Theratechnologies Inc. (THTX): History, Ownership, Mission, How It Works & Makes Money

Are you wondering what drove Future Pak to acquire Theratechnologies Inc. for a total consideration of up to US$254 million, completing the deal in September 2025? This specialty biopharmaceutical company, known for its commercialized therapies like EGRIFTA SV® and Trogarzo®, generated $36.8 million in revenue in the first six months of fiscal 2025, even while navigating a significant supply disruption that cut into sales. You need to see how they managed to secure FDA approval for the new EGRIFTA WR™ formulation and still post a positive Adjusted EBITDA of $3.227 million for that same period. How exactly does a company with a complex pipeline and a recent acquisition restructure its business model, and what does that mean for its future value? Let's break down the history, ownership, and the specific mechanics of how Theratechnologies made money before the final acquisition.

Theratechnologies Inc. (THTX) History

You need to understand the bedrock of Theratechnologies Inc. to map its future, and the company's story is one of scientific persistence and a major, near-term exit. The entire trajectory, from a 1993 biotech startup to a commercial-stage company with two key HIV-related products, culminated in a US$254 million acquisition in September 2025.

Given Company's Founding Timeline

Year established

Theratechnologies Inc. was established in 1993, starting as a research-focused entity dedicated to addressing unmet medical needs.

Original location

The company's original and long-standing headquarters are in Montreal, Quebec, Canada.

Founding team members

The company's origin story is rooted in scientific discovery, specifically the work that led to tesamorelin. While the initial capital investors and core scientific team are not always publicly named, the company's trajectory was later guided by executives like Luc Tanguay and, more recently, Paul Lévesque as President and CEO.

Initial capital/funding

The initial funding details are not publicly disclosed, but the company's long-term development of its first major compound, tesamorelin, over 15 years, suggests a significant, sustained investment in research and development (R&D) from its inception.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most recent and defintely most transformative moment was the acquisition in 2025, but the company's shift to a commercial model was also crucial.

• Embracing Commercialization (2014): The decision to reorient from a pure R&D shop to a commercial-stage biopharmaceutical company was a game-changer. By regaining the U.S. rights to EGRIFTA, Theratechnologies took direct control of its revenue stream, which is a massive risk, but also where you Mission Statement, Vision, & Core Values of Theratechnologies Inc. (THTX). see the real upside.
• The Trogarzo Acquisition (2016-2018): Acquiring the commercial rights to Trogarzo, a first-in-class monoclonal antibody, broadened the product portfolio beyond lipodystrophy into the complex multidrug-resistant HIV-1 market. This move established them as a serious player in specialty HIV care.
• The 2025 Acquisition by Future Pak: Announced in July and completed in September 2025, this transaction saw CB Biotechnology acquire the company for US$3.01 per share in cash, plus a contingent value right (CVR). The total deal value was up to US$254 million, representing a substantial premium to the pre-announcement stock price.

Here's the quick math on the 2025 fiscal year: The company's Q1 2025 revenue was $19 million, and management projected full-year revenue to be in the range of $80 million to $83 million, with Adjusted EBITDA between $10 million and $12 million. This near-term financial stability, despite a temporary supply disruption for EGRIFTA SV®, made the company a compelling acquisition target.

Theratechnologies Inc. (THTX) Ownership Structure

Theratechnologies Inc. is no longer a public company; its ownership structure fundamentally changed in late 2025, moving from a publicly-traded entity to a privately-held subsidiary.

The company is now wholly owned by CB Biotechnology, LLC, an affiliate of Future Pak, LLC, which completed the acquisition in September 2025. This transition shifts control entirely to the new private parent company, simplifying the decision-making process but removing the transparency of public markets.

Given Company's Current Status

As of November 2025, Theratechnologies Inc. is a private company, having been acquired by CB Biotechnology, LLC, an affiliate of Future Pak, LLC, a privately held contract manufacturer and distributor.

The acquisition was completed on September 25, 2025, for a total consideration of up to US$254 million, including a cash portion of US$3.01 per share plus a Contingent Value Right (CVR) of up to US$1.19 per share tied to future milestones. The company was subsequently delisted from both the Toronto Stock Exchange (TSX) and the Nasdaq Capital Market (THTX). This change means the company is no longer subject to the same public reporting requirements in Canada or the U.S.

