Theratechnologies Inc. (THTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Theratechnologies Inc. (THTX), una compañía farmacéutica de vanguardia que revoluciona el tratamiento del VIH a través del modelado de negocios estratégicos. Con un enfoque centrado en el láser para el desarrollo de fármacos terapéuticos y las soluciones de biotecnología avanzadas, esta organización dinámica está transformando la atención al paciente al aprovechar las capacidades de investigación sofisticadas, las asociaciones estratégicas e intervenciones médicas innovadoras. Su lienzo de modelo de negocio integral revela una estrategia meticulosamente elaborada que posiciona a THTX a la vanguardia de la innovación farmacéutica especializada, esperanza prometedora y opciones de tratamiento avanzadas para los sistemas de salud globales y las poblaciones de pacientes con VIH.

Theratechnologies Inc. (THTX) - Modelo de negocio: asociaciones clave

Instituciones de investigación farmacéutica

Theratechnologies ha establecido asociaciones con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Universidad McGill	Investigación de VIH y enfermedad metabólica	2018
Instituto de Investigación Clínica de Montreal	Desarrollo terapéutico	2019

Redes de ensayos clínicos

Las colaboraciones clave de la red de ensayos clínicos incluyen:

• Grupo de ensayos clínicos del SIDA (ACTG)
• Red de investigación clínica de la Sociedad Internacional del Sida (IAS)
• Red de prueba de VIH canadiense

Socios de tecnología de salud

Asociaciones tecnológicas para suministro de medicamentos y soporte de diagnóstico:

Pareja	Enfoque tecnológico	Valor de colaboración
Lonza Group Ltd	Fabricación y desarrollo	$ 3.2 millones de colaboración anual
Soluciones farmacéuticas catalent	Servicios de formulación de drogas	Contrato de $ 2.7 millones

Redes de colaboración de biotecnología

Colaboraciones de redes de biotecnología activa:

• Red bioalternativa
• Montreal Invivo Life Sciences Cluster
• Consorcio de Quebec para el descubrimiento de drogas

Centros médicos académicos

Asociaciones con centros de investigación médica académica:

Centro médico	Área de investigación	Soporte de financiación
Universidad de California, San Francisco	Investigación del tratamiento del VIH	Subvención de investigación de $ 1.5 millones
Escuela de Medicina de Harvard	Estudios de enfermedad metabólica	Fondo de investigación colaborativa de $ 1.2 millones

Theratechnologies Inc. (THTX) - Modelo de negocio: actividades clave

Desarrollo de fármacos terapéuticos del VIH

Theratechnologies se enfoca en desarrollar medicamentos terapéuticos del VIH, específicamente Egrifta y Trogarzo.

Droga	Etapa de desarrollo	Indicación objetivo	Estado actual
Egrifta SV	Aprobado	Lipodistrofia asociada al VIH	Comercializado en el mercado estadounidense
Trogarzo	Aprobado	VIH resistente a múltiples fármacos	Comercializado para pacientes experimentados con el tratamiento

Comercialización de medicamentos de longevidad

Theratechnologies invierten en estrategias de comercialización para productos terapéuticos relacionados con el VIH.

• Ingresos anuales de Egrifta: $ 24.1 millones (2022)
• Ventas anuales de Trogarzo: $ 15.3 millones (2022)
• Mercados geográficos: Estados Unidos, Canadá

Investigación y gestión de ensayos clínicos

Área de investigación	Ensayos clínicos activos	Inversión
Terapéutica del VIH	3 pruebas en curso	Gastos de I + D de $ 8,2 millones (2022)

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Estrategia regulatoria integral para el avance de productos farmacéuticos.

• Cumplimiento de la FDA para Egrifta y Trogarzo
• Interacciones continuas con agencias reguladoras
• Monitoreo continuo de farmacovigilancia

Marketing y distribución de productos farmacéuticos

Canal de marketing	Red de distribución	Estrategia de venta
Proveedores de atención médica especializada	Redes de farmacia directa y especializada	Alcance especialista de tratamiento de VIH dirigido

Gastos de marketing: $ 6.5 millones (2022)

Theratechnologies Inc. (THTX) - Modelo de negocio: recursos clave

Equipo de investigación farmacéutica especializada

A partir del cuarto trimestre de 2023, las teratechnologías emplearon a 87 empleados en total, con aproximadamente 42 dedicados a la investigación y el desarrollo.

Categoría de empleado	Número
Total de empleados	87
Personal de I + D	42
Investigadores de doctorado	23

Tecnologías de desarrollo de fármacos patentados

Theratechnologies se centra en tecnologías terapéuticas basadas en péptidos, con énfasis específico en las plataformas de tratamiento de VIH y oncología.

• Tecnología de conjugación de drogas patentadas
• Capacidades avanzadas de ingeniería de péptidos
• Técnicas especializadas de modificación de proteínas

Cartera de propiedades intelectuales

Categoría de IP	Número de patentes
Patentes activas totales	14
Patentes de tratamiento de VIH	7
Patentes de tratamiento oncológico	5

Infraestructura de ensayos clínicos

Ensayos clínicos activos actuales: 3 estudios en curso en los dominios de investigación de VIH y oncología.

