Theravance's Q2 Loss Narrower Than Expected, Revenues Rise Y/Y

Core Insights - Theravance Biopharma (TBPH) reported a narrower adjusted net loss of 8 cents per share for Q2 2025, compared to the expected loss of 14 cents and a loss of 13 cents in the same quarter last year [1][7] - Total revenues for Q2 reached $26.2 million, exceeding the Zacks Consensus Estimate of $17 million, and reflecting an 83.2% year-over-year increase driven by collaboration and licensing revenues [2][7] - Year-to-date, Theravance's shares have increased by 26.6%, outperforming the industry average rise of 5.3% [2] Financial Performance - Revenues from the collaboration with Viatris related to Yupelri sales amounted to $18.7 million, marking a 31% increase year-over-year [8] - Viatris reported U.S. net sales of Yupelri at $66.3 million for Q2, a 22% increase year-over-year, indicating strong demand growth [5][7] - The company received a milestone payment of $7.5 million from Viatris following Yupelri's approval in China [8] Expenses and Financial Guidance - Research and development expenses (excluding share-based compensation) totaled $9.5 million, an increase of nearly 8% from the previous year [9] - Selling, general, and administrative expenses (excluding share-based compensation) rose approximately 16.4% year-over-year to $12.8 million [9] - Theravance reaffirmed its financial guidance for 2025, expecting adjusted R&D expenses between $32 million and $38 million, and SG&A expenses between $50 million and $60 million [10] Pipeline and Strategic Updates - Theravance is developing ampreloxetine, a norepinephrine reuptake inhibitor for treating symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy [11] - The phase III CYPRESS study for ampreloxetine is expected to complete patient enrollment by late summer, with top-line data anticipated six months post-enrollment [12] - Theravance sold its remaining royalty interest in Trelegy Ellipta to GSK for $225 million, marking a strategic move to maximize shareholder value [13]