Theravance Biopharma, Inc. Q3 FY2024 earnings call

• CEO Rick Winningham opened the call, noting the need to review forward-looking statements disclaimer. • Board separated CEO and Chair roles, with Susannah Gray elected Chair. Formed a strategic review committee to explore alternatives for key assets. • YUPELRI had 7% year-over-year net sales growth to $62 million, with 14% demand increase and sequential improvement in pricing and channel mix. • Trelegy sales at $789 million for the quarter, with potential to achieve $50 million 2024 sales milestone if fourth quarter sales exceed ~$610 million. • Ampreloxetine's CYPRESS study progressed, with enrollment on track and engagement with scientific community.

YUPELRI: Sequentially improved quarterly net sales, with 7% year-on-year growth and 14% quarter-on-quarter to $62.2 million. Third quarter YUPELRI demand increased 14% and hospital doses increased 40% versus the same period a year ago. Revenue contribution from YUPELRI is significant. Trelegy: GSK delivered $789 million for the quarter, with year-to-date sales at $2.6 billion, up 30%. Ampreloxetine: Made solid progress on the pivotal CYPRESS study, remaining on target to achieve updated timelines.

• Reaffirmed Q4 2024 guidance with R&D expenses slightly higher than Q3 due to CYPRESS study progression, SG&A expenses similar to Q3. • Full-year 2024 expected near midpoint of guidance for R&D and SG&A. • Non-GAAP results and cash burn in Q4 consistent with Q3. • Expect higher non-cash tax charge in Q4 2024. • Minimal cash burn in 2025 to progress CYPRESS study.

• Risk of actual results differing from forward-looking statements as described in SEC filings. • Uncertainty around Trelegy sales impacting royalty milestones. • Potential challenges in CYPRESS study outcomes affecting Ampreloxetine's commercialization. • Market conditions impacting YUPELRI's pricing and demand.

Q: Curious if seeing changes in YUPELRI prescribing patterns post ensifentrine launch?

A: Rhonda Farnum noted anecdotal feedback of concomitant use with ensifentrine. Aine Miller said full visibility into Med B prescribing needed another quarter.

Q: On site activations for CYPRESS study?

A: Unidentified Company Representative said vast majority of sites now activated.

Q: On YUPELRI's ASP impact and future expectations?

A: Rhonda Farnum said ASP improvement will continue into early 2025, with strong demand growth seen for two quarters.

Q: On strategic review committee prompting and ideal outcome?

A: Rick Winningham said Board formed committee to evaluate alternatives to unlock asset value for shareholders.