Exhibit 99.11
 
 MANAGEMENTS DISCUSSION AND ANALYSIS
   Financial Overview
     Revenues
  Theratechnologies Inc.    




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##### 



R&D Activities
  Other Expenses
    Net Results
  2




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##### 



Financial Position
    Quarterly Financial Information
 Goodwill and Intangible Assets
  2010
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2009
    
    
    2008Q3
    
    
    Q2
    
    
    Q1
    
    
    Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1
    
    
    Q4Revenues
    
    $
    2,152
    
    
    $
    2,226
    
    
    $
    2,295
    
    
    $
    2,246
    
    
    $
    13,148
    
    
    $
    2,317
    
    
    $
    2,009
    
    
    $
    616Net (loss) earnings
    
    $
    (3,277
    )
    
    $
    (4,823
    )
    
    $
    (4,267
    )
    
    $
    (4,698
    )
    
    $
    5,824
    
    
    $
    (5,430
    )
    
    $
    (10,754
    )
    
    $
    (15,145
    )Basic and diluted
(loss) earnings per
share
    
    $
    (0.05
    )
    
    $
    (0.08
    )
    
    $
    (0.07
    )
    
    $
    (0.08
    )
    
    $
    0.10
    
    
    $
    (0.09
    )
    
    $
    (0.18
    )
    
    $
    (0.26
    )
  Non-GAAP Measures
  3




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Definition and Reconciliation of Non-GAAP Measures
   August 31st
    
    
    August 31st(3 months)
    
    
    (9 months)Adjusted net loss
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009(Net loss) net earnings per the financial statements
    
    $
    (3,277
    )
    
    $
    5,824
    
    
    $
    (12,367
    )
    
    $
    (10,360
    )Adjustments:Revenue associated with a collaboration and
licensing agreement (note 7 to the consolidated
financial statements)
    
    
    (1,711
    )
    
    
    (12,596
    )
    
    
    (5,134
    )
    
    
    (15,733
    )Costs associated with collaboration and licensing
agreement
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,269Adjusted net loss
    
    $
    (4,988
    )
    
    $
    (6,772
    )
    
    $
    (17,501
    )
    
    $
    (21,824
    )
 August 31st
    
    
    August 31st(3 months)
    
    
    (9 months)Adjusted burn rate before changes in operating assets and liabilities
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009(Burn rate) cash
flow before changes
in operating assets
and liabilities,
per the financial
statements
    
    $
    (2,629
    )
    
    $
    6,186
    
    
    $
    (10,877
    )
    
    $
    (9,214
    )Adjustments:Revenue associated
with a
collaboration and
licensing agreement
(note 7 to the
consolidated
financial
statements)
    
    
    (1,711
    )
    
    
    (12,596
    )
    
    
    (5,134
    )
    
    
    (15,733
    )Costs associated
with collaboration
and licensing
agreement
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,269Adjusted burn rate
before changes in
operating assets
and liabilities
    
    $
    (4,340
    )
    
    $
    (6,410
    )
    
    $
    (16,011
    )
    
    $
    (20,678
    )
 Contingency
  New Accounting Policies
  4




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##### 



Management of IFRS Convergence Project
   Conversion Plan
  Phase One: Diagnostic and Planning 
 Phase Two: Detailed Analysis 
 Phase Three: Design 
 Phase Four: Implementation 
 Conversion Progress
   5




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##### 



IFRS 1, First-time Adoption of International Financial Reporting Standards (IFRS 1)
    Fair value or revaluation as deemed cost
 Share-based payments , Share-based payment
 Changes in existing decommissioning, restoration and similar liabilities included in the
cost of property, plant and equipment Changes in existing
decommissioning, restoration and similar liabilities
  IFRS 2, Share-based Payments (IFRS 2)
  IAS 36, Impairment (IAS 36)
  6




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##### 



IAS 1, Presentation of Financial Statement (IAS 1)
 Presentation of Financial Statements
 Other Standards
  
    
    Property plant and equipment
    
    Leases
    
    Revenue recognition
    
    Provisions, contingent assets and contingent liabilities
    
    Foreign exchange
    
    Intangible assets
    
    Inventories
    
    Employee benefits
   
    
    Completion of the analysis of relevant accounting policies and standards
    
    Completion of the opening transition balance sheet
    
    Identifying, documenting and embedding changes to systems, business processes and
internal controls, as required
    
    Parallel accounting under Canadian GAAP and IFRS
    
    Preparation of detailed reconciliations of Canadian GAAP to IFRS financial statements
    
    Training programs for the Companys finance team and other affected parties, as
necessary
    
    Audit Committee approval of IFRS financial statements
 Impact on the Business
  7




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Impact on Information Systems and Technology
  Impact on Internal Controls and Disclosure Controls and Procedures
  Impact on Financial Reporting Expertise
  Outstanding Share Data
  Contractual Obligations
  Economic and Industry Factors
  Forward-Looking Information
    8




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