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Theravance Biopharma TBPH reported first-quarter 2025 adjusted net loss of 17 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 11 cents. In the year-ago quarter, the company had reported an adjusted loss of 9 cents per share.
The reported loss excludes share-based compensation expense, income tax benefit and non-cash interest expense. Including these items, the company incurred a loss of 27 cents per share in the first quarter compared with a loss of 24 cents in the year-ago quarter. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Total revenues in the first quarter came in at $15.4 million, also missing the Zacks Consensus Estimate of $16 million. Revenues, however, rose 6.2% year over year owing to increased collaboration revenues from partner Viatris VTRS.
Year to date, shares of Theravance have risen 5.2% against the industry’s decline of 3.1%.
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TBPH's Q1 Results in Detail
The top line fully comprised Viatris’ collaboration revenues in relation to Yupelri (revefenacin) sales.
Theravance and Viatris have collaborated for the development and commercialization of Yupelri, which is approved in the United States for the maintenance treatment of patients with chronic obstructive pulmonary disease.
Viatris and Theravance share U.S. profits and losses received in connection with the commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance receives 35%. Viatris' collaboration revenues include Theravance’s 35% share of net sales of Yupelri, as well as its proportionate amount of the total shared costs incurred by the two companies.
VTRS recognizes product sales from Yupelri and also owns a stake in Theravance. Viatris recorded $58.3 million in U.S. net sales of Yupelri in the first quarter, up 6% year over year.
Theravance has some royalty interest in GSK plc’s GSK chronic obstructive pulmonary disease (COPD) medicine, Trelegy Ellipta.
In February 2025, TBPH earned a $50 million milestone payment from partner Royalty Pharma based on Trelegy Ellipta’s net sales of $3.46 billion in 2024, as reported by GSK.
TBPH is entitled to receive a similar milestone payment of $50 million from partner Royalty Pharma if Trelegy Ellipta’s global net sales total ~$3.41 billion in 2025. In 2022, Theravance sold its economic interest in sales-based royalty rights on worldwide net sales of GSK’s Trelegy to Royalty Pharma while retaining some rights to certain future milestone payments.
Research and development expenses (excluding share-based compensation) totaled $10.4 million, up almost 40.5% from the year-ago quarter’s level. Selling, general and administrative expenses (excluding share-based compensation) increased around 13.2% year over year to $14.6 million.