Drug pricing has emerged as a key topic to watch for pharmaceutical companies and investors in 2025. As President Donald Trump pushes for lower medicine prices for Americans, the sector is facing additional pricing pressure from a Biden-era law called the Inflation Reduction Act.The IRA, voted into law in 2022, allows the Centers for Medicare & Medicaid Services (CMS) to negotiate prices for a number of drugs each year for patients in Medicare, the federal health insurance program for seniors. It's now maki ...

Financial Data and Key Metrics Changes - Theravance Biopharma achieved non-GAAP break-even in Q3 2025, reflecting strong execution and financial discipline [2][18] - The company ended the quarter with approximately $333 million in cash and no debt, indicating a robust financial position [4][18] - Collaboration revenue increased to $20 million, up 19% year-over-year, driven by YUPELRI's strong operating leverage [18] Business Line Data and Key Metrics Changes - YUPELRI net sales increased 15% year-over-year to $71.4 million, supported by strong demand growth and favorable net pricing [6][7] - Profit margins for YUPELRI reached record levels, with hospital volume increasing 29% year-over-year [7][9] - The hospital channel's share in the long-acting nebulized market reached approximately 21%, a new high since launch [7] Market Data and Key Metrics Changes - The strong growth trends for Trelegy are expected to lead to a $100 million milestone in 2026, with current sales performance exceeding required thresholds [4][17] - The company is on track to achieve near-term milestones totaling $75 million in Q4 2025, including $50 million for Trelegy and $25 million for YUPELRI [4][19] Company Strategy and Development Direction - Theravance is focused on advancing the pivotal phase III CYPRESS trial of ampreloxetine, with data readout expected in early 2026 [3][15] - The company aims to position ampreloxetine as the first precision therapy for symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy [4][15] - A new disease education campaign for healthcare professionals was launched to raise awareness of neurogenic orthostatic hypotension associated with MSA [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the CYPRESS study and the potential of ampreloxetine to be a significant value inflection point for the company [3][20] - The company is optimistic about the upcoming CYPRESS data readout, viewing it as a transformational catalyst with meaningful upside potential [20] - Management emphasized the importance of financial strength and operational efficiency in supporting future growth and capital returns to shareholders [22][23] Other Important Information - The company plans to host a KOL event for investors on December 8th to discuss the unmet medical needs of patients with MSA and the potential of ampreloxetine [4][16] - The operational execution of the CYPRESS study has been aligned with FDA guidelines, ensuring adequate powering for the trial [40] Q&A Session Summary Question: How is the company thinking about capital return to shareholders in light of Trelegy's performance? - Management highlighted the importance of financial strength and the need to evaluate capital return timing based on the execution of the CYPRESS study [22][23] Question: Are there any pipeline assets being considered for future development? - Management reiterated the focus on YUPELRI and ampreloxetine, stating that future options will be evaluated post-ampreloxetine success [25][26] Question: How does the recently published manuscript inform expectations for CYPRESS data? - Management noted that a one-point difference in the composite score is considered clinically meaningful and is crucial for the CYPRESS study [30][33] Question: Can the company share enrollment numbers for the CYPRESS study? - Management confirmed confidence in enrollment numbers and operational execution, stating that the study is adequately powered [40][41]

Financial Data and Key Metrics Changes - Theravance Biopharma achieved non-GAAP break-even in Q3 2025, reflecting strong execution and financial discipline [2][18] - The company ended the quarter with approximately $333 million in cash and no debt, indicating a solid financial position [4][18] - Collaboration revenue increased to $20 million, up 19% year-over-year, driven by UPELRI's strong performance [18] Business Line Data and Key Metrics Changes - UPELRI net sales increased 15% year-over-year to $71.4 million, supported by strong demand growth and favorable net pricing [6][18] - UPELRI's profit margins reached record levels, with hospital volume increasing 29% year-over-year [7][9] - The company is on track to achieve a $25 million milestone from Viatris based on UPELRI's year-to-date sales [3][6] Market Data and Key Metrics Changes - UPELRI's share in the long-acting nebulized hospital market reached approximately 21%, a new high since launch [7] - Strong growth trends for Trelegy are expected to lead to a $100 million milestone in 2026 [4][17] Company Strategy and Development Direction - Theravance is focused on advancing the pivotal phase III Cypress trial of ampraloxetine, with top-line results expected in early 2026 [3][15] - The company aims to position ampraloxetine as the first precision therapy for symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy [4][15] - A new disease education campaign for healthcare professionals was launched to raise awareness of neurogenic orthostatic hypotension associated with MSA [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the Cypress study and the potential of ampraloxetine to be a significant value inflection point for the company [3][20] - The company is optimistic about achieving near-term milestones totaling $75 million in Q4 2025 [4][19] - Management highlighted the importance of the upcoming Cypress data readout as a transformational catalyst for the company [20] Other Important Information - The company plans to host a KOL event for investors on December 8 to discuss the unmet medical need for patients with MSA and the potential of ampraloxetine [4][16] - The operational execution of the Cypress study has been aligned with FDA requirements, ensuring adequate powering for the trial [39] Q&A Session Summary Question: How does the company plan to balance returning capital to shareholders with the potential launch of ampraloxetine? - Management emphasized the importance of financial strength and the need to evaluate capital return timing based on the execution of the Cypress study [22][23] Question: Are there any pipeline assets being considered for future development? - Management stated that the current focus is on UPELRI and ampraloxetine, with potential evaluation of other options post-ampraloxetine success [25][27] Question: How does the recently published manuscript inform expectations for the Cypress data? - Management indicated that the publication is important for understanding the minimally clinically important difference needed for the Cypress study [30][33] Question: Can the company share enrollment numbers for the randomized withdrawal portion of the Cypress study? - Management confirmed confidence in enrollment numbers and operational execution, stating that the study is adequately powered [39][40]

