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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