Theravance Biopharma, Inc.
- Open
- 17.02
- Day high
- 17.07
- Day low
- 16.96
- Prev close
- 17.00
- Volume
- 507K
- Mkt cap
- $876M
- P/E (TTM)
- 7.5
- EPS (TTM)
- $2.26
- P/B
- 3.0
- P/S
- 8.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$218K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Theravance Biopharma, Inc. (TBPH) is a Healthcare company listed on NASDAQ. The stock is up 56% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Theravance Biopharma, Inc. (TBPH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TBPH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.03 | $-0.10 | -443.6% | $18M | -0.5% |
| Mar 19, 2026 | $0.44 | $0.06 | -86.4% | $46M | -18.9% |
| Aug 12, 2025 | $-0.14 | $-0.08 | +42.9% | $26M | +39.9% |
| May 8, 2025 | $-0.11 | $-0.17 | -54.5% | $15M | -4.4% |
| Feb 26, 2025 | $-0.05 | $-0.05 | +0.0% | $19M | +9.7% |
| Feb 27, 2023 | $-0.20 | $-0.21 | -5.0% | $15M | -4.9% |
| Aug 4, 2022 | $-0.06 | $-0.04 | +33.3% | $11M | -11.6% |
| May 5, 2022 | $-0.12 | $-0.24 | -100.0% | $13M | -8.3% |
| Feb 23, 2022 | $-0.30 | $-0.43 | -43.3% | $15M | +10.8% |
| Nov 3, 2021 | $-0.60 | $-0.48 | +20.0% | $13M | -18.0% |
| Aug 3, 2021 | $-0.96 | $-0.80 | +16.7% | $13M | +0.0% |
| May 4, 2021 | $-1.05 | $-1.24 | -18.1% | $14M | +22.1% |
TBPH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Miller Aineofficer: SVP, DEV & HEAD OF IRE OFFICE | Grant | 18,750 | — |
| Jun 17, 2026 | Farnum Rhondaofficer: SVP, COMM & MEDICAL AFFAIRS | Sell | 6,657 | $16.39 |
| Jun 17, 2026 | Farnum Rhondaofficer: SVP, COMM & MEDICAL AFFAIRS | Sell | 3,328 | $16.38 |
| Jun 17, 2026 | Farnum Rhondaofficer: SVP, COMM & MEDICAL AFFAIRS | Sell | 3,329 | $16.39 |
| Jun 16, 2026 | PAKIANATHAN DEEPIKAdirector | Grant | 6,009 | — |
| Jun 16, 2026 | PAKIANATHAN DEEPIKAdirector | Grant | 13,398 | $16.64 |
| Jun 16, 2026 | MITCHELL DEAN Jdirector | Grant | 13,398 | $16.64 |
| Jun 16, 2026 | GRAY SUSANNAHdirector | Grant | 13,398 | $16.64 |
| Jun 16, 2026 | O'Connor Donaldirector | Grant | 13,398 | $16.64 |
| Jun 16, 2026 | GRAY SUSANNAHdirector | Grant | 6,009 | — |
| Jun 16, 2026 | Smaldone Alsup Lauriedirector | Grant | 13,398 | $16.64 |
| Jun 16, 2026 | Smaldone Alsup Lauriedirector | Grant | 6,009 | — |
| Jun 16, 2026 | O'Connor Donaldirector | Grant | 6,009 | — |
| Jun 16, 2026 | MITCHELL DEAN Jdirector | Grant | 6,009 | — |
| May 22, 2026 | Farnum Rhondaofficer: SVP, COMM & MEDICAL AFFAIRS | Tax | 5,678 | $16.55 |
Source: TBPH SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full TBPH insider & 13F page →Theravance Biopharma, Inc. company profile
Overview
Theravance Biopharma, Inc. (NASDAQ:TBPH) is a biopharmaceutical company founded in 2013 and incorporated in the Cayman Islands with operations based in George Town. The company emerged as a spinoff focused on developing and commercializing respiratory medicines and other therapeutic treatments. Theravance operates primarily in the United States, Europe, and Asia, with a concentrated focus on respiratory diseases, particularly chronic obstructive pulmonary disease (COPD), and rare neurological conditions. The company has transitioned from a broad research-focused organization to a more streamlined entity concentrating on its core commercial asset and late-stage pipeline candidates.
