NVS vs TGTX: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. NVS and TGTX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined NVS and TGTX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Novartis AG is a Swiss pharmaceutical company, and NVS is its US-listed American Depositary Receipt trading on the NYSE. Over the past several years it deliberately reshaped itself into a pure-play innovative-medicines business: it spun off the Alcon eye-care division in 2019 and separated the Sandoz generics and biosimilars unit in 2023, distributing those shares to Novartis holders. What remains is a focused portfolio of patented prescription drugs concentrated in four therapeutic areas: oncology, immunology, neuroscience, and cardiovascular-renal-metabolic disease. Oncology is its largest contributor, and the company has built a reputation for high core operating margins, reaching roughly 40% in 2025.

Full NVS guide

TG Therapeutics, Inc. is a commercial-stage biopharmaceutical company whose business is dominated by a single approved product: BRIUMVI (ublituximab), an anti-CD20 monoclonal antibody for relapsing forms of multiple sclerosis (MS). BRIUMVI launched commercially in the United States in early 2023 and has become one of the faster-growing MS therapies, competing against much larger anti-CD20 rivals. Because the company's revenue is concentrated in this one drug, its results and stock track BRIUMVI's prescription growth, pricing, and market-share gains far more than any broad pipeline.

Full TGTX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• NVS drivers: Priority growth brands offsetting the cliff; Focused, high-margin innovative-medicines model.
• TGTX drivers: BRIUMVI revenue growth and share gains; Swing to sustained profitability.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is the patent cliff: Entresto, Tasigna, and Promacta/Revolade are losing exclusivity, and Entresto alone was the largest seller, so the priority growth brands must scale fast enough to fill the gap, which is not guaranteed. For TGTX, the dominant risk is single-product concentration: with essentially all revenue from BRIUMVI, any slowdown in prescription growth, a pricing or reimbursement setback, or an unexpected safety signal would hit the whole company, unlike a diversified pharma.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick NVS if you believe its drivers more; TGTX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the NVS and TGTX guides.

NVS. Figures are approximate and qualitative, tied to the asOf date; verify live numbers before acting. The near-term picture is a revenue and profit dip as blockbusters lose exclusivity, so the stock is best judged on whether the newer growth brands and pipeline can restore mid-single-digit growth over the medium term rather than on a single trailing quarter.

TGTX. These figures are approximate and tied to the asOf date; verify live numbers before acting. As a fast-growing, single-product biotech, TG Therapeutics is valued mostly on the expected future trajectory of one drug, so traditional earnings multiples matter less than the pace and durability of BRIUMVI's growth. Guidance has been raised repeatedly, but forward estimates are inherently uncertain and clinical or competitive setbacks could change the picture quickly.

Headline figures (approximate, Jul 2026): NVS shows revenue (ttm) Approximately $50 billion in annual net sales; Q1 2026 net sales were about $13.1 billion, down roughly 5% at constant currency on generic erosion, growth drivers Priority brands Kisqali, Kesimpta, Pluvicto, Leqvio, and Scemblix growing well above 50% at constant currency, offsetting Entresto's decline, margins/profitability High core operating margin, around 40% in 2025; 2026 guidance is for a low single-digit decline in core operating income on generic and R&D pressure, dividend Pays an annual dividend with a long record of increases; yield has recently been roughly 2%, subject to currency and Swiss withholding tax for ADR holders; TGTX shows revenue (ttm) Growing rapidly; BRIUMVI U.S. sales were ~$594M in FY2025 (up ~92% year over year), with 2026 guidance raised to ~$885-900M, profitability Turned profitable in 2025 with several consecutive profitable quarters; a notable inflection for a single-product biotech, revenue concentration Effectively all revenue from one drug, BRIUMVI, in multiple sclerosis, valuation multiple Trades as a growth biotech; multiples reflect expected future BRIUMVI growth rather than current earnings, so they can look elevated.

NVS and TGTX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined NVS and TGTX exposure against your real portfolio. It is not an investment adviser.