Theravance Biopharma (TBPH) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 YUPELRI net sales of $66.7M (up 10% YoY) and FY 2024 sales of $239M (up 8% YoY), with hospital doses up 49% YoY and record brand profitability.

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

• Ampreloxetine CYPRESS study enrollment is on track, with top-line results expected six months after final patient enrollment in mid-2025 and expedited NDA filing planned.

• Ended 2024 with $88M in cash (excluding $50M TRELEGY milestone received in Q1 2025), no debt, and minimal cash burn of $14M.

• Strategic Review Committee formed in November 2024 to assess alternatives for unlocking shareholder value.

Financial highlights

• Q4 2024 collaboration revenue was $19M (up 8% YoY), all from Viatris, with YUPELRI brand-level cash profitability at its highest.

• Q4 2024 non-GAAP net loss was $2.5M; full-year non-GAAP net loss was $16.2M; cash burn for 2024 was $14M.

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

• Ended 2024 with $88.4M in cash and equivalents, excluding $50M TRELEGY milestone received in Q1 2025.

• No debt at year-end 2024.

Outlook and guidance

• 2025 R&D expense (excluding share-based comp) guided to $32M–$38M; SG&A expected at $50M–$60M; share-based comp projected at $18M–$20M.

• Non-GAAP losses and cash burn expected to mirror 2024, with improvements in the second half of 2025.

• Up to $150M in TRELEGY sales milestones possible through 2026; royalties return in 2029 and extend through mid-2030s.

• YUPELRI US sales milestone of $25M possible for first year net sales exceeding $250M; China NDA filed, $7.5M approval milestone possible.

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