Business
Theravance Biopharma operates in the biopharmaceutical industry, focusing on respiratory medicines and specialized therapeutic treatments for rare diseases. The company's business spans two primary areas: commercialized respiratory treatments and late-stage drug development. YUPELRI (revefenacin) represents the company's primary commercial product, accounting for the majority of revenue. YUPELRI is a once-daily, nebulized long-acting muscarinic antagonist (LAMA) used to treat chronic obstructive pulmonary disease (COPD). COPD is a progressive lung disease that makes breathing difficult, affecting millions of patients worldwide. YUPELRI is administered through a nebulizer machine that converts liquid medication into a fine mist that patients inhale. The drug works by blocking muscarinic receptors in the airways, helping to relax and open the breathing passages. This product is marketed through a partnership with Viatris Inc., with Theravance receiving a 35% share of net profits. Ampreloxetine represents the company's most advanced pipeline asset, currently in Phase III clinical trials. This investigational drug is a norepinephrine reuptake inhibitor designed to treat neurogenic orthostatic hypotension (nOH) in patients with Multiple System Atrophy (MSA). MSA is a rare, progressive neurodegenerative disorder, and nOH is a condition where patients experience dangerous drops in blood pressure when standing up. Ampreloxetine has received orphan drug designation, which provides regulatory advantages for rare disease treatments. The company also maintains several earlier-stage programs, including Izencitinib, a gut-selective pan-JAK inhibitor for inflammatory bowel diseases, and various inhaled treatments for lung conditions. Additionally, Theravance receives milestone payments and royalties from TRELEGY, a triple-combination respiratory therapy developed with GlaxoSmithKline, though the company has no operational involvement in this product. Revenue composition is approximately 85% from YUPELRI collaboration revenue and 15% from milestone payments and other collaboration agreements, based on recent financial periods.
Revenue model
Theravance generates revenue through multiple streams within its biopharmaceutical business model. The primary revenue source is profit-sharing from YUPELRI sales, where the company receives 35% of net profits from its commercialization partner Viatris. This creates a direct correlation between YUPELRI's market performance and Theravance's revenue, with 2024 YUPELRI sales reaching $239 million, generating significant collaboration revenue for Theravance. The company also earns milestone payments from licensing agreements, most notably from the TRELEGY partnership with GlaxoSmithKline. These payments are triggered when the partner's product reaches specific sales thresholds, with potential for up to $150 million in additional TRELEGY milestones over 2025-2026. The company received a $50 million milestone in 2024 when TRELEGY reached $3.5 billion in global sales. Future royalty streams represent another revenue model, with Theravance positioned to receive royalties from TRELEGY starting in 2029, and potential royalties from YUPELRI sales in international markets like China, pending regulatory approval. Several factors influence the company's revenue margins and growth potential. Positive margin drivers include YUPELRI's growing market penetration in hospital settings, where therapeutic interchange protocols have increased market share to nearly 19%. The hospital channel typically offers better pricing dynamics compared to community settings. Additionally, the company's streamlined operations, having reduced operating expenses by 70% since 2020, improve overall profitability. Margin pressures come from channel mix shifts that can impact gross-to-net pricing calculations, competitive pressures in the COPD market from new entrants like ensifentrine, and the inherent volatility of milestone-based revenue streams. The company's dependence on partners for commercialization also means limited control over pricing and market strategy decisions. Customer base consists primarily of healthcare systems, hospitals, and specialty pharmacies for YUPELRI, while milestone payments come from large pharmaceutical partners. The company's lean commercial model relies heavily on partner capabilities rather than direct-to-consumer sales.
