What factors drove the changes in Theravance's revenue and profit?

What does Theravance do and what are its main business segments?

What is Theravance's latest dividend and current dividend yield?

What is Theravance's gross profit margin?

Did Theravance beat or miss consensus estimates last quarter?

What were the key takeaways from Theravance’s earnings call?

What guidance did Theravance's management provide for the next earnings period?

What were the key takeaways from Theravance's earnings call?

- **YUPELRI Record Performance**: Q3 net sales $71.4M (15% YoY), hospital share at 21%, and $25M milestone on track with $54M needed in Q4.
- **CYPRESS Trial Catalyst**: Q1 2026 readout for ampreloxetine in MSA-related nOH, with $75M Q4 milestones and $100M 2026 TRELEGY target.
- **Financial Strength**: $333M cash, non-GAAP breakeven, and clinical data supporting long-term value.
- **Strategic Focus**: Execution on CYPRESS and YUPELRI growth, with potential capital return post-data.

**【CEO Summary Section】**
- Q3 2025 highlighted strong execution across commercial and clinical fronts, with YUPELRI net sales reaching $71.4M (15% YoY growth) and breakeven on a non-GAAP basis.
- Key milestones: $25M Viatris milestone on track with $54M needed in Q4, $50M TRELEGY milestone achievable with Q4 sales of $470M, and $100M 2026 TRELEGY target within reach.
- CYPRESS Phase III trial for ampreloxetine on track for Q1 2026 readout, with $75M total Q4 milestones expected.
- Cash position of $333M with no debt, supporting near-term financial stability and long-term growth.

**【Commercial Update (YUPELRI)】**
- Q3 net sales growth driven by 6% YoY demand increase and favorable net pricing, with hospital channel volume up 29% YoY.
- YUPELRI share in long-acting nebulized hospital market at 21%, with clinical data showing reduced exacerbations vs. tiotropium.
- $25M Viatris milestone achievable with Q4 sales of $54M, underscoring brand profitability and demand trends.

**【Development Update (Ampreloxetine)】**
- CYPRESS trial progressing with open-label phase complete and randomized withdrawal phase nearing completion.
- REDWOOD subgroup data showed ampreloxetine's durable benefit in MSA-related nOH, with MCID publication supporting clinical interpretation.
- KOL event on December 8 to highlight ampreloxetine's potential as first precision therapy for MSA-related nOH.

**【Financial Performance】**
- Collaboration revenue of $20M (19% YoY growth), operating expenses of $22M (excluding share-based comp), and GAAP net income driven by one-time tax benefit.
- Non-GAAP breakeven achieved, reflecting operational efficiency and YUPELRI's profit contribution.
- TRELEGY sales of $1B in Q3, exceeding consensus and setting up $150M in expected 2025-2026 milestones.

**【Q&A Highlights】**
- Capital return decisions contingent on CYPRESS data and launch readiness, with focus on ampreloxetine execution.
- YUPELRI clinical data reinforces hospital channel growth, with new studies showing reduced health system costs.
- CYPRESS study powered to detect clinically meaningful differences, with FDA-aligned analysis plan.


Theravance Biopharma, Inc. (TBPH) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: YUPELRI net sales up 22% YoY to $66.3M, driven by demand and pricing improvements. 
- **Strategic Transactions**: $225M TRELEGY royalty sale and $7.5M China milestone boost cash to $340M. 
- **Clinical Catalyst**: CYPRESS trial nearing completion, with potential nOH/NDA approval in 2026. 
- **Financial Discipline**: Non-GAAP loss of $4.2M, $3M cash burn, and no debt. 
- **Upcoming Milestones**: $25M YUPELRI sales milestone and $150M TRELEGY milestones over next 18 months.

**【CEO Summary Section】**
- **Q2 2025 Highlights**: Strong performance with YUPELRI net sales of $66 million (22% YoY growth), $225 million TRELEGY royalty sale, and $7.5 million China approval milestone. 
- **Strategic Focus**: Advanced CYPRESS trial nearing open-label enrollment completion, with potential data readout in ~6 months. 
- **Financial Strength**: $340 million cash balance, no debt, and near cash-neutral operations. 
- **Value Drivers**: YUPELRI's durable growth, TRELEGY milestone visibility, and ampreloxetine's rare disease potential.

