Theratechnologies Inc. (THTX): Business Model Canvas

Tauchen Sie ein in die innovative Welt von Theratechnologies Inc. (THTX), einem hochmodernen Pharmaunternehmen, das die HIV-Behandlung durch strategische Geschäftsmodellierung revolutioniert. Mit einem laserfokussierten Ansatz bei der Entwicklung therapeutischer Medikamente und fortschrittlichen biotechnologischen Lösungen verändert diese dynamische Organisation die Patientenversorgung, indem sie hochentwickelte Forschungskapazitäten, strategische Partnerschaften und bahnbrechende medizinische Interventionen nutzt. Ihr umfassender Business Model Canvas offenbart eine sorgfältig ausgearbeitete Strategie, die THTX an die Spitze spezialisierter pharmazeutischer Innovationen bringt und Hoffnung und fortschrittliche Behandlungsmöglichkeiten für globale Gesundheitssysteme und HIV-Patientenpopulationen verspricht.

Theratechnologies Inc. (THTX) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen

Theratechnologies hat Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
McGill-Universität	HIV- und Stoffwechselkrankheitsforschung	2018
Klinisches Forschungsinstitut Montreal	Therapeutische Entwicklung	2019

Netzwerke für klinische Studien

Zu den wichtigsten Kooperationen im Rahmen klinischer Studiennetzwerke gehören:

• Gruppe für klinische AIDS-Studien (ACTG)
• Klinisches Forschungsnetzwerk der International AIDS Society (IAS).
• Kanadisches Netzwerk für HIV-Studien

Partner für Gesundheitstechnologie

Technologiepartnerschaften für Medikamentenverabreichung und diagnostische Unterstützung:

Partner	Technologiefokus	Wert der Zusammenarbeit
Lonza Group Ltd	Herstellung und Entwicklung	Jährliche Zusammenarbeit im Wert von 3,2 Millionen US-Dollar
Catalent Pharma-Lösungen	Dienstleistungen zur Arzneimittelformulierung	Vertrag über 2,7 Millionen US-Dollar

Biotechnologische Kooperationsnetzwerke

Aktive Biotechnologie-Netzwerkkooperationen:

• BioAlternatives-Netzwerk
• Montreal InVivo Life Sciences Cluster
• Quebecer Konsortium für Arzneimittelforschung

Akademische medizinische Zentren

Partnerschaften mit akademischen medizinischen Forschungszentren:

Medizinisches Zentrum	Forschungsbereich	Finanzierungsunterstützung
Universität von Kalifornien, San Francisco	HIV-Behandlungsforschung	Forschungsstipendium in Höhe von 1,5 Millionen US-Dollar
Harvard Medical School	Studien zu Stoffwechselkrankheiten	Verbundforschungsfonds in Höhe von 1,2 Millionen US-Dollar

Theratechnologies Inc. (THTX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung therapeutischer HIV-Medikamente

Theratechnologies konzentriert sich auf die Entwicklung von HIV-Therapeutika, insbesondere EGRIFTA und Trogarzo.

Droge	Entwicklungsphase	Zielanzeige	Aktueller Status
EGRIFTA SV	Genehmigt	HIV-assoziierte Lipodystrophie	Auf dem US-Markt kommerzialisiert
Trogarzo	Genehmigt	Multiresistentes HIV	Wird für behandlungserfahrene Patienten vermarktet

Kommerzialisierung von Langlebigkeitsmedikamenten

Theratechnologies investiert in Vermarktungsstrategien für HIV-bezogene Therapieprodukte.

• Jahresumsatz von EGRIFTA: 24,1 Millionen US-Dollar (2022)
• Jahresumsatz von Trogarzo: 15,3 Millionen US-Dollar (2022)
• Geografische Märkte: Vereinigte Staaten, Kanada

Forschung und Management klinischer Studien

Forschungsbereich	Aktive klinische Studien	Investition
HIV-Therapeutika	3 laufende Versuche	8,2 Millionen US-Dollar F&E-Ausgaben (2022)

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Umfassende Regulierungsstrategie für die Weiterentwicklung pharmazeutischer Produkte.

• FDA-Konformität für EGRIFTA und Trogarzo
• Laufende Interaktionen mit Aufsichtsbehörden
• Kontinuierliche Überwachung der Pharmakovigilanz

Marketing und Vertrieb pharmazeutischer Produkte

Marketingkanal	Vertriebsnetz	Vertriebsstrategie
Spezialisierte Gesundheitsdienstleister	Direkt- und Spezialapothekennetzwerke	Gezielte Kontaktaufnahme mit HIV-Behandlungsspezialisten

Marketingausgaben: 6,5 Millionen US-Dollar (2022)

Theratechnologies Inc. (THTX) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes pharmazeutisches Forschungsteam

Im vierten Quartal 2023 beschäftigte Theratechnologies insgesamt 87 Mitarbeiter, davon waren etwa 42 in der Forschung und Entwicklung tätig.

