TherapeuticsMD, Inc. (TXMD): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at the 4 Ps for TherapeuticsMD, Inc., expecting a typical pharma sales breakdown, but the game changed back in late 2022. Honestly, the company's marketing mix today isn't about reps and ads; it's about tracking a royalty stream-specifically, about ~8% of net revenue flowing from the portfolio now managed by Cosette Pharmaceuticals. This shift from direct sales to passive income, driven by key products like Annovera and Bijuva, means our analysis must focus on the licensee's execution, like the 30% growth in demand TRx seen in the first half of fiscal year 2025. Let's break down how this royalty-focused structure redefines the Product, Place, Promotion, and Price for TherapeuticsMD, Inc. investors below.

TherapeuticsMD, Inc. (TXMD) - Marketing Mix: Product

The product element for TherapeuticsMD, Inc. centers on its portfolio of women's health pharmaceutical assets, which are now exclusively managed through licensing agreements, positioning the company as a pharmaceutical royalty entity.

Annovera

• A one-year, patient-controlled contraceptive vaginal system.
• The company's transition away from direct sales means commercial performance is now driven by its licensing partners.

Imvexxy

• Low-dose estradiol vaginal inserts.
• Indicated for the treatment of moderate-to-severe dyspareunia due to menopause.
• The license for IMVEXXY in the United States is held by Mayne Pharma.

Bijuva

• The first and only FDA-approved bio-identical hormone combination capsule.
• Indicated for the treatment of moderate-to-severe hot flashes.
• Commercialization in the U.S. is also covered under the exclusive license to Mayne Pharma.

The licensed portfolio also includes prescription prenatal vitamin products, which are commercialized by licensees outside the U.S. under agreements with partners like Knight and Theramex, in addition to the U.S. license with Mayne Pharma. The overall financial performance of these products directly dictates the company's primary revenue stream.

The company's primary product is the royalty stream on net revenue from this licensed portfolio. For the nine months ended September 30, 2025, total license revenue was reported as $2,129 thousand, broken down by geography: $1,265 thousand from the U.S. and $864 thousand from non-U.S. regions. This revenue is primarily generated from the Mayne License Agreement. The company reported a Q2 2025 license revenue of $1.0 million and a Q3 2025 license revenue of $784 thousand. The focus is on cash preservation, with cash and cash equivalents totaling $7.1 million as of September 30, 2025.

Here's a look at the recent royalty revenue performance:

The structure is now lean, with total operating expenses for Q2 2025 reported at $1,647 thousand, reflecting the shift away from commercial operations. This royalty income is the foundation of TherapeuticsMD, Inc.'s current business model.

TherapeuticsMD, Inc. (TXMD) - Marketing Mix: Place

You're looking at how TherapeuticsMD, Inc. gets its products to the end-user now that it's operating as a royalty company. The key here is that TherapeuticsMD, Inc. itself is a non-commercial entity, focusing purely on collecting revenue from its licensing deals. This means the actual distribution and market access strategy is executed by its partners.

The distribution framework relies heavily on the licensee, which, per your scenario, is managed by Cosette Pharmaceuticals, utilizing a specialty channel strategy. This approach is typical for specialized pharmaceutical products, ensuring controlled handling and dispensing.

Products are made available through specialty pharmacies for controlled distribution. This channel is critical for high-touch or high-cost therapies, which aligns with the nature of the licensed women's health products. For context, mail-order and specialty pharmacies dispensed about $265 billion worth of specialty drugs in the U.S. in 2024, representing roughly 39% of all U.S. pharmacy dispensing revenues that year.

To help patients navigate access and potential costs, the strategy incorporates the use of online patient platforms like GoodRx. This helps bridge the gap between the licensed product availability and patient affordability.

TherapeuticsMD, Inc.'s direct financial involvement in Place is through the revenue generated from the Mayne License Agreement. License revenue for the third quarter of 2025 was $784 thousand, which is the primary source of the company's income. The company's cash position as of September 30, 2025, stood at $7.1 million.

Here's a look at the recent revenue breakdown tied to these licensing and distribution activities:

The operational structure supporting this Place strategy involves several key elements:

• Distribution is managed by the licensee, Cosette Pharmaceuticals.
• Channel focus is on specialty pharmacies for controlled access.
• Online platforms like GoodRx are used to aid patient access.
• TherapeuticsMD, Inc. is a non-commercial entity collecting royalties.
• The core revenue driver is the Mayne License Agreement.

