Just caught up on TGTX's Q4 earnings and there's an interesting disconnect here. The topline revenue actually beat expectations at $192.6 million, up 78% year over year, but the earnings per share completely missed at 14 cents versus the 35 cent estimate. That's a pretty big miss on the bottom line despite solid topline revenue growth.

Breakdown: Briumvi, their MS drug, is clearly the revenue driver with $182.7 million in US net product sales alone for the quarter, up 76% year over year. The topline revenue beat was narrow though - just beat $192 million consensus. What caught my eye is that R&D expenses jumped 81.6% due to manufacturing costs for a subcutaneous formulation they're developing, and SG&A nearly doubled. That's eating into profitability even as the topline revenue keeps climbing.

For full year 2025 they pulled in $616.3 million in total revenues, up 87% year over year, which is solid. But here's the thing - they're guiding 2026 topline revenue between $875-900 million, so they're expecting continued growth. Q1 2026 Briumvi US sales projected at $185-190 million. The pipeline work on subcutaneous formulation could be a catalyst if it works out - top line data expected end of 2026 or early 2027.

Stock is up 8.2% over six months but underperformed the biotech industry. The earnings miss suggests margin pressure might be a concern going forward despite the strong topline revenue trajectory. Worth watching how the cash position evolves - they had $199.5 million as of end of 2025.