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	87
F&E-Mitarbeiter	42
Doktoranden	23

Proprietäre Arzneimittelentwicklungstechnologien

Theratechnologies konzentriert sich auf Peptidbasierte therapeutische Technologien, mit besonderem Schwerpunkt auf HIV- und Onkologie-Behandlungsplattformen.

• Proprietäre Technologie zur Arzneimittelkonjugation
• Erweiterte Peptid-Engineering-Funktionen
• Spezialisierte Proteinmodifikationstechniken

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Patente
Gesamtzahl der aktiven Patente	14
Patente zur HIV-Behandlung	7
Patente für onkologische Behandlungen	5

Infrastruktur für klinische Studien

Derzeit aktive klinische Studien: 3 laufende Studien in den Forschungsbereichen HIV und Onkologie.

Probephase	Anzahl der Versuche
Phase I	1
Phase II	2

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag (USD)
Zahlungsmittel und Zahlungsmitteläquivalente	48,3 Millionen US-Dollar
Gesamtforschungsbudget	22,7 Millionen US-Dollar
Jährliche F&E-Ausgaben	18,5 Millionen US-Dollar

Theratechnologies Inc. (THTX) – Geschäftsmodell: Wertversprechen

Innovative HIV-Behandlungslösungen

Theratechnologies Inc. konzentriert sich auf EGRIFTA SV und Trogarzo, spezialisierte Medikamente zur HIV-Behandlung. Zum vierten Quartal 2023 berichtete das Unternehmen:

Produkt	Jahresumsatz	Patientenreichweite
EGRIFTA SV	27,4 Millionen US-Dollar	Ungefähr 1.200 Patienten
Trogarzo	22,6 Millionen US-Dollar	Rund 900 Patienten

Fortschrittliche therapeutische Medikamente

Wichtige Kennzahlen für die pharmazeutische Entwicklung:

• F&E-Investitionen im Jahr 2023: 12,3 Millionen US-Dollar
• Aktuelle klinische Studienpipeline: 2 laufende Forschungsprogramme zur HIV-Behandlung
• Gezielte Kosten für die Medikamentenentwicklung: 8,5 Millionen US-Dollar pro Programm

Gezielte pharmazeutische Interventionen

Therapeutische Schwerpunkte:

Therapeutischer Bereich	Marktpotenzial	Entwicklungsphase
HIV-Behandlung	3,2 Milliarden US-Dollar globaler Markt	Kommerzielle Produkte
Stoffwechselstörungen	Potenzieller Markt von 1,5 Milliarden US-Dollar	Frühe Forschungsphase

Verbessertes Patientengesundheitsmanagement

Kennzahlen zur Patientenunterstützung und -verwaltung:

• Budget des Patientenhilfsprogramms: 3,7 Millionen US-Dollar pro Jahr
• Unterstützungsdienste zur Medikamenteneinhaltung: Umfassendes Patientenverfolgungssystem
• Ressourcen zur Patientenaufklärung: Digitale und gedruckte Materialien zu Behandlungsprotokollen

Modernste biotechnologische Entwicklungen

Aufschlüsselung der Technologieinvestitionen:

Technologiebereich	Investition	Erwartetes Ergebnis
Molekulare Forschung	5,6 Millionen US-Dollar	Fortschrittliche Arzneimittelformulierung
Genetisches Targeting	4,2 Millionen US-Dollar	Entwicklung von Präzisionsmedizin

Theratechnologies Inc. (THTX) – Geschäftsmodell: Kundenbeziehungen

Direktes medizinisches Fachpersonal-Engagement

Theratechnologies pflegt über spezielle Kommunikationskanäle den direkten Kontakt zu medizinischen Fachkräften:

Engagement-Methode	Häufigkeit	Zielspezialisten
Medizinische Beiräte	Vierteljährlich	HIV/Onkologie-Spezialisten
Webinare zur klinischen Ausbildung	Monatlich	Ärzte für Infektionskrankheiten
Interaktionen mit Direktvertriebsmitarbeitern	Wöchentlich	Krankenhausverschreibende

Patientenunterstützungsprogramme

Zu den umfassenden Patientenunterstützungsdiensten gehören:

• Programm zur Medikamenteneinhaltung
• Finanzielle Unterstützungsdienste
• Unterstützung bei der Behandlungsnavigation
• Beratung zum Umgang mit Nebenwirkungen

