Theratechnologies (TH) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached $19 million, up 17% year-over-year, driven by EGRIFTA SV's strong momentum, recovery from a temporary drug shortage, and FDA approval of EGRIFTA WR (F8 formulation).

• EGRIFTA SV distribution resumed mid-February after a 6-7 week shortage, with patient numbers and new enrollments rebounding above prior-year levels.

• Approval of the F8 formulation (EGRIFTA WR) introduces once-weekly reconstitution, smaller administration volume, and improved patient instructions, with launch planned for July/Q3 2025 and full transition by early 2026.

• Business development focuses on accretive, late-stage or approved assets synergistic with current infrastructure, and prudent capital allocation to maximize ROI.

• Presented new clinical data supporting product efficacy and cardiovascular risk assessment in HIV patients.

Financial highlights

• Q1 2025 consolidated revenue: $19 million (+17% YoY); EGRIFTA SV sales: $13.9 million (+44.8% YoY); Trogarzo sales: $5.2 million (-22.4% YoY).

• Q1 2025 adjusted EBITDA was $2.3 million, a turnaround from a $247,000 loss in Q1 2024; net profit was $117,000 (vs. $4.5 million loss YoY).

• Cost of goods sold dropped to $3.5 million from $5.3 million, aided by reversal of inventory provision after F8 approval; EGRIFTA gross margins around 90%.

• R&D expenses fell 21% to $3 million; selling expenses rose to $6.5 million; G&A expenses increased 10% to $4.2 million.

• Net finance costs decreased to $1.5 million, reflecting lower interest rates and debt balance.

Outlook and guidance

• FY2025 revenue guidance is $80–$83 million, with adjusted EBITDA expected between $10–$12 million.

• One-time supply disruption expected to impact FY2025 revenue by $10–$12 million.

• Q2 revenues may be impacted by inventory drawdown following large Q1 orders.

• The EGRIFTA franchise is expected to continue growing, supported by increased medical recognition of EVAF and strong patient enrollments.

• EGRIFTA WR launch planned for Q3 2025; expects continued growth from HIV portfolio.