Business
Theravance Biopharma, Inc. Announces Strategic Actions and Reports Fourth Quarter / Full Year 2022 Financial Results and Business Update
Increases capital return program to $325 million from $250 million; as of 2/27/23, approximately $170 million remains in the programDiscontinuing investments
About this update from Theravance Biopharma, Inc.
[{"type":"text","content":"Increases capital return program to $325 million from $250 million; as of 2/27/23, approximately $170 million remains in the programDiscontinuing investments in research, reducing headcount by approximately 17%Reports highest quarter of YUPELRI® (revefenacin) net sales and profitability to date; $19.5 million Q4 2022 sales up 27% from Q4 2021 (TBPH implied 35% share)1On track to begin enrollment in ampreloxetine Phase 3 study in Q1 2023Appoints Susannah Gray to Board as new Independent DirectorCommits to declassify the Board of DirectorsDUBLIN, Feb. 27, 2023 /PRNewswire/ -- Theravance Biopharma, Inc. (\"Theravance Biopharma\" or the \"Company\") (NASDAQ: TBPH) today announced financial results for the fourth quarter and full year ended December 31, 2022. The Company also announced three additional strategic actions to sharpen the Company's focus and deliver on its commitment to create shareholder value:\n\n \n \n \n \n \n \n\n \nIncreased Capital Return Program to $325 million: Authorized a $75 million increase to the existing $250 million capital return program initiated in September 2022, bringing the total capital return program to $325 million.Company has repurchased $155 million of stock to date, including $27 million in 2023.$170 million remaining and expected to be complete by the end of 2023.Discontinuing investments in research:Prioritizing resource allocation toward ampreloxetine Phase 3 study and completion of the YUPELRI PIFR-2 study.Discontinuing research activities including the inhaled Janus kinase (JAK) inhibitor program. As a result of halting further research investment, Theravance Biopharma's headcount is being reduced by approximately 17%; reductions planned for completion by end of March 2023. The Company will seek a partnership to continue progression of its inhaled JAK inhibitor program.Appointed Independent Director to the Board and commits to governance change: Susannah Gray appointed to the Board of Directors as part of ongoing commitment to board refreshment, process aided by an independent search firm and appointed following shareholder consultation.Ms. Gray brings extensive transactional, operational, and value creation expertise within the healthcare and biopharmaceutical industry. She most recently served as the Executive Vice President and Chief Financial Officer of Royalty Pharma, the largest agg...