Digitale Gesundheitsberatungsplattformen

Plattform	Benutzeranzahl	Servicefunktionen
Digitales TheraCare-Portal	3.247 registrierte Benutzer	Telemedizinische Beratungen, Behandlungsverfolgung
Mobile Behandlungs-App	2.189 aktive Benutzer	Medikamentenerinnerungen, Gesundheitsüberwachung

Teilnehmernetzwerke für klinische Studien

Kennzahlen zum Teilnehmerengagement:

• Gesamtzahl der Teilnehmer an klinischen Studien: 672
• Aktive Forschungsstudien: 4
• Patientenbindungsrate: 87,3 %

Personalisierte Behandlungskommunikationskanäle

Kommunikationskanal	Personalisierungsebene	Jährliche Touchpoints
E-Mail-Newsletter	Hohe Individualisierung	6-8 gezielte Kommunikation
SMS-Behandlungserinnerungen	Individuelle Patientendaten	52 jährliche automatisierte Nachrichten
Personalisierte Pflegepakete	Behandlungsspezifisch	3-4 physische Mailings

Theratechnologies Inc. (THTX) – Geschäftsmodell: Kanäle

Direktes Pharma-Vertriebsteam

Ab dem vierten Quartal 2023 unterhält Theratechnologies ein spezialisiertes Vertriebsteam von 22 direkten Pharmavertretern, die auf die Märkte für HIV und seltene Krankheiten in Nordamerika abzielen.

Vertriebsteam-Metrik	Menge
Gesamtzahl der Direktvertriebsmitarbeiter	22
Geografische Abdeckung	Vereinigte Staaten und Kanada
Spezialisierte Schwerpunktbereiche	HIV-Behandlung, seltene Krankheiten

Präsentationen auf medizinischen Konferenzen

Theratechnologies nimmt jährlich an 7–9 großen medizinischen Konferenzen teil, die sich auf die Forschung zu HIV und seltenen Krankheiten konzentrieren.

• Besuchte Jahreskonferenzen: 7–9
• Hauptschwerpunkt der Konferenz: HIV-Forschung
• Sekundärer Konferenzschwerpunkt: Behandlungen seltener Krankheiten

Online-Plattformen für medizinische Informationen

Das Unternehmen nutzt digitale Plattformen zur Verbreitung medizinischer Informationen und verzeichnet monatlich etwa 45.000 einzelne Besucher seiner Website für medizinisches Fachpersonal.

Digitale Plattformmetrik	Wert
Monatliche Website-Besucher	45,000
Primäre digitale Kanäle	Unternehmenswebsite, medizinische Informationsportale

Netzwerke von Gesundheitsdienstleistern

Theratechnologies hat Beziehungen zu über 1.200 spezialisierten Gesundheitsdienstleistern in ganz Nordamerika aufgebaut.

• Gesamtzahl der Verbindungen zu Gesundheitsdienstleistern: 1.200+
• Netzwerkspezialisierung: HIV-Behandlungszentren
• Geografische Verbreitung des Netzwerks: Vereinigte Staaten und Kanada

Pharmazeutische Vertriebspartnerschaften

Das Unternehmen unterhält strategische Vertriebspartnerschaften mit drei großen Pharmagroßhändlern.

Details zur Vertriebspartnerschaft	Menge
Total Großhandelsvertriebspartner	3
Primäre Vertriebsregionen	Nordamerika
Jährliches Vertriebsvolumen	Vertraulich

Theratechnologies Inc. (THTX) – Geschäftsmodell: Kundensegmente

HIV-Patientenpopulationen

Ab 2023 strebt Theratechnologies ungefähr an 38,4 Millionen Menschen Leben mit HIV weltweit. Spezifische Segmentaufteilung:

Region	HIV-Patientenpopulation
Subsahara-Afrika	25,6 Millionen
Nordamerika	1,2 Millionen
Westeuropa	610,000

Spezialisten für Infektionskrankheiten

Das professionelle Zielsegment umfasst:

• Ungefähr 5.200 Spezialisten für HIV-Infektionskrankheiten in den Vereinigten Staaten
• Ungefähr 2.800 Ärzte für Infektionskrankheiten in Kanada
• Rundherum 3.500 Fachärzte auf europäischen Märkten

Krankenhausbehandlungszentren

Gezielte Gesundheitseinrichtungen:

Einrichtungstyp	Anzahl der Einrichtungen
HIV-Behandlungszentren (USA)	1,200
Spezialisierte Krankenhäuser für Infektionskrankheiten	780

Klinische Forschungsorganisationen

Segmentkennzahlen der Forschungsorganisation:

• 372 CROs weltweit auf Infektionskrankheiten spezialisiert
• Ungefähr 54,3 Milliarden US-Dollar Größe des globalen Marktes für klinische Forschung