Financial Data and Key Metrics Changes - Theravance Biopharma achieved non-GAAP break-even in Q3 2025, reflecting strong execution and financial discipline [3][19] - The company ended the quarter with approximately $333 million in cash and no debt, indicating a robust financial position [4][19] - Collaboration revenue increased to $20 million, up 19% year-over-year, driven by UPELRI's strong operating leverage [19] Business Line Data and Key Metrics Changes - UPELRI net sales increased 15% year-over-year to $71.4 million, supported by strong demand growth and favorable net pricing [6][19] - UPELRI's profit margins reached record levels, with hospital volume increasing 29% year-over-year [8][10] - The company is on track to achieve a $25 million milestone from Viatris based on UPELRI's year-to-date sales performance [3][4] Market Data and Key Metrics Changes - UPELRI's share in the long-acting nebulized hospital market reached approximately 21%, a new launch-to-date high [8] - The strong growth trends for Trelegy are expected to lead to a $100 million milestone in 2026, with GSK reporting $1 billion in sales for the quarter [4][18] Company Strategy and Development Direction - The company is focused on advancing the pivotal phase III Cypress trial of ampraloxetine, with top-line results expected in early 2026 [3][16] - Theravance is committed to raising awareness of neurogenic orthostatic hypotension (NOH) associated with multiple system atrophy (MSA) through a new disease education campaign [5] - The management emphasizes the importance of executing the Cypress study and preparing for the potential launch of ampraloxetine [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming Cypress data readout, viewing it as a significant milestone for the company [16][21] - The company remains optimistic about the transformational potential of ampraloxetine for patients with MSA-related NOH [4][21] - The management highlighted the importance of financial strength and operational execution in maximizing shareholder value [24][26] Other Important Information - The company plans to host a KOL event for investors on December 8 to discuss the unmet medical need for patients with MSA and the potential of ampraloxetine [4][17] - The company reiterated its expense guidance for 2025, expecting results to remain broadly consistent in Q4 [20] Q&A Session Summary Question: How is the company thinking about returning capital to shareholders while preparing for the launch of ampraloxetine? - Management emphasized the importance of financial strength and the need to evaluate capital return timing based on the execution of the Cypress study [24] Question: Are there any pipeline assets being considered for future opportunities? - Management stated that the focus remains on the success of ampraloxetine and UPELRI, with potential evaluations of other options post-launch [26] Question: How does the recently published manuscript inform expectations for the Cypress data? - The publication is important as it establishes a clinically meaningful difference that the company aims to replicate in the Cypress study [32][34] Question: Can the company share enrollment numbers for the randomized withdrawal portion of the Cypress study? - Management expressed confidence in the operational execution and stated that they believe the study is adequately powered [39][40]

29 October 2025 Q3 2025 Results Conference call and webcast for investors and analysts gsk.com Agenda Q3 2025 strong performance improves further Emma Walmsley Performance: growth drivers 2 Cautionary statement regarding forward-looking statements Luke Miels and Deborah Waterhouse Q3 2025 financial performance Julie Brown Summary and Q&A Emma Walmsley, Luke Miels, Deborah Waterhouse, Julie Brown, Tony Wood and David Redfern This presentation may contain forward-looking statements. Forward-looking statements ...

Core Points - Royalty Pharma's board of directors has approved a dividend of $0.22 per Class A ordinary share for the fourth quarter of 2025 [1] - The dividend payment date is set for December 10, 2025, with a record date of November 14, 2025 [1] Company Overview - Royalty Pharma, founded in 1996, is the largest buyer of biopharmaceutical royalties and a significant funder of innovation in the biopharmaceutical industry [2] - The company collaborates with various entities, including academic institutions, research hospitals, non-profits, small and mid-cap biotechnology companies, and leading global pharmaceutical companies [2] - Royalty Pharma's portfolio includes royalties from over 35 commercial products and 17 development-stage product candidates, entitling it to payments based on the top-line sales of leading therapies [2]

