Theratechnologies Reports Financial Results for the Second Quarter 2025
Q2 2025 total revenue of $17.7 million, and $36.8 million for the first six months of Fiscal 2025
Positive Adjusted EBITDA1 for the fifth straight quarter
Subsequent to quarter end, Theratechnologies entered into a definitive agreement to be acquired by an affiliate of Future Pak
MONTREAL, July 09, 2025 (GLOBE NEWSWIRE) -- Theratechnologies Inc. ("Theratechnologies" or the "Company") (TSX:TH) (NASDAQ:THTX), a commercial-stage biopharmaceutical company, today reported business highlights and financial results for the second quarter 2025, ended May 31, 2025. All figures are in U.S. dollars unless otherwise stated.
"Demand for EGRIFTA SV® remains very strong and we are witnessing record high patient enrollments. During the first half of our fiscal year, we achieved close to $37 million in revenue despite an estimated negative impact of $10-$12 million from the EGRIFTA SV® shortage in the first quarter, which was subsequently resolved. Unique patients are back to normal levels, and new patient enrollments, another key metric, are at record highs. This, along with Trogarzo® net sales which have now stabilized as expected, indicates a return to our growth trajectory for the top and bottom lines in the coming quarters," said Paul Lévesque, President and Chief Executive Officer. "We are on track to bring EGRIFTA WRTM, a new and improved version of this important medication for people with HIV, to the market in the third quarter, capitalizing on the momentum created in the last 12 months."
__________1 This is a non-IFRS measure that is forward looking. The amount indicated diverges significantly from amounts achieved historically. See "Non-IFRS and Non-US GAAP Measure" below for such historical amounts and a reconciliation thereof to the most directly comparable IFRS measure.
Fiscal 2025 Revenue and Adjusted EBITDA GuidanceIn light of the previously announced agreement to be acquired by an affiliate of Future Pak, the Company is withdrawing its Fiscal 2025 revenue and Adjusted EBITDA guidance and will not be providing updated guidance.
Summary of Financial ResultsThe financial results presented in this press release are taken from the Company's Management's Discussion and Analysis ("MD&A"), and interim consolidated financial statements ("Interim Financial Statements") for the three- and six- month periods ended May 31, 2025, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). The MD&A and the Interim Financial Statements can be found on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov and at www.theratech.com. Unless specified otherwise, all capitalized terms have the meaning ascribed thereto in our MD&A.
Revenue Summary for Second Quarter and First Half Fiscal 2025 (in thousands of dollars)
Three monthsended May 31
% change
Six monthsended May 31
%change
2025
2024
2025
2024
EGRIFTA SV® net sales
11,131
16,200
(31.3%)
25,011
25,786
(3.0%)
Trogarzo® net sales
6,598
5,817
13.4%
11,765
12,478
(5.7%)
Revenue
17,729
22,017
(19.5%)
36,776
38,264
(3.9%)
RevenueFor the three- and six-month periods ended May 31, 2025, consolidated revenue was $17,729,000 and $36,776,000, compared to $22,017,000 and $38,264,000 for the same periods ended May 31, 2024, representing year-over-year decreases of 19.5% for the second quarter and 3.9% for the first half of Fiscal 2025 versus Fiscal 2024.
For the second quarter of Fiscal 2025, net sales of EGRIFTA SV® were $11,131,000 compared to $16,200,000 in the second quarter of fiscal 2024, representing a decrease of 31.3% year-over-year. Lower sales of EGRIFTA SV® were mostly the result of lower unit sales (-24.9%), as a result of the supply disruption announced by the company in late 2024, and higher government chargebacks, rebates and others (-11.4%), mostly related to the Inflation Reduction Act ("IRA"), which includes new rebates enacted in late 2024 related to patients in the Medicare program. The decrease in sales was offset by a higher selling price (+5.0%).
Net sales for the six-month period ended May 31, 2025, amounted to $25,011,000 compared to $25,786,000 in the same period in 2024, representing a decrease of 3.0%. Lower sales of EGRIFTA SV® were mostly the result of lower unit sales (-6.2%), as a result of the supply disruption announced by the Company in late 2024, and higher government chargebacks, rebates and others (-2.4%), mostly related to the Inflation Reduction Act ("IRA"), which includes new rebates enacted in late 2024 related to patients in the Medicare program. The decrease in sales was offset by a higher average selling price (+5.6%).
Trogarzo® net sales in the second quarter of Fiscal 2025 amounted to $6,598,000 compared to $5,817,000 for the same quarter of 2024, representing an increase of 13.4% year-over-year. Higher sales of Trogarzo® in the quarter were mostly due to higher unit sales (+11.0%) and a higher selling price (+3.0%). Government rebates, chargebacks and others were stable in the quarter compared to Fiscal 2024.
For the six-month period ended May 31, 2025, Trogarzo® net sales were $11,765,000 compared to $12,478,000 in the same period in 2024, or a decrease of 5.7%. Lower sales of Trogarzo® in the period were mostly due to lower unit sales (-4.1%) and higher government rebates, chargebacks (-4.7%), which were offset by a higher average selling price (+3.1%).
Cost of Goods SoldFor the three- and six-months ended May 31, 2025, cost of goods sold was $4,699,000 and $8,182,000 compared to $4,547,000 and $9,831,000 for the same periods in fiscal 2024.
Three monthsended May 31
Six monthsended May 31
2025
2024
2025
2024
($000s)
% ofRevenue
($000s)
% ofRevenue
($000s)
% ofRevenue
($000s)
% ofRevenue
EGRIFTA SV®
1,290
11.6%
1,549
9.6%
2,098
8.4%
3,436
9.6%
Trogarzo®
3,409
51.7%
2,998
51.5%
6,084
51.7%
6,395
51.5%
Total
4,699
26.5%
4,547
20.7%
8,182
22.2%
9,831
20.7%
For the six-month period ended May 31, 2025, EGRIFTA SV® cost of goods sold was reduced by the reversal of an inventory provision in the first quarter of 2025 ($713,000), which was recorded in the fourth quarter of 2024, related to the manufacturing of batches of F8 Formulation recorded prior to approval of the F8 Formulation by the FDA. In the six-month period ended May 31, 2024, EGRIFTA SV® cost of goods sold was increased by this inventory provision ($1,088,000). For the three- and six-month periods ended May 31, ...