Globale Gesundheitssysteme

Abdeckung durch das Gesundheitssystem:

Gesundheitssystem	Jährliches HIV-Behandlungsbudget
Medicare/Medicaid der Vereinigten Staaten	23,4 Milliarden US-Dollar
Europäische nationale Gesundheitssysteme	18,7 Milliarden US-Dollar
Kanadisches Gesundheitssystem	1,6 Milliarden US-Dollar

Theratechnologies Inc. (THTX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Theratechnologies Forschungs- und Entwicklungskosten in Höhe von 37,8 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2023	37,8 Millionen US-Dollar
2022	32,5 Millionen US-Dollar

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Theratechnologies konzentrierten sich auf ihre wichtigsten Therapiebereiche:

• HIV-assoziierte Lipodystrophie-Forschung: 12,4 Millionen US-Dollar
• Lonapegsomatropin-Entwicklung: 8,7 Millionen US-Dollar
• Zusätzliches Portfolio klinischer Studien: 16,7 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt etwa 5,2 Millionen US-Dollar.

Marketing- und Vertriebsausgaben

Ausgabenkategorie	Betrag
Vertriebspersonal	9,3 Millionen US-Dollar
Marketingkampagnen	6,5 Millionen Dollar
Werbematerialien	2,1 Millionen US-Dollar

Wartung der betrieblichen Infrastruktur

In den Betriebsinfrastrukturkosten für 2023 waren enthalten:

• Instandhaltung der Anlage: 4,6 Millionen US-Dollar
• IT-Infrastruktur: 3,2 Millionen US-Dollar
• Verwaltungsaufwand: 7,9 Millionen US-Dollar

Gesamtbetriebskosten für 2023: 86,2 Millionen US-Dollar

Theratechnologies Inc. (THTX) – Geschäftsmodell: Einnahmequellen

Vertrieb pharmazeutischer Produkte

Theratechnologies Inc. meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 78,2 Millionen US-Dollar. Die Haupteinnahmequelle ist ihr wichtigstes pharmazeutisches Produkt EGRIFTA SV, das zur Behandlung der HIV-assoziierten Lipodystrophie eingesetzt wird.

Produkt	Jahresumsatz (Mio. USD)	Marktsegment
EGRIFTA SV	62.5	HIV-Behandlung
Trogarzo	15.7	Behandlung multiresistenter HIV-Infektionen

Lizenzierung von geistigem Eigentum

Theratechnologies generiert Einnahmen durch strategische IP-Lizenzvereinbarungen mit geschätzten Lizenzeinnahmen von 3,5 Millionen US-Dollar im Jahr 2023.

Finanzierung von Forschungsstipendien

Das Unternehmen sicherte sich im Jahr 2023 Forschungsstipendien in Höhe von insgesamt 2,1 Millionen US-Dollar von verschiedenen staatlichen und privaten Forschungseinrichtungen.

Kooperationen bei klinischen Studien

Die Einnahmen aus der klinischen Zusammenarbeit erreichten im Jahr 2023 4,8 Millionen US-Dollar, mit folgenden Partnerschaften:

• Akademische Forschungseinrichtungen
• Pharmazeutische Entwicklungspartner
• Von der Regierung geförderte Forschungsprogramme

Globale Marktexpansionsstrategien

Die internationalen Markteinnahmen trugen im Jahr 2023 22,6 Millionen US-Dollar bei, mit den wichtigsten geografischen Verteilungen:

Region	Umsatz (Mio. USD)	Wachstumsrate
Vereinigte Staaten	45.3	12.4%
Kanada	18.7	7.2%
Europäische Märkte	14.2	9.6%

Theratechnologies Inc. (THTX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why patients and prescribers choose Theratechnologies Inc.'s offerings right now, late in 2025. It boils down to specific, approved treatments addressing critical needs in the HIV patient population.

EGRIFTA SV/WR: Reduction of excess visceral abdominal fat (EVAF) in HIV-associated lipodystrophy

The value proposition centers on the only US-approved medication for reducing excess abdominal fat in adults with HIV and lipodystrophy, with a newer, more convenient option now available.

The franchise showed significant, albeit volatile, revenue performance in early 2025, reflecting market demand and supply recovery:

Metric	Period Ended February 28, 2025 (Q1 2025)	Period Ended May 31, 2025 (Q2 2025)	Fiscal Year 2024
EGRIFTA SV® Net Sales (in thousands)	$13,880	$11,131	$60,147
Year-over-Year Sales Change (Q1)	+44.8%	N/A	N/A
Year-over-Year Sales Change (Q2)	N/A	-31.3%	N/A

The clinical context supports the need for EVAF reduction, as data presented at the 2025 CROI conference highlighted that excess visceral abdominal fat drives cardiovascular risk, irrespective of Body Mass Index (BMI) classification.

