TherateChnologies Inc. (THTX): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Theratechnologies Inc. (THTX), uma empresa farmacêutica de ponta que revoluciona o tratamento do HIV por meio de modelagem estratégica de negócios. Com uma abordagem focada em laser para o desenvolvimento terapêutico de medicamentos e soluções avançadas de biotecnologia, essa organização dinâmica está transformando o atendimento ao paciente, alavancando recursos sofisticados de pesquisa, parcerias estratégicas e intervenções médicas inovadoras. Seu modelo abrangente de negócios de negócios revela uma estratégia meticulosamente criada que posiciona o THTX na vanguarda da inovação farmacêutica especializada, da esperança promissora e das opções de tratamento avançado para sistemas globais de saúde e populações de pacientes com HIV.

TherateChnologies Inc. (THTX) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica

A Theratechnologies estabeleceu parcerias com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano estabelecido
Universidade McGill	Pesquisa de doenças HIV e metabólica	2018
Instituto de Pesquisa Clínica de Montreal	Desenvolvimento terapêutico	2019

Redes de ensaios clínicos

As principais colaborações de rede de ensaios clínicos incluem:

• Grupo de ensaios clínicos da Aids (ACTG)
• Rede de Pesquisa Clínica da Sociedade Internacional de Aids (IAS)
• Rede Canadense de Ensaios de HIV

Parceiros de Tecnologia da Saúde

Parcerias de tecnologia para administração de medicamentos e suporte de diagnóstico:

Parceiro	Foco em tecnologia	Valor de colaboração
LONZA GROUP LTD	Fabricação e desenvolvimento	Colaboração anual de US $ 3,2 milhões
Soluções farmacêuticas catalentas	Serviços de formulação de drogas	Contrato de US $ 2,7 milhões

Redes de colaboração de biotecnologia

Colaborações de rede de biotecnologia ativa:

• Rede de Bioalternativas
• Montreal Invivo Life Sciences Cluster
• Consórcio de Quebec para Descoberta de Medicamentos

Centros Médicos Acadêmicos

Parcerias com centros de pesquisa médica acadêmica:

Centro Médico	Área de pesquisa	Suporte de financiamento
Universidade da Califórnia, São Francisco	Pesquisa de tratamento do HIV	Granta de pesquisa de US $ 1,5 milhão
Escola de Medicina de Harvard	Estudos de doenças metabólicas	Fundo de Pesquisa Colaborativa de US $ 1,2 milhão

TherateChnologies Inc. (THTX) - Modelo de negócios: Atividades -chave

Desenvolvimento terapêutico de medicamentos para HIV

A telatecnologias se concentra no desenvolvimento de medicamentos terapêuticos do HIV, especificamente Egrifta e Trogarzo.

Medicamento	Estágio de desenvolvimento	Indicação alvo	Status atual
EGRIFTA SV	Aprovado	Lipodistrofia associada ao HIV	Comercializado no mercado dos EUA
Trogarzo	Aprovado	HIV resistente a vários medicamentos	Comercializado para pacientes com experiência em tratamento

Comercialização de medicamentos de longevidade

A theratecnologias investe em estratégias de comercialização para produtos terapêuticos relacionados ao HIV.

• Receita anual da EGRIFTA: US $ 24,1 milhões (2022)
• Vendas anuais de Trogarzo: US $ 15,3 milhões (2022)
• Mercados geográficos: Estados Unidos, Canadá

Pesquisa e gerenciamento de ensaios clínicos

Área de pesquisa	Ensaios clínicos ativos	Investimento
HIV Therapeutics	3 ensaios em andamento	US $ 8,2 milhões de despesas de P&D (2022)

Processos de conformidade regulatória e aprovação de medicamentos

Estratégia regulatória abrangente para avanço farmacêutico de produtos.

