $1 billion annualized revenue run rate by the end of 2026. Top-line Phase III results for the subcutaneous ublituximab formulation are anticipated around year-end 2026 or early 2027, representing a critical catalyst for market share expansion. The company plans to lean into expanded direct-to-consumer (DTC) marketing efforts in the second half of 2026 to complement existing commercial infrastructure and drive patient awareness. Capital allocation remains focused on maximizing value per dollar, prioritizing BRIUMVI investments and strategic business development for single assets that complement the existing autoimmune portfolio. Reported $55 million in charges for the quarter related to subcutaneous and secondary source manufacturing activities, which are expensed as R&D but may provide future gross margin tailwinds. Underlying operating income, excluding one-time manufacturing charges, was approximately $76 million, which management identifies as a better reflection of the company's current earnings power. The company maintains a strong patent estate extending into the 2040s, providing a long-duration window for life cycle innovation and brand investment. Gross margins for the U.S. business remained consistent at approximately 87%, while total gross margin was 83% due to lower-margin sales to ex-U.S. partners. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that despite increased competition, BRIUMVI is seeing record growth from both OCREVUS switches and treatment-naive patients. They observed that competitors are encouraging switches from IV to their own subcu versions, yet BRIUMVI continues to capture share from the IV segment. Management declined to provide specific pricing but stated they intend to be competitive in the Part D market. Anecdotal feedback from large academic centers suggests high clinician enthusiasm for a quarterly auto-injector option compared to existing subcu therapies. The study uses a Fleming two-stage design to compare response rates against historical placebo data to quickly determine if a larger Phase III is justified. The initiative is a modest investment aimed at testing the hypothesis that a subset of schizophrenia patients has an underlying autoimmune component. The $25 million increase in global guidance is driven by a combination of growing royalties and anticipated milestone payments in the second half of the year. Supply sales to the partner are generally conducted at cost plus a markup, contributing to the overall global revenue mix.