For the first six months of the fiscal year 2025, prior to the acquisition, the company reported total revenue of $36.8 million and a net loss of $4.3 million. Analysts projected the full Fiscal Year 2025 revenue to be around $62 million with an Adjusted EBITDA of $12 million before the transaction closed. If you want to dive deeper into the historical performance, you can check out Breaking Down Theratechnologies Inc. (THTX) Financial Health: Key Insights for Investors.

Given Company's Ownership Breakdown

The table below reflects the ownership structure immediately following the September 2025 acquisition, which is the current state. The previous public shareholder base has been converted into the acquisition consideration.

Before the sale, institutional investors held a significant stake, nearly half the company, but all public shares were cashed out as part of the plan of arrangement.

Given Company's Leadership

The executive team, which steered the company through the acquisition process, continues to manage operations, focusing on commercializing its HIV-related therapies, EGRIFTA SV® and Trogarzo®. The leadership is tasked with executing the milestones tied to the Contingent Value Rights (CVR) for the former shareholders.

• Paul Lévesque: President and Chief Executive Officer.
• Philippe Dubuc, MBA: Senior Vice President and Chief Financial Officer.
• Christian Marsolais, Ph. D.: Senior Vice President and Chief Medical Officer.
• John Leasure, B.A.: Global Commercial Officer.
• Jocelyn Lafond, LL. B., LL. M.: General Counsel and Corporate Secretary.

This group provides the operational continuity that the new private owner, Future Pak, will rely on to hit the performance targets. Honestly, a smooth transition is defintely the key focus right now.

Theratechnologies Inc. (THTX) Mission and Values

Theratechnologies Inc.'s core purpose is to commercialize innovative, specialized therapies, primarily for people living with HIV, with a commitment to redefining standards of care. This focus on high-impact, patient-centric solutions drives its operations, even amidst the significant transition of its 2025 acquisition by Future Pak.

You can see the company's DNA in its product development: a new, once-weekly formulation like EGRIFTA WR, which is a material enhancement designed to simplify administration for patients, shows a clear priority for patient quality of life.

Given Company's Core Purpose

The company's cultural DNA centers on delivering innovative therapies that address significant unmet medical needs, particularly within the HIV community. Their work is a direct translation of their mission into commercial-stage products like Trogarzo and EGRIFTA SV/WR.

• Patient-Centric Innovation: Focusing on therapies that have the potential to redefine standards of care.
• Commercial Execution: Successfully bringing specialized treatments to market in the United States and Canada.

Here's the quick math on their commercial success: For the first quarter of fiscal 2025 (Q1 2025), Theratechnologies posted total revenues of $19 million, representing a 17% growth year-over-year, and achieved a positive adjusted EBITDA of $2.3 million. This shows their mission is both noble and financially viable.

Official mission statement

While a formal, multi-sentence mission statement is not always published, the company's stated objective acts as its guiding mission: to be a specialty biopharmaceutical company focused on the commercialization of innovative therapies that have the potential to redefine standards of care. This is more than just selling drugs; it's about changing the treatment landscape for complex conditions.

• Commercialize innovative therapies for unmet medical needs.
• Redefine the standard of care for people with HIV.

For more detail on their guiding principles, you can review the Mission Statement, Vision, & Core Values of Theratechnologies Inc. (THTX).

Vision statement

The vision is implied in the ambition of its core purpose: to become a leader in specialized biopharmaceuticals by continually developing and commercializing transformative treatments. The focus is on sustained, high-impact innovation that improves patient outcomes and market penetration.

• Achieve market leadership in specialized biopharmaceutical treatments.
• Ensure access to transformative therapies for patients globally.
• Drive sustainable growth through product lifecycle management, like the shift to the more convenient EGRIFTA WR.

This vision was clearly attractive to acquirers, as evidenced by the September 2025 acquisition by Future Pak, which valued the company at a total potential cash consideration of $254 million.

Given Company slogan/tagline

The company often uses a simple, powerful phrase that captures its commitment to its patient base and product focus.

• Health innovation that matters.

This tagline defintely cuts straight to the point about their product pipeline and the significant impact of their two commercialized drugs, EGRIFTA and Trogarzo.

Theratechnologies Inc. (THTX) How It Works

Theratechnologies Inc. operates as a specialty biopharmaceutical company, generating revenue primarily through the commercialization of two unique, patented therapies for complex, unmet medical needs in the US HIV market. The company makes money by selling these specialized drugs, with total revenue for the first six months of fiscal 2025 reaching approximately $36.8 million, despite a temporary supply disruption early in the year.