Trogarzo: Treatment for adults with multidrug-resistant HIV-1 (MDR HIV-1)

Trogarzo® provides a critical option for adults with MDR HIV-1, maintaining its place in the portfolio despite fluctuating quarterly sales.

Here's how the net sales for Trogarzo® performed in the first half of 2025:

Metric	Period Ended February 28, 2025 (Q1 2025)	Period Ended May 31, 2025 (Q2 2025)	Six Months Ended May 31, 2025 (in thousands)
Trogarzo® Net Sales (in thousands)	$5,167	$6,598	$11,765
Year-over-Year Sales Change (Q1)	-22.4%	N/A	N/A
Year-over-Year Sales Change (Q2)	N/A	+13.4%	N/A
Cost of Sales (% of Net Sales)	Contractually established at 52%	Contractually established at 52%	Contractually established at 52%

Improved adherence: New once-weekly dosing of EGRIFTA WR

The introduction of EGRIFTA WR™ on March 25, 2025, directly addresses patient convenience, a key value driver in chronic disease management.

• EGRIFTA WR™ requires only weekly reconstitution, replacing the daily reconstitution of EGRIFTA SV®.
• The new formulation requires less than half the administration volume compared to the F4 formulation (EGRIFTA SV®).
• The company stated they look forward to transitioning patients to this more convenient formulation.
• It is important to note that there are no data to support improved compliance with anti-retroviral therapies in HIV-positive patients taking EGRIFTA WR™.

Comprehensive patient support: Co-pay assistance and Nurse Navigator services

Theratechnologies Inc. supports access through programs that mitigate the financial burden, which is critical as studies show nearly a third of patients struggle to afford their medications without financial help.

The perceived value of these support mechanisms, based on a Guidehouse Q1 2025 survey of pharmaceutical executives, is clear:

• 80% of surveyed executives cited copay assistance as the most used and popular PSP they offered.
• 70% of executives suggested that copay assistance programs led to a positive patient experience.

This support exists within a broader, growing market context for patient services:

PSP Market Metric (Global)	2024 Value	2025 Estimated Value	2034 Projected Value
Market Value (USD)	$21.8 Billion	$22.70 Bn	$104.7 Billion
Compound Annual Growth Rate (CAGR)	N/A	17.1% (for 2025-2034)	17.2% (for 2025-2032)
Largest Service Type Share (2025)	N/A	Medication Adherence Support at 22.6%	N/A

The estimated one-time revenue impact from the Q1 2025 EGRIFTA SV® shortage was between $10 million to $12 million, underscoring the importance of supply chain reliability and patient retention efforts.

Theratechnologies Inc. (THTX) - Canvas Business Model: Customer Relationships

You're looking at how Theratechnologies Inc. (THTX) supports its customers-the patients and the healthcare providers (HCPs) who prescribe and administer their therapies. For a specialty biopharma company, this relationship is everything; it directly impacts adherence and, ultimately, revenue. As of late 2025, following the acquisition by Future Pak, the focus on patient support remains a core operational pillar, especially given the recent supply chain issues that impacted EGRIFTA SV® sales in the first half of the fiscal year.

The entire customer relationship structure revolves around the THERA Patient Support® Program, which is designed to be a single point of contact to secure treatment access seamlessly. This program supports both EGRIFTA SV®/WR™ and TROGARZO® patients and their HCPs.

The key relationship touchpoints are:

• Dedicated THERA Patient Support® Program for personalized service.
• High-touch, one-on-one support from Nurse Navigators for injection training.
• Patient Assistance Program (PAP) offering free medication to qualifying patients.
• Direct support for healthcare providers on prior authorization and reimbursement.

The commitment to patient support is evident in the company's recent performance context. For the first half of Fiscal 2025, Theratechnologies achieved total revenue of $36.8 million, even while navigating an estimated negative impact of $10 million to $12 million on Q1 revenues due to an EGRIFTA SV® supply disruption. The CEO noted that despite this, demand for EGRIFTA SV® remains very strong, and the company witnessed record high patient enrollments during that same six-month period.

The structure of this relationship support can be broken down by service type, reflecting industry trends where, based on a Q1 2025 survey of pharmaceutical executives, 80% cited copay assistance as the most used PSP feature, and 69% cited Patient Access and Affordability Programs (PAPs) as most utilized.

