Theravance Biopharma, Inc. Announces Q1 2024 Financial Results and Business Update

Theravance Biopharma, Inc. reported impressive financial and operational results for the first quarter of 2024. CEO Rick E Winningham highlighted the company's strong momentum in YUPELRI sales and its focus on progressing the CYPRESS study for ampreloxetine.

The key financial highlights included a significant rise in net sales of YUPELRI® (revefenacin), an inhalation solution for chronic obstructive pulmonary disease (COPD), which reached $55.2 million, marking an 18% increase compared to Q1 2023. Additionally, the revenue from its collaboration with Viatris surged by 39% to $14.5 million, reflecting improved margins. The end-of-quarter cash balance stood at $100 million, indicating a solid financial position.

YUPELRI, the first and only once-daily, nebulized, long-acting muscarinic agent (LAMA) bronchodilator approved for COPD maintenance treatment in the U.S., saw substantial growth. The sales in the hospital channel grew by 31% year-over-year, and market share in both community and hospital settings rose to 30.5% and 16.6%, respectively, from 28.0% and 15.0% in Q1 2023.

Ampreloxetine, under investigation as a treatment for symptomatic neurogenic orthostatic hypotension (nOH) in multiple system atrophy (MSA) patients, continued to make strides. A virtual Key Opinion Leader event is scheduled for May 23, 2024, to discuss further developments. The CYPRESS study, a global Phase 3 trial for ampreloxetine, continues its enrollment, with expectations to complete the open-label period's enrollment in the latter half of 2024.

Financially, Theravance recorded a total revenue of $14.5 million for Q1 2024, consisting solely of Viatris collaboration revenue. This marks a 39% increase from the same period in 2023. The company's share of YUPELRI sales was implied at $19.3 million for the quarter, an 18% increase year-over-year.

R&D expenses dropped to $9.0 million from $14.6 million in Q1 2023, including $1.5 million in share-based compensation. SG&A expenses were also reduced to $16.7 million from $19.2 million in the previous year, with $3.7 million allocated to share-based compensation. Overall, share-based compensation for Q1 2024 was $5.2 million, down from $7.0 million in Q1 2023.

The net loss for the first quarter was $11.7 million, significantly lower than the $22.1 million loss in Q1 2023. On a non-GAAP basis, the net loss from operations was $4.5 million, compared to $14.9 million in the previous year, showing improved operational efficiency.

Theravance also provided financial guidance for 2024, expecting R&D expenses (excluding share-based compensation) to range between $30 million and $36 million, and SG&A expenses between $45 million and $55 million. Share-based compensation expenses are projected to be between $18 million and $22 million. The company anticipates a non-GAAP net loss in the first half of 2024, approaching break-even by the second half, with limited cash burn throughout the year.

In addition to YUPELRI and ampreloxetine, Theravance looks forward to potential milestone payments from Royalty Pharma related to TRELEGY sales. GSK reported global net sales of $749 million for TRELEGY in Q1 2024, a 32% increase from the previous year. If TRELEGY's sales reach approximately $2.9 billion in 2024, Theravance will receive a $25 million milestone payment, with an additional $25 million if sales exceed $3.2 billion.

Theravance remains committed to advancing its pipeline, leveraging its expertise to develop impactful therapies like YUPELRI and ampreloxetine, and driving shareholder value.