The core business model is straightforward: acquire or develop innovative therapies, secure regulatory approval, and drive adoption through a focused North American commercial team. You should think of them as a commercial-stage platform, not a high-volume manufacturer.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operational framework is lean and focused on commercial execution in North America, leveraging a specialty distribution model for its complex, injectable therapies.

• Commercial Focus: Theratechnologies concentrates its commercialization efforts solely on the North American territory, having ceased European Trogarzo® operations in 2022 due to unfavorable pricing and reimbursement conditions.
• Contract Manufacturing: Drug manufacturing is outsourced to contract manufacturing organizations (CMOs), a common biopharma practice. This model was recently tested by a temporary supply disruption for EGRIFTA SV® in late 2024, which was resolved in early 2025.
• Patient Support: They run the THERA patient support® program to help patients navigate access, reimbursement, and administration for their specialized medications. This is crucial for high-cost, specialty drugs.
• R&D Prioritization: Research and development spending is being streamlined, reflecting a shift away from early-stage, non-core assets. R&D expenses for the first half of fiscal 2025 decreased significantly to $5.583 million, down from $8.477 million in the comparable 2024 period, partly due to ending preclinical oncology research.

Here's the quick math: the commercial team drives sales, and the R&D team works mainly on life-cycle management, like the new EGRIFTA WR™ formulation, which is a much lower-risk investment. Exploring Theratechnologies Inc. (THTX) Investor Profile: Who's Buying and Why?

Given Company's Strategic Advantages

Theratechnologies' competitive edge comes from its position in niche, high-barrier-to-entry markets and the recent validation of its assets through a major acquisition.

• Niche Market Dominance: The company holds the only FDA-approved therapy for HIV-associated lipodystrophy (EGRIFTA franchise), giving them a clear monopoly in a market with a growing patient population.
• Patent Protection and Convenience: The launch of EGRIFTA WR™ in September 2025 is a critical move, extending patent protection until 2033 and offering a significant convenience factor (weekly vs. daily reconstitution), which should help retain patients and drive adoption.
• High-Value Asset Validation: The proposed acquisition by an affiliate of Future Pak, valued at up to $254 million with full Contingent Value Rights (CVRs) payout, confirms the high value of their commercialized assets. The CVRs, tied to future gross profit thresholds, defintely incentivize the new owner to maximize the performance of the EGRIFTA and Trogarzo® franchises.
• Targeted HIV Expertise: Their focus on two specific, complex complications of HIV-fat redistribution and multidrug resistance-allows for a highly specialized and efficient sales force targeting a defined group of HIV specialists.

Theratechnologies Inc. (THTX) How It Makes Money

Theratechnologies Inc. makes its money primarily by commercializing two specialized pharmaceutical products for the HIV patient population: EGRIFTA SV and Trogarzo. These are specialty drugs sold through a concentrated distribution network, generating revenue from net product sales after accounting for rebates and chargebacks.

Theratechnologies Inc.'s Revenue Breakdown

The company's revenue engine is dominated by its tesamorelin franchise (EGRIFTA SV and the newly approved EGRIFTA WR), which addresses HIV-associated lipodystrophy. Trogarzo, an intravenous treatment for multidrug-resistant HIV, provides the second, smaller revenue stream. Based on the first six months of the 2025 fiscal year (H1 FY2025), total consolidated revenue was $36.776 million.

Here's the quick math: EGRIFTA SV net sales were approximately $25.01 million in H1 FY2025, despite a temporary supply disruption that hit early in the year. Trogarzo net sales came in at $11.765 million for the same period. The trend for the EGRIFTA franchise is positioned to increase with the launch of the new, more convenient EGRIFTA WR (Tesamorelin F8) in the third quarter of 2025.

Business Economics

The core economics of Theratechnologies Inc.'s business model rely on high-value, low-volume specialty pharmaceuticals, which translates into a strong gross margin (the profit left after paying for the cost of the drug itself). You see this in the numbers.

• High Gross Margin: The gross margin for the first half of FY2025 was approximately 77.75%, reflecting the high pricing power of patented, specialized therapies.
• Contractual COGS: The cost of goods sold (COGS) for Trogarzo is contractually set at 52% of net sales, which is a significant fixed cost for that product line.
• Pricing Power: Both products showed a higher average selling price in Q2 2025, with EGRIFTA SV's price increasing by 5.0% and Trogarzo's by 3.0% year-over-year. This pricing leverage is crucial for a specialty pharma business.
• New Product Catalyst: The FDA approval and Q3 2025 launch of EGRIFTA WR, a new formulation, is a major economic opportunity. It's expected to improve patient adherence and drive further adoption, effectively expanding the addressable market for the tesamorelin franchise.

