TherapeuticsMD
TherapeuticsMD is a Boca Raton-based pharmaceutical royalty company that licenses three FDA-approved women's hormone products — ANNOVERA, BIJUVA, and IMVEXXY — to exclusive partners in the US and internationally. It generates revenue through licensing agreements (primarily Mayne Pharma) covering contraception, menopause, and vaginal atrophy therapies.
- Company typePublic
- Founded2013
- HeadquartersBoca Raton, United States
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What TherapeuticsMD does
TherapeuticsMD, Inc. (NASDAQ: TXMD), headquartered in Boca Raton, Florida, is a specialty pharmaceutical company that has transitioned into a royalty/licensing entity operating across three FDA-approved women's health products: ANNOVERA (a hormonal contraceptive vaginal ring), BIJUVA (an estradiol/progesterone hormone replacement therapy), and IMVEXXY (a vaginal insert for vulvovaginal atrophy). Each product is protected by a dense US patent estate — 22 patents covering BIJUVA and 24 covering IMVEXXY — with parallel registered trademarks, and the products collectively address menopause, perimenopause, contraception, and reproductive-health needs across multiple life stages.
The company's commercial model has shifted away from direct sales toward out-licensing to exclusive partners in the US and internationally. Under the Mayne License Agreement, Mayne Pharma handles US commercialization and customer service for at least one of the franchises, which drove 84% year-over-year license-revenue growth in Q1 2026 to $724K and 71.6% growth in FY2025 to $3.0 million. Distribution is supplemented through pharmacy channels and healthcare-provider sampling programs accessed via dedicated product websites (annovera.com, bijuva.com, imvexxy.com). Customer segments are bifurcated between (a) women experiencing hormonal transitions as the ultimate demand pull and (b) prescribing healthcare providers (gynecologists and HRT prescribers) as the direct commercial target.
Financially, TherapeuticsMD operates with an ultra-lean cost base — operating expenses of $1.447 million in Q1 2026, down 13.6% year-over-year — and held $8.4 million in cash as of March 31, 2026 on the back of multiple small post-IPO capital raises (notably $15 million from Rubric Capital in August 2022 and a $7 million private placement in October 2022). The company returned to profitability in Q1 2026 with $103K in net income versus a $636K loss a year prior, and management has publicly disclosed that it is actively evaluating strategic alternatives including potential acquisitions, mergers, or asset sales. Governance features former HHS Secretary Tommy G. Thompson as Executive Chairman and Rubric Capital Partner Justin H. Roberts on the board, positioning the company for potential transaction outcomes.
TherapeuticsMD firmographics
Firmographics- Name
- TherapeuticsMD
- Legal name
- TherapeuticsMD, Inc.
- Website
- https://therapeuticsmd.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- TherapeuticsMD is a Boca Raton-based pharmaceutical royalty company that licenses three FDA-approved women's hormone products — ANNOVERA, BIJUVA, and IMVEXXY — to exclusive partners in the US and internationally. It generates revenue through licensing agreements (primarily Mayne Pharma) covering contraception, menopause, and vaginal atrophy therapies.
- Ownership category
- akta.pro rank
TherapeuticsMD industry classification
Industry- Product category
- Women's Health Pharmaceuticals
- NAICS
- Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (32541)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Women’s Health & Reproductive Specialty Pharmaceuticals (HLAIACAN)
- akta.pro secondary industries
- Endocrinology & Reproductive Health Pharmaceuticals (incl. Women’s Health) (HLAIAAAJ), Specialty Care Pharmaceuticals (HLAIAAAB)
Keywords
Where TherapeuticsMD is headquartered
LocationHeadquarters
- HQ city
- Boca Raton
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
TherapeuticsMD business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Licensing Royalties: TherapeuticsMD operates as a royalty company, licensing its women's health products to exclusive licensing partners in the United States and globally. Revenue is generated through licensing agreements with pharmaceutical partners.
- License Revenue from Mayne License Agreement: The company generates license revenue from the Mayne License Agreement, which drove an 84% increase in license revenue to $724 thousand in Q1 2026 and 71.6% year-over-year increase to $3.0 million in full year 2025.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
TherapeuticsMD product offering
Product offeringCore offering
TherapeuticsMD is a pharmaceutical royalty company that develops and licenses FDA-approved hormone therapy products for women's health. Its portfolio includes ANNOVERA, a hormonal contraceptive vaginal ring; BIJUVA, an estradiol and progesterone combination hormone replacement therapy; and IMVEXXY, an insertable vaginal product for menopausal symptoms such as vaginal atrophy. The company generates revenue by licensing these differentiated products to exclusive partners in the United States and globally rather than commercializing them directly.
Product overview
TherapeuticsMD is a royalty company that licenses its differentiated women's health products—ANNOVERA®, BIJUVA®, and IMVEXXY®—to exclusive licensing partners in the United States and internationally. The company no longer commercializes products directly but generates revenue through licensing arrangements, including the Mayne License Agreement. The three products address distinct women's health needs across contraception and hormone replacement therapy.
Differentiator
Problem solved
Functional benefit
Brands
- ANNOVERA: Hormone replacement therapy product for women's health
- BIJUVA
- IMVEXXY
Products and services
- ANNOVERA A hormonal contraceptive vaginal ring system for women's birth control, licensed by TherapeuticsMD to exclusive licensing partners for commercialization in the United States and globally.
- BIJUVA A hormone replacement therapy product for women offering estradiol and progesterone combination therapy, licensed internationally to exclusive partners for commercialization.