Core Points - Royalty Pharma plc has appointed Dr. Ted W. Love as Lead Independent Director, a role he will assume while continuing to chair the Nominating and Corporate Governance Committee [1][2] - Dr. Love brings extensive biopharma experience, having served in various leadership roles, including as President and CEO of Global Blood Therapeutics and as a board member of Gilead Sciences [2][3] - Royalty Pharma is recognized as the largest buyer of biopharmaceutical royalties and a significant funder of innovation in the biopharmaceutical industry, with a portfolio that includes royalties on over 35 commercial products [4] Company Overview - Founded in 1996, Royalty Pharma collaborates with a range of innovators from academic institutions to leading global pharmaceutical companies [4] - The company funds innovation both directly by co-funding late-stage clinical trials and indirectly by acquiring existing royalties from original innovators [4] - Current portfolio includes royalties from notable therapies such as Vertex's Trikafta, Johnson & Johnson's Tremfya, and Gilead's Trodelvy, among others [4]

Summary of Royalty Pharma FY Conference Call Company Overview - **Company**: Royalty Pharma (NasdaqGS:RPRX) - **Industry**: Biopharmaceutical royalties - **Market Position**: Largest buyer of biopharmaceutical royalties globally with over 50 products in its portfolio [7][9] - **Financial Metrics**: - Portfolio receipts guidance for 2025: $3.1 billion - Cash flow guidance for 2025: $2.5 billion - Market capitalization: over $20 billion - CAGR of royalty receipts: 12% since IPO [9][10][21] Core Business Model - **Investment Strategy**: Focus on high-quality, important medicines with strong data; operates as a generalist team to evaluate diverse therapeutic areas [16][27][29] - **Capital Allocation**: - $14 billion deployed since IPO - $4 billion returned through buybacks and repurchases [10][11] - **Royalty Types**: - Traditional royalties from licensing transactions - Synthetic royalties created through direct investments in companies [19][20] Growth and Market Dynamics - **Market Expansion**: Significant growth in biotech innovation leading to increased demand for diverse capital sources [11][12] - **Financial Targets**: - Portfolio receipt CAGR target of 10% or more from 2020 to 2030, currently tracking at 12% [21] - Capital deployment target of $10 billion to $12 billion over five years, already exceeding this target [22] - **Investment Returns**: - Unlevered IRR targets: high single to low double digits for approved products, teens for development stage products [23][24] Recent Transactions and Innovations - **Revolution Medicines Deal**: - $2 billion partnership allowing Revolution Medicines to maintain independence while providing significant capital for development [45][50] - Unique structure with upfront and milestone-based funding, including senior secured debt [51][52] - **Investment in Diverse Areas**: - Focus on underrepresented therapeutic areas such as migraine and psychiatry, with investments in CGRP and long-acting injectable products [36][37] Competitive Landscape - **Market Positioning**: - Unique evergreen business model allowing for lower cost of capital and flexibility in investments [40][41] - Emphasis on creating a vibrant marketplace for royalties, welcoming competition while maintaining a leadership position [43][44] Future Outlook - **Market Opportunities**: - Fragmentation in the biotech sector and increased innovation create ongoing opportunities for royalty transactions [58][59] - Potential for new royalties from licensing activities in emerging markets like China [62] - **Deal Structure Innovations**: - Plans to explore earlier-stage investments and innovative funding structures to adapt to market needs [71][72] Key Takeaways - Royalty Pharma is well-positioned in a growing market with a strong track record of capital allocation and investment returns - The company is focused on maintaining its leadership in the biopharmaceutical royalty space through innovative deal structures and strategic partnerships - Future growth is anticipated through continued investment in diverse therapeutic areas and adapting to market dynamics

Group 1 - Royalty Pharma will participate in a fireside chat at Bernstein's 2nd Annual Healthcare Forum on September 23, 2025 [1] - The webcast will be available on Royalty Pharma's "Events" page and archived for at least thirty days [1] Group 2 - Royalty Pharma, founded in 1996, is the largest buyer of biopharmaceutical royalties and a key funder of innovation in the biopharmaceutical industry [2] - The company collaborates with various entities, including academic institutions, research hospitals, non-profits, and biotechnology companies [2] - Royalty Pharma's portfolio includes royalties on over 35 commercial products and 17 development-stage product candidates [2] - Notable products in Royalty Pharma's portfolio include Vertex's Trikafta, Johnson & Johnson's Tremfya, and GSK's Trelegy among others [2]

Core Insights - Royalty Pharma plc (NASDAQ:RPRX) is highlighted as a cheap healthcare stock with strong growth and strategic expansion through acquiring and managing royalties from marketed drugs [1][3] Financial Performance - In Q2 2025, Royalty Pharma reported a 20% increase in Portfolio Receipts to $727 million and an 11% rise in Royalty Receipts to $672 million, driven by royalties from Voranigo, Trelegy, Evrysdi, and Tremfya [2] - The company priced $2 billion in senior unsecured notes in early September 2025 to strengthen liquidity for future royalty acquisitions and investments [5] Strategic Developments - A significant milestone was the acquisition of RP Management, LLC in May 2025, which consolidates intellectual capital and streamlines operations, marking a shift towards a fully integrated public company [3] - Royalty Pharma announced a $2 billion funding arrangement with Revolution Medicines in September, including a synthetic royalty on daraxonrasib, a Phase 3 therapy targeting RAS-addicted cancers [4] Market Engagement - The company released a Deloitte-conducted biopharma royalty market study on September 10, indicating its leadership and active engagement with industry trends that shape its business model and strategy [5]