THERF - Q! results and NASH/NAFLD

Theratechnologies reported Q1 results, with revenue increase of 86% (this because last year Q1 they only had EGRIFTA for lipostrophy in HIV patients and now they also have Trogarzo for multi-drug resistant HIV). This new Trogarzo drug did have a sequential increase of 44% Q1 2019 over Q4 2018.

But the big news for Thera came on Monday (yes, April Fool’s day) when they announced the results from a study conducted by Dr. Steve Grinspoon at the Massachusetts General Hospital and Harvard Medical School and the National Institutes of Health which concluded that tesamorelin (their EGRIFTA drug) significantly reduces liver fat in HIV patients with NAFLD. Tesamorelin achieved a 37% reduction in liver fat. 35% of patients in the tesamorelin group returned to liver fat values below 5%. Data analysis is ongoing and then Grinspoon will publish, but potential benefits for fibrosis prevention were seen in preliminary results.

On the conference call they outlined their immediate actions and plans to capitalize on these results. The background is that the current EGIFTA only has less than I think 4 more years patent protection in the USA. But they have been developing other formulations of EGRIFTA which would have full-term patent protection, and even the current formulation could receive patent protection in Europe for 10 years.

  1. They’re hiring 2 additional medical science liasons (adding to current 6) as these people can talk to doctors and key opinion leaders about using EGRIFTA for HIV with NASH-related liver problems (sales reps can’t as it’s not currently on the label).

  2. They will try to expand the label for HIV/NASH. The prevalence of NASH in HIV patients is high so this is an opportunity.

  3. They will look at filing in Europe for HIV/NASH.

  4. They will look to go outside the HIV NASH market, probably with their F8 formulation of EGRIFTA which already has patent protection to 2033.

So that’s the main takeaway. Will the analysts and the market see this as a viable NASH drug? Or will they view it as a short-term boost for off-label scripts in the States but patent protection looking iffy so no big deal?

I’m in, fwiw.

I don’t know if this is really a stock for Saul’s board. It’s more of a story stock, or a hidden gem or a bit of a turnaround. But growth is high. Anyway I thought I should post this as I’ve posted a few on this one since 2016 and mentioned the NASH study last year.

A Seeking Alpha service Liver Therapy Forum is jazzed on Thera but it is a subscription service. Still posts sometimes appear on the free site from her and I bet they’ll be one on the study results soon. A link to one of her subscriber-only articles:…



A Seeking Alpha service Liver Therapy Forum is jazzed on Thera but it is a subscription service. Still posts sometimes appear on the free site from her and I bet they’ll be one on the study results soon.

Just out on the free side:…

From the article:
As investors/analysts become cognizant of Theratechnologies, a profitable company with 2 FDA-approved HIV therapeutics, its market cap of $440M should eventually reflect its similar clinical value to Madrigal, at $2B.

I provide an overview of top-line data readout and explain why clinical development plans for Egrifta could ultimately propel Theratechnologies to a Madrigal-like stock rally as documented with MGL-3196.


I am a fan of this company.

Their new treatment Trogarzo for multi-drug resistant HIV has a cost of about $100,000 / year and they are just getting started with it.

Last quarter they had $4.2 million in sales of Trogarzo, this quarter up 44% - $6.1 million.

Last quarter conference call they said it could soon match EGRIFTA’s $40 million / year. That would only take about 400 patients at $100,000 / yr. Patient pool is upwards of 10,000 so they only need to capture a small percentage to make a big impact on their bottom line.

Today on call 87% of covered lives have Trogarzo as a covered treatment.

In terms of adoption, the theory I heard was that doctors will prescribe it to their one sickest patient first and if they see good results, will start prescribing to their other patients. If this plays out, growth could be explosive.

Excited for the future of THERF.

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Trogarzo had good news in direction of approval in Europe. Positive recommendation from CHMP:…