• Conformidade da FDA para Egrifta e Trogarzo
• Interações em andamento com agências regulatórias
• Monitoramento contínuo de farmacovigilância

Marketing e distribuição de produtos farmacêuticos

Canal de marketing	Rede de distribuição	Estratégia de vendas
Provedores de assistência médica especializados	Redes de farmácias diretas e especiais	Extensão especializada em tratamento de HIV direcionado

Despesas de marketing: US $ 6,5 milhões (2022)

TherateChnologies Inc. (THTX) - Modelo de negócios: Recursos -chave

Equipe especializada de pesquisa farmacêutica

A partir do quarto trimestre de 2023, as telatecnologias empregaram 87 funcionários totais, com aproximadamente 42 dedicados à pesquisa e desenvolvimento.

Categoria de funcionários	Número
Total de funcionários	87
Equipe de P&D	42
Pesquisadores de doutorado	23

Tecnologias proprietárias de desenvolvimento de medicamentos

Theratechnologies se concentra Tecnologias terapêuticas baseadas em peptídeos, com ênfase específica nas plataformas de tratamento de HIV e oncologia.

• Tecnologia de conjugação de drogas proprietária
• Recursos avançados de engenharia de peptídeos
• Técnicas especializadas de modificação de proteínas

Portfólio de propriedade intelectual

Categoria IP	Número de patentes
Total de patentes ativas	14
Patentes de tratamento do HIV	7
Patentes de tratamento oncológico	5

Infraestrutura do ensaio clínico

Ensaios clínicos ativos atuais: 3 estudos em andamento nos domínios de pesquisa de HIV e oncologia.

Fase de teste	Número de ensaios
Fase I.	1
Fase II	2

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantidade (USD)
Caixa e equivalentes de dinheiro	US $ 48,3 milhões
Orçamento de pesquisa total	US $ 22,7 milhões
Despesas anuais de P&D	US $ 18,5 milhões

TherateChnologies Inc. (THTX) - Modelo de negócios: proposições de valor

Soluções inovadoras de tratamento de HIV

A TherateChnologies Inc. concentra -se em Egrifta SV e Trogarzo, medicamentos especializados em tratamento de HIV. A partir do quarto trimestre 2023, a empresa informou:

Produto	Receita anual	Alcance do paciente
EGRIFTA SV	US $ 27,4 milhões	Aproximadamente 1.200 pacientes
Trogarzo	US $ 22,6 milhões	Cerca de 900 pacientes

Medicamentos terapêuticos avançados

Métricas principais de desenvolvimento farmacêutico:

• Investimento de P&D em 2023: US $ 12,3 milhões
• Pipeline de ensaios clínicos atuais: 2 programas de pesquisa em tratamento de HIV em andamento
• Custo direcionado de desenvolvimento de medicamentos: US $ 8,5 milhões por programa

Intervenções farmacêuticas direcionadas

Áreas de foco terapêutico:

Área terapêutica	Potencial de mercado	Estágio de desenvolvimento
Tratamento do HIV	Mercado global de US $ 3,2 bilhões	Produtos comercializados
Distúrbios metabólicos	Mercado potencial de US $ 1,5 bilhão	Fase de pesquisa inicial

Gerenciamento aprimorado à saúde do paciente

Métricas de apoio e gerenciamento do paciente:

• Programa de assistência ao paciente Orçamento do Programa: US $ 3,7 milhões anualmente
• Serviços de suporte à adesão à medicação: Sistema abrangente de rastreamento de pacientes
• Recursos de educação do paciente: materiais digitais e impressos que cobrem protocolos de tratamento

Desenvolvimentos de biotecnologia de ponta

Redução de investimentos em tecnologia:

Área de tecnologia	Investimento	Resultado esperado
Pesquisa molecular	US $ 5,6 milhões	Formulação avançada de medicamentos
Direcionamento genético	US $ 4,2 milhões	Desenvolvimento de Medicina de Precisão