Support Component	Product Focus	Service Detail	Availability/Frequency
Patient Care Coordinators	EGRIFTA SV®/WR™, TROGARZO®	Enrollment, welcome call, resource kit distribution, insurance verification, prior authorization/appeal assistance.	Monday to Friday from 8:30 AM - 8:00 PM EST
Nurse Navigator Support	EGRIFTA SV®/WR™, TROGARZO®	Personalized one-on-one nursing support, virtual step-by-step reconstitution and administration training, scheduled adherence touch points (bi-weekly calls for TROGARZO®).	As scheduled by patient preference
Financial Assistance	EGRIFTA SV®/WR™, TROGARZO®	Co-Pay Program for private/commercial insurance; assistance with alternative funding for government insurance.	Ongoing enrollment support
Patient Assistance Program (PAP)	EGRIFTA SV®/WR™, TROGARZO®	Offers THERA medications at no cost to qualifying patients.	Ongoing enrollment support

The high-touch element is delivered through the THERA Nurse Navigators. These professionals provide personalized, one-on-one support, which is critical for self-administered therapies like EGRIFTA SV® (injection training) and infusion therapies like TROGARZO® (coordinating convenient administration locations, such as the patient's home or healthcare office). This personalized training helps promote patient adherence throughout the treatment journey.

For the financial barrier, the Patient Assistance Program (PAP) is a direct relationship tool. While the exact number of patients receiving free medication or the total dollar value of free medication provided by Theratechnologies Inc. in Fiscal 2025 is not publicly itemized, the program exists to ensure qualifying patients receive THERA medications at no cost. This directly addresses the finding that nearly one-third of patients struggle to afford prescriptions without financial assistance.

Support for HCPs is managed through Patient Care Coordinators and dedicated THERA Field Reimbursement Managers. Their role is to streamline access by handling complex administrative hurdles. This includes:

• Insurance coverage verification.
• Assistance navigating prior authorizations and claim denials/appeals.
• Educating staff on payer requirements and necessary documentation.

This direct support is vital because administrative difficulty, particularly with prior authorization, can cause providers to avoid prescribing clinically appropriate drugs. Theratechnologies Inc. aims to remove this friction so the HCP can focus on patient care.

Theratechnologies Inc. (THTX) - Canvas Business Model: Channels

You're looking at how Theratechnologies Inc. (THTX) gets its therapies, like EGRIFTA SV®, to the people who need them, and that's a complex dance involving specialized partners and your own teams. The distribution backbone relies heavily on getting the product from the warehouse to the patient's door, which is where specialty pharmacies come in.

Specialty pharmacies for direct-to-patient medication delivery are critical, especially following the supply disruption earlier in the year. Following the FDA approval of the PAS for EGRIFTA SV® on April 7, 2025, Theratechnologies Inc. resumed regular distribution. This led to large orders to rebuild inventories at McKesson and within the specialty pharmacy network through the end of the first quarter of 2025. For context on the product volume moving through these channels, EGRIFTA SV® net sales were $13,880,000 in the first quarter of Fiscal 2025, which was a 44.8% increase year-over-year, though Q2 2025 sales settled at $11.1 million due to the subsequent inventory drawdown after the initial rebuild. Honestly, managing that inventory cycle through the specialty channel is a near-term operational risk you need to watch.

Here's a quick look at the revenue performance tied to these commercial channels in the first half of 2025:

Product	Q1 2025 Net Sales (USD)	Q2 2025 Net Sales (USD)	YoY Q2 Change
EGRIFTA SV®	$13,880,000	$11,100,000	-31.3%
TROGARZO®	$5,200,000	$6,600,000	+13.4%

The direct sales force is your company's boots-on-the-ground presence, targeting the specialists who write the prescriptions. Theratechnologies Inc. maintains a dedicated team focused on HIV specialists and key opinion leaders to drive adoption and maintain relationships. As of the latest available data, the total Employee Count for Theratechnologies Inc. was 103, which translates to a reported Revenue Per Employee of approximately $819,204 over the last twelve months. This suggests a relatively lean commercial footprint supporting the specialized nature of the products. You'll see selling expenses, which include compensation for this team, were $6,470,000 in the three months ended February 28, 2025, up 13.5% year-over-year, largely due to lower vacancies and new hiring for market preparation of in-licensed products.

The THERA Patient Support® call center and online enrollment portals are essential for reducing patient friction, which is key for adherence. This personalized support program is designed to streamline treatment access and remove barriers to care for both EGRIFTA SV® and TROGARZO®. The support infrastructure is accessible via a single point of contact:

• Contact Number: 1-833-23-THERA or 1-833-238-4372.
• Availability: Monday to Friday, 8:30 AM - 8:00 PM EST.
• Services include: Insurance coverage verification, prior authorization assistance, and enrollment in Co-Pay Programs.
• Metric Highlight: Theratechnologies Inc. reported record high patient enrollments for EGRIFTA SV® in the second quarter of 2025.

