Theravance Biopharma, Inc. · NASDAQ:TBPH
Theravance Biopharma — FY2024 Earnings Presentation
25 slides from Theravance Biopharma's earnings presentation, Feb 26, 2025
Slide 1: Fourth Quarter & Full Year 2024 Financial Results and Business Update
THERAVANCE BIOPHARMA ® , THERAVANCE ® , the Cross/Star logo and MEDICINES THAT MAKE A DIFFERENCE ® are registered trademarks of the Theravance Biopharma group of companies (in the U.S. and certain other countries). All third - party trademarks used herein are the property of their respective owners.
Slide 2: Forward Looking Statements
2 Forward Looking Statements This presentation contains certain "forward - looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, expectations and future events . Theravance B
Slide 3: Agenda
3 Agenda Opening & Closing Remarks Rick Winningham : Chief Executive Officer Commercial Updates Rhonda Farnum: Senior Vice President, Chief Business Officer TRELEGY & Financial Updates Aziz Sawaf: Senior Vice President, Chief Financial Officer Q&A Team Development & Regulatory Updates Dr. Áine Mille
Slide 4: Strong Finish to 2024 Across Portfolio of Value Drivers
4 Strong Finish to 2024 Across P ortfolio of Value D rivers 1. In the US, Viatris is leading the commercialization of YUPELRI, and Theravance Biopharma co - promotes the product under a prof it and loss sharing arrangement (65% to Viatris; 35% to Theravance Biopharma). 2. Source: Viatris Customer De
Slide 5: Near- and Mid-Term Strategic Priorities
5 Near - and - Mid - Term Strategic Priorities Maximizing YUPELRI ® and TRELEGY value, while driving to major inflection point in CYPRESS 1. In the US, Viatris is leading the commercialization of YUPELRI, and Theravance Biopharma co - promotes the product under a prof it and loss sharing arrangement
Slide 6: The Only Once-Daily, Nebulized LAMA Maintenance Medicine for COPD
The Only Once - Daily, Nebulized LAMA Maintenance Medicine for COPD Co - promotion agreement with VIATRIS TM (35% / 65% Profit Share) Rhonda Farnum Senior Vice President, Chief Business Officer COPD, chronic obstructive pulmonary disease; LAMA, long - acting muscarinic antagonist
Slide 7: Strong YUPELRI Quarterly Net Sales Performance in the US
7 Strong YUPELRI ® Quarterly Net Sales Performance in the US In the US, Viatris is leading the commercialization of YUPELRI, and Theravance Biopharma co - promotes the product under a profit and loss sharing arrangement (65% to Viatris; 35% to Theravance Biopharma). $16.5 $29.6 $36.8 $30.3 $37.0 $38
Slide 8: Exceptional US Hospital Growth +49%
8 Exceptional US Hospital Growth +49% Source: IQVIA DDD, HDS, VA and Non - Reporting Hospital through Dec’24. Preliminary data subject to revision upon receipt of final data. 19 K 30 K 54 K 34 K 47 K 54 K 56 K 70 K 78 K 93 K 98 K 108 K 113 K 138 K 163 K 158 K 162 K 191 K 214 K 227 K 227 K 285 K 0K 5
Slide 9: Considerable Added Potential in China
9 Considerable Added Potential in China o NDA submitted in China (June 2024) o $7.5M approval milestone, up to $37.5M in monotherapy sales milestones; 14 - 20% tiered royalties 3 o Nearly 100M individuals with COPD; ~43% suffer from moderate to severe disease 4,5 Significant YUPELRI ® Future Potenti
Slide 10: The First And Only Once-Daily Triple Therapy In a Single Inhaler
The First And Only Once - Daily Triple Therapy In a Single Inhaler For Adult Patients With COPD Or Asthma Milestone and royalty agreement with Royalty Pharma Aziz Sawaf Senior Vice President, Chief Financial Officer GSK’s TRELEGY COPD, chronic obstructive pulmonary disease
Slide 11: Up to $150M in TRELEGY Sales Milestones in 2025 and 2026
11 Up to $150M in TRELEGY Sales Milestones in 2025 and 2026 1. If both milestones are achieved in a given year, Theravance Biopharma will only earn the higher milestone, payable by Roya lty Pharma (RP) pursuant to the Equity Purchase and Funding Agreement, dated as of July 13, 2022, by and between T
Slide 12: TRELEGY Royalties Returning in 2029 Represent a Significant Source of Value
12 TRELEGY Royalties Returning in 2029 Represent a Significant Source of Value Beginning in 2029, royalties from 5.5% - 8.5% on TRELEGY net sales return to Theravance Biopharma 1 1. Total royalties owed are 6.5% to 10.0% of global net sales in eligible territories; Theravance Biopharma receives 85%
