Theratechnologies (TH) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $17.7M, with $36.8M for the first half, despite a prior EGRIFTA SVⓇ shortage now resolved.

• Adjusted EBITDA remained positive for the fifth consecutive quarter.

• Record high patient enrollments for EGRIFTA SVⓇ and stabilized TrogarzoⓇ sales signal a return to growth.

• Company entered a definitive agreement to be acquired by an affiliate of Future Pak after quarter end.

Financial highlights

• Q2 revenue declined 19.5% year-over-year; first half revenue down 3.9% compared to 2024.

• EGRIFTA SVⓇ Q2 net sales fell 31.3% year-over-year due to supply disruption and higher rebates, partially offset by a 5% price increase.

• TrogarzoⓇ Q2 net sales rose 13.4% year-over-year, driven by higher unit sales and price.

• Adjusted EBITDA was $906K for Q2 and $3.2M for the first half, both down from 2024 due to higher expenses and lower revenue.

• Net loss for Q2 was $4.5M versus a net profit of $1.0M in Q2 2024; six-month net loss was $4.3M, up from $3.5M loss in 2024.

Outlook and guidance

• Fiscal 2025 revenue and Adjusted EBITDA guidance withdrawn due to pending acquisition.

• EGRIFTA WR™ launch in the US expected in Q3 2025, aiming to build on recent momentum.