Analogy 1: Like Vertex Pharmaceuticals, but specializing in treatments for respiratory and inflammatory diseases.

Analogy 2: A focused biopharmaceutical company, similar to a smaller GSK, concentrating on developing and commercializing drugs for respiratory and inflammatory conditions.

• TRELEGY ELLIPTA: A royalty-generating inhaled triple-therapy medication for the maintenance treatment of COPD and asthma, marketed by GSK.
• YUPELRI: A royalty-generating once-daily nebulized bronchodilator for COPD, marketed by Viatris.
• Ampreloxetine (TD-9855): An investigational drug in Phase 3 clinical trials for symptomatic neurogenic orthostatic hypotension (nOH).

Theravance Biopharma (TBPH) is a biopharmaceutical company that primarily sells its products and intellectual property rights to other companies, often through collaboration and commercialization agreements.

Its major customer/partner is:

• Viatris Inc. (Symbol: VTRS)

Viatris Inc. is Theravance Biopharma's commercialization partner for YUPELRI^® (revefenacin), a long-acting muscarinic antagonist (LAMA) for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD) in the U.S. Theravance Biopharma receives collaboration revenue, including royalties and milestone payments, from Viatris related to this partnership.

Rick E. Winningham Chairman and Chief Executive Officer

Mr. Winningham has served as Chairman of the board of directors of Theravance Biopharma, Inc. since July 2013 and as Chief Executive Officer since its spin-off from Theravance, Inc. (later renamed Innoviva, Inc.) in June 2014. Prior to this, he was the Chief Executive Officer of Theravance, Inc. from October 2001 to August 2014, and also its Chairman from April 2010 to October 2014. From 1997 to 2001, he held leadership roles at Bristol-Myers Squibb, serving as President of Bristol-Myers Squibb Oncology/Immunology/Oncology Therapeutics Network and, from 2000 to 2001, as President of Global Marketing. Over a fifteen-year period starting in 1986, he held various U.S. and global management positions with Bristol-Myers Squibb and its predecessor. During his tenure at Bristol-Myers Squibb, he was involved in the development and commercialization of major pharmaceutical products.

Aziz Sawaf Senior Vice President and Chief Financial Officer

Mr. Sawaf has served as Chief Financial Officer and Senior Vice President of Operations Strategy since March 2025, having previously served as Chief Financial Officer from January 2023 to February 2025. He also held the position of Vice President of Finance and was a member of the Senior Leadership Team from October 2021 to December 2022. Mr. Sawaf joined Theravance Biopharma in June 2014 and has advanced through various finance roles within the company. Before joining Theravance Biopharma, he spent four years at Gilead Sciences in several finance roles supporting commercial and R&D organizations. Prior to Gilead Sciences, Mr. Sawaf worked at Amgen, in consulting, and in internet start-up finance.

Rhonda F. Farnum Senior Vice President, Commercial and Medical Affairs and Chief Business Officer

Ms. Farnum was appointed Chief Business Officer and Senior Vice President, Commercial and Medical Affairs in December 2021. She joined Theravance Biopharma in July 2018 as Vice President, Sales and Marketing. Before her time at Theravance Biopharma, Ms. Farnum led marketing efforts for multiple products in Amgen, Inc.'s oncology business unit from June 2015 to July 2018.

Brett A. Grimaud Senior Vice President, General Counsel and Secretary

Mr. Grimaud has served as Senior Vice President, General Counsel and Secretary since June 2022, after previously serving as Vice President and General Counsel from October 2021 to June 2022. He joined Theravance Biopharma in June 2014 and has held various roles of increasing responsibility within the legal organization. Before the spin-off from Innoviva, Mr. Grimaud was Senior Director and Senior Corporate Counsel at Innoviva from January 2012 to June 2014.

Áine Miller Senior Vice President, Development and Head of Ireland Office

Dr. Miller was appointed Senior Vice President of Development in November 2023, where she is responsible for leading the progression of late-stage clinical assets through regulatory filing and approval. She also serves as the head of the Theravance Biopharma Ireland office.

The key risks to Theravance Biopharma (TBPH) are primarily related to its product pipeline and commercialization, financial viability, and the challenging regulatory and competitive landscape.

