Theravance Biopharma (TBPH)
Market Price (4/7/2026): $16.1 | Market Cap: $818.8 MilSector: Health Care | Industry: Biotechnology
Theravance Biopharma (TBPH)
Market Price (4/7/2026): $16.1Market Cap: $818.8 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 29% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 67% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 222%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 222% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Weak multi-year price returns3Y Excs Rtn is -14% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.4% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% Key risksTBPH key risks include [1] a high dependence on the clinical success of its pipeline candidate, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 29% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 67% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 222%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 222% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns3Y Excs Rtn is -14% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.4% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Key risksTBPH key risks include [1] a high dependence on the clinical success of its pipeline candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Failure of the Ampreloxetine Phase 3 CYPRESS Study.
Theravance Biopharma announced on March 3, 2026, that its pivotal Phase 3 CYPRESS study for ampreloxetine, a key drug candidate for symptomatic neurogenic orthostatic hypotension, did not meet its primary endpoint. This significant company-specific news led to a substantial decline in the stock price, with shares plummeting between 26% and 29% in a single trading session. The ampreloxetine program was subsequently wound down.
2. Organizational Restructuring and R&D Wind-Down.
In response to the failed clinical trial, Theravance Biopharma initiated an organizational restructuring. This involved winding down the entire research and development function and significantly reducing general and administrative staff, impacting approximately 50% of its workforce. The restructuring is projected to reduce operating expenses by about 60%, equating to approximately $70 million in annualized cost savings, signaling a major shift in the company's operational strategy and future growth drivers.
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Stock Movement Drivers
Fundamental Drivers
The -13.9% change in TBPH stock from 12/31/2025 to 4/6/2026 was primarily driven by a -76.0% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.71 | 16.10 | -13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 80 | 107 | 33.8% |
| Net Income Margin (%) | 36.5% | 98.5% | 169.7% |
| P/E Multiple | 32.2 | 7.7 | -76.0% |
| Shares Outstanding (Mil) | 51 | 51 | -0.7% |
| Cumulative Contribution | -13.9% |
Market Drivers
12/31/2025 to 4/6/2026| Return | Correlation | |
|---|---|---|
| TBPH | -13.9% | |
| Market (SPY) | -5.4% | 19.2% |
| Sector (XLV) | -5.5% | 26.6% |
Fundamental Drivers
The 10.3% change in TBPH stock from 9/30/2025 to 4/6/2026 was primarily driven by a 483.8% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.60 | 16.10 | 10.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 77 | 107 | 39.2% |
| Net Income Margin (%) | 16.9% | 98.5% | 483.8% |
| P/E Multiple | 56.2 | 7.7 | -86.2% |
| Shares Outstanding (Mil) | 50 | 51 | -1.3% |
| Cumulative Contribution | 10.3% |
Market Drivers
9/30/2025 to 4/6/2026| Return | Correlation | |
|---|---|---|
| TBPH | 10.3% | |
| Market (SPY) | -2.9% | 17.4% |
| Sector (XLV) | 5.6% | 33.4% |
Fundamental Drivers
The 80.3% change in TBPH stock from 3/31/2025 to 4/6/2026 was primarily driven by a 66.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.93 | 16.10 | 80.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 64 | 107 | 66.9% |
| P/S Multiple | 6.8 | 7.6 | 11.4% |
| Shares Outstanding (Mil) | 49 | 51 | -3.0% |
| Cumulative Contribution | 80.3% |
Market Drivers
3/31/2025 to 4/6/2026| Return | Correlation | |
|---|---|---|
| TBPH | 80.3% | |
| Market (SPY) | 16.3% | 18.7% |
| Sector (XLV) | 1.6% | 23.8% |
Fundamental Drivers
The 48.4% change in TBPH stock from 3/31/2023 to 4/6/2026 was primarily driven by a 823.1% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.85 | 16.10 | 48.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51 | 107 | 109.3% |
| Net Income Margin (%) | 1698.5% | 98.5% | -94.2% |
