Theravance Biopharma, Inc. Reports Record Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Theravance Biopharma reported strong financial and operational results for Q4 and FY 2024, highlighting record net sales for YUPELRI and significant milestones related to TRELEGY [2][4][5] Financial Performance - Q4 2024 US net sales for YUPELRI reached $66.7 million, a 10$238.6 million, up 8% compared to 2023 [4][5] - Global net sales for TRELEGY in Q4 2024 were $853 million, marking a 16$3.46 billion for FY 2024, a 26% increase year-over-year, triggering a $50 million milestone payment to Theravance Biopharma [3][4][5] - Total revenue for Q4 2024 was$18.8 million, entirely from Viatris collaboration revenue, which increased by 8% compared to Q4 2023 [9] Research and Development - R&D expenses for Q4 2024 were $9.5 million, compared to$8.3 million in Q4 2023, with full-year R&D expenses of $32.5 million falling within the guidance range [9][10] - The CYPRESS study is on track to enroll the final patient by mid-2025, with top-line data expected approximately six months later [4][5] Strategic Initiatives - The company formed a Strategic Review Committee to explore alternatives for unlocking shareholder value [7] - Theravance Biopharma is preparing for an expedited NDA filing post-CYPRESS readout and has received confirmation from the FDA regarding the content of a complete application [5][10] Market Position and Future Outlook - The company anticipates continued growth in YUPELRI sales, with a potential$25 million milestone payment from Viatris if YUPELRI achieves at least $250 million in US net sales in 2025 [5][10] - Royalties of up to 8.5% on TRELEGY net sales will return to Theravance Biopharma in eligible territories starting mid-2029, contributing to long-term value [5][10]