Montreal, Canada – September 21, 2020 – Theratechnologies Inc. (Theratechnologies) (TSX: TH) (NASDAQ: THTX), a biopharmaceutical company focused on the development and commercialization of innovative therapies, today announced select preliminary financial results for the third quarter ended August 31, 2020.
For the third quarter of fiscal year 2020, the company expects consolidated net revenues to be between $13.8 million and $14.2 million compared to $16.1 million for the third quarter of fiscal year 2019. Revenues for the third quarter of 2020 were primarily impacted by the COVID-19 pandemic, one-time items related to the transition from EGRIFTA® to EGRIFTA SV® as well as higher than expected rebates and chargebacks related to prior reporting periods.
“In addition to one-time items impacting our third quarter revenues, COVID-19 has changed the pharmaceutical sales and marketing paradigm. Hospitals and clinics have become less accessible to sales representatives due to pandemic-related restrictions and we have implemented the appropriate actions to address these challenges. Through a different sales structure and the reallocation of resources, we are increasing the number of virtual events giving the Company more opportunities to deliver our messages to the healthcare community. We believe these measures will support our efforts to further grow sales of Trogarzo® and EGRIFTA SV® in the U.S”, said Paul Lvesque, President and CEO, Theratechnologies Inc.
As of August 31, 2020, the Company’s cash position, including cash, bonds and money market funds, is expected to be approximately $27 million.