Theravance Biopharma (TBPH) TD Cowen 45th Annual Healthcare Conference summary

Portfolio overview and strategic focus

• YUPELRI, a COPD therapy co-marketed with Viatris, is experiencing growth in the U.S. and has a pending approval in China, targeting a large COPD patient population.

• Ampreloxetine, a phase III asset for neurogenic orthostatic hypotension in MSA, is expected to complete open-label enrollment by mid-2025, with data anticipated six months later and plans for expedited NDA filing.

• Trelegy, a legacy asset, is generating near-term milestones ($50M in 2024, $50M in 2025, $100M in 2026) and will return royalties starting 2029 ex-U.S. and 2031 in the U.S.

• Commitment to return excess capital to shareholders and provide financial guidance after Q4 results.

YUPELRI market opportunity and performance

• U.S. market includes 1.9 million COPD patients suitable for nebulized therapy, with 200,000 on long-acting nebulized therapy and another 200,000 using short-acting nebs inappropriately.

• YUPELRI is positioned as a once-daily, gold-standard therapy, with significant opportunity to convert patients from short-acting to long-acting therapy.

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

• Partnership with Viatris splits profit (65% Viatris, 35% Theravance) and targets both hospital and community settings.

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

Trelegy milestones and royalty outlook

• $50M milestone for 2024 sales is likely, with additional $50M and $100M milestones in 2025 and 2026, respectively, based on current sales trends.

• Royalties from Trelegy will resume in 2029 (ex-U.S.) and 2031 (U.S.), expected to provide meaningful future cash flow.