Theramex

What Theramex does

Theramex is a privately-held, PE-backed global specialty pharmaceutical company headquartered in London and dedicated exclusively to women's health across four therapy areas: contraception, fertility, menopause, and osteoporosis. Founded in 2018, the company has grown to 500+ employees serving women in over 80 countries through 12+ wholly-owned country offices (UK, Australia, Belgium, Brazil, France, Germany, Ireland, Italy, Netherlands, Poland, Romania, Spain/Portugal) and a distributor network extending across Europe, Africa, Asia-Pacific, and Latin America. Its commercial portfolio centers on established and acquired brands including Evorel patches (250,000+ prescription items annually), Intrarosa, Femoston, and Duphaston — the latter two acquired from Viatris in December 2023.

The company pursues a sales-led, in-licensing-driven growth model: a dedicated field sales force (Women's Health Account Managers, Key Account Managers, Medical Science Liaisons) engages gynecologists, rheumatologists, orthopaedists, primary care physicians, IVF clinics, and pharmacies, while channel partnerships with Teva, Zentiva, Zuellig Pharma, and Kissei Pharmaceutical extend reach into non-direct markets. Its pipeline includes Casea S, a first-in-category biodegradable contraceptive implant co-developed with Daré Bioscience (Phase 1, FHI 360), and a novel asset under co-development with Viramal using the FemMedTech platform announced June 2026. Pricing is prescription-based and reimbursement-mediated; specific price points are not publicly disclosed.

The company has encountered significant regulatory friction: it received two PMCPA public reprimands for systemic breaches of the ABPI code of practice (including failure to update prescribing information and inadequate pregnancy-risk warnings) and withdrew from the PMCPA self-regulatory framework in January 2026, placing itself under direct MHRA oversight. Theramex operates through its UK parent entity Theramex HQ UK Limited and wholly-owned operating subsidiaries across Europe, with no public ownership disclosure.

Name

Theramex

Legal name

Theramex HQ UK Limited

Website

https://theramex.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

Theramex is a privately-held, PE-backed global specialty pharmaceutical company dedicated exclusively to women's health across contraception, fertility, menopause, and osteoporosis, commercializing established brands (Evorel, Femoston, Duphaston, Intrarosa) in 80+ countries via field sales and distributor partnerships.

Ownership category

akta.pro rank

Product category

Women's Health Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

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

• Women's health pharmaceuticals
• Hormone replacement therapy
• Contraceptive medicines
• Fertility treatments
• Osteoporosis treatments

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices12 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Pharmaceutical Product Sales: Theramex generates revenue through the sale of prescription pharmaceutical products across four women's health therapy areas: contraception, fertility, menopause, and osteoporosis. The company markets both innovative and established brands to healthcare professionals and patients globally.
2. In-licensing and Portfolio Expansion: Revenue is driven by acquiring and commercializing established and innovative women's health treatments. In December 2023, Theramex acquired the European rights to Duphaston and Femoston hormone replacement therapy portfolio from Viatris Inc. to expand availability of established menopause treatments in European markets.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Theramex is a global specialty pharmaceutical company that develops, in-licenses, and commercializes prescription medicines dedicated exclusively to women's health across four therapy areas: contraception, fertility, menopause, and osteoporosis. Its commercial portfolio includes established and innovative brands such as Evorel, Intrarosa, Femoston, and Duphaston, plus a pipeline that includes the Casea S biodegradable contraceptive implant co-developed with Daré Bioscience. The company sells to healthcare professionals and dispenses through pharmacies in more than 80 countries across Europe, Africa, Asia-Pacific and Latin America.

Product overview

Theramex is a global specialty pharmaceutical company dedicated exclusively to women's health, offering a portfolio of innovative and established brands across four key therapy areas: contraception, fertility, menopause, and osteoporosis. The company's product portfolio includes combined hormonal contraceptives with associated patient and prescriber educational materials, established HRT products such as Evorel patches and Intrarosa, and acquired brands Femoston and Duphaston from Viatris. The company also maintains a pipeline including Casea S, a biodegradable contraceptive implant developed in partnership with Daré Bioscience, designed to provide long-acting contraception that dissolves without removal.

