Theravance Biopharma, Inc. Q3 FY2025 earnings call

• Commercial business: YUPELRI had record net sales and profitability, with year-to-date sales on track to trigger a $25 million milestone from Viatris. Hospital channel growth with 29% increase in volume and 21% share in long-acting nebulized hospital market.
• Ampreloxetine: On track for Phase III Cyprus data readout in early 2026, which could be transformational. Plan to host KOL event on December 8, 2025.
• Financials: Q3 collaboration revenue $20M, up 19% YOY. Non-GAAP breakeven achieved. Ended Q3 with $333M cash, no debt.

Commercial Business: YUPELRI, the durable cash-generating asset, had third quarter net sales increase 15% year over year to $71.4 million, driven by strong demand growth (up 6% YOY) and favorable net pricing. Hospital volume increased 29% vs 2024, and YUPELRI share in the long-acting nebulized hospital market reached ~21%. Ampreloxetine: On track to deliver top-line results from the pivotal Phase III Cyprus study in 2026, a milestone seen as a potential material value inflection point. Financials: Collaboration revenue increased to $20 million, up 19% YOY. Non-GAAP breakeven achieved. Ended Q3 with $333 million in cash and no debt.

• Reiterating all expense guidance ranges for Q3. Expect Q4 results to be broadly consistent with Q3, excluding $75 million in milestones expected in Q4 ($25M for YUPELRI, $50M for Trelegy) to be received in 2026. Focus on operating leverage and cost discipline.

Risk factors related to forward-looking statements, which could cause actual results to differ from projections, as detailed in SEC filings.

Q: Given continued outperformance in Trelegy and potential additional cash, how is the company thinking about capital return and future pipeline assets?

A: The company's board reviews timing and amount of capital return. Currently, focus is on growing YUPELRI and finishing ampreloxetine clinical study. Once those objectives are achieved, will evaluate other options to increase shareholder value.

Q: How does the recently published manuscript detailing the MCID for the OHSA composite score inform expectations for top-line Cyprus data?

A: Having such data is crucial for the brand. Team is focused on getting data into manuscript form, and the data supports YUPELRI's promotion in the hospital space. The MCID publication is important for the Cyprus study as a one-point change is considered clinically meaningful.

Q: Can you share how many patients have enrolled in the randomized withdrawal portion of the Cyprus study and if it's sufficient for powering?

A: While specific enrollment numbers aren't shared, the company remains confident in operational execution and believes it has a sufficiently powered study, with disclosure of specific numbers to come with the data readout in early 2026.