The following is a summary of the Theravance Biopharma, Inc. (TBPH) Q4 2023 Earnings Call Transcript:

Financial Performance:

• YUPELRI's net sales growth for the full year of 2023 was 9%, achieving $221 million in sales, with Q4 net sales reaching $60.6 million.

• Theravance achieved a record high collaboration revenue of $17.4 million, reflecting a 19% YoY increase.

• Theravance reported a GAAP loss of $8.5 million due to an inflated income tax expense, despite a non-GAAP profit of $1.4 million for the quarter.

• The firm repurchased approximately $30 million of shares during Q4, reducing the share count by 3 million for the quarter and by 31 million from the start of the program.

• Theravance ended the quarter with $102 million in cash and about 48 million shares outstanding.

• Theravance increased its Q4 and annual 2023 YUPELRI net sales to $61 million and $221 million respectively.

Business Progress:

• Theravance aims for significant adoption of the ampreloxetine therapy among targeted patients, which is progressing in their CYPRESS study.

• AI tools have identified additional qualified sites for their research, improving the scope of their CYPRESS study.

• Theravance is an early adopter of telehealth, incorporating it into its research strategy.

• Significant progress made in activating research sites, particularly in Europe but also the U.S.

• YUPELRI's share of the long-acting NEB market in hospital segment is 16.6% in Q4.

• Retail prescriptions grew 7% sequentially during the quarter with new product starts also growing a sequential 7% in Q4.

• Theravance Biopharma Inc. achieved non-GAAP profitability in Q4 2023 and successfully executed a $325 million capital return program.

• The company anticipates generating net cash before the CYPRESS topline data readout in 2025 due to potential milestones in 2024.

• They initiated the ampreloxetine CYPRESS study with approval for orphan drug status and expect the last patient to be enrolled by H2 2024.

• They expect to approach break-even on a non-GAAP basis in H2 2024 based on YUPELRI growth and CYPRESS progress.

• The firm will launch a virtual investor event in Q2 2024 to discuss the unmet need in MSA patients with symptomatic nOH and the expected benefits of ampreloxetine.

More details: Theravance Biopharma IR

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