Theravance Biopharma recently released its 10-K report, providing an insight into its financial performance and strategic developments. The company, based in South San Francisco, California, focuses on discovering, developing, and commercializing respiratory medicines, with a primary focus on chronic obstructive pulmonary disease (COPD) and neurogenic orthostatic hypotension (nOH) treatments.
In 2024, YUPELRI, the company's once-daily nebulized long-acting muscarinic antagonist for COPD, experienced an 8% increase in net sales, reaching $238.6 million. Hospital volumes, for which the company is directly responsible, grew by 41% in 2024 compared to 2023, contributing significantly to YUPELRI's overall net sales growth.
Theravance Biopharma continued to make progress with the open-label enrollment of its ampreloxetine Phase 3 clinical study for the treatment of symptomatic nOH in patients with Multiple System Atrophy (MSA). The study is expected to be completed in mid-2025, with data anticipated to be available approximately six months later.
In February 2025, the company received a $50.0 million maximum milestone payment from Royalty Pharma Investments associated with the achievement of certain minimum royalty payments related to 2024 TRELEGY global net sales, which reached $3.46 billion.
The company's board of directors formed a Strategic Review Committee in November 2024 to assess all strategic alternatives, including those related to YUPELRI, ampreloxetine, and TRELEGY, with the objective of unlocking shareholder value.
In terms of financial performance, for the year ended December 31, 2024, Theravance Biopharma recognized revenues of $64.4 million from the Viatris collaboration agreement, representing a 13% increase compared to the prior year. The company's total research and development expenses decreased by 7% in 2024, primarily driven by reductions in share-based compensation and facilities expenses. Selling, general, and administrative expenses decreased by 1%, excluding share-based compensation expenses.
The company recognized non-cash impairment charges of $4.5 million in 2024 related to the impairment of its operating lease assets. Additionally, there were no restructuring and related expenses recognized in 2024, in contrast to $2.7 million in 2023. Interest expense details were not provided in the excerpt. Following these announcements, the company's shares moved 1.6%, and are now trading at a price of $9.87. Check out the company's full 10-K submission here.