Differentiator

Problem solved

Functional benefit

Products and services

• Evorel

Quantifiable outcome

• Evorel patches: over 250,000 prescription items in the last financial year
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• ViramalcoreStrategic or Co-development Partner · 18 June 2026Strategic co-development partnership announced June 18, 2026, to advance a novel pipeline asset using Viramal's patented FemMedTech™ platform. The collaboration combines Viramal's development capabilities with Theramex's global commercial platform and category expertise to accelerate asset progression and optimize future market potential in women's health.
• Royal Osteoporosis Society (ROS)minorGTM or Marketing Partner · 1 October 2025Partnership supporting The Great British Bone Check, a free three-minute risk assessment tool designed to help people understand their risk of osteoporosis. Theramex funded the development of the microsite. The ROS campaign aims to break the cycle of missed diagnoses and untreated fractures.
• Daré BiosciencecoreStrategic or Co-development Partner · 20 February 2025Co-development and licensing agreement for Casea S, a potential first-in-category biodegradable contraceptive implant providing 18-24 months of contraception before dissolving. The implant requires only a single surgical visit and eliminates the need for healthcare provider removal. Phase 1 trial is being conducted by FHI 360 with full foundation grant funding, with future Phase II and III costs to be shared upon positive study results.
• FHI 360coreStrategic or Co-development Partner · 20 February 2025FHI 360 is conducting the ongoing Phase 1 clinical trial for Casea S, the biodegradable contraceptive implant co-developed by Theramex and Daré Bioscience. The trial is fully foundation grant funded, resulting in no current development costs for either party.
• Viatris Inc.coreTechnology or Integration · 1 December 2023In December 2023, Theramex HQ UK Limited acquired the European rights to Femoston and Duphaston hormone replacement therapy portfolio from Viatris Inc. The acquisition aims to expand availability of established menopause treatments in European markets.
• BintiminorGTM or Marketing Partner · 1 January 2019Partnership with Binti, an organization dedicated to improving menstrual health and dignity for women globally. Theramex has partnered with Binti since 2019 and continued the partnership in 2025. Activities include advocating for normalization of menstruation, supporting access to period products, and providing free sanitary products in Theramex office bathrooms.
• TevaminorChannel Partner/ Reseller/ DistributorListed as one of Theramex's current partners in the partner logos section of the company website. Nature of partnership includes collaboration and distribution of women's health products.
• ZentivaminorChannel Partner/ Reseller/ DistributorListed as one of Theramex's current partners. Zentiva is a pharmaceutical company that may serve as a manufacturing or distribution partner for certain products.
• Zuellig PharmaminorChannel Partner/ Reseller/ DistributorListed as one of Theramex's current partners. Zuellig Pharma is a healthcare solutions partner that may provide distribution services in Asia-Pacific markets.
• Kissei PharmaceuticalminorChannel Partner/ Reseller/ DistributorListed as one of Theramex's current partners. Kissei Pharmaceutical is a Japanese pharmaceutical company with a logo displayed on the partner page.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Daré Bioscience: US clinical-stage biopharma developing women's health products and Theramex's co-development partner for Casea S. Comparable as a women's-health-focused emerging company addressing contraception and reproductive health, with Theramex as a global commercialization partner.

Regional players

• Zentiva: European specialty/generic pharma and current Theramex channel partner. Operates similar women's health and HRT product categories with a primary focus on European markets, directly comparable in geographic and therapeutic overlap.

Direct peers

• Organon & Co. Organon is a global women's health-focused pharmaceutical company spun out of Merck in 2021, covering contraception, fertility, menopause, and bone health. Directly comparable to Theramex as a specialty pharma with a women's health-only mandate and a similar therapy-area portfolio across contraception, fertility, and HRT.
• Gedeon Richter: Hungarian specialty pharma with a significant women's health franchise including contraception and fertility (notably the Finox acquisition, led by Gavin Masterton before joining Theramex). Directly comparable as a European specialty pharma with overlapping women's health portfolio focus.
• TherapeuticsMD: US-focused women's health specialty pharma with a portfolio in contraception, menopause, and vaginal health. Directly comparable as a dedicated women's health specialty company targeting the same therapy areas as Theramex, though with US rather than European geographic focus.

Broad incumbents

• Bayer AG (Pharmaceuticals): Bayer operates a significant women's health franchise including Mirena, Kyleena, Yaz/Yasmin, and established HRT products. It is a broad incumbent with overlapping women's health capabilities as part of a diversified pharma portfolio, competing directly with Theramex in contraception and menopause.
• AbbVie (Allergan Aesthetics): AbbVie's predecessor Allergan was a global women's health player in contraception and HRT and is Theramex CEO Robert Stewart's former employer. Comparable as a broad incumbent with overlapping women's health portfolio and global commercial scale.
• Teva Pharmaceutical Industries: Teva is a current Theramex channel partner (per partner logos) and is also a broad incumbent in women's health and hormone therapy. Comparable as a global specialty/generic pharma with overlapping HRT and contraception portfolio and existing Theramex partnership.
• Viatris Inc. Global pharma that sold its European Femoston and Duphaston HRT portfolio to Theramex in December 2023. Viatris operates broadly across women's health and biosimilars and is comparable as both a former counterparty and an incumbent supplier in the same therapy areas.
• Amneal Pharmaceuticals: US-based specialty and generic pharma where Theramex CEO Robert Stewart previously served as CEO. Operates broadly across women's health and endocrinology, comparable as a specialty/generic incumbent with overlapping therapy areas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/theramex

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Theramex