Exhibit 99.24
 
 MANAGEMENTS DISCUSSION AND ANALYSIS FOR THE FOURTH QUARTER
 Revenues
  Royalties, technologies and other
    Interest
  R&D Activities
   Theratechnologies Inc.    




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##### 



Other Expenses
     Net Results
   Quarterly Financial Information
 Goodwill and Intangible Assets




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##### 



2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2008Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1
    
    
    Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1Revenues
    
    $
    2,246
    
    
    $
    13,148
    
    
    $
    2,317
    
    
    $
    2,009
    
    
    $
    616
    
    
    $
    710
    
    
    $
    716
    
    
    $
    599Net earnings (net loss)
    
    $
    (4,698
    )
    
    $
    5,824
    
    
    $
    (5,430
    )
    
    $
    (10,754
    )
    
    $
    (15,145
    )
    
    $
    (11,220
    )
    
    $
    (11,382
    )
    
    $
    (10,864
    )Basic and diluted
benefit (loss) per share
    
    $
    (0.08
    )
    
    $
    0.10
    
    
    $
    (0.09
    )
    
    $
    (0.18
    )
    
    $
    (0.26
    )
    
    $
    (0.19
    )
    
    $
    (0.20
    )
    
    $
    (0.20
    )
  Financial Position
    Subsequent Events
 Shareholder rights plan




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##### 



Granting of stock options
  New Accounting Policies
  Goodwill and Intangible Assets
 Outstanding Share Data
  Contractual Obligations
   Economic and Industry Factors
  About Theratechnologies
  Additional Information about Theratechnologies
 www.theratech.com www.sedar.com




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##### 



Forward-Looking Information
     www.sedar.com
 Information:     communications@theratech.com
 ltanguay@theratech.com




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##### 



ANNEX A
 Non-GAAP measures
  Definition and reconciliation of non-GAAP measures
   November 30th
    
    
    November 30th(3 months)
    
    
    (12 months)Adjusted net loss
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Net loss, per the financial statements
    
    $
    (4,698
    )
    
    $
    (15,145
    )
    
    $
    (15,058
    )
    
    $
    (48,611
    )Adjustments:Revenues associated with a
collaboration and license agreement
(note 7 to the consolidated financial
statements)
    
    
    (1,711
    )
    
    
    
    
    
    
    (17,444
    )
    
    
    Fees associated with collaboration
and license agreement
    
    
    
    
    
    
    
    
    
    
    4,269
    
    
    
    Adjusted net loss
    
    $
    (6,409
    )
    
    $
    (15,145
    )
    
    $
    (28,233
    )
    
    $
    (48,611
    )
 November 30th
    
    
    November 30th(3 months)
    
    
    (12 months)Adjusted burn rate before changes in operating assets and liabilities
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Burn rate before
changes in
operating assets
and liabilities,
per the financial
statements
    
    $
    (4,333
    )
    
    $
    (9,559
    )
    
    $
    (13,547
    )
    
    $
    (41,592
    )Adjustments:Revenues associated
with a
collaboration and
license agreement
(note 7 to the
consolidated
financial
statements)
    
    
    (1,711
    )
    
    
    
    
    
    
    (17,444
    )
    
    
    Fees associated
with collaboration
and license
agreement
    
    
    
    
    
    
    
    
    
    
    4,269
    
    
    
    Adjusted burn rate
before changes in
operating assets
and liabilities
    
    $
    (6,044
    )
    
    $
    (9,559
    )
    
    $
    (26,722
    )
    
    $
    (41,592
    )