TherateChnologies Inc. (THTX) - Modelo de negócios: Relacionamentos do cliente

Engajamento profissional médico direto

A theratecnologias mantém o envolvimento direto com profissionais médicos por meio de canais de comunicação especializados:

Método de engajamento	Freqüência	Especialistas -alvo
Conselhos de consultoria médica	Trimestral	Especialistas em HIV/Oncologia
Webinars de educação clínica	Mensal	Médicos de doenças infecciosas
Interações representativas de vendas diretas	Semanalmente	Prescritores hospitalares

Programas de apoio ao paciente

Serviços abrangentes de apoio ao paciente incluem:

• Programa de aderência a medicamentos
• Serviços de assistência financeira
• Suporte de navegação por tratamento
• Aconselhamento de gerenciamento de efeitos colaterais

Plataformas de consulta em saúde digital

Plataforma	Contagem de usuários	Recursos de serviço
Theracare Portal Digital	3.247 usuários registrados	Consultas de telessaúde, rastreamento de tratamento
Aplicativo de tratamento móvel	2.189 usuários ativos	Lembretes de medicamentos, monitoramento da saúde

Redes de participantes do ensaio clínico

Métricas de engajamento dos participantes:

• Participantes do ensaio clínico total: 672
• Estudos de pesquisa ativa: 4
• Taxa de retenção de pacientes: 87,3%

Canais de comunicação de tratamento personalizado

Canal de comunicação	Nível de personalização	Pontos de contato anuais
Boletins por e -mail	Alta personalização	6-8 comunicações direcionadas
Lembretes de tratamento de SMS	Dados individuais do paciente	52 mensagens automatizadas anuais
Pacotes de cuidados personalizados	Específico do tratamento	3-4 correspondências físicas

TherateChnologies Inc. (THTX) - Modelo de negócios: canais

Equipe direta de vendas farmacêuticas

A partir do quarto trimestre de 2023, as telatecnologias mantêm uma força de vendas especializada de 22 representantes farmacêuticos diretos que visam o HIV e os mercados de doenças raras na América do Norte.

Métrica da equipe de vendas	Quantidade
Total de representantes de vendas diretas	22
Cobertura geográfica	Estados Unidos e Canadá
Áreas de foco especializadas	Tratamento do HIV, doenças raras

Apresentações da conferência médica

A teremecnologias participam de 7-9 principais conferências médicas anualmente, com foco no HIV e na pesquisa de doenças raras.

• Conferências anuais participaram: 7-9
• Foco na conferência primária: pesquisa de HIV
• Foco na conferência secundária: tratamentos de doenças raras

Plataformas de informações médicas online

A empresa utiliza plataformas digitais para disseminação de informações médicas, com aproximadamente 45.000 visitantes exclusivos do site da HealthCare Professional.

Métrica da plataforma digital	Valor
Visitantes mensais do site	45,000
Canais digitais primários	Site corporativo, portais de informações médicas

Redes de prestadores de serviços de saúde

A Theratechnologies estabeleceu relacionamentos com mais de 1.200 prestadores de serviços de saúde especializados em toda a América do Norte.

• Conexões totais do profissional de saúde: 1.200+
• Especialização da rede: centros de tratamento do HIV
• Espalhamento geográfico de rede: Estados Unidos e Canadá

Parcerias de distribuição farmacêutica

A empresa mantém parcerias estratégicas de distribuição com três principais atacadistas farmacêuticos.

Detalhes da parceria de distribuição	Quantidade
Total de parceiros de distribuição por atacado	3
Regiões de distribuição primária	América do Norte
Volume anual de distribuição	Confidencial

TherateChnologies Inc. (THTX) - Modelo de negócios: segmentos de clientes

Populações de pacientes com HIV

A partir de 2023, a Theratechnologies tem como alvo aproximadamente 38,4 milhões de pessoas vivendo com HIV globalmente. Redução específica do segmento:

Região	População de pacientes com HIV
África subsaariana	25,6 milhões
América do Norte	1,2 milhão
Europa Ocidental	610,000