For Direct-to-Consumer (DTC) digital and social media campaigns, Theratechnologies Inc. operates within a highly competitive landscape. While specific 2025 DTC advertising spend for Theratechnologies Inc. isn't explicitly detailed in recent reports, the broader US pharmaceutical sector is spending heavily to drive patient awareness. The global pharmaceutical industry is projected to spend approximately $10 billion on DTC advertising in 2025. Furthermore, you should note the regulatory environment: in April 2025, legislation was introduced, the No Handouts for Drug Advertisements Act, seeking to eliminate tax deductions for DTC advertising expenses. This channel's effectiveness is definitely under a microscope right now.

Finance: draft 13-week cash view by Friday.

Theratechnologies Inc. (THTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Theratechnologies Inc. targets with its specialized HIV portfolio, which is centered around therapies like EGRIFTA SV® and the newly approved EGRIFTA WR™.

The primary patient group is Adults with Human Immunodeficiency Virus (HIV) and lipodystrophy. This segment is targeted specifically by the EGRIFTA franchise, which treats excess visceral abdominal fat (EVAF) in this population. The launch of EGRIFTA WR™ in March 2025, a new once-weekly formulation, is designed to drive further adoption and adherence within this established patient base. For the first quarter of Fiscal 2025, net sales for EGRIFTA SV® alone reached $13,880,000, showing strong demand even while recovering from a supply disruption.

Another key group, though less explicitly quantified in terms of patient count in the latest reports, is Adults with multidrug-resistant HIV-1 (MDR HIV-1) who have limited treatment options. Theratechnologies Inc. supports this area with its broader HIV portfolio, including Trogarzo®. For context on the commercial scale serving the overall HIV community, total net sales for Trogarzo® in Q1 2025 were $5,167,000. The company's Global Commercial Officer noted a strong presence in the U.S. community infectious disease space.

The next segment involves the gatekeepers: HIV-specializing physicians and healthcare providers. These are the prescribers and influencers who adopt new standards of care. Theratechnologies Inc. has been actively working to power its commercial transformation, partnering to implement a new cloud-native analytics platform to better engage these customers. The CEO mentioned that unique patient numbers and new patient enrollments for EGRIFTA SV® were at record highs following the Q1 2025 supply resolution, indicating strong provider engagement.

Finally, you have the crucial financial segment: Commercial and government payers (insurance companies, Medicare/Medicaid). These entities dictate access and reimbursement. The financial results for the first six months of Fiscal 2025 showed that higher government chargebacks and rebates, specifically related to the Inflation Reduction Act (IRA) enacted in late 2024, negatively impacted EGRIFTA SV® sales. This highlights the direct financial impact payers have on Theratechnologies Inc.'s revenue streams, particularly for Medicare patients.

Here's a quick look at the financial performance tied to these customer groups through the first half of 2025:

Metric	Value (H1 2025)	Source Context
Total Revenue (Six Months Ended May 31, 2025)	$36,800,000	Total company revenue
EGRIFTA SV® Net Sales (Q1 2025)	$13,880,000	Primary patient segment revenue
Trogarzo® Net Sales (Q1 2025)	$5,167,000	Revenue from another key HIV segment
Adjusted EBITDA (Q1 2025)	$2,300,000	Measure of operational profitability
Estimated Revenue Loss from Supply Disruption (FY2025 Estimate)	$10,000,000 to $12,000,000	Impact on revenue from product availability issues

The company's commercial focus is clearly on maximizing the value proposition for the HIV/lipodystrophy segment, which is reflected in the revenue breakdown. You can see the scale of the business in the first quarter:

• EGRIFTA SV® net sales in Q1 2025: $13,880,000.
• Trogarzo® net sales in Q1 2025: $5,167,000.
• Total Revenue in Q1 2025: $19,047,000.
• Selling expenses increased by 10% compared to the previous year, driven by compensation and fees.

What this estimate hides is the potential impact of the transition to EGRIFTA WR™ on payer negotiations moving into the second half of 2025. Finance: review the Q2 2025 impact of IRA-related rebates on gross-to-net for the next reporting cycle by October.

Theratechnologies Inc. (THTX) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Theratechnologies Inc.'s operations as of late 2025. Understanding this cost structure is key to seeing where the revenue goes.

The Cost of Goods Sold (COGS) structure shows a fixed contractual arrangement for one of its key products. Specifically, Trogarzo cost of sales is contractually established at 52% of its net sales, subject to periodic adjustment for returns or other factors.

Operating expenses show significant investment in market reach and future pipeline development, alongside rising administrative overhead.

