Theravance Biopharma (TBPH) Q4 2024 earnings summary

Executive summary

• Q4 2024 closed with record YUPELRI net sales of $66.7M, up 10% year-over-year, and strong hospital channel growth and profitability.

• Full-year YUPELRI sales reached $239M, up 8%, with demand up 11% and highest brand profitability since launch.

• TRELEGY global net sales hit $3.46B in 2024 (up 26% YoY), triggering a $50M milestone payment and potential for $150M more through 2026.

• Ampreloxetine program advanced, with CYPRESS study enrollment on track, positive FDA feedback, and NDA filing preparations underway.

• Ended 2024 with $88M in cash, excluding the $50M TRELEGY milestone received in Q1 2025, and no debt.

Financial highlights

• Q4 2024 Viatris collaboration revenue was $18.8M, up 8% YoY.

• Q4 2024 non-GAAP net loss was $2.5M; full-year non-GAAP net loss was $16M.

• Operating expenses (excluding share-based comp) increased to $22M in Q4, driven by ampreloxetine pre-launch and R&D for CYPRESS.

• Cash utilization was $3M in Q4 and $14M for the year, with cash, cash equivalents, and marketable securities totaling $88.4M at year-end.

• No debt at year-end 2024.

Outlook and guidance

• 2025 R&D expense (excluding share-based comp) guided to $32–38M; SG&A expected at $50–60M.

• Share-based compensation projected to decrease to $18–20M in 2025.

• Non-GAAP losses and cash burn expected to be similar to 2024, with higher levels in H1 and improvement in H2.

• CYPRESS study for ampreloxetine to complete open-label enrollment mid-2025, with top-line data ~6 months later and expedited NDA filing planned.

• Q1 collaboration revenue will be impacted by typical YUPELRI seasonality.