Theravance Biopharma (TBPH) 7th Annual Evercore ISI HealthCONx Conference summary

Company overview and financial position

• Features a marketed product for COPD and a late-stage pipeline asset for a rare neurological disorder.

• Holds economic rights to royalties and milestones from a partnered respiratory medicine, with expected returns at the end of the decade.

• Maintains a strong financial position, with current profits funding ongoing clinical development.

• Cash burn is low, at $3–4 million per quarter, supporting a phase 3 study.

YUPELRI: Marketed COPD therapy

• Only nebulized long-acting muscarinic antagonist (LAMA) for COPD, serving a stable 10% of the patient market.

• Achieved $62.2 million in quarterly net sales, nearing a $250 million annual run rate.

• Delivers $40 million annual cash profit, with 35% of incremental sales flowing to the bottom line.

• Penetration strategy includes hospital formulary placement and therapeutic interchange, with 20–23% of target hospitals adopting automatic switching.

• Growth opportunities lie in expanding community use and ensuring continuity of care post-discharge.

Ampreloxetine: Phase 3 pipeline asset

• Targets neurogenic orthostatic hypotension (NOH) in multiple system atrophy (MSA) patients, aiming to improve mobility and quality of life.

• Cypress phase 3 study mimics prior positive results, with a 12-week open label and 8-week randomized withdrawal period.

• Primary endpoint is improvement in a composite score covering six symptoms; prior study showed a 1.6-point gain.

• Competitive landscape is sparse, with existing therapies showing significant shortcomings and no effective alternatives.

• Most patients meet enrichment criteria based on dizziness, facilitating study progression.