The company has granted exclusive licenses to Mayne Pharma for the U.S. commercialization of products including IMVEXXY and BIJUVA, and has separate agreements with Knight and Theramex for markets outside the U.S. Finance: draft 13-week cash view by Friday.

TherapeuticsMD, Inc. (TXMD) - Marketing Mix: Promotion

TherapeuticsMD, Inc. pivoted to a pharmaceutical royalty company in December 2022, ceasing direct commercial operations.

The licensee, Mayne Pharma, focuses on targeted sales execution and marketing efforts in the Women's Health segment under the Mayne License Agreement.

New marketing materials for the licensed products were refreshed in fiscal year 2025.

Professional outreach is conducted using Medical Science Liaisons and Key Opinion Leaders (KOLs).

Minimal direct promotional expense for TherapeuticsMD, Inc. is reported due to its royalty-only business model, as all commercial execution is driven by partners.

The licensee is driving demand cycle growth, with license revenue, which is directly attributable to changes in sales of licensed products, showing significant increases:

• License revenue increased by 25.8% in Q1 2025 year-over-year.
• The royalty stream is structured at 8.0% on the first $80.0 million in annual net sales and 7.5% on annual net sales above $80.0 million.

The quarterly license revenue performance, which reflects the success of the licensee's promotional efforts, is detailed below:

The company's operating structure reflects this shift, with Total Operating Expenses from Continuing Operations reported at $1,646 thousand for the third quarter of 2025. As of September 30, 2025, cash and cash equivalents totaled $7.1 million.

TherapeuticsMD, Inc. (TXMD) - Marketing Mix: Price

You're analyzing the pricing strategy for TherapeuticsMD, Inc. (TXMD) as it operates as a royalty-focused entity in late 2025. The price element here is less about setting a list price for direct sales and more about structuring the income stream derived from its licensing agreements, which directly impacts the company's top line.

The core of TherapeuticsMD's pricing power is embedded in the royalty structure negotiated with its primary licensee. This structure dictates the revenue TherapeuticsMD receives based on the licensee's net sales performance for key products like IMVEXXY and ANNOVERA. For instance, the royalty rate on net sales for certain licensed products starts at approximately 8% on the first $80.0 million in annual net sales, stepping down to 7.5% on net sales above that threshold, subject to adjustments and patent expirations.

For ANNOVERA specifically, the agreement includes a crucial floor to ensure a baseline revenue stream, regardless of initial sales volume. TherapeuticsMD receives a minimum annual royalty of US$3.0 million for a term of 12 years, which is adjusted for inflation. This minimum acts as a critical financial backstop, providing predictable cash flow even if partner sales are slow to ramp up or face unexpected headwinds. Honestly, that minimum royalty is the bedrock of their current financial stability.

When we look at the patient-facing price for IMVEXXY, the numbers reflect the strategy of driving adoption through affordability programs, even with a high list price. The average retail price for IMVEXXY hovers around $263.37 for the most common version. However, the company's pricing strategy heavily relies on reducing the patient's burden at the pharmacy counter.

Patient savings programs are key to making the product accessible. Through mechanisms like the Imvexxy Savings Card, the patient's out-of-pocket cost can be significantly lowered. You can see patient co-pays reduced to as little as $35 per prescription. This tiered approach-high list price supported by deep discounts-is a common pharmaceutical strategy to maximize both insurance reimbursement value and patient adherence.

The financial result of this royalty-centric pricing model is reflected in the company's top-line performance. As of late 2025, TherapeuticsMD's Last Twelve Months (LTM) revenue, which is almost entirely royalty income, was reported at approximately $2.80 million. This figure directly mirrors the success of the licensee's pricing and sales execution.

Here's a quick view of the key pricing and royalty components:

The structure of patient affordability is designed to maximize market penetration:

• Imvexxy Savings Card: Manufacturer program to reduce patient cost.
• Low Out-of-Pocket Cost: Target co-pay as low as $35 per prescription.
• Insurance Tiering: Many insurance companies place the drug in higher tiers, necessitating savings programs.
• No Generic Alternative: Imvexxy currently has no generic equivalent, supporting the premium pricing strategy.

Finance: draft 13-week cash view by Friday.