| P/E Multiple | 0.8 | 7.7 | 823.1% |
| Shares Outstanding (Mil) | 67 | 51 | 32.4% |
| Cumulative Contribution | 48.4% |
Market Drivers
3/31/2023 to 4/6/2026| Return | Correlation | |
|---|---|---|
| TBPH | 48.4% | |
| Market (SPY) | 63.3% | 18.3% |
| Sector (XLV) | 18.3% | 18.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TBPH Return | -38% | 2% | 0% | -16% | 99% | -14% | -10% |
| Peers Return | 16% | 11% | 24% | -5% | 17% | 4% | 86% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| TBPH Win Rate | 42% | 58% | 42% | 42% | 58% | 25% | |
| Peers Win Rate | 50% | 52% | 56% | 50% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TBPH Max Drawdown | -62% | -25% | -25% | -32% | -12% | -27% | |
| Peers Max Drawdown | -13% | -12% | -11% | -10% | -11% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INVA, REGN, VRTX, AMGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/6/2026 (YTD)
How Low Can It Go
| Event | TBPH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -69.9% | -25.4% |
| % Gain to Breakeven | 231.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -52.6% | -33.9% |
| % Gain to Breakeven | 111.1% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -63.3% | -19.8% |
| % Gain to Breakeven | 172.8% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to INVA, REGN, VRTX, AMGN
In The Past
Theravance Biopharma's stock fell -69.9% during the 2022 Inflation Shock from a high on 4/21/2021. A -69.9% loss requires a 231.8% gain to breakeven.
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About Theravance Biopharma (TBPH)
AI Analysis | Feedback
A specialized GSK or AstraZeneca focused on respiratory and inflammatory diseases.
A Gilead Sciences for respiratory and inflammatory drug development.
AI Analysis | Feedback
- YUPELRI: A once-daily, nebulized long-acting muscarinic antagonist used for the treatment of chronic obstructive pulmonary disease (COPD).
- Izencitinib: A gut-selective pan-Janus kinase (JAK) inhibitor in advanced clinical trials for rheumatoid arthritis, myelofibrosis, and inflammatory intestinal diseases including ulcerative colitis.
- Ampreloxetine: An investigational norepinephrine reuptake inhibitor that has completed Phase III study for neurogenic orthostatic hypotension.
- Nezulcitinib: A lung-selective, nebulized JAK inhibitor in Phase II clinical development for the potential treatment of hospitalized patients with acute lung injury caused by COVID-19.
- Inhaled ALK5i: A potential inhaled anti-fibrotic agent in Phase I for the treatment of idiopathic pulmonary fibrosis.
- TD-5202: An investigational, orally administered, gut-selective, irreversible JAK3 inhibitor in Phase I clinical study for treatment of inflammatory intestinal diseases.
- TRELEGY: A treatment for chronic obstructive pulmonary disease (COPD) and asthma.
- Velusetrag: An oral and investigational medicine for gastrointestinal motility disorders.
- Selective 5-HT4 Agonist: An investigational medicine for the treatment of gastrointestinal motility disorders.
AI Analysis | Feedback
Theravance Biopharma (TBPH) primarily sells to other companies through licensing and collaboration agreements for the development and commercialization of its pharmaceutical products. Its major customers/partners include:
- Pfizer Inc. (PFE)
- Viatris Inc. (VTRS)
- Janssen Biotech, Inc. (a subsidiary of Johnson & Johnson, JNJ)
- Alfasigma S.p.A
- Takeda Pharmaceutical Company Limited (TAK)
AI Analysis | Feedback
nullAI Analysis | Feedback
Rick E. Winningham, Chief Executive Officer and Chairman
Rick E. Winningham has served as the Chief Executive Officer of Theravance Biopharma since its spin-off from Innoviva in June 2014, and as Chairman of the board of directors since July 2013. Prior to this, he served as Chief Executive Officer of Innoviva from October 2001 to August 2014, and as Chairman of Innoviva's board from April 2010 to October 2014. From 1997 to 2001, he held positions at Bristol-Myers Squibb, including President of Oncology/Immunology/Oncology Therapeutics Network and President of Global Marketing. During his 15-year tenure with Bristol-Myers Squibb, he held various U.S. and global management positions and was associated with the development and commercialization of several major pharmaceutical products. Mr. Winningham serves on the board of directors for Jazz Pharmaceuticals plc and the Biotechnology Industry Organization (BIO), and previously chaired the California Life Sciences Association (CLSA).
