TheraTechnologies Inc. (THTX): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le monde innovant de Theratechnologies Inc. (Thtx), une entreprise pharmaceutique de pointe révolutionnant le traitement du VIH grâce à la modélisation des entreprises stratégiques. Avec une approche laser au développement des médicaments thérapeutiques et des solutions avancées de biotechnologie, cette organisation dynamique transforme les soins aux patients en tirant parti des capacités de recherche sophistiquées, des partenariats stratégiques et des interventions médicales révolutionnaires. Leur toile complète du modèle commercial révèle une stratégie méticuleusement conçue qui positionne thtx à l'avant-garde d'une innovation pharmaceutique spécialisée, d'espoir prometteur et d'options de traitement avancées pour les systèmes de santé mondiaux et les populations de patients du VIH.

Theratechnologies Inc. (THTX) - Modèle d'entreprise: partenariats clés

Institutions de recherche pharmaceutique

Theratechnologies a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Université McGill	Recherche du VIH et des maladies métaboliques	2018
Institut de recherche clinique de Montréal	Développement thérapeutique	2019

Réseaux d'essais cliniques

Les collaborations clés du réseau des essais cliniques comprennent:

• Group des essais cliniques du SIDA (ACTG)
• Réseau de recherche clinique de la Société internationale du SIDA (IAS)
• Réseau canadien d'essais VIH

Partners de la technologie des soins de santé

Partenariats technologiques pour la livraison de médicaments et le soutien du diagnostic:

Partenaire	Focus technologique	Valeur de collaboration
Lonza Group Ltd	Fabrication et développement	Collaboration annuelle de 3,2 millions de dollars
Solutions pharmatriques catalennes	Services de formulation de médicaments	Contrat de 2,7 millions de dollars

Réseaux de collaboration de biotechnologie

Collaborations de réseau de biotechnologie active:

• Réseau de bioalternatives
• Montréal Invivo Life Sciences Cluster
• Consortium Québec pour la découverte de médicaments

Centres médicaux académiques

Partenariats avec les centres de recherche médicale académique:

Centre médical	Domaine de recherche	Soutien financier
Université de Californie, San Francisco	Recherche sur le traitement du VIH	Subvention de recherche de 1,5 million de dollars
École de médecine de Harvard	Études de maladies métaboliques	Fonds de recherche collaboratif de 1,2 million de dollars

Theratechnologies Inc. (THTX) - Modèle d'entreprise: Activités clés

Développement de médicaments thérapeutiques à VIH

Les Thératechnologies se concentrent sur le développement de médicaments thérapeutiques VIH, en particulier Egrifta et Trogarzo.

Médicament	Étape de développement	Indication cible	État actuel
Egrifta sv	Approuvé	Lipodystrophie associée au VIH	Commercialisé sur le marché américain
Trogarzo	Approuvé	VIH résistant aux médicaments	Commercialisé pour les patients expérimentés au traitement

Commercialisation des médicaments de longévité

TheraraChnologies investit dans des stratégies de commercialisation pour les produits thérapeutiques liés au VIH.

• Revenus annuels d'Egrifta: 24,1 millions de dollars (2022)
• Ventes annuelles de Trogarzo: 15,3 millions de dollars (2022)
• Marchés géographiques: États-Unis, Canada

Recherche et gestion des essais cliniques

Domaine de recherche	Essais cliniques actifs	Investissement
VIH	3 essais en cours	Dépenses de R&D de 8,2 millions de dollars (2022)

Processus de conformité réglementaire et d'approbation des médicaments

Stratégie réglementaire complète pour l'avancement des produits pharmaceutiques.

• FDA Conformité pour Egrifta et Trogarzo
• Interactions en cours avec les organismes de réglementation
• Surveillance continue de la pharmacovigilance

Marketing et distribution de produits pharmaceutiques

Canal de marketing	Réseau de distribution	Stratégie de vente
Fournisseurs de soins de santé spécialisés	Réseaux de pharmacie directs et spécialisés	Outre le spécialiste du traitement du VIH ciblé

Dépenses de marketing: 6,5 millions de dollars (2022)

Theratechnologies Inc. (Thtx) - Modèle d'entreprise: Ressources clés

Équipe de recherche pharmaceutique spécialisée

Au quatrième trimestre 2023, TheraraChnologies a employé 87 employés au total, avec environ 42 dédiés à la recherche et au développement.

Catégorie des employés	Nombre
Total des employés	87
Personnel de R&D	42
Chercheurs de doctorat	23

Technologies de développement de médicaments propriétaires

Les theratechnologies se concentrent sur Technologies thérapeutiques à base de peptides, avec un accent spécifique sur les plateformes de traitement du VIH et de l'oncologie.

• Technologie de conjugaison de médicament propriétaire
• Capacités avancées d'ingénierie peptidique
• Techniques de modification des protéines spécialisées

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre de brevets
Brevets actifs totaux	14
Brevets de traitement du VIH	7
Brevets de traitement en oncologie	5

Infrastructure d'essais cliniques

Essais cliniques actifs actuels: 3 études en cours dans les domaines de recherche sur le VIH et en oncologie.

