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1 Investor Presentation February 2018

2 2 FORWARD-LOOKING INFORMATION The following presentation contains statements that are considered forward-looking information ( FLI ) within the meaning of securities regulation. The FLI in this presentation relates to future events or our future performance. The FLI are based on a number of assumptions and are associated with a number of risks, uncertainties and other unknown factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those implied by the FLI. Such FLI reflects our current views with respect to future events and is given as at February 6, We undertake no obligation and do not intend to update or revise the FLI contained in this presentation, except as required by law. Certain assumptions made in preparing the FLI include, but are not limited to, the following: (1) our promotional activities and increased presence within the medical and scientific communities will increase our patient base in the United States and continue to grow EGRIFTA sales by 10-15% in fiscal 2018; (2) the long-term use of EGRIFTA will not change its known safety profile; (3) our relations with our suppliers of services will be conflict free; (4) ibalizumab will be approved in the United States as a treatment for multidrug resistant HIV-1 infection; (5) our infrastructure will be appropriate to successfully launch ibalizumab; (6) the data obtained from our market research regarding the size of the market for EGRIFTA and ibalizumab are accurate; (7) we will be able to find and enter into agreements with third parties to in-license or acquire other products; (8) our current and future income will be sufficient to fund our business plan; and (9) our strategies and business plan will not be substantially modified. The FLI in our presentations may not materialize; accordingly, investors should not place undue reliance on it. We refer you to the Risk Factors section of our Annual Information Form dated February 6, 2018 available at and at for a description of the risks involved in the conduct of our business. EGRIFTA is a registered trademark of Theratechnologies Inc.

3 3 THERATECHNOLOGIES At a glance Founded in Montreal in 1993 Experienced management and board of directors Financial M&A Pharmaceutical Commercial Regulatory Corporate governance Evolved from biotech to specialty pharmaceutical company Focus on HIV niche products Mostly overlooked by big pharma Smaller patient population not suited for large-scale infrastructure Growth strategy Focus on existing assets Significant commercial potential Geographic expansion to Europe Product or license acquisitions Optimize sales force through addition of other HIV-related treatments

4 4 OUR PRODUCTS EGRIFTA Only treatment approved for HIV-associated lipodystrophy FDA approval in 2010 Health Canada approval in 2015 Mexican COFEPRIS approval in 2016 Commercialized in the US and Canada by Theratechnologies ibalizumab Anticipated FDA approval on or before April 3, 2018 Potential indication for the treatment of patients with multi-drug resistant HIV-1 First in a new class of antiretrovirals Commercial rights acquired for U.S.A., Europe and Canada from TaiMed Biologics Significant market potential

5 5 Corporate and commercial structure Optimal patient and physician reach FUNCTIONS Head office (Canada) 30 Sales team (U.S.) 41 Reimbursement team (U.S.) 5 Medical Science Liaison (U.S.) 6 Call center (U.S.) 9 Total 91 Dedicated team with focus on our portfolio Supply chain well structured for both products Optimal tax structure to benefit from our NOLs

6 6 EGRIFTA Product key features: Only FDA approved treatment for the reduction of VAT in HIV patients with lipodystrophy Condition easy to diagnose Demonstrated efficacy and safety Product addresses condition affecting 15,000 patients in the U.S. alone Sales reached CAD$ 43 million in % sales growth expected in 2018 Product provides sustainable cash flow to support growth initiatives

7 7 Ibalizumab Breaking new grounds in HIV Multi-drug resistant HIV-1 Breakthrough Therapy designation by the FDA Orphan drug status by the FDA Priority review granted by the FDA Potentially first HIV treatment with a new mechanism of action in over 10 years

8 8 Ibalizumab Breaking new grounds in HIV First biologic in the treatment of HIV First non-daily treatment in HIV First monoclonal antibody in HIV 12-year regulatory exclusivity in the U.S.

9 9 Ibalizumab U.S. Potential Market* for Multi-drug resistant HIV US HIV infected population 1.2 million US MDR HIV population K US HIV treated population K * EU patient population is of similar size Annual population requiring new treatment K

10 10 Ibalizumab Clinical trials Evaluated in 247 patients prior to Phase III Favourable safety and efficacy profile Phase III trial 40 patients 24-week study (first dose at day 7) Optimized background regimen (OBR) after Day 14 Primary endpoint at Day 14 Percentage of patients achieving > 0.5 log 10 decrease in viral load Secondary endpoints at Week 25 Safety and efficacy data

11 11 Ibalizumab Phase III Results Primary endpoint results 82.5% success rate (33/40, p<0.0001) Average viral load reduction was 1.1 log 10 after 7 days Well tolerated in the first week of treatment (No treatment related SAEs) Secondary endpoint results Mean reduction in viral load was 1.6 log 10 at week 25 43% of patients achieved undetectable viral load (<50 copies/ml) with a mean reduction of 3.1 log 10 Safety profile No cross-resistance No drug-to-drug interaction

12 12 Ibalizumab Launch Plan Pricing commensurate with orphan drug status Optimal sales force deployment to maximize targeted patients and physicians Launch meeting to take place shortly after approval Work diligently with public and private payers to ensure timely reimbursement Minimize patient access hurdles Patient assistance program Co-pay program Integrated distribution system Ongoing relationship with patient groups

13 13 MOVING FORWARD Building shareholder value Successfully launch ibalizumab in the U.S. Ensure rapid market acceptance Timeframe of 4-5 years to reach peak sales Grow EGRIFTA revenues Build on expanded sales team Provides predictable cash inflows Obtain approval for ibalizumab in Europe Technical meeting with rapporteur and co-rapporteur countries in Q2 Expand product portfolio Product acquisitions In-licensing agreements

14 FINANCIAL INFORMATION

15 15 EGRIFTA REVENUES (in 000 CA$) Since regaining commercial rights % E

16 16 ANNUAL RESULTS 10 EBITDA (in millions of CA$) * EBITDA *2014 results reflect investment made to relaunch EGRIFTA in the U.S. *2017 results reflect investment made to prepare the ibalizumab launch in the U.S.

17 17 TAIMED PARTNERSHIP Financial structure highlights North American Agreement European Agreement Date of agreement March 18, 2016 March 6, 2017 Term 12 years from FDA approval 12 years from approval (country-bycountry basis) Transfer Price 52% of Net Sales 52% (57% of annual sales exceeding US$50M in European Territory) Payment at signature US$1M (cash) US$3M (common shares) Upfront and launch milestone Development milestones Commercial milestones US$4M (common shares) US$5.5M (cash payable through an increase in transfer price) US$3M (Intramuscular administration approval) Up to US$207M upon reaching various sales levels (up to US$1B) and label expansion objectives US$5M (cash payable one year after launch) US$5M (cash payable once EU sales reach US$50M) 50% of European clinical trial costs (if any) Up to US$80M upon reaching various sales levels (up to US$1B)

18 18 FINANCIAL HIGHLIGHTS Solid cash position - CA$ 32.9 million at Nov. 30, 2017 Balance of payment on EGRIFTA repurchase US$8 million Non-interest bearing Market cap = ± CA$ 550 million Share capital outstanding Approximately 75 million common shares 2.3 million options

19 19 CONCLUSION Theratechnologies is poised for significant growth over the short, mid and long term EGRIFTA sales to continue growing 10-15% in 2018 Ibalizumab addressable market is between 20 to 25,000 patients in the U.S. alone Significant market opportunity in Europe Product acquisition and/or in-licensing to provide additional momentum and further infrastructure optimization

20 THANK YOU

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