- IMVEXXY An insertable vaginal product for women's health, protected by multiple U.S. patents and licensed to exclusive partners for commercialization in the United States and internationally.
Quantifiable outcome
- 84% increase in license revenue to $724 thousand in Q1 2026
- +2 more outcomes
Companies that use TherapeuticsMD
Customer profileSegments2 records
Ideal customer profiles3 records
TherapeuticsMD technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
TherapeuticsMD partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Mayne PharmacoreMayne Pharma is the exclusive licensing partner handling commercialization and distribution of certain TherapeuticsMD products under the Mayne License Agreement. This partnership drove an 84% increase in license revenue to $724 thousand in Q1 2026 and represents the primary source of the company's license revenue.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
TherapeuticsMD competitors and assessment
Company assessmentDirect peers
- Organon & Co. Organon is a global women's health pharmaceutical company spun out from Merck, focused on contraception, fertility, menopause, and related therapies — directly comparable to TherapeuticsMD's hormone therapy and contraception portfolio (ANNOVERA, BIJUVA, IMVEXXY).
- Mayne Pharma: Mayne Pharma is TherapeuticsMD's exclusive licensing partner for women's health products in the US and is also an independent specialty pharma with branded women's health offerings, making it both a partner and competitor in commercializing hormone therapy and contraceptive products.
- Agile Therapeutics: Agile Therapeutics markets Twirla, a hormonal contraceptive patch, competing in the same women's contraceptive/hormonal category as TherapeuticsMD's ANNOVERA vaginal ring.
Emerging players
- Mithra Pharmaceuticals: Mithra is a Belgian specialty pharma focused on women's health with products like Estelle (contraceptive) and Donesta (menopause therapy), competing in hormone therapy and contraception spaces comparable to BIJUVA and ANNOVERA.
- Upsher-Smith Laboratories: Upsher-Smith is a US specialty pharma with branded women's health products including hormone therapy and contraception, offering portfolio overlap with TherapeuticsMD's mid-cap specialty women's health positioning.
- Evofem Biosciences: Evofem is a women's health specialty pharma with Phexxi for contraception and other women's health products, operating in adjacent contraceptive/reproductive health categories comparable to TherapeuticsMD's ANNOVERA.
Broad incumbents
- Pfizer (Women's Health): Pfizer's women's health franchise (historically Duavee, Premarin line via legacy Wyeth) competes in the menopause hormone therapy space where BIJUVA is positioned.
- Bayer (Women's Health): Bayer has a broad women's health portfolio spanning contraception (Mirena, Kyleena, Yaz) and menopause management, directly comparable to TherapeuticsMD's hormonal contraception and HRT franchises.
- AbbVie (Women's Health, formerly Allergan): AbbVie's women's health portfolio includes hormone therapies and reproductive health products, comparable to TherapeuticsMD's BIJUVA and IMVEXXY offerings as a broad incumbent in women's health pharma.
- Amneal Pharmaceuticals: Amneal competes in women's health with branded and generic hormone therapy and contraceptive products, including Krystal and other offerings that overlap with TherapeuticsMD's portfolio of specialty women's health products.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
TherapeuticsMD social profiles
Digital presenceTherapeuticsMD financial estimates
Financial estimateRevenue estimate
Valuation estimate
TherapeuticsMD leadership team
Management profileNumber of profiles
Profiles6 records
TherapeuticsMD funding detail
Funding detailFunding overview
Funding rounds8 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TherapeuticsMD M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TherapeuticsMD
What does TherapeuticsMD do?
TherapeuticsMD is a pharmaceutical royalty company that develops and licenses FDA-approved hormone therapy products for women's health. Its portfolio includes ANNOVERA, a hormonal contraceptive vaginal ring; BIJUVA, an estradiol and progesterone combination hormone replacement therapy; and IMVEXXY, an insertable vaginal product for menopausal symptoms such as vaginal atrophy. The company generates revenue by licensing these differentiated products to exclusive partners in the United States and globally rather than commercializing them directly.
Is TherapeuticsMD a public or private company?
TherapeuticsMD is a public company. It is classified as public and is currently operating.
When was TherapeuticsMD founded?
TherapeuticsMD was founded in 2013. It employs 101 to 250 people.
Where is TherapeuticsMD based?
TherapeuticsMD is headquartered in Boca Raton, United States, in the North America region.
How does TherapeuticsMD make money?
Two revenue lines are on record. Licensing Royalties are the primary driver. The others are license Revenue from Mayne License Agreement.
Who are TherapeuticsMD's main competitors?
Direct peers on record are Organon & Co., Mayne Pharma and Agile Therapeutics. Emerging players are Mithra Pharmaceuticals, Upsher-Smith Laboratories and Evofem Biosciences. Broad incumbents are Pfizer (Women's Health), Bayer (Women's Health), AbbVie (Women's Health, formerly Allergan) and Amneal Pharmaceuticals.
Does TherapeuticsMD have an API?
No public API is recorded for TherapeuticsMD.
What industry is TherapeuticsMD in?
TherapeuticsMD's product category is Women's Health Pharmaceuticals. Its primary akta.pro industry code is HLAIACAN, Women’s Health & Reproductive Specialty Pharmaceuticals, with a secondary code of HLAIAAAJ, Endocrinology & Reproductive Health Pharmaceuticals (incl. Women’s Health). Its NAICS code is 325412 and its SIC code is 2834.