**【Commercial Performance (Rhonda Farnum)】**
- **YUPELRI Growth**: Q2 net sales $66.3M (22% YoY), driven by 4% demand growth, net price improvement, and specialty pharmacy pull-through. 
- **China Milestone**: $7.5M triggered by NMPA approval; Viatris leads commercialization with no Theravance costs. 
- **Hospital Channel Strength**: 31% YoY volume growth, 20% market share in long-acting nebulized asthma. 
- **2025 Sales Target**: On track for $250M threshold to trigger $25M milestone.

**【Development Update (Aine Miller)】**
- **CYPRESS Progress**: Open-label enrollment nearing completion; randomized withdrawal phase to begin soon. 
- **Design Rigor**: Replicates Study 170 MSA subgroup, with external enrollment committee and high-quality site execution. 
- **Mechanism Differentiation**: Norepinephrine reuptake inhibitor targeting preserved peripheral sympathetic function. 
- **NDA Readiness**: Modules in advanced stages; seeking priority review for potential 2026 approval.

**【Financial Results (Aziz Sawaf)】
- **Revenue Growth**: Collaboration revenue +31% YoY ($17M+ ex onetime), driven by YUPELRI margin expansion. 
- **Cost Discipline**: Non-GAAP loss $4.2M (vs $6.3M prior year), $3M cash burn (excluding onetime items). 
- **TRELEGY Milestones**: $50M due to $3.4B 2025 sales, $100M for $3.5B 2026 sales; total $150M potential. 
- **Liquidity**: $340M cash post-$225M sale; $27M tax liability accrued in Q2.

**【Q&A Highlights】**
- **YUPELRI Channel Mix**: Specialty pharmacy growth driven by persistency, but no aggressive channel shift. 
- **Ampreloxetine Pricing**: Benchmarking rare neurology drugs ($380K/year) and droxidopa ($280K/year). 
- **CYPRESS Enrollment**: Similar U.S./ex-U.S. split to Study 170; no interim data disclosure. 
- **SG&A Spend**: Stable Q3/Q4; targeted launch spend if data positive. 
- **TRELEGY Leverage**: 8% YoY sales growth, $1.1B Q2 sales vs $3.4B annual threshold.

Theravance Biopharma, Inc. (TBPH) Q2 2025 Earnings Call Transcript

- **Revenue Beat & Growth Drivers**: Q3 $12.3B (+18% YoY), cloud +25%, hardware +12%
- **AI Investment Ambition**: $10B over 3 years (40% R&D, 30% data centers)
- **Profitability Expansion**: Operating margin 16.2% (vs 15.5%), FCF $3.8B
- **2024 Outlook**: 15-18% revenue growth, >16% operating margin

**【CEO Opening Remarks】**
- Q3 revenue reached $12.3B (+18% YoY), exceeding guidance range of $11.8-12.2B.
- Key growth drivers: 25% YoY increase in cloud services, 12% growth in hardware solutions.
- Announced $10B AI infrastructure investment over next 3 years.

**【CFO Financial Highlights】**
- GAAP EPS: $1.25 (vs. $1.10 consensus)
- Non-GAAP EPS: $1.42 (+20% YoY)
- Operating margin expanded to 16.2% (15.5% last year)
- Free cash flow: $3.8B (up 12% YoY)

**【Q&A Key Themes】**
1. **AI Strategy Execution**
- Q: How will $10B investment be allocated?
- A: 40% R&D, 30% data centers, 20% partnerships, 10% talent acquisition

2. **Market Share Expansion**
- Q: North America cloud growth 25% vs. industry 18% - sustainability?
- A: 3-year contract pipeline up 35%, renewal rates >95%

3. **Profitability Outlook**
- Q: When will AI investments start contributing?
- A: 2025+; 2024 operating margin >16%

**【Closing Guidance】**
- Q4 revenue: $12.8-13.2B (+17-20% YoY)
- Full year EPS: $5.20-5.30 (prev: $5.00-5.10)
- 2024 revenue growth target: 15-18%

Theravance Biopharma (TBPH)-8 May 25-2025 Q1 Earnings call transcript

- **YUPELRI Strong Finish**: Q4 sales $66.7M (+10% YoY), hospital doses up 49% YoY, with full-year demand growth 11%.
- **TRELEGY Milestone Bonanza**: $50M received in Q1; $150M potential in 2025-2026; royalties starting 2029.
- **Ampreloxetine on Track**: CYPRESS enrollment mid-2025, top-line results Q3 2025; 90% of neurologists likely to prescribe if approved.
- **Financial Discipline**: 2024 cash burn $14M; 2025 guidance for ~$16M non-GAAP loss and similar cash burn.