Aziz Sawaf, Chief Financial Officer and Senior Vice President of Operations Strategy
Aziz Sawaf assumed the role of Chief Financial Officer and Senior Vice President of Operations Strategy in 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 held various finance roles of increasing responsibility within the company. Before joining Theravance Biopharma, he spent four years in finance roles supporting the Commercial and R&D organizations at Gilead Sciences.
Rhonda Farnum, Chief Business Officer and Senior Vice President, Commercial and Medical Affairs
Rhonda 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, where she became responsible for the commercial execution of the company's branded products, including sales, marketing, and managed markets. Prior to her time at Theravance Biopharma, Ms. Farnum led marketing efforts for multiple products within Amgen, Inc.'s oncology business unit from June 2015 to July 2018.
Brett A. Grimaud, Senior Vice President, General Counsel and Secretary
Brett A. Grimaud has served as Senior Vice President, General Counsel and Secretary since June 2022, following his role as Vice President and General Counsel from October 2021 to June 2022. He joined Theravance Biopharma in June 2014 and has progressed through various roles of increasing responsibility within the legal department. Before the spin-off from Innoviva, Mr. Grimaud was Senior Director and Senior Corporate Counsel at Innoviva from January 2012 to June 2014.
Brett K. Haumann, M.D., M.B.A., Chief Medical Officer and Senior Vice President of Clinical Development
Dr. Brett K. Haumann joined Theravance Biopharma in June 2014, concurrent with the company's spin-off from Innoviva. He initially joined Innoviva as Vice President, Clinical Development, in October 2013, and later became Vice President, Clinical Development and Operations for Innoviva in March 2014. In December 2014, he was appointed Senior Vice President, Clinical Development at Theravance Biopharma. Dr. Haumann previously served as Chief Medical Officer and on the board of directors of Circassia Limited from September 2012 to June 2013, and on the board of directors of Reacta Biotech LTD from June 2014 to November 2016.
AI Analysis | Feedback
The key risks for Theravance Biopharma (TBPH) are primarily centered around the inherent challenges of drug development, commercialization of its sole approved product, and underlying financial uncertainties, particularly following recent significant clinical setbacks.
1. Clinical Trial Failures and Pipeline Dependence
Theravance Biopharma faces a significant risk from the potential failure of its drug candidates in clinical trials and its substantial dependence on the success of its product pipeline. This risk was recently underscored by the announcement in March 2026 that its Phase 3 CYPRESS study for ampreloxetine, an investigational norepinephrine reuptake inhibitor for neurogenic orthostatic hypotension, failed to meet its primary endpoint. This failure led the company to wind down the ampreloxetine program and resulted in a notable decline in its share price. Previous setbacks also include the failure of its oral JAK-inhibitor candidate, izencitinib, in a Phase IIb study for ulcerative colitis and nezulcitinib for acute lung injury in COVID-19 patients. Such failures necessitate costly organizational restructuring, including a significant reduction in workforce and operating expenses, and severely impact future revenue streams and growth potential.
2. Financial Instability and Strategic Uncertainty
Theravance Biopharma exhibits signs of financial instability and faces strategic uncertainty regarding its future direction. Despite some positive financial indicators, the company's Altman Z-Score of 1.44 places it in the "distress zone," indicating a potential risk of bankruptcy within the next two years. Additionally, insider activity has shown a trend of selling shares. Following the ampreloxetine trial failure, the company's board has accelerated its strategic review to evaluate alternatives, including a potential sale of the company, which suggests significant underlying challenges and an uncertain long-term outlook.