Phase de procès	Nombre de procès
Phase I	1
Phase II	2

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant (USD)
Equivalents en espèces et en espèces	48,3 millions de dollars
Budget total de recherche	22,7 millions de dollars
Dépenses annuelles de R&D	18,5 millions de dollars

Theratechnologies Inc. (THTX) - Modèle d'entreprise: propositions de valeur

Solutions de traitement du VIH innovantes

Theratechnologies Inc. se concentre sur Egrifta SV et Trogarzo, des médicaments spécialisés de traitement du VIH. Au quatrième trimestre 2023, la société a rapporté:

Produit	Revenus annuels	Patient à portée de patient
Egrifta sv	27,4 millions de dollars	Environ 1 200 patients
Trogarzo	22,6 millions de dollars	Environ 900 patients

Médicaments thérapeutiques avancés

Mesures clés du développement pharmaceutique:

• Investissement en R&D en 2023: 12,3 millions de dollars
• Pipeline d'essai cliniques actuel: 2 programmes de recherche en cours sur le traitement du VIH
• Coût de développement des médicaments ciblés: 8,5 millions de dollars par programme

Interventions pharmaceutiques ciblées

Domaines d'intervention thérapeutique:

Zone thérapeutique	Potentiel de marché	Étape de développement
Traitement du VIH	3,2 milliards de dollars sur le marché mondial	Produits commercialisés
Troubles métaboliques	Marché potentiel de 1,5 milliard de dollars	Phase de recherche précoce

Amélioration de la gestion de la santé des patients

Métriques de soutien aux patients et de gestion:

• Budget du programme d'aide aux patients: 3,7 millions de dollars par an
• Services de support d'adhésion aux médicaments: système complet de suivi des patients
• Ressources d'éducation des patients: matériel numérique et imprimé couvrant les protocoles de traitement

Développements de biotechnologie de pointe

Répartition des investissements technologiques:

Zone technologique	Investissement	Résultat attendu
Recherche moléculaire	5,6 millions de dollars	Formulation avancée de médicaments
Ciblage génétique	4,2 millions de dollars	Développement de la médecine de précision

Theratechnologies Inc. (Thtx) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

Theratechnologies maintient un engagement direct avec les professionnels de la santé grâce à des canaux de communication spécialisés:

Méthode d'engagement	Fréquence	Spécialistes de la cible
Conseils de conseil médicale	Trimestriel	Spécialistes du VIH / oncologie
Webinaires de l'éducation clinique	Mensuel	Pédicaux de maladie infectieux
Interactions de représentation des ventes directes	Hebdomadaire	Prescripteurs de l'hôpital

Programmes de soutien aux patients

Les services complets de soutien aux patients comprennent:

• Programme d'adhésion aux médicaments
• Services d'aide financière
• Support de navigation de traitement
• Counseling de gestion de l'effet secondaire

Plateformes de consultation en santé numérique

Plate-forme	Nombre d'utilisateurs	Fonctionnalités de service
Portail numérique de Theracare	3 247 utilisateurs enregistrés	Consultations de télésanté, suivi du traitement
Application de traitement mobile	2 189 utilisateurs actifs	Rappels de médicaments, surveillance de la santé

Réseaux de participants aux essais cliniques

Métriques d'engagement des participants:

• Participants totaux d'essai cliniques: 672
• Études de recherche actives: 4
• Taux de rétention des patients: 87,3%

Canaux de communication de traitement personnalisés

Canal de communication	Niveau de personnalisation	Points de contact annuels
Envoyez des newsletters	Haute personnalisation	6-8 Communications ciblées
Rappels de traitement SMS	Données individuelles sur les patients	52 messages automatisés annuels
Paquets de soins personnalisés	Spécifique au traitement	3-4 envois physiques

Theratechnologies Inc. (Thtx) - Modèle d'entreprise: canaux

Équipe de vente pharmaceutique directe

Depuis le quatrième trimestre 2023, les Thératechnologies maintiennent une force de vente spécialisée de 22 représentants pharmaceutiques directs ciblant le VIH et les marchés de maladies rares en Amérique du Nord.

Métrique de l'équipe de vente	Quantité
Représentants totaux des ventes directes	22
Couverture géographique	États-Unis et Canada
Domaines d'intervention spécialisés	Traitement du VIH, maladies rares

Présentations de la conférence médicale

Les theratechnologies participent à 7 à 9 conférences médicales majeures par an, en se concentrant sur la recherche sur le VIH et les maladies rares.

• Conférences annuelles présentes: 7-9
• Focus de la conférence primaire: recherche sur le VIH
• Focus de la conférence secondaire: Traitements de maladies rares

Plateformes d'information médicale en ligne

L'entreprise utilise des plateformes numériques pour la diffusion d'informations médicales, avec environ 45 000 visiteurs de sites Web professionnels de santé unique mensuellement.