Slide 13: Ampreloxetine for symptomatic nOH in MSA
The first once - daily, selective norepinephrine reuptake inhibitor in development to treat symptomatic nOH in MSA Dr. Áine Miller Senior Vice President, Development Rhonda Farnum Senior Vice President, Chief Business Officer MSA, multiple system atrophy; nOH, neurogenic orthostatic hypotension AMPR
Slide 14: Ampreloxetine 2025 Outlook
14 Ampreloxetine 2025 Outlook NDA Preparations • Recent interaction with FDA re - affirms our regulatory strategy • Well positioned to finalize key modules in advance of CYPRESS readout • Preparations facilitate expedited filling post readout, with plans to request priority review CYPRESS Study • On
Slide 15: New Market Research Supports Need for Improved nOH Therapy
15 New Market Research Supports Need for Improved nOH Therapy Significant opportunity for ampreloxetine to provide a new option for physicians and patients Survey Questions: 1. Based on your experience in managing MSA patients with symptomatic nOH, please indicate your level of ag ree ment with the
Slide 16: Unique Target Product Profile Aligns with Physicians' Desired nOH Product Attributes
16 Unique Target Product Profile Aligns with Physicians’ Desired nOH Product Attributes 1. Reflects Theravance Biopharma’s expectations for ampreloxetine based on clinical trial data to date. Ampreloxetine is in dev elopment and is not approved for any indication. 2. N=200 board certified neurologis
Slide 17: Financial Update
Financial Update Aziz Sawaf Senior Vice President, Chief Financial Officer
Slide 18: Fourth Quarter 2024 Financials (Unaudited)
18 Fourth Quarter 2024 Financials (Unaudited) 1. Amounts include share - based compensation. 2. Non - GAAP net income (loss) consists of GAAP net loss before taxes excluding share - based compensation expense, non - cash interest expense and non - cash impairment expense (if any); see reconciliation
Slide 19: Fourth Quarter 2024 Financials (Unaudited) (Cont'd)
19 Fourth Quarter 2024 Financials (Unaudited) (Cont’d) 19 See the section titled "Non - GAAP Financial Measures" on Slide 2 for more information. GAAP Net Loss $ (15,528) $ (8,511) $ (56,418) $ (55,193) Adjustments: Share-based compensation expense 5,826 5,825 21,393 25,371 Non-cash impairment of lo
Slide 20: Fourth Quarter 2024 Financial Highlights
20 Fourth Quarter 2024 Financial Highlights 1. Non - GAAP net income (loss) consists of GAAP net loss before taxes less share - based compensation expense, non - cash interest ex pense, and non - cash impairment expense (if any); see reconciliation on Slide 19 and the section titled "Non - GAAP Fina
Slide 21: 2025 Financial Guidance
21 1. Non - GAAP net income (loss) consists of GAAP net loss before taxes less share - based compensation expense, non - cash interest ex pense, and non - cash impairment expense (if any); see the section titled "Non - GAAP Financial Measures“ on Slide 2 for more information. 2. The Company previous
Slide 22: Ampreloxetine Registrational Program Nearing Completion with Transformative Potential
22 Ampreloxetine Registrational Program Nearing Completion with Transformative Potential Growing Contribution from YUPELRI Only once - daily nebulized LAMA: currently <5% penetrated addressable market 2 $239M 2024 US net sales , with 35% share of profits; $25 million milestone for first calendar yea
Slide 23: Q&A Session
Rick Winningham Chief Executive Officer Aziz Sawaf, CFA Senior Vice President, Chief Financial Officer Rhonda Farnum Senior Vice President, Chief Business Officer Áine Miller Senior Vice President, Development Q&A Session
Slide 24: YUPELRI (revefenacin) Inhalation Solution Important Safety Information
24 YUPELRI ® (revefenacin) Inhalation Solution YUPELRI ® inhalation solution is indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD) . Important Safety Information (US) YUPELRI is contraindicated in patients with hypersensitivity to revefenacin or any
Slide 25: About YUPELRI (revefenacin) Inhalation Solution
25 About YUPELRI ® (revefenacin) Inhalation Solution YUPELRI ® (revefenacin) inhalation solution is a once - daily nebulized LAMA approved for the maintenance treatment of COPD in the US . Market research by Theravance Biopharma indicates approximately 9 % of the treated COPD patients in the US use