3. Commercialization Challenges and Market Competition for YUPELRI
With the significant reduction in its research and development efforts and the wind-down of pipeline programs, Theravance Biopharma's business is becoming increasingly reliant on the commercial success of its sole approved product, YUPELRI (revefenacin), for the treatment of chronic obstructive pulmonary disease (COPD). While YUPELRI has U.S. intellectual property protection into 2039, it operates in a competitive market. The company faces risks related to increasing competition from generic formulations, challenges in obtaining and maintaining favorable payer coverage, and other market dynamics that could hinder its sales growth and profitability.
AI Analysis | Feedback
nullAI Analysis | Feedback
The addressable markets for Theravance Biopharma's main products or services are as follows:
- YUPELRI (Chronic Obstructive Pulmonary Disease - COPD): The global COPD treatment market was estimated to be approximately $11.2 billion in 2023. YUPELRI aims to serve roughly 15 million COPD patients in the U.S. and broader markets, holding an estimated 2-3% of the inhaled COPD drug segment. The overall COPD market in the seven major markets (7MM: U.S., France, Germany, Italy, Spain, U.K., and Japan) is projected to grow from $11.5 billion in 2023 to $30.8 billion in 2033.
-
Izencitinib:
- Myelofibrosis: The myelofibrosis market size in the 7MM (U.S., EU4: Germany, Italy, France, and Spain, U.K., and Japan) was approximately USD 2.2 billion in 2024 and is projected to reach USD 5,638 million in 2034, with a Compound Annual Growth Rate (CAGR) of 9% from 2025 to 2034. The global myelofibrosis treatment market size is estimated to be valued at USD 1.2 billion in 2025 and is expected to reach USD 2.75 billion by 2032, exhibiting a CAGR of 12.3% from 2025 to 2032.
- Ulcerative Colitis: Null
- Crohn's Disease: The therapeutic market size of Crohn's disease in the 7MM (U.S., EU4: Germany, Italy, France, and Spain, U.K., and Japan) was approximately USD 10,777 million in 2024 and is expected to grow to USD 16,840 million in 2034, with a CAGR of 4.4% from 2025 to 2034. The global Crohn's disease therapeutics market size was valued at USD 13.20 billion in 2023 and is projected to grow at a CAGR of 2.7% from 2024 to 2030.
- Rheumatoid Arthritis: Null
- Ampreloxetine (Neurogenic Orthostatic Hypotension - nOH): The global neurogenic orthostatic hypotension market size is expected to grow from USD 403.0 million in 2024 to USD 855.0 million by 2035, at a CAGR of 7.08% during the forecast period of 2025-2035. The broader orthostatic hypotension market is estimated to be valued at USD 2.07 billion in 2025 and is expected to reach USD 3.41 billion by 2032. Neurogenic orthostatic hypotension (nOH) is expected to hold a 55.7% share of the orthostatic hypotension market in 2025.
- Nezulcitinib (Acute Lung Injury caused by COVID-19): The 7 major acute lung injury market reached a value of USD 3.3 billion in 2024 and is expected to reach USD 4.9 billion by 2035, exhibiting a CAGR of 4.09% during 2025-2035.
- Inhaled ALK5i (Idiopathic Pulmonary Fibrosis - IPF): The global idiopathic pulmonary fibrosis treatment market size was valued at USD 4,103.66 million in 2024 and is expected to reach USD 7,315.80 million by 2033, exhibiting a CAGR of 6.30% during 2025-2033. The market size was approximately USD 3,300 million in 2023 in the 7MM (U.S., EU4: Germany, Italy, France, and Spain, U.K., Japan).
- TD-5202 (Inflammatory Intestinal Diseases): The global gastrointestinal therapeutics market size, which includes treatments for inflammatory intestinal diseases, was valued at USD 80.60 billion in 2025. It is projected to grow to USD 140.98 billion by 2034, exhibiting a CAGR of 5.09% during the forecast period. North America dominated this market with a 42.32% share in 2025.
