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Theravance Biopharma(TBPH) - 2024 Q4 - Annual Results
TBPHTheravance Biopharma(TBPH)2025-02-26 21:13

Financial Performance - Theravance Biopharma reported record Q4 2024 net sales of YUPELRI at 66.7million,anincreaseof1066.7 million, an increase of 10% year-over-year, and total FY 2024 net sales of 238.6 million, up 8% compared to 2023[6]. - FY 2024 TRELEGY global net sales reached 3.46billion,a263.46 billion, a 26% increase from 2023, triggering a 50 million milestone payment to Theravance Biopharma[6][8]. - Total revenue for Q4 2024 was 18,754,000,anincreasefrom18,754,000, an increase from 17,565,000 in Q4 2023, representing a growth of 6.8%[32]. - YUPELRI net sales recorded by Viatris for Q4 2024 were 66,680,000,comparedto66,680,000, compared to 60,644,000 in Q4 2023, indicating a year-over-year increase of 9.4%[32]. Expenses - R&D expenses for Q4 2024 were 9.5million,comparedto9.5 million, compared to 8.3 million in Q4 2023, while SG&A expenses increased to 18.5millionfrom18.5 million from 15.5 million in the same period[12]. - The company expects full-year 2025 R&D expenses to be between 32millionand32 million and 38 million, and SG&A expenses to be between 50millionand50 million and 60 million, excluding share-based compensation[18]. - Research and development expenses for Q4 2024 were 9,452,000,upfrom9,452,000, up from 8,314,000 in Q4 2023, marking an increase of 13.7%[32]. - Selling, general and administrative expenses for Q4 2024 totaled 18,502,000,comparedto18,502,000, compared to 15,492,000 in Q4 2023, an increase of 19.5%[32]. Net Loss - Theravance Biopharma's net loss for Q4 2024 was 15.5million,comparedtoanetlossof15.5 million, compared to a net loss of 8.5 million in Q4 2023, with a non-GAAP net loss of 2.5million[12].−ThenetlossforQ42024was2.5 million[12]. - The net loss for Q4 2024 was 15,528,000, compared to a net loss of 8,511,000inQ42023,reflectingadeteriorationof82.58,511,000 in Q4 2023, reflecting a deterioration of 82.5%[32]. - Non-GAAP net loss for Q4 2024 was 2,472,000, a decrease from a non-GAAP net income of 1,431,000inQ42023[35].CashandAssets−ThecompanyendedQ42024with1,431,000 in Q4 2023[35]. Cash and Assets - The company ended Q4 2024 with 88 million in cash, excluding the 50millionTRELEGYmilestone,withcashreceiptexpectedinFebruary2025[6].−Cashandcashequivalentsdecreasedto50 million TRELEGY milestone, with cash receipt expected in February 2025[6]. - Cash and cash equivalents decreased to 88,350,000 as of December 31, 2024, down from 102,426,000asofDecember31,2023,adeclineof13.8102,426,000 as of December 31, 2023, a decline of 13.8%[30]. - Total current assets increased to 161,067,000 as of December 31, 2024, compared to 133,541,000asofDecember31,2023,representingagrowthof20.6133,541,000 as of December 31, 2023, representing a growth of 20.6%[30]. - Future contingent milestone and royalty assets decreased to 144,200,000 as of December 31, 2024, down from 194,200,000asofDecember31,2023,adeclineof25.8194,200,000 as of December 31, 2023, a decline of 25.8%[30]. - Shareholders' equity decreased to 175,545,000 as of December 31, 2024, compared to $212,995,000 as of December 31, 2023, a decrease of 17.6%[30]. Strategic Initiatives - Theravance Biopharma formed a Strategic Review Committee to assess strategic alternatives aimed at unlocking shareholder value[10]. - The CYPRESS study is on track to enroll the final patient in mid-2025, with top-line data anticipated approximately six months later[9]. - Ampreloxetine, an investigational drug for symptomatic neurogenic orthostatic hypotension, is preparing for an expedited NDA filing post-CYPRESS readout[9][16]. Market Demand - Customer demand for YUPELRI grew by 9% in Q4 2024 compared to Q3 2024, and doses sold into the hospital channel increased by 49% year-over-year[9].