Theravance Biopharma (TBPH) Q3 2024 earnings summary

Executive summary

• YUPELRI net sales reached a record $62.2 million in Q3 2024, up 7% year-over-year and 14% sequentially, with strong hospital demand and market share gains.

• TRELEGY global net sales rose 17% to $789 million in Q3 2024, with year-to-date sales at $2.6 billion, up 30%; milestone payments of up to $200 million possible through 2026.

• Ampreloxetine's CYPRESS Phase 3 study is progressing on track, with top-line data expected in late 2025 and recent positive safety and efficacy presentations.

• Board separated CEO and Chair roles, formed a Strategic Review Committee led by Susannah Gray to explore alternatives for unlocking asset value.

• Strong financial position with $91.4 million in cash and no debt; buyback program completed in January 2024.

Financial highlights

• Collaboration revenue reached $16.9 million in Q3 2024, up 8% year-over-year and 18% sequentially.

• Net loss for Q3 2024 was $12.7 million ($0.26 per share), impacted by R&D, SG&A, and a $1.6 million non-cash impairment charge.

• Non-GAAP net loss from operations was $2.9 million in Q3 2024.

• Cash, cash equivalents, and marketable securities totaled $91.4 million as of September 30, 2024, with no long-term debt.

• SG&A expenses were $16.9 million in Q3 2024, with cost savings in G&A offset by higher pre-launch expenses for ampreloxetine.

Outlook and guidance

• Full-year 2024 R&D expenses expected at $30–36 million and SG&A at $45–55 million, both excluding share-based compensation.

• Share-based compensation for 2024 guided to $18–22 million, a ~20% decrease year-over-year.

• Non-GAAP losses and cash burn in H2 2024 expected to be similar to H1 2024; cash resources expected to fund operations for at least twelve months.

• If TRELEGY milestones are achieved, cash receipts expected in 1H 2025.

• Top-line data from the CYPRESS study of ampreloxetine in MSA patients anticipated in late 2025.