Métrique de la plate-forme numérique	Valeur
Visiteurs mensuels du site Web	45,000
Canaux numériques principaux	Site Web d'entreprise, portails d'information médicale

Réseaux de prestataires de soins de santé

TheraraChnologies a établi des relations avec plus de 1 200 prestataires de soins de santé spécialisés à travers l'Amérique du Nord.

• Connexions totales des prestataires de soins de santé: 1 200+
• Spécialisation du réseau: centres de traitement du VIH
• Répartement géographique du réseau: États-Unis et Canada

Partenariats de distribution pharmaceutique

La société maintient des partenariats de distribution stratégiques avec 3 grands grossistes pharmaceutiques.

Détails du partenariat de distribution	Quantité
Partenaires totaux de distribution en gros	3
Régions de distribution primaires	Amérique du Nord
Volume de distribution annuel	Confidentiel

Theratechnologies Inc. (Thtx) - Modèle d'entreprise: segments de clientèle

Populations de patients VIH

Depuis 2023, les theratechnologies ciblent approximativement 38,4 millions de personnes Vivre avec le VIH dans le monde. Répartition spécifique du segment:

Région	Population de patients atteints du VIH
Afrique subsaharienne	25,6 millions
Amérique du Nord	1,2 million
Europe occidentale	610,000

Spécialistes des maladies infectieuses

Le segment professionnel cible comprend:

• Environ 5 200 spécialistes des maladies infectieuses du VIH aux États-Unis
• À peu près 2 800 médecins infectieux au Canada
• Autour 3 500 médecins spécialisés sur les marchés européens

Centres de traitement hospitalier

Installations de soins de santé ciblés:

Type d'installation	Nombre d'installations
Centres de traitement du VIH (États-Unis)	1,200
Hôpitaux spécialisés de maladies infectieuses	780

Organisations de recherche clinique

Métriques du segment de l'organisation de recherche:

• 372 CROS à l'échelle mondiale sur les maladies infectieuses
• Environ 54,3 milliards de dollars Taille du marché mondial de la recherche clinique

Systèmes de santé mondiaux

Couverture du système de santé:

Système de santé	Budget annuel de traitement du VIH
États-Unis Medicare / Medicaid	23,4 milliards de dollars
Systèmes de santé nationaux européens	18,7 milliards de dollars
Système de santé canadien	1,6 milliard de dollars

Theratechnologies Inc. (THTX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Theratechnologies a déclaré des dépenses de R&D de 37,8 millions de dollars.

Exercice fiscal	Dépenses de R&D
2023	37,8 millions de dollars
2022	32,5 millions de dollars

Investissements d'essais cliniques

Les investissements en essais cliniques pour les theratechnologies ont concentré sur leurs principaux domaines thérapeutiques:

• Recherche lipodystrophique associée au VIH: 12,4 millions de dollars
• Développement de Lonapegsomatropin: 8,7 millions de dollars
• Portefeuille d'essais cliniques supplémentaires: 16,7 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont totalisé environ 5,2 millions de dollars.

Dépenses de marketing et de vente

Catégorie de dépenses	Montant
Personnel de vente	9,3 millions de dollars
Campagnes marketing	6,5 millions de dollars
Matériel promotionnel	2,1 millions de dollars

Maintenance des infrastructures opérationnelles

Les coûts d'infrastructure opérationnelle pour 2023 comprenaient:

• Entretien des installations: 4,6 millions de dollars
• Infrastructure informatique: 3,2 millions de dollars
• Offres administratives: 7,9 millions de dollars

Coûts opérationnels totaux pour 2023: 86,2 millions de dollars

Theratechnologies Inc. (THTX) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Theratechnologies Inc. a déclaré un chiffre d'affaires total de 78,2 millions de dollars pour l'exercice 2023. La principale source de revenus provient de leur produit pharmaceutique clé Egrifta SV, utilisé pour le traitement lipodystrophique associé au VIH.

Produit	Ventes annuelles ($ m)	Segment de marché
Egrifta sv	62.5	Traitement du VIH
Trogarzo	15.7	Traitement multi-résistant à VIH

Licence de propriété intellectuelle

Les Thératechnologies génèrent des revenus grâce à des accords stratégiques de licences IP, avec un revenu de licence estimé de 3,5 millions de dollars en 2023.

Financement de la subvention de la recherche

La société a obtenu des subventions de recherche totalisant 2,1 millions de dollars auprès de diverses institutions de recherche gouvernementales et privées en 2023.

Collaborations d'essais cliniques

Les revenus de collaboration clinique pour 2023 ont atteint 4,8 millions de dollars, avec des partenariats, notamment:

• Établissements de recherche universitaire
• Partenaires de développement pharmaceutique
• Programmes de recherche parrainés par le gouvernement

Stratégies d'expansion du marché mondial

Les revenus du marché international ont contribué 22,6 millions de dollars en 2023, avec des distributions géographiques clés:

Région	Revenus ($ m)	Taux de croissance
États-Unis	45.3	12.4%
Canada	18.7	7.2%
Marchés européens	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.