Theravance Biopharma, Inc.

Theravance Biopharma, Inc. (NASDAQ: TVPH) is a biopharmaceutical company focused on the development and commercialization of medicines designed to make a difference in patients' lives. The company leverages decades of expertise in respiratory and neurological therapeutics to advance its pipeline and maximize shareholder value.

The company's primary commercial asset is YUPELRI (revefenacin) inhalation solution, an FDA-approved once-daily nebulized long-acting muscarinic antagonist indicated for maintenance treatment of chronic obstructive pulmonary disease. YUPELRI is co-developed and co-commercialized with Viatris Inc. in the United States under a profit and loss sharing arrangement, with Theravance Biopharma receiving 35 percent of net profits. Viatris handles development and commercialization outside the US, with Theravance Biopharma receiving tiered royalties on net sales. In 2025, YUPELRI achieved net sales of $266.6 million, representing 12 percent growth compared to 2024, with the company recognizing its 35 percent implied share of approximately $93.3 million. YUPELRI received regulatory approval in China in June 2025, triggering a $7.5 million milestone payment.

The company previously held significant economic interests in other respiratory products. In July 2022, Theravance Biopharma sold its 85 percent economic interest in TRELEGY royalties to Royalty Pharma for approximately $1.11 billion in upfront cash. In June 2025, the company sold its remaining royalty interest in TRELEGY global net sales to GSK for $225 million while retaining rights to receive up to $150 million in milestone payments. The company also maintains potential milestone payments from Viatris related to YUPELRI sales achievements.

Theravance Biopharma previously advanced ampreloxetine, an investigational norepinephrine reuptake inhibitor for symptomatic neurogenic orthostatic hypotension in multiple system atrophy patients. However, the Phase 3 CYPRESS study did not meet its primary endpoint in March 2026, leading the company to wind down the program.

In response to recent clinical trial results, the company's Board of Directors formed a Strategic Review Committee to evaluate strategic alternatives to maximize shareholder value, including potential sale of the company. Concurrently, the company is implementing an organizational restructuring to streamline costs and reduce operating expenses by approximately 60 percent relative to 2025 levels.