1. Pipeline Development and Revenue Concentration: Theravance Biopharma's future prospects heavily depend on the successful clinical development and regulatory approval of its pipeline candidates, particularly ampreloxetine. There is a high degree of risk associated with clinical trials, and delays, such as those experienced with the Phase III CYPRESS study for ampreloxetine, can significantly impact the company's growth prospects. Furthermore, the company exhibits a high dependence on its sole marketed product, YUPELRI, for profit-sharing revenues. Any regulatory setbacks for pipeline candidates or the termination of collaboration agreements, such as a potential agreement termination with Viatris concerning YUPELRI, could severely hurt the company's financial performance and stock value.
2. Financial Viability and Reimbursement Challenges: Theravance Biopharma faces significant financial risks, including a notable probability of bankruptcy within the next 24 months, influenced by its fundamentals and market conditions. A critical challenge is securing adequate coverage and reimbursement for its products, which is essential for market penetration and revenue generation. The intensifying cost-containment measures by payors and their scrutiny of drug pricing and value could undermine the company's profitability and commercial strategy.
3. Regulatory and Competitive Environment: The biopharmaceutical industry operates within a tough regulatory environment, making the approval process for new pipeline candidates increasingly challenging. Additionally, Theravance Biopharma faces stiff competition in its target markets. Changes in the regulatory landscape, such as the US Inflation Reduction Act (IRA) of 2022, which allows for Medicare drug price negotiations, could negatively impact the pricing power and profitability of future small-molecule drugs developed by the company.

Theravance Biopharma (TBPH) has key products and pipeline candidates addressing various markets:

• YUPELRI (revefenacin): This product is marketed in the U.S. for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD). The U.S. net sales for YUPELRI reached $238.6 million in fiscal year 2024. In the third quarter of 2025, U.S. net sales were $71.4 million. Globally, the COPD drug market surpassed $12 billion in 2020 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.5% through 2028. The estimated top-line revenues for YUPELRI could approach $700 million annually in five years with expanded adoption.
• TRELEGY (fluticasone furoate/umeclidinium/vilanterol - FF/UMEC/VI): Theravance Biopharma holds an economic interest in this product, which is partnered with GlaxoSmithKline (GSK) and approved for COPD and asthma. Global net sales for TRELEGY were approximately $3.46 billion in fiscal year 2024. The global respiratory market generated approximately $29 billion in 2022. In 2023, TRELEGY accounted for an estimated 45% of the triple inhaler market share in the U.S. and EU markets, with sales reaching approximately $2.8 billion globally. The COPD market in the seven major markets (U.S., France, Germany, Italy, Spain, UK, and Japan) is projected to grow from $11.5 billion in 2023 to $30.8 billion in 2033. Global sales for TRELEGY are forecasted to reach nearly $3.8 billion by 2027.
• Ampreloxetine: This is an investigational, once-daily norepinephrine reuptake inhibitor (NRI) in Phase 3 development for the treatment of symptomatic neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA). This product has the potential to be a first-in-class therapy. A specific addressable market size in dollars for symptomatic nOH or MSA was not identified.
• TD-0714: This is an investigational anti-neprilysin drug in development for the treatment of chronic heart failure. The global anti-neprilysin market is estimated to be valued at $1,381.9 million in 2025 and is expected to reach $1,893.2 million by 2032, exhibiting a CAGR of 4.6% from 2025 to 2032. In the U.S. alone, there are six million patients diagnosed with chronic heart failure.

1. Continued Growth of YUPELRI (revefenacin) Sales: YUPELRI, a once-daily nebulized LAMA for COPD, has consistently demonstrated strong growth. In Q3 2025, U.S. net sales reached an all-time high of $71.4 million, increasing 15% year-over-year, driven by 6% year-over-year customer demand growth and improved net pricing due to a favorable channel mix. The hospital channel has been a significant contributor, with doses pulled through increasing by 29% year-over-year in Q3 2025. Theravance Biopharma's implied 35% share of YUPELRI net sales also increased by 15% in Q3 2025 compared to the same period in 2024. The company is also on track to trigger a $25 million milestone payment from Viatris if YUPELRI achieves $250 million in U.S. net sales for 2025.
2. TRELEGY ELLIPTA Milestone Payments: While Theravance Biopharma sold its remaining royalty interest in TRELEGY ELLIPTA to GSK, it is still eligible for significant milestone payments based on global net sales. The company is on track to receive a $50 million milestone payment in 2025 if TRELEGY global net sales exceed approximately $3.4 billion. Furthermore, a $100 million milestone payment is anticipated in 2026 if global net sales reach approximately $3.5 billion.
3. Potential Launch of Ampreloxetine: Ampreloxetine, an investigational treatment for symptomatic neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA), is a key pipeline asset. The open-label portion of the pivotal Phase 3 CYPRESS study is complete, and top-line data are expected in Q1 2026. Positive results could lead to an expedited New Drug Application (NDA) and a request for priority review, potentially paving the way for a new product launch and significant revenue generation in the future.
4. International Expansion of YUPELRI: The approval of YUPELRI in China in Q2 2025 triggered a $7.5 million milestone payment from Viatris. This market expansion presents an opportunity for future revenue growth through tiered royalties of 14% to 20% on Chinese sales.