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Why Is Theravance Bio (TBPH) Down 9% Since Last Earnings Report?
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A month has gone by since the last earnings report for Theravance Biopharma (TBPH - Free Report) . Shares have lost about 9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Theravance Bio due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Theravance reported fourth-quarter 2023 adjusted net income of 3 cents per share against the Zacks Consensus Estimate of a loss of 4 cents.
The reported income excludes share-based compensation expense and non-cash interest expense and income tax expenses. In the year-ago quarter, the company had reported a loss of 10 cents per share.
Total revenues came in at $17.6 million, which marginally beat the Zacks Consensus Estimate of $17.5 million. The top line was up almost 19.9% year over year.
Quarter in Detail
The top line almost fully comprised Viatris’ collaboration revenues in relation to Yupelri (revefenacin) sales.
Research and development (R&D) expenses (excluding share-based compensation) totaled $6.6 million, down almost 47.2% from the year-ago quarter’s level.
Selling, general and administrative (SG&A) expenses (excluding share-based compensation) declined 9.5% year over year to $11.4 million.
As of Dec 31, 2023, Theravance had cash, cash equivalents and marketable securities worth $102.4 million compared with $134 million as of Sep 30, 2023.
2024 Guidance
Theravance expects 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.
The company expects to incur adjusted loss during the first half of 2024 and achieve breakeven in the second half of 2024, depending on the continued net sales growth for Yupelri.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted 12.5% due to these changes.
VGM Scores
Currently, Theravance Bio has a poor Growth Score of F, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of this revision has been net zero. Notably, Theravance Bio has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Theravance Bio belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Corcept Therapeutics (CORT - Free Report) , has gained 2.5% over the past month. More than a month has passed since the company reported results for the quarter ended December 2023.
Corcept reported revenues of $135.41 million in the last reported quarter, representing a year-over-year change of +31.4%. EPS of $0.28 for the same period compares with $0.14 a year ago.
For the current quarter, Corcept is expected to post earnings of $0.18 per share, indicating a change of +28.6% from the year-ago quarter. The Zacks Consensus Estimate has changed +7.5% over the last 30 days.
Corcept has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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Why Is Theravance Bio (TBPH) Down 9% Since Last Earnings Report?
A month has gone by since the last earnings report for Theravance Biopharma (TBPH - Free Report) . Shares have lost about 9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Theravance Bio due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Theravance's Q4 Earnings & Revenues Surpass Estimates
Theravance reported fourth-quarter 2023 adjusted net income of 3 cents per share against the Zacks Consensus Estimate of a loss of 4 cents.
The reported income excludes share-based compensation expense and non-cash interest expense and income tax expenses. In the year-ago quarter, the company had reported a loss of 10 cents per share.
Total revenues came in at $17.6 million, which marginally beat the Zacks Consensus Estimate of $17.5 million. The top line was up almost 19.9% year over year.
Quarter in Detail
The top line almost fully comprised Viatris’ collaboration revenues in relation to Yupelri (revefenacin) sales.
Research and development (R&D) expenses (excluding share-based compensation) totaled $6.6 million, down almost 47.2% from the year-ago quarter’s level.
Selling, general and administrative (SG&A) expenses (excluding share-based compensation) declined 9.5% year over year to $11.4 million.
As of Dec 31, 2023, Theravance had cash, cash equivalents and marketable securities worth $102.4 million compared with $134 million as of Sep 30, 2023.
2024 Guidance
Theravance expects 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.
The company expects to incur adjusted loss during the first half of 2024 and achieve breakeven in the second half of 2024, depending on the continued net sales growth for Yupelri.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted 12.5% due to these changes.
VGM Scores
Currently, Theravance Bio has a poor Growth Score of F, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of this revision has been net zero. Notably, Theravance Bio has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Theravance Bio belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Corcept Therapeutics (CORT - Free Report) , has gained 2.5% over the past month. More than a month has passed since the company reported results for the quarter ended December 2023.
Corcept reported revenues of $135.41 million in the last reported quarter, representing a year-over-year change of +31.4%. EPS of $0.28 for the same period compares with $0.14 a year ago.
For the current quarter, Corcept is expected to post earnings of $0.18 per share, indicating a change of +28.6% from the year-ago quarter. The Zacks Consensus Estimate has changed +7.5% over the last 30 days.
Corcept has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.