Theratechnologies (TH) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 marked a strategic shift with record annual revenue of $85.9 million, a focus on scaling the commercial business, and adjusted EBITDA of $20.2 million, reversing from a prior loss.

• Net loss narrowed to $8.3 million in FY2024 from $24 million in FY2023, with positive cash flow from operations of $2.4 million.

• Resumed EGRIFTA SV distribution after a brief shortage, with FDA allowing sale of new batches and additional production scheduled.

• Entered exclusive Canadian licensing agreement with Ionis Pharmaceuticals for donidalorsen and olezarsen, targeting rare disease markets.

• Secured up to $75 million in new credit facilities, improving liquidity and supporting growth strategy.

Financial highlights

• Net sales for Q4 2024 were $25 million, a 6.6% increase year-over-year, with record annual revenue of $85.9 million.

• EGRIFTA SV full-year sales reached $60.1 million, up 12% year-over-year; Q4 sales were $17.7 million (+4%).

• TROGARZO Q4 sales were $7.3 million (+12.8% YoY), but full-year sales declined 8.3% to $25.7 million due to competition.

• Adjusted EBITDA for Q4 was $7.8 million (31% of revenues), up 56% YoY; full-year adjusted EBITDA was $20.2 million, exceeding guidance.

• Cost of sales for FY2024 was $20.4 million (24% of revenue), impacted by a $1.7 million inventory provision for F8 Formulation.

Outlook and guidance

• No 2025 guidance provided yet due to recent EGRIFTA SV shortage; will update once patient impact is clearer.

• Regulatory filings for donidalorsen and olezarsen in Canada planned for 2025, with revenue expected in Q1 2027 and peak sales by 2030.

• Anticipates FDA approval of the F8 Formulation of tesamorelin by March 2025, patent protected until 2033.

• Ongoing search for synergistic commercial assets in both U.S. and Canada to drive future growth.

• Plans to find a partner for the oncology program and continue manufacturing EGRIFTA SV until F8 transition.