To be fair, a near-term risk is the increased government chargebacks and rebates, particularly for EGRIFTA SV, due to the Inflation Reduction Act (IRA) provisions enacted in late 2024 related to Medicare patients. Also, the company is defintely in play, having announced a definitive agreement to be acquired by an affiliate of Future Pak subsequent to the second quarter of 2025. That acquisition offer, valued between $3.51 to $4.50 per share, will ultimately determine the short-term return for shareholders.

Theratechnologies Inc.'s Financial Performance

While the revenue picture is clear, the bottom line tells a story of a company still investing heavily and managing costs to reach consistent profitability. For the full 2025 fiscal year, the company has guided for total revenue in the range of $80 million to $83 million.

• Revenue Trajectory: Consolidated revenue for the first half of FY2025 was $36.776 million, a slight decrease of 3.9% compared to the same period in 2024, largely due to the temporary supply issue with EGRIFTA SV in Q1.
• Net Loss: The company recorded a net loss of $4.345 million for the six-month period ended May 31, 2025, compared to a net loss of $3.494 million in the comparable 2024 period.
• Adjusted EBITDA: Despite the net loss, the company achieved positive Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the fifth straight quarter in Q2 2025. The Q1 2025 Adjusted EBITDA was $2.3 million.

The key takeaway here is that the company is demonstrating operational efficiency, as evidenced by the positive Adjusted EBITDA, even while experiencing a net loss due to non-cash items like amortization and other expenses. For a deeper dive into the balance sheet and cash flow, check out Breaking Down Theratechnologies Inc. (THTX) Financial Health: Key Insights for Investors. Your next step should be to model the expected revenue contribution from the EGRIFTA WR launch in Q3 and Q4 to see if the company can hit its full-year guidance.

Theratechnologies Inc. (THTX) Market Position & Future Outlook

Theratechnologies Inc. has fundamentally shifted its market position in late 2025, moving from an independent, commercial-stage biopharma company to a key asset within the larger, private Future Pak ecosystem following the acquisition that closed in September 2025. This transition immediately de-risks capital structure but ties future shareholder upside directly to the commercial success of its two main products, EGRIFTA SV/WR and Trogarzo, whose gross profit will determine the value of the Contingent Value Rights (CVRs).

Competitive Landscape

Theratechnologies operates in highly specialized niches: HIV-associated lipodystrophy and multi-drug resistant (MDR) HIV. Its competitive edge relies on being the only FDA-approved treatment for HIV-associated lipodystrophy (EGRIFTA) and one of the few options for MDR HIV (Trogarzo). The broader HIV market, however, is dominated by giants. Here's a look at the landscape:

Opportunities & Challenges

The company's near-term trajectory is defined by commercial execution under its new ownership, especially concerning the launch of its next-generation product and the performance metrics tied to the CVRs. The 2025 fiscal year revenue is projected to be between $80 million and $83 million, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) expected to be in the $10 million to $12 million range, which is a solid base for the new owners to build upon.

Industry Position

Theratechnologies holds a unique, defensible position in the specialty biopharma landscape, but it's a small fish in a massive pond. The company is defintely a niche leader, not a market generalist. Its market capitalization as of November 2025 was approximately $155.88 million, a significant increase from the start of the year, largely driven by the acquisition announcement.

The core of the company's value lies in its commercialized assets, which address highly specific patient populations:

• Monopoly in Lipodystrophy: EGRIFTA SV/WR is the only FDA-approved treatment for reducing excess visceral abdominal fat in HIV patients with lipodystrophy. This is a critical, albeit small, market.
• MDR HIV Specialist: Trogarzo provides a vital, last-resort option for heavily treatment-experienced adults with multi-drug resistant HIV-1 infection.
• Financial Stability Post-Acquisition: The completion of the Future Pak acquisition in September 2025, valued at up to US$254 million with full CVR payout, provides immediate stability and capital for commercial expansion.

The immediate focus for the new owners is maximizing the commercial reach of the EGRIFTA franchise, especially with the launch of the new formulation. You can read more about the company's long-term goals in their Mission Statement, Vision, & Core Values of Theratechnologies Inc. (THTX).