Theravance Biopharma (TBPH) Q1 2025 earnings summary

Executive summary

• YUPELRI net sales reached $58.3M in Q1 2025, up 6% year-over-year, driven by strong hospital channel growth and expanding margins.

• TRELEGY global net sales were $854M, up 14% year-over-year, supporting milestone payments and future royalty potential.

• CYPRESS Phase 3 study for ampreloxetine is nearing completion of enrollment, with top-line data expected 4-6 months after final patient enrolled.

• Ended Q1 2025 with $131M in cash and no debt, reflecting a strong financial position and commitment to return excess capital to shareholders.

• Strategic Review Committee continues to evaluate alternatives to unlock shareholder value.

Financial highlights

• Total Q1 2025 revenue was $15.4M, all from the Viatris collaboration, up 6% year-over-year.

• Operating expenses (SG&A and R&D, excluding share-based compensation) increased to $24.9M, mainly due to ampreloxetine development and pre-launch activities.

• Net loss for Q1 2025 was $13.6M, or $(0.27) per share, compared to $11.7M, or $(0.24) per share, in Q1 2024.

• Received a $50M TRELEGY milestone payment in Q1 2025, boosting cash reserves.

• R&D expenses were $11.5M (vs. $9.0M in Q1 2024); SG&A expenses were $18.4M (vs. $16.7M in Q1 2024).

Outlook and guidance

• Full-year 2025 R&D expense guidance is $32M–$38M and SG&A is $50M–$60M, both excluding share-based compensation.

• Non-GAAP loss and cash burn expected to be similar to 2024; guidance excludes potential milestones for TRELEGY and YUPELRI.

• Top-line data from the ampreloxetine Phase 3 CYPRESS study expected approximately six months after final patient enrollment in late summer 2025.

• No additional income from TRELEGY milestones will be recognized until cumulative payments exceed $194M, likely not before 2026.

• Cash and investments expected to fund operations for at least the next twelve months.