Competitive moat
Theravance's competitive moat is relatively narrow and primarily stems from regulatory barriers and specialized partnerships rather than strong sustainable competitive advantages. The company's main protection comes from intellectual property rights, with YUPELRI patent protection extended through February 2039, providing a meaningful runway for the commercial asset. The company benefits from regulatory moats in its rare disease focus, particularly with ampreloxetine's orphan drug designation for MSA treatment. Orphan drug status provides seven years of market exclusivity upon approval, and the small patient population (approximately 35,000-45,000 MSA patients in the US) makes the market less attractive to large competitors. The specialized nature of neurogenic orthostatic hypotension treatment also creates barriers to entry due to the complex clinical development requirements and limited patient populations for clinical trials. Partnership relationships provide some defensive positioning, particularly the established commercialization infrastructure with Viatris for YUPELRI and the milestone/royalty arrangements with GlaxoSmithKline for TRELEGY. These relationships represent sunk costs and established market positions that would be difficult for competitors to replicate quickly. However, the company's moat faces significant competitive threats. In the COPD market, YUPELRI competes against established players and new entrants like ensifentrine, which could erode market share. The company lacks direct control over commercialization strategy, relying entirely on partner execution. Additionally, the biopharmaceutical industry's rapid innovation cycle means that superior treatments could emerge, particularly in the COPD space where multiple mechanisms of action are being explored. The company's financial moat is limited, with modest scale and dependence on external partnerships for both revenue generation and drug development funding. Unlike larger pharmaceutical companies with diversified portfolios, Theravance's concentrated asset base creates vulnerability to competitive or regulatory setbacks affecting its key products.
Risks & safety
Theravance presents a moderate margin of safety with solid liquidity but elevated execution risk due to its concentrated asset base and development-stage pipeline. Liquidity and Solvency: - Cash position of $131 million as of Q1 2025, with no debt - Strong current ratio of 4.77, indicating robust short-term liquidity - Positive free cash flow of $43 million in Q1 2025, showing improved cash generation - Historical cash burn averaging $10-15 million annually, manageable given current cash position Valuation Metrics: - Trading at negative P/E ratios due to ongoing losses, though improving operationally - Price-to-book ratio of 2.67, reasonable for a biopharmaceutical company - Enterprise value reflects the discount typical of small biotech companies Other Considerations: - Revenue concentration risk with 85% dependence on YUPELRI partnership - Binary clinical trial risk with ampreloxetine Phase III results expected in 2026 - Potential milestone windfalls of up to $150 million from TRELEGY could significantly improve financial position - Limited diversification compared to larger pharmaceutical companies - Orphan drug designation provides some regulatory protection for key pipeline asset
Recent development
Over the past few years, Theravance has undergone significant strategic transformation from a broad research organization to a focused commercial and late-stage development company. The company discontinued multiple early-stage research programs, including inhaled JAK inhibitor development, and reduced headcount by 17% in 2022 to improve operational efficiency. YUPELRI commercialization strategy has evolved to focus heavily on hospital channel growth, achieving remarkable success with 48% year-over-year growth in hospital doses in Q1 2025. The company has prioritized therapeutic interchange protocols, which allow hospitals to automatically substitute YUPELRI for other COPD medications, reaching nearly 19% market share in the hospital long-acting nebulizer market. This strategic pivot has improved revenue quality and margins compared to community channel sales. Ampreloxetine development represents the company's primary growth catalyst, with the Phase III CYPRESS study progressing toward completion of enrollment by mid-2025. The company has proactively begun preparing regulatory submission materials and engaged with the FDA regarding the New Drug Application process. Market research conducted by the company indicates strong physician interest in this potential first-in-class treatment for neurogenic orthostatic hypotension in MSA patients. Corporate governance and capital allocation changes include separating the CEO and Board Chair roles, with Susannah Gray elected as independent Board Chair. The company formed a strategic review committee in 2024 to explore alternatives for maximizing shareholder value, including potential asset sales or partnerships. The company completed a $325 million capital return program, reducing share count by approximately 37% since 2020. International expansion efforts include filing YUPELRI for approval in China, with potential for $7.5 million in milestone payments and additional sales-based milestones. The company expects regulatory feedback and potential approval by mid-2026, representing a significant market expansion opportunity. Partnership optimization has become a key focus, with management working to improve pricing dynamics with Viatris for YUPELRI and positioning for additional milestone payments from the TRELEGY collaboration, which could provide up to $150 million over 2025-2026 based on sales performance.
TBPH company profile · for informational purposes only — not investment advice.
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