Theratechnologies (TSX:TH) has reported first-quarter financial results that show consolidated revenue growing by 7% to US$19.9 million.
The Montreal-headquartered biopharmaceutical firm told investors that the performance was supported by 9% growth in revenue from its EGRIFTA SV product along with 5% growth for Trogarzo which are both used by patients with HIV.
The company confirmed its FY2023 revenue guidance range of between US$90 million and US$95 million, with the growth of its commercial portfolio expected between 13% and 19%.
Theratechnologies voluntarily halted patient enrollment in its TH1902 basket trial in December 2022.
Following advice from the Scientific Advisory Committee (SAC) in March 2023, the company is expected to file a revised Sudocetaxel Zendusortide (TH1902) Phase 1 trial protocol with the US Food and Drug Administration (FDA) by the end of April 2023.
"We remain strongly committed to the success of this promising oncology program through a sensible, stage-gated approach to drug development," chief executive Paul Lévesque said in a statement.
Lévesque also noted that the positive growth in new patient enrollments and stated the company's objective to become earnings (adjusted EBITDA) positive by the end of 2023.
In New York, Theratechnologies stock moved 4% higher to trade at $0.83 per share valuing the company at just over C$101 million.