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Theravance (TBPH) Q1 Earnings Top, Revenues Match Estimates
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Theravance Biopharma, Inc. (TBPH - Free Report) reported first-quarter 2024 adjusted net loss of 9 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 19 cents per share.
The reported income excludes share-based compensation expense and non-cash interest expense. In the year-ago quarter, the company had reported a loss of 24 cents per share.
Total revenues came in at $14.5 million, in line with the Zacks Consensus Estimate. The top line was up almost 39.4% year over year owing to increased collaboration revenues from partner Viatris (VTRS - Free Report) .
Quarter 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.
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.
Shares of Theravance were down 4.2% in after-hours trading on May 13 due to the mixed results. The stock has declined 14.8% year to date compared with the industry’s decline of 8.1%.
Image Source: Zacks Investment Research
Research and development (R&D) expenses (excluding share-based compensation) totaled $7.5 million, down almost 38.5% from the year-ago quarter’s level. Selling, general and administrative (SG&A) expenses (excluding share-based compensation) declined around 13.3% year over year to $13 million.
As of Mar 31, 2024, Theravance had cash, cash equivalents and marketable securities worth $100 million compared with $102.4 million as of Dec 31, 2023.
2024 Guidance
Theravance continues to expect adjusted R&D expenses (excluding share-based compensation) in the $30-$36 million range. Adjusted SG&A expenses (excluding share-based compensation) are projected between $45 million and $55 million.
TBPH expects to incur adjusted loss during the first half of 2024 and achieve breakeven in the second half of 2024 while expecting limited cash burn for the year.
Pipeline Updates
Theravance is developing an investigational candidate, ampreloxetine (TD-9855), a norepinephrine reuptake inhibitor for the treatment of neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA). The FDA has granted Orphan Drug designation to ampreloxetine for the given indication.
The company initiated the phase III CYPRESS study evaluating ampreloxetine for nOH MSA in the first quarter of 2024. The CYPRESS study is expected to complete patient enrollment by the second half of 2024 with top-line data from the same expected in 2025. TBPH plans to submit regulatory filings for ampreloxetine if the study data is found to be positive.
Theravance Biopharma, Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Third Harmonic Bio’s 2024 loss per share have narrowed from $1.65 to $1.35. Year to date, shares of THRD have rallied 9.9%.
THRD’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 37.72%.
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Theravance (TBPH) Q1 Earnings Top, Revenues Match Estimates
Theravance Biopharma, Inc. (TBPH - Free Report) reported first-quarter 2024 adjusted net loss of 9 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 19 cents per share.
The reported income excludes share-based compensation expense and non-cash interest expense. In the year-ago quarter, the company had reported a loss of 24 cents per share.
Total revenues came in at $14.5 million, in line with the Zacks Consensus Estimate. The top line was up almost 39.4% year over year owing to increased collaboration revenues from partner Viatris (VTRS - Free Report) .
Quarter 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.
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.
Shares of Theravance were down 4.2% in after-hours trading on May 13 due to the mixed results. The stock has declined 14.8% year to date compared with the industry’s decline of 8.1%.
Image Source: Zacks Investment Research
Research and development (R&D) expenses (excluding share-based compensation) totaled $7.5 million, down almost 38.5% from the year-ago quarter’s level. Selling, general and administrative (SG&A) expenses (excluding share-based compensation) declined around 13.3% year over year to $13 million.
As of Mar 31, 2024, Theravance had cash, cash equivalents and marketable securities worth $100 million compared with $102.4 million as of Dec 31, 2023.
2024 Guidance
Theravance continues to expect adjusted R&D expenses (excluding share-based compensation) in the $30-$36 million range. Adjusted SG&A expenses (excluding share-based compensation) are projected between $45 million and $55 million.
TBPH expects to incur adjusted loss during the first half of 2024 and achieve breakeven in the second half of 2024 while expecting limited cash burn for the year.
Pipeline Updates
Theravance is developing an investigational candidate, ampreloxetine (TD-9855), a norepinephrine reuptake inhibitor for the treatment of neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA). The FDA has granted Orphan Drug designation to ampreloxetine for the given indication.
The company initiated the phase III CYPRESS study evaluating ampreloxetine for nOH MSA in the first quarter of 2024. The CYPRESS study is expected to complete patient enrollment by the second half of 2024 with top-line data from the same expected in 2025. TBPH plans to submit regulatory filings for ampreloxetine if the study data is found to be positive.
Theravance Biopharma, Inc. Price, Consensus and EPS Surprise
Theravance Biopharma, Inc. price-consensus-eps-surprise-chart | Theravance Biopharma, Inc. Quote
Zacks Rank & Stock to Consider
Theravance currently has a Zacks Rank #4 (Sell).
A top-ranked stock in the healthcare sector is Third Harmonic Bio, Inc. (THRD - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Third Harmonic Bio’s 2024 loss per share have narrowed from $1.65 to $1.35. Year to date, shares of THRD have rallied 9.9%.
THRD’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 37.72%.