Theravance Biopharma, Inc. ( TBPH Quick Quote TBPH - Free Report) incurred a loss of $1.24 cents per share in the first quarter of 2021, wider than the Zacks Consensus Estimate of a loss of $1.05 but narrower than the year-ago loss of $1.40
Total revenues of $14.3 million in the quarter also missed the Zacks Consensus Estimate of $17.5 million. Revenues were down 28.2% year over year.
The top line comprised collaboration revenues worth $3.9 million from Janssen, a wholly owned subsidiary of
Johnson & Johnson ( JNJ Quick Quote JNJ - Free Report) , and $10.4 million from the collaboration agreement with Viatris ( VTRS Quick Quote VTRS - Free Report) in relation to Yupelri (revefenacin).
Theravance and Viatris have joined forces for the development and commercialization of Yupelri, a long-acting muscarinic antagonist, as a once-daily nebulized treatment of chronic obstructive pulmonary disease (“COPD”). Viatris and Theravance are sharing U.S. profits and losses related to commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance gets 35%.
Shares of Theravance have risen 11.9% so far this year against the
industry’s decrease of 8.5%. Quarter in Detail
Research & development expenses were $67.6 million, up 2.4% from the year-ago quarter.
Selling, general & administrative expenses were up 16.3% year over year to $30.6 million.
As of Mar 31, 2021, Theravance had cash, cash equivalents and marketable securities worth $210 million compared with $292.9 million as of Dec 31, 2020.
Theravance expects R&D expense to be in the range of $195-$225 million and SG&A expense between $80 million and $90 million.
Updates on Pipeline
Theravance holds an economic interest in royalties earned from
GlaxoSmithKline ( GSK Quick Quote GSK - Free Report) on the triple combination COPD treatment, Trelegy Ellipta’s global sales. In the first quarter, Glaxo recorded sales worth $341 million from Trelegy Ellipta. Theravance is eligible to receive 5.5-8.5% tiered royalties on the product's worldwide net sales.
Theravance is evaluating nezulcitinib (formerly TD-0903), its lung-selective nebulized JAK inhibitor for the potential treatment of hospitalized patients with acute lung injury caused by COVID-19. The candidate is currently being evaluated in a two-part phase II study comparing nezulcitinib versus placebo in hospitalized patients with COVID-19 who require oxygen. Top-line data from the study is expected later this quarter.
This apart, Theravance is developing its JAK inhibitor, izencitinib, for the treatment of inflammatory intestinal diseases. A phase II study on izencitinib for treating Crohn's disease and a phase IIb study for ulcerative colitis are underway. Top-line data from the colitis study is expected to be announced in the third quarter of 2021 while Crohn's disease study data is expected in the fourth quarter of 2021 or the first quarter of 2022.
Also, the company is evaluating ampreloxetine in a phase III study for treating patients with symptomatic neurogenic orthostatic hypotension. Top-line result from the study are expected in the third quarter of 2021.
Zacks Rank & Stocks to Consider
Theravance currently carries a Zacks Rank #4 (Sell).
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