On December 19, 2019 Theratechnologies Inc. (Theratechnologies) (TSX: TH) (NASDAQ: THTX), a commercial-stage biopharmaceutical company, reported that preliminary revenue estimates for its recently completed fiscal year 2019 and revenue guidance for fiscal year 2020 (Press release, Theratechnologies, DEC 19, 2019, View Source [SID1234552510]).
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Theratechnologies expects to report consolidated revenues of approximately US$63.3 million for fiscal year 2019 compared to US$45.2 million for the previous year, representing an increase of approximately 40%.
Consolidated revenues of approximately US$16.5 million for the fourth quarter of 2019 represent an increase of 17.7% compared to Q4 of 2018, and 2.1% compared to Q3 2019.
Fourth quarter net sales of Trogarzo (ibalizumab-uiyk, injection) are expected to be approximately US$7.7 million, an increase of approximately 81% compared to the same quarter of 2018 and approximately 11.3% compared to Q3 of this year.
Net sales of EGRIFTA are expected to be approximately US$8.7 million for the fourth quarter of 2019, a decrease of 10% compared to the same quarter of 2018 and of 4.8% compared to Q3 of this year. Although unit sales actually increased 5.3% compared to both Q4 2018 and Q3 2019, net sales for Q4 2019 were impacted by an unexpected charge related to government rebates not previously recorded by one of our distributing pharmacies. A portion of units sold to this pharmacy were previously incorrectly identified by the pharmacy as commercial patients, when they were actually government reimbursed patients, who are eligible to rebates.
"Our fiscal year 2019 was one of growth and transition. Our revenues grew strongly, and we rebuilt our research pipeline. In 2020, we will implement numerous new marketing initiatives for Trogarzo in the US, and plan to start the commercialization of this product in Europe. We are also confident that the recent launch of EGRIFTA SVTM will spark renewed interest and momentum for this product for the coming years. On the R&D front, we plan to start, by the end of 2020, a Phase III trial for the treatment of NASH in HIV patients and a Phase I trial for our novel oncology platform," said Luc Tanguay, President and CEO, Theratechnologies Inc.
2020 revenue guidance
Theratechnologies expects revenues to reach between US$83 to US$87 million in 2020. This would represent a 31 to 37 percent increase from fiscal year 2019.
The Company still expects to maintain a solid cash position as the estimated growth in revenue will generate enough cash to fund its operations and its clinical research programs in 2020.
"We intend to remain focused on implementing our strategic plan rigorously and to make 2020 a pivotal year for the Company from a revenue perspective while also continuing to build the future of our Company through the development of our promising pipeline. This Company is stronger than it has ever been, and we know that we can accomplish our ambitious yet realistic strategic plan," concluded Mr. Tanguay.