Theratechnologies is a Canadian specialty biopharmaceutical company focused on commercializing niche HIV drugs in the U.S. and Canada. Its two marketed products both target HIV patients. EGRIFTA SV (tesamorelin), which drives roughly 70% of revenue, is the only FDA-approved treatment for excess abdominal fat in HIV patients with lipodystrophy. It differentiates from GLP-1 drugs by reducing visceral fat while preserving muscle mass. Trogarzo (ibalizumab), the remaining ~30% of revenue, is a monoclonal antibody for heavily treatment-experienced patients with multidrug-resistant HIV who have exhausted other options; Theratechnologies licenses Trogarzo from TaiMed Biologics for the U.S. and Canada. Both products are sold exclusively through McKesson in the U.S., which distributes to specialty pharmacies. Theratechnologies employs a small field force calling on infectious disease physicians and runs a patient support program to help with reimbursement and adherence. EGRIFTA SV carries very high gross margins given its niche positioning and lack of direct competition. Trogarzo margins are structurally lower, fixed by contractual transfer pricing with TaiMed. Beyond its marketed products, Theratechnologies is developing a next-generation EGRIFTA SV formulation (F8) requiring only weekly rather than daily reconstitution, and has licensed rights to commercialize two rare disease drugs in Canada from Ionis Pharmaceuticals: olezarsen for familial chylomicronemia syndrome and donidalorsen for hereditary angioedema.