-
TRELEGY:
- COPD: The COPD market in the 7MM (U.S., France, Germany, Italy, Spain, U.K., and Japan) is projected to grow from sales of $11.5 billion in 2023 to $30.8 billion in 2033. The global COPD therapeutics market size was valued at USD 23.7 billion in 2025 and is projected to reach USD 51.17 billion by the end of 2035, rising at a CAGR of 8% during the forecast period of 2026-2035. Global net sales for TRELEGY ELLIPTA for the full year 2024 were $3.46 billion.
- Asthma: The global asthma therapeutics market size was estimated at USD 26,409.9 million in 2023 and is projected to reach USD 37,910.5 million by 2030, growing at a CAGR of 5.3% from 2024 to 2030. The global asthma treatment market size will be USD 30,400 million in 2025 and is expected to boost sales to USD 47,009.4 million by 2033, with a CAGR of 5.60% from 2025 to 2033. The asthma market size in the 7MM (U.S., EU4: Germany, France, Italy, and Spain, U.K., and Japan) was USD 27 billion in 2024.
- Combined COPD and Asthma: The global asthma and COPD drugs market size was valued at USD 37.22 billion in 2022 and is anticipated to reach USD 61.54 billion by 2032.
- Velusetrag (Gastrointestinal Motility Disorders): The global gastric motility disorder drugs market reached USD 57,750 million in 2024 and is projected to grow to USD 87,957.59 million by 2032, at a CAGR of 5.4%. The gastric motility disorder drug market is estimated to be valued at USD 60.88 billion in 2025 and is expected to reach USD 89.22 billion by 2032, exhibiting a CAGR of 5.6% from 2025 to 2032. North America dominates this market with a 38.6% share in 2024.
- Selective 5-HT4 Agonist (Gastrointestinal Motility Disorders): The global gastric motility disorder drugs market reached USD 57,750 million in 2024 and is projected to grow to USD 87,957.59 million by 2032, at a CAGR of 5.4%.
AI Analysis | Feedback
Theravance Biopharma (TBPH) is expected to drive future revenue growth over the next 2-3 years through several key areas:- Continued Growth of YUPELRI Net Sales: YUPELRI, a once-daily nebulized treatment for COPD, consistently demonstrates strong sales performance. For instance, Q3 2025 net sales increased 15% year-over-year to $71.4 million, driven by a 6% year-over-year demand growth and improved net pricing due to a favorable channel mix. Hospital channel volume for YUPELRI also saw a significant increase of 29% compared to Q3 2024. The company anticipates achieving a $25 million milestone payment from Viatris when annual US net sales of YUPELRI reach $250 million. This continued expansion in demand, particularly in the hospital setting, and strategic pricing are expected to fuel revenue growth.
- TRELEGY Milestone Payments: Theravance Biopharma is eligible for substantial milestone payments from Royalty Pharma tied to the global net sales of TRELEGY, a product licensed to GSK. The company expects to achieve $150 million in additional TRELEGY milestones through 2026. Specifically, a $50 million milestone was achieved in FY 2024 due to TRELEGY sales, and another $50 million milestone is anticipated in Q4 2025, with a further $100 million milestone expected in 2026. These contractual milestone payments will contribute directly to revenue.
- Geographic Expansion of YUPELRI: The potential expansion of YUPELRI into new international markets, particularly China, is another anticipated driver of revenue. A New Drug Application (NDA) for YUPELRI was submitted in China in June 2024. Regulatory approval in China could trigger a $7.5 million milestone payment and generate tiered royalties for Theravance Biopharma, leveraging Viatris's international market infrastructure.
AI Analysis | Feedback
Share Repurchases
- Theravance Biopharma initiated a $250 million capital return program in September 2022, which included purchasing GSK's equity stake (approximately 9.6 million shares at $9.75 per share), a Dutch auction tender offer for up to $95 million, and a plan for $60 million in open market repurchases.
- The capital return program was increased to $325 million in February 2023.
- By April 30, 2023, the company had completed $215 million in share repurchases under the $325 million program, with $110 million remaining.
Inbound Investments
- In November 2022, Theravance Biopharma sold its TRELEGY ELLIPTA royalty interests to Royalty Pharma for approximately $1.1 billion in upfront cash.