Fase de prueba	Número de pruebas
Fase I	1
Fase II	2

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad (USD)
Equivalentes de efectivo y efectivo	$ 48.3 millones
Presupuesto de investigación total	$ 22.7 millones
Gastos anuales de I + D	$ 18.5 millones

Theratechnologies Inc. (THTX) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento con VIH

Theratechnologies Inc. se centra en Egrifta SV y Trogarzo, medicamentos especializados para el tratamiento del VIH. A partir del cuarto trimestre de 2023, la compañía informó:

Producto	Ingresos anuales	Paciente alcance
Egrifta SV	$ 27.4 millones	Aproximadamente 1.200 pacientes
Trogarzo	$ 22.6 millones	Alrededor de 900 pacientes

Medicamentos terapéuticos avanzados

Métricas clave de desarrollo farmacéutico:

• Inversión de I + D en 2023: $ 12.3 millones
• Tubería de ensayo clínico actual: 2 programas de investigación de tratamiento de VIH en curso
• Costo de desarrollo de medicamentos dirigidos: $ 8.5 millones por programa

Intervenciones farmacéuticas dirigidas

Áreas de enfoque terapéutico:

Área terapéutica	Potencial de mercado	Etapa de desarrollo
Tratamiento de VIH	Mercado global de $ 3.2 mil millones	Productos comercializados
Trastornos metabólicos	Mercado potencial de $ 1.5 mil millones	Fase de investigación temprana

Mejora de la gestión de la salud del paciente

Apoyo al paciente y métricas de manejo:

• Presupuesto del programa de asistencia al paciente: $ 3.7 millones anuales
• Servicios de soporte de adherencia a la medicación: sistema integral de seguimiento del paciente
• Recursos de educación del paciente: materiales digitales e impresos que cubren los protocolos de tratamiento

Desarrollos de biotecnología de vanguardia

Desglose de inversión tecnológica:

Área tecnológica	Inversión	Resultado esperado
Investigación molecular	$ 5.6 millones	Formulación avanzada de drogas
Orientación genética	$ 4.2 millones	Desarrollo de medicina de precisión

Theratechnologies Inc. (THTX) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Theratechnologies mantiene la participación directa con los profesionales médicos a través de canales de comunicación especializados:

Método de compromiso	Frecuencia	Especialistas en el objetivo
Juntas consultivas médicas	Trimestral	Especialistas en VIH/oncología
Seminarios web de educación clínica	Mensual	Médicos de enfermedades infecciosas
Interacciones representativas de ventas directas	Semanalmente	Prescriptores del hospital

Programas de apoyo al paciente

Los servicios integrales de apoyo al paciente incluyen:

• Programa de adherencia de medicamentos
• Servicios de asistencia financiera
• Apoyo de navegación de tratamiento
• Asesoramiento de gestión de efectos secundarios

Plataformas de consulta de salud digital

Plataforma	Recuento de usuarios	Características de servicio
Portal digital de Theracare	3.247 usuarios registrados	Consultas de telesalud, seguimiento del tratamiento
Aplicación de tratamiento móvil	2.189 usuarios activos	Recordatorios de medicamentos, monitoreo de la salud

Redes de participantes de ensayos clínicos

Métricas de participación de los participantes:

• Participantes totales de ensayos clínicos: 672
• Estudios de investigación activos: 4
• Tasa de retención del paciente: 87.3%

Canales de comunicación de tratamiento personalizados

Canal de comunicación	Nivel de personalización	Puntos de contacto anuales
Boletines por correo electrónico	Alta personalización	6-8 comunicaciones dirigidas
Recordatorios de tratamiento de SMS	Datos de pacientes individuales	52 mensajes automatizados anuales
Paquetes de atención personalizados	Específico del tratamiento	3-4 correos físicos

Theratechnologies Inc. (THTX) - Modelo de negocio: canales

Equipo directo de ventas farmacéuticas

A partir del cuarto trimestre de 2023, Theratechnologies mantiene una fuerza de ventas especializada de 22 representantes farmacéuticos directos dirigidos al VIH y los mercados de enfermedades raras en América del Norte.

Métrica del equipo de ventas	Cantidad
Representantes de ventas directas totales	22
Cobertura geográfica	Estados Unidos y Canadá
Áreas de enfoque especializadas	Tratamiento del VIH, enfermedades raras

Presentaciones de conferencia médica

Las teratechnologías participan en 7-9 conferencias médicas principales anualmente, centrándose en el VIH y la investigación de enfermedades raras.

• Conferencias anuales a las que asistió: 7-9
• Enfoque de la conferencia primaria: investigación del VIH
• Enfoque secundario de la conferencia: tratamientos de enfermedades raras

Plataformas de información médica en línea

La compañía utiliza plataformas digitales para la difusión de información médica, con aproximadamente 45,000 visitantes de sitios web profesionales de atención médica únicos mensualmente.

