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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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TBPH

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