Theravance Biopharma (TBPH) Oppenheimer 35th Annual Healthcare Life Sciences Conference (Virtual) 2025 summary

Portfolio overview and growth strategy

• Focus on revenue-generating and late-stage assets, including YUPELRI, ampreloxetine, and Trelegy.

• YUPELRI is co-marketed in the US and has a partnership for regulatory and commercial launch in China, with approval filing in mid-2024.

• Ampreloxetine is in a phase III program for a rare disease, with open-label enrollment completion expected mid-2025 and data six months later.

• Trelegy provides milestone and royalty revenue, with near-term milestones based on 2024-2026 sales and royalties resuming in 2029 ex-US and 2031 in the US.

• Commitment to returning excess capital to shareholders.

YUPELRI market opportunity and performance

• Significant US growth potential for YUPELRI in 2025 and beyond, with a $25M milestone at $250M sales.

• YUPELRI is a once-daily nebulized therapy for COPD, targeting patients with dexterity or inspiratory flow issues.

• US market includes 200,000 patients on long-acting nebulized therapy and another 200,000 using short-acting nebs inappropriately.

• Hospital business has grown 40% year-over-year in Q3 2024, contributing significantly to overall performance.

• China approval could bring a $7.5M milestone and 14%-20% tiered royalties.

Trelegy milestones and royalties

• $50M milestone for 2024 sales is likely, with additional $50M and $100M milestones possible in 2025 and 2026.

• Royalties from Trelegy will return in 2029 ex-US and 2031 in the US, expected to provide meaningful future cash flow.

• Trelegy continues strong global sales growth, supporting milestone achievement.