Exhibit 99.9
 
 MANAGEMENTS DISCUSSION AND ANALYSIS
   Financial Overview
  EGRIFTA ® EGRIFTA ®
 EGRIFTA ® EGRIFTA ® EGRIFTA ®
   EGRIFTA® EGRIFTA® EGRIFTA®
 Theratechnologies Inc.    




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EGRIFTA®
 Revenues
 EGRIFTA ® EGRIFTA®
 EGRIFTA ®
  Cost of Sales
 EGRIFTA ® EGRIFTA ® EGRIFTA ® EGRIFTA ®
 R&D Activities
 EGRIFTA ®
 Selling and Market Development Expenses
  2




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General and Administrative Expenses
  Net Financial Charges
   Net Results
  Financial Position
   Quarterly Financial Information
   2011
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2010
    
    
    
    
    
    
    
    
    
    
    2009Q1
    
    
    Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1
    
    
    Q4
    
    
    Q3
    
    
    Q2Revenue
    
    $
    3,518
    
    
    $
    26,717
    
    
    $
    1,717
    
    
    $
    1,717
    
    
    $
    1,717
    
    
    $
    1,718
    
    
    $
    12,601
    
    
    $
    1,717Net (loss) profit
    
    $
    (5,932
    )
    
    $
    21,299
    
    
    $
    (3,357
    )
    
    $
    (4,771
    )
    
    $
    (4,241
    )
    
    $
    (4,654
    )
    
    $
    5,779
    
    
    $
    (5,454
    )Basic and diluted
(loss ) earnings per
share
    
    $
    (0.10
    )
    
    $
    0.35
    
    
    $
    (0.06
    )
    
    $
    (0.08
    )
    
    $
    (0.07
    )
    
    $
    (0.08
    )
    
    $
    0.10
    
    
    $
    (0.09
    )
 EGRIFTA ® EGRIFTA ® EGRIFTA ®
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Subsequent Events
   Upcoming changes in accounting policies
 (a)
    
    Amendments to existing standards:Annual improvements to IFRS:The IASBs improvements to IFRS contain seven amendments that result in accounting changes
for presentation, recognition or measurement purposes. The most significant features of the
IASBs annual improvements project published in May 2010 which are applicable for annual
periods beginning on or after January 1, 2011 (with partial adoption permitted) are
included under the specific revisions to standards discussed below.
 (i)
    
    IFRS 7:Amendment to IFRS 7, Financial Instruments: Disclosures:Multiple clarifications related to the disclosure of financial instruments and in
particular in regards to transfers of financial assets.(ii)
    
    IAS 1:Amendment to IAS 1, Presentation of Financial Statements:Entities may present the analysis of the components of other comprehensive income
either in the statement of changes in equity or within the notes to the financial
statements.(iii)
    
    IAS 27:Amendment to IAS 27, Consolidated and Separate Financial Statements:The 2008 revisions to this standard resulted in consequential amendments to IAS 21, The
Effects of Changes in Foreign Exchange Rates, IAS 28, Investments in Associates,and
IAS 31, Interests in Joint Ventures.IAS 27 now provides that these amendments are to
be applied prospectively.(iv)
    
    IAS 34:Amendment to IAS 34, Interim Financial Reporting:The amendments place greater emphasis on the disclosure principles for interim
financial reporting involving significant events and transactions, including changes to
fair value measurements and the need to update relevant information from the most
recent annual report.
 In addition, the following new or revised standards and interpretations have been issued
but are not yet applicable to us:
 (i)
    
    IFRS 9 Financial instruments:
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Effective for annual periods beginning on or after January 1, 2013, with earlier
adoption permitted.As part of the project to replace IAS 39, Financial Instruments: Recognition and
Measurement, this standard retains but simplifies the mixed measurement model and
establishes two primary measurement categories for financial assets. More specifically,
the standard:
 
    
    deals with classification and measurement of financial assets
    
    establishes two primary measurement categories for financial assets:
amortized cost and fair value
    
    prescribes that classification depends on entitys business model and
the contractual cash flow characteristics of the financial asset
    
    eliminates the existing categories: held to maturity, available for
sale, and loans and receivables.
 Certain changes were also made regarding the fair value option for financial
liabilities and accounting for certain derivatives linked to unquoted equity
instruments.
 Outstanding Share Data
  Contractual Obligations
  Economic and Industry Factors
  Forward-Looking Information
 EGRIFTA ® EGRIFTA ® EGRIFTA ®
 EGRIFTA ® EGRIFTA ® EGRIFTA ® EGRIFTA ®
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EGRIFTA ® EGRIFTA ® EGRIFTA ® EGRIFTA ®
  www.sedar.com
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