- This agreement with Royalty Pharma also included up to $250 million in potential milestone payments between 2023 and 2026, with an initial $50 million milestone expected if TRELEGY global net sales reached or exceeded $2.9 billion in 2023.
- As of November 2025, Theravance Biopharma was eligible to receive $200 million in milestone payments from Royalty Pharma based on TRELEGY sales thresholds and expected $75 million in milestone payments in Q4 2025.
Capital Expenditures
- Capital expenditures were -$224,000 in the last 12 months as of March 6, 2026.
- For the full year 2024, capital expenditure was -$332,000.
- The company is undergoing significant restructuring, including winding down R&D efforts and reducing operating expenses by approximately 60% compared to 2025 preliminary actuals, with anticipated annual savings of $70 million fully reflected by Q3 2026.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| With Theravance Biopharma Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 342.57 |
| Mkt Cap | 78.7 |
| Rev LTM | 12,001 |
| Op Inc LTM | 3,702 |
| FCF LTM | 3,194 |
| FCF 3Y Avg | 1,832 |
| CFO LTM | 3,631 |
| CFO 3Y Avg | 2,225 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.0% |
| Rev Chg 3Y Avg | 10.4% |
| Rev Chg Q | 9.5% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 25.8% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 34.7% |
| CFO/Rev 3Y Avg | 33.6% |
| FCF/Rev LTM | 26.6% |
| FCF/Rev 3Y Avg | 26.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 78.7 |
| P/S | 5.5 |
| P/EBIT | 14.9 |
| P/E | 17.5 |
| P/CFO | 15.8 |
| Total Yield | 7.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.4% |
| 3M Rtn | 0.1% |
| 6M Rtn | 18.1% |
| 12M Rtn | 29.9% |
| 3Y Rtn | 47.6% |
| 1M Excs Rtn | 3.0% |
| 3M Excs Rtn | 2.0% |
| 6M Excs Rtn | 18.4% |
| 12M Excs Rtn | 6.0% |
| 3Y Excs Rtn | -14.0% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA022407 | VIBATIV | telavancin | injectable | 6212013 | |||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of human therapeutics | 57 | ||||
| Collaboration revenue | 0 | 11 | 26 | 31 | |
| Licensing revenue | 2 | 2 | 28 | ||
| Viatris collaboration agreement | 49 | 44 | 44 | 14 | |
| Viatris royalties (Non-US) | 0 | ||||
| Total | 57 | 51 | 55 | 72 | 73 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of human therapeutics | -56 | ||||
| Total | -56 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of human therapeutics | -55 | ||||
| Total | -55 |
Price Behavior
| Market Price | $16.10 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 05/16/2014 | |
| Distance from 52W High | -22.4% | |
| 50 Days | 200 Days | |
| DMA Price | $17.06 | $15.41 |
| DMA Trend | up | down |
| Distance from DMA | -5.6% | 4.4% |
| 3M | 1YR | |
| Volatility | 64.3% | 54.7% |
| Downside Capture | 0.67 | 0.53 |
| Upside Capture | 78.35 | 135.10 |
| Correlation (SPY) | 19.5% | 17.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.65 | 1.48 | 0.99 | 0.84 | 0.53 | 0.53 |
| Up Beta | -0.33 | 2.11 | 2.22 | 1.24 | 0.25 | 0.22 |
| Down Beta | -0.32 | 0.46 | 0.48 | 0.11 | 0.24 | 0.51 |
| Up Capture | 258% | 141% | 62% | 127% | 147% | 47% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 22 | 34 | 71 | 132 | 374 |
| Down Capture | 253% | 193% | 134% | 100% | 92% | 91% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 19 | 28 | 54 | 114 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBPH | |
|---|---|---|---|---|