**【CEO Opening Remarks】**
- Q4 2024 YUPELRI net sales reached $66.7M, up 10% YoY, with hospital doses up 49% YoY.
- Earned $50M milestone from GSK for TRELEGY 2024 sales of $3.5B.
- Ampreloxetine CYPRESS study on track for mid-2025 enrollment completion and Q3 2025 top-line results.
- Full-year 2024 cash burn of $14M, ending with $88M in cash (excluding $50M milestone receipt).

**【YUPELRI Sales Performance (Rhonda Farnum)】**
- Q4 net sales growth driven by 9% demand increase and improved channel mix (higher-margin hospital sales).
- Full-year 2024 YUPELRI sales $239M (+8% YoY), with hospital market share at ~20% and long-acting NEM share ~32%.
- Potential $25M U.S. sales milestone and China royalties post-approval.

**【TRELEGY Milestone Update (Aziz Sawaf)】**
- $50M milestone received in Q1 2025; potential $150M in 2025-2026 milestones if sales meet thresholds.
- Royalties from ex-U.S. sales starting 2029, U.S. sales 2031, with cumulative hundreds of millions expected.
- 2025 financial guidance: R&D $32-38M, SG&A $50-60M, non-GAAP loss ~$16M, cash burn similar to 2024.

**【Ampreloxetine Clinical Progress (Aine Miller)】**
- CYPRESS study enrollment on track for mid-2025 completion; 2 AAN 2025 abstracts accepted.
- FDA Type C interaction reaffirmed alignment on NDA requirements for nOH in MSA.
- Target product profile aligns with market research showing 90% of neurologists likely to prescribe if approved.

**【Q&A Highlights】**
- **Hospital Channel Success**: 14-person team focused on large systems with therapeutic interchange protocols (double market share vs. standard formulary).
- **China Regulatory Timeline**: 2-year approval window from submission; $7.5M milestone on approval, 14-20% royalties on sales.
- **FDA Feedback**: Type C meeting confirmed alignment on CYPRESS data sufficiency for NDA filing; priority review requested.
- **2025 SG&A**: Minimal FTE additions pre-CYPRESS; $55M midpoint guidance includes medical affairs and market access spend.

Theravance Biopharma (TBPH)-26 Feb 25-2024 Q4 Earnings call transcript

Theravance Biopharma (TBPH)-12 Nov 24-2024 Q3 Earnings call transcript

Theravance Biopharma (TBPH)-5 Aug 24-2024 Q2 Earnings call transcript

Theravance Biopharma (TBPH)-13 May 24-2024 Q1 Earnings call transcript

Theravance Biopharma (TBPH)-26 Feb 24-2023 Q4 Earnings call transcript

Theravance Biopharma (TBPH)-7 Nov 23-2023 Q3 Earnings call transcript

Theravance Biopharma (TBPH)-7 Aug 23-2023 Q2 Earnings call transcript

Theravance Biopharma (TBPH)-8 May 23-2023 Q1 Earnings call transcript

Theravance Biopharma (TBPH)-27 Feb 23-2022 Q4 Earnings call transcript

Theravance Biopharma (TBPH)-8 Nov 22-2022 Q3 Earnings call transcript

Theravance Biopharma (TBPH)-7 Aug 22-2022 Q2 Earnings call transcript

Theravance Biopharma (TBPH)-7 May 22-2022 Q1 Earnings call transcript

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Theravance Biopharma (TBPH)-1 Aug 18-2018 Q2 Earnings call transcript

Theravance Biopharma (TBPH)-8 May 18-2018 Q1 Earnings call transcript

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