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TBPH posted Q1 adjusted EPS of 1 cent, beating estimates on higher collaboration revenues from Yupelri sales.
TBPH looks to reduce operating costs by 60% after ending ampreloxetine development.
Theravance expects annualized cash flow of $60-$70M starting in Q3 2026 from savings and Yupelri.
Theravance Biopharma (TBPH - Free Report) reported first-quarter 2026 adjusted earnings of 1 cent per share, beating the Zacks Consensus Estimate of breakeven earnings. In the year-ago quarter, the company had incurred an adjusted loss of 17 cents per share.
Total revenues in the quarter were $17.7 million, slightly short of the Zacks Consensus Estimate of $18 million. Revenues surged 15% year over year, driven by growth in collaboration revenues for Yupelri sales and improved operating leverage.
Year to date, shares of Theravance have declined 9.1% against the industry’s 0.9% growth.
Image Source: Zacks Investment Research
TBPH’s Q1 Earnings in Detail
Theravance’s top line consisted solely of collaboration revenues from partner Viatris (VTRS - Free Report) tied to Yupelri (revefenacin) sales in the United States.
Theravance and VTRS have collaborated on the development and commercialization of Yupelri, which is approved in the United States for the maintenance treatment of patients with chronic obstructive pulmonary disease.
Viatris and Theravance share U.S. profits and losses associated with the commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance receives 35%. Viatris' collaboration revenues include Theravance’s 35% share of Yupelri net sales, as well as its proportionate amount of the total shared costs incurred by the two companies.
In March, Theravance and Viatris reached a settlement agreement with Mankind Pharma, granting the company a license to launch a generic version of Yupelri beginning April 23, 2039.
Research and development expenses (excluding share-based compensation) totaled $5.2 million, down 49.8% from the year-ago quarter’s level, driven by cost savings from the restructuring announced in March and the ongoing wind-down of the CYPRESS study on its lead candidate, ampreloxetine.
Selling, general and administrative expenses (excluding share-based compensation) increased 2.1% year over year to $14.9 million.
As of March 31, 2026, Theravance had cash, cash equivalents and marketable securities worth $394.7 million compared with $326.5 million as of Dec. 31, 2025.
TBPH's Pipeline Setback & Program Discontinuation
In early March, Theravance announced disappointing top-line data from the pivotal phase III CYPRESS study, which evaluated its lead pipeline candidate, ampreloxetine, a norepinephrine reuptake inhibitor for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy, a progressive brain disorder.
The study failed to achieve its primary and secondary endpoints and did not reach statistical significance despite showing biological activity.
Consequently, TBPH decided to wind down the ampreloxetine program and accelerate a strategic review process, including evaluating potential options such as a sale of the company to maximize shareholder value.
Besides the strategic review, the company is currently undergoing a major organizational restructuring aimed at optimizing its cost structure and sharpening its focus on its commercial product, Yupelri. Theravance looks to reduce its workforce by approximately 50% by shutting down its entire research and development division and cutting roughly 50% of general and administrative staff. These layoffs are expected to occur over the next two quarters.
The restructuring is expected to cut operating costs by approximately 60% relative to the company’s 2025 operating cost of $111.1 million. Combined with continued sales of Yupelri, these savings are projected to drive approximately $60-$70 million in annualized cash flow beginning in the third quarter of 2026.
Theravance Biopharma, Inc. Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have also narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10.4% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
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TBPH Q1 Earnings Beat Amid Strategic Restructuring & Pipeline Hurdle
Key Takeaways
Theravance Biopharma (TBPH - Free Report) reported first-quarter 2026 adjusted earnings of 1 cent per share, beating the Zacks Consensus Estimate of breakeven earnings. In the year-ago quarter, the company had incurred an adjusted loss of 17 cents per share.
Total revenues in the quarter were $17.7 million, slightly short of the Zacks Consensus Estimate of $18 million. Revenues surged 15% year over year, driven by growth in collaboration revenues for Yupelri sales and improved operating leverage.
Year to date, shares of Theravance have declined 9.1% against the industry’s 0.9% growth.
Image Source: Zacks Investment Research
TBPH’s Q1 Earnings in Detail
Theravance’s top line consisted solely of collaboration revenues from partner Viatris (VTRS - Free Report) tied to Yupelri (revefenacin) sales in the United States.
Theravance and VTRS have collaborated on the development and commercialization of Yupelri, which is approved in the United States for the maintenance treatment of patients with chronic obstructive pulmonary disease.
Viatris and Theravance share U.S. profits and losses associated with the commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance receives 35%. Viatris' collaboration revenues include Theravance’s 35% share of Yupelri net sales, as well as its proportionate amount of the total shared costs incurred by the two companies.
In March, Theravance and Viatris reached a settlement agreement with Mankind Pharma, granting the company a license to launch a generic version of Yupelri beginning April 23, 2039.
Research and development expenses (excluding share-based compensation) totaled $5.2 million, down 49.8% from the year-ago quarter’s level, driven by cost savings from the restructuring announced in March and the ongoing wind-down of the CYPRESS study on its lead candidate, ampreloxetine.
Selling, general and administrative expenses (excluding share-based compensation) increased 2.1% year over year to $14.9 million.
As of March 31, 2026, Theravance had cash, cash equivalents and marketable securities worth $394.7 million compared with $326.5 million as of Dec. 31, 2025.
TBPH's Pipeline Setback & Program Discontinuation
In early March, Theravance announced disappointing top-line data from the pivotal phase III CYPRESS study, which evaluated its lead pipeline candidate, ampreloxetine, a norepinephrine reuptake inhibitor for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy, a progressive brain disorder.
The study failed to achieve its primary and secondary endpoints and did not reach statistical significance despite showing biological activity.
Consequently, TBPH decided to wind down the ampreloxetine program and accelerate a strategic review process, including evaluating potential options such as a sale of the company to maximize shareholder value.
TBPH’s Organizational Restructuring & Cost Optimization
Besides the strategic review, the company is currently undergoing a major organizational restructuring aimed at optimizing its cost structure and sharpening its focus on its commercial product, Yupelri. Theravance looks to reduce its workforce by approximately 50% by shutting down its entire research and development division and cutting roughly 50% of general and administrative staff. These layoffs are expected to occur over the next two quarters.
The restructuring is expected to cut operating costs by approximately 60% relative to the company’s 2025 operating cost of $111.1 million. Combined with continued sales of Yupelri, these savings are projected to drive approximately $60-$70 million in annualized cash flow beginning in the third quarter of 2026.
Theravance Biopharma, Inc. Price, Consensus and EPS Surprise
Theravance Biopharma, Inc. price-consensus-eps-surprise-chart | Theravance Biopharma, Inc. Quote
TBPH's Zacks Rank & Other Stock to Consider
Theravance currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the biotech sector are Amarin Corporation (AMRN - Free Report) and Indivior Pharmaceuticals (INDV - Free Report) , each currently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have also narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10.4% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.