| TBPH | 75.0% | 54.6% | 1.23 | - |
| Sector ETF (XLV) | 2.8% | 17.6% | 0.00 | 24.4% |
| Equity (SPY) | 15.3% | 19.0% | 0.64 | 18.9% |
| Gold (GLD) | 49.6% | 28.0% | 1.44 | 16.6% |
| Commodities (DBC) | 15.5% | 17.7% | 0.74 | 14.1% |
| Real Estate (VNQ) | 3.1% | 16.5% | 0.01 | 16.4% |
| Bitcoin (BTCUSD) | -19.0% | 44.0% | -0.35 | 13.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBPH | |
|---|---|---|---|---|
| TBPH | -5.2% | 48.8% | 0.07 | - |
| Sector ETF (XLV) | 6.1% | 14.5% | 0.24 | 19.8% |
| Equity (SPY) | 11.7% | 17.0% | 0.53 | 21.3% |
| Gold (GLD) | 21.8% | 17.8% | 1.01 | 8.0% |
| Commodities (DBC) | 11.6% | 18.8% | 0.50 | 3.1% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 16.7% |
| Bitcoin (BTCUSD) | 3.0% | 56.5% | 0.27 | 9.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBPH | |
|---|---|---|---|---|
| TBPH | -1.0% | 50.5% | 0.19 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 30.1% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 28.8% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 3.9% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 10.2% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 21.2% |
| Bitcoin (BTCUSD) | 65.9% | 66.9% | 1.05 | 7.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/3/2026 | -26.3% | -26.1% | -14.4% |
| 11/10/2025 | 22.7% | 19.6% | 17.2% |
| 8/12/2025 | 4.2% | 12.8% | 14.9% |
| 5/8/2025 | -9.3% | -7.7% | 10.6% |
| 2/26/2025 | 2.1% | 7.0% | 2.5% |
| 11/12/2024 | 8.6% | 11.3% | 10.8% |
| 8/5/2024 | -18.4% | -14.1% | -16.2% |
| 5/13/2024 | -2.0% | -5.0% | -9.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 10 |
| # Negative | 13 | 14 | 14 |
| Median Positive | 5.0% | 9.2% | 9.3% |
| Median Negative | -4.6% | -5.9% | -9.0% |
| Max Positive | 22.7% | 19.6% | 17.2% |
| Max Negative | -26.3% | -26.1% | -39.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/23/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Cash and cash equivalents and marketable securities | 400.00 Mil | ||||||
| 2026 Annualized Cash Flow | 60.00 Mil | 65.00 Mil | 70.00 Mil | ||||
| 2026 Income from Operations | 45.00 Mil | 50.00 Mil | 55.00 Mil | ||||
| 2026 Severance Costs | 5.00 Mil | 6.00 Mil | 7.00 Mil | ||||
Prior: Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 R&D Expenses | 32.00 Mil | 35.00 Mil | 38.00 Mil | 0 | Affirmed | Guidance: 35.00 Mil for 2025 | |
| 2025 SG&A Expenses | 50.00 Mil | 55.00 Mil | 60.00 Mil | 0 | Affirmed | Guidance: 55.00 Mil for 2025 | |
| 2025 Share-Based Compensation | 18.00 Mil | 19.00 Mil | 20.00 Mil | 0 | Affirmed | Guidance: 19.00 Mil for 2025 | |
| 2025 TRELEGY Global Net Sales | 3.40 Bil | ||||||
| 2026 TRELEGY Global Net Sales | 3.50 Bil | 0 | Affirmed | Guidance: 3.50 Bil for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Farnum, Rhonda | SVP, COMM & MEDICAL AFFAIRS | Direct | Sell | 12052025 | 18.75 | 31,067 | 582,501 | 5,206,733 | Form |
| 2 | Broshy, Eran | Direct | Sell | 12012025 | 20.00 | 29,501 | 590,020 | 894,060 | Form | |
| 3 | Broshy, Eran | Direct | Sell | 11132025 | 18.11 | 59,000 | 1,068,250 | 836,566 | Form | |
| 4 | Farnum, Rhonda | SVP, COMM & MEDICAL AFFAIRS | Direct | Sell | 7162025 | 11.39 | 10,000 | 113,870 | 3,722,599 | Form |
| 5 | Farnum, Rhonda | SVP, COMM & MEDICAL AFFAIRS | Direct | Sell | 6042025 | 11.00 | 24,000 | 264,000 | 3,706,098 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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