Métrica de plataforma digital	Valor
Visitantes mensuales del sitio web	45,000
Canales digitales primarios	Sitio web corporativo, portales de información médica

Redes de proveedores de atención médica

Theratechnologies ha establecido relaciones con más de 1.200 proveedores de atención médica especializados en América del Norte.

• Conexiones totales del proveedor de atención médica: más de 1,200
• Especialización en red: centros de tratamiento de VIH
• Diferencia geográfica de la red: Estados Unidos y Canadá

Asociaciones de distribución farmacéutica

La compañía mantiene asociaciones de distribución estratégica con 3 principales mayoristas farmacéuticos.

Detalles de la asociación de distribución	Cantidad
Socios de distribución mayorista total	3
Regiones de distribución primaria	América del norte
Volumen de distribución anual	Confidencial

Theratechnologies Inc. (THTX) - Modelo de negocio: segmentos de clientes

Poblaciones de pacientes con VIH

A partir de 2023, las teratechnologías se dirigen aproximadamente 38.4 millones de personas Vivir con el VIH a nivel mundial. Desglose específico del segmento:

Región	Población de pacientes con VIH
África subsahariana	25.6 millones
América del norte	1.2 millones
Europa occidental	610,000

Especialistas en enfermedades infecciosas

El segmento profesional objetivo incluye:

• Aproximadamente 5.200 especialistas en enfermedades infecciosas del VIH en Estados Unidos
• Apenas 2.800 médicos de enfermedades infecciosas en Canadá
• Alrededor 3.500 médicos especializados En los mercados europeos

Centros de tratamiento hospitalario

Instalaciones de atención médica específicas:

Tipo de instalación	Número de instalaciones
Centros de tratamiento del VIH (EE. UU.)	1,200
Hospitales de enfermedades infecciosas especializadas	780

Organizaciones de investigación clínica

Métricas de segmento de organización de investigación:

• 372 Cros centrado globalmente en enfermedades infecciosas
• Aproximadamente $ 54.3 mil millones Tamaño del mercado global de investigación clínica

Sistemas de atención médica global

Cobertura del sistema de salud:

Sistema de salud	Presupuesto anual de tratamiento de VIH
Estados Unidos Medicare/Medicaid	$ 23.4 mil millones
Sistemas de salud nacionales europeos	$ 18.7 mil millones
Sistema de salud canadiense	$ 1.6 mil millones

Theratechnologies Inc. (THTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, las Theratechnologies informaron gastos de I + D de $ 37.8 millones.

Año fiscal	Gastos de I + D
2023	$ 37.8 millones
2022	$ 32.5 millones

Inversiones de ensayos clínicos

Inversiones de ensayos clínicos para teratechnologías centradas en sus áreas terapéuticas clave:

• Investigación de lipodistrofia asociada al VIH: $ 12.4 millones
• Desarrollo de Lonapegsomatropin: $ 8.7 millones
• Portafolio de ensayos clínicos adicionales: $ 16.7 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 totalizaron aproximadamente $ 5.2 millones.

Gastos de marketing y ventas

Categoría de gastos	Cantidad
Personal de ventas	$ 9.3 millones
Campañas de marketing	$ 6.5 millones
Materiales promocionales	$ 2.1 millones

Mantenimiento de la infraestructura operativa

Los costos de infraestructura operacional para 2023 incluyeron:

• Mantenimiento de la instalación: $ 4.6 millones
• Infraestructura: $ 3.2 millones
• Gastos generales administrativos: $ 7.9 millones

Costos operativos totales para 2023: $ 86.2 millones

Theratechnologies Inc. (THTX) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

Theratechnologies Inc. reportó ingresos totales de $ 78.2 millones para el año fiscal 2023. La fuente principal de ingresos proviene de su producto farmacéutico clave Egrifta SV, utilizado para el tratamiento con lipodistrofia asociada al VIH.

Producto	Ventas anuales ($ M)	Segmento de mercado
Egrifta SV	62.5	Tratamiento de VIH
Trogarzo	15.7	VIH TRATAMIENTO Multi-resistente

Licencia de propiedad intelectual

Theratechnologies generan ingresos a través de acuerdos estratégicos de licencia de IP, con ingresos estimados de licencia de $ 3.5 millones en 2023.

Financiación de la subvención de investigación

La compañía obtuvo subvenciones de investigación por un total de $ 2.1 millones de varias instituciones de investigación gubernamentales y privadas en 2023.

Colaboraciones de ensayos clínicos

Los ingresos de colaboración clínica para 2023 alcanzaron $ 4.8 millones, con asociaciones que incluyen:

• Instituciones de investigación académica
• Socios de desarrollo farmacéutico
• Programas de investigación patrocinados por el gobierno

Estrategias de expansión del mercado global

Los ingresos del mercado internacional contribuyeron con $ 22.6 millones en 2023, con distribuciones geográficas clave:

Región	Ingresos ($ M)	Índice de crecimiento
Estados Unidos	45.3	12.4%
Canadá	18.7	7.2%
Mercados europeos	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.