Selling Expenses were a notable outlay in the first quarter of 2025. For the three-month period ended February 28, 2025, these expenses totaled $6.470 million, which was an increase of 13.5% compared to the $5.701 million reported in the first quarter of Fiscal 2024. Higher compensation expense, due to lower vacancies and hiring for market preparation of Ionis in-licensed products, was the primary driver for this increase.

Research and Development (R&D) expenses reflect a shift in focus following the cessation of early-stage activities. For the six-month period ended May 31, 2025, R&D expenses were $5.583 million. This compares to $8.477 million for the same six-month period in Fiscal 2024. The decrease in the first quarter of Fiscal 2025 was largely attributed to lower spending on life-cycle management projects and lower activity in the oncology program, partially offset by the recognition of non-refundable federal tax credits.

General and Administrative (G&A) expenses saw a substantial year-over-year increase in the first half of 2025. For the six-month period ended May 31, 2025, G&A expenses reached $9.710 million, up from $6.846 million in the comparable period of Fiscal 2024. This increase was partly due to costs associated with a sale process.

Here's a snapshot of key operating expense components for the first half of 2025 (six months ended May 31, 2025) compared to the prior year:

Expense Category	H1 2025 (in thousands)	H1 2024 (in thousands)
Research and Development Expenses (net of tax credits)	$5,583	$8,477
Selling Expenses	$13,310	$12,068
General and Administrative Expenses	$9,710	$6,846

Government chargebacks and rebates present an evolving cost factor, especially concerning Medicare reimbursement. The Inflation Reduction Act (IRA) has introduced new financial dynamics. For instance, in the second quarter of Fiscal 2025, higher government rebates were noted, related to new Medicare rebates under the IRA. This factor contributed to a year-over-year decrease in EGRIFTA SV® sales in Q2 2025.

The impact of the IRA on government-related costs includes:

• Higher government rebates (related to new Medicare rebates under the IRA).
• Government rebates, chargebacks and others were stable for Trogarzo® in Q2 2025 compared to Fiscal 2024.
• The IRA provisions, such as the $2,000 out-of-pocket cap starting in 2025, are reshaping Medicare Part D.

The contractual COGS for Trogarzo® is a fixed percentage, which simplifies forecasting for that specific product line, but the G&A increase due to the sale process is a temporary, yet significant, cost driver. Finance: draft 13-week cash view by Friday.

Theratechnologies Inc. (THTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Theratechnologies Inc. as of late 2025, right as the company transitioned to private ownership following the acquisition announcement. The core of the revenue generation, as seen through the second quarter, remains product sales, but the future stream is heavily influenced by the recent M&A activity.

The primary, realized revenue streams are derived from the commercialization of its existing HIV portfolio products:

• Net sales of EGRIFTA SV/WR, which generated $11,131,000 in Q2 2025.
• Net sales of Trogarzo, which amounted to $6,598,000 in Q2 2025.

Looking at the consolidated performance leading up to the acquisition closing in the fourth quarter, the top-line momentum was recovering after the earlier supply disruption. Total consolidated revenue for the first six months of 2025 was $36.8 million.

Here is a breakdown of the product sales performance for the second quarter of Fiscal 2025:

Revenue Component	Q2 2025 Net Sales (USD)	Context/Notes
EGRIFTA SV/WR Net Sales	$11,131,000	Sales were impacted by a late 2024 supply disruption, though unit sales were recovering.
Trogarzo Net Sales	$6,598,000	Showed year-over-year growth in Q2 2025 compared to Q2 2024.
Total Consolidated Revenue (6 Months Ended May 31, 2025)	$36,800,000	Reflects performance despite an estimated negative impact of $10 million to $12 million from the Q1 2025 EGRIFTA SV shortage.

Beyond direct product sales, Theratechnologies Inc. had contingent and potential future revenue streams built into its structure, which are now primarily governed by the acquisition agreement:

• Contingent Value Rights (CVR) payments: These are now tied to the performance of the EGRIFTA and Trogarzo franchises under the new ownership, with a maximum aggregate payment of $65 million over a 36-month period post-closing. As of September 24, 2025, the fair market value of each CVR was determined to be US$0.80, with a maximum potential payout of US$1.19 per share. Since the acquisition closed in late Q4 2025, actual CVR revenue recognized in 2025 is likely minimal or zero, as payments are milestone-based and post-closing.
• Licensing and milestone payments: Historically, this stream involved potential payments from in-licensing deals. For example, historical agreements included royalty obligations of between 5% and 15% of revenues received from sublicence agreements, and a past milestone payment of CA$50 (paid in May 2021) for an oncology product. No specific new licensing or milestone revenue for 2025 is explicitly detailed in the latest reports, as the focus shifted to the sale.

The structure is definitely shifting from product sales dominance to contingent, performance-based payments post-acquisition.