Especialistas em doenças infecciosas

O segmento profissional alvo inclui:

• Aproximadamente 5.200 especialistas em doenças infecciosas do HIV nos Estados Unidos
• Aproximadamente 2.800 médicos de doenças infecciosas no Canadá
• Em volta 3.500 médicos especializados Nos mercados europeus

Centros de tratamento hospitalar

Instalações de saúde direcionadas:

Tipo de instalação	Número de instalações
Centros de tratamento para HIV (EUA)	1,200
Hospitais de doenças infecciosas especializadas	780

Organizações de pesquisa clínica

Métricas de segmento de organização de pesquisa:

• 372 CROs globalmente focado em doenças infecciosas
• Aproximadamente US $ 54,3 bilhões Tamanho global do mercado de pesquisa clínica

Sistemas globais de saúde

Cobertura do sistema de saúde:

Sistema de Saúde	Orçamento anual de tratamento do HIV
Estados Unidos Medicare/Medicaid	US $ 23,4 bilhões
Sistemas nacionais europeus de saúde	US $ 18,7 bilhões
Sistema de saúde canadense	US $ 1,6 bilhão

TherateChnologies Inc. (THTX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, as telatecnologias reportaram despesas de P&D de US $ 37,8 milhões.

Ano fiscal	Despesas de P&D
2023	US $ 37,8 milhões
2022	US $ 32,5 milhões

Investimentos de ensaios clínicos

Investimentos de ensaios clínicos para telatecnologias focados em suas principais áreas terapêuticas:

• Pesquisa de Lipodistrofia associada ao HIV: US $ 12,4 milhões
• Desenvolvimento de Lonapegsomatropina: US $ 8,7 milhões
• Portfólio de ensaios clínicos adicionais: US $ 16,7 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2023 totalizaram aproximadamente US $ 5,2 milhões.

Despesas de marketing e vendas

Categoria de despesa	Quantia
Pessoal de vendas	US $ 9,3 milhões
Campanhas de marketing	US $ 6,5 milhões
Materiais promocionais	US $ 2,1 milhões

Manutenção de infraestrutura operacional

Custos de infraestrutura operacional para 2023 incluídos:

• Manutenção da instalação: US $ 4,6 milhões
• Infraestrutura de TI: US $ 3,2 milhões
• Organização administrativa: US $ 7,9 milhões

Custos operacionais totais para 2023: US $ 86,2 milhões

TherateChnologies Inc. (THTX) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

A TherateChnologies Inc. relatou receita total de US $ 78,2 milhões para o ano fiscal de 2023. A fonte de receita primária vem de seu principal produto farmacêutico Egrifta SV, usado para o tratamento de lipodistrofia associado ao HIV.

Produto	Vendas anuais ($ m)	Segmento de mercado
EGRIFTA SV	62.5	Tratamento do HIV
Trogarzo	15.7	Tratamento multi-resistente ao HIV

Propriedade intelectual de licenciamento

A theratecnologias gera receita por meio de acordos estratégicos de licenciamento de IP, com receita estimada de licenciamento de US $ 3,5 milhões em 2023.

Pesquisa concessão de financiamento

A empresa garantiu subsídios de pesquisa totalizando US $ 2,1 milhões de várias instituições de pesquisa governamentais e privadas em 2023.

Colaborações de ensaios clínicos

As receitas de colaboração clínica em 2023 atingiram US $ 4,8 milhões, com parcerias, incluindo:

• Instituições de pesquisa acadêmica
• Parceiros de desenvolvimento farmacêutico
• Programas de pesquisa patrocinados pelo governo

Estratégias de expansão do mercado global

As receitas do mercado internacional contribuíram com US $ 22,6 milhões em 2023, com as principais distribuições geográficas:

Região	Receita ($ m)	Taxa de crescimento
Estados Unidos	45.3	12.4%
Canadá	18.7	7.2%
Mercados europeus	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.