Theratechnologies (TSX:TH) Inc shares continued to advance Friday, up 12% to $1.29 following a 10% gain on Thursday, after the biopharmaceutical company announced that it expects its fiscal year 2023 revenue to be in the range of between $90 million and $95 million, representing commercial portfolio growth of between 13% and 19% over the past year.
Theratechnologies (TSX:TH) also reported that its first quarter 2023 consolidated revenue rose 7.3% year-over-year to US$19,908,000, as sales of EGRIFTA SV reached US$12,711,000 and Trogarzo sales increased 5% to US$7,197,000 during the period.
“Our first quarter revenue growth was impacted by variability in inventories at the specialty pharmacy level and set against an unusually strong Q1 2022,” Theratechnologies (TSX:TH) CEO Paul Lévesque said in a statement.
“However, new patient enrollments, a leading indicator for our revenues, were significantly ahead in the first quarter of 2023, as compared to the first quarter of 2022, and are indicative of a stronger performance for the remainder of our fiscal year,” he added.
Lévesque also noted that in keeping with its target of becoming adjusted EBITDA positive in the latter part of the year, the company will strive to manage expenses tightly without compromising topline revenue.
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