Theravance Biopharma (TBPH)
NASDAQ:TBPH
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Theravance Biopharma
(NASDAQ:TBPH)
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Rating:70Outperform
Price Target:
$18.50
▲(7.37% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong recent cash generation and a manageable balance sheet, tempered by concerns about earnings quality and still-negative EBIT. Technicals are moderately supportive, while valuation is constrained by a negative P/E. Corporate events are mixed: YUPELRI protection helps, but the trial failure and restructuring increase uncertainty.
Positive Factors
Strong cash generation
Theravance produced very large operating and free cash flow in 2025 and TTM, turning prior negative flows into strong coverage. Durable near-term cash generation supports funding operations, milestone payments and strategic options without immediate capital raises, improving financial resilience.
Negative Factors
Negative operating profitability (EBIT)
Operating earnings remain negative even as EBITDA improved, indicating core operations have not yet delivered sustainable operating profits. Persistently negative EBIT undermines margin durability and means ongoing reliance on non-operating items or restructuring to reach true operating break-even.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Theravance produced very large operating and free cash flow in 2025 and TTM, turning prior negative flows into strong coverage. Durable near-term cash generation supports funding operations, milestone payments and strategic options without immediate capital raises, improving financial resilience.
Read all positive factors
Theravance Biopharma (TBPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$853.20M
Dividend YieldN/A
Average Volume (3M)352.00K
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth68.20%
EPS GrowthN/A
CountryUS
Employees97
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)2.26
Shares Outstanding51,553,005
10 Day Avg. Volume360,087
30 Day Avg. Volume352,004
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)3.17
Price to Sales (P/S)8.76
P/FCF Ratio3.95
Enterprise Value/Market Cap0.75
Enterprise Value/Revenue5.82
Enterprise Value/Gross Profit7.24
Enterprise Value/Ebitda79.92
Forecast
1Y Price Target
$16.61Price Target Upside-3.59% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.52
Revenue Forecast (FY)$117.13M
Theravance Biopharma Business Overview & Revenue Model
Company Description
Theravance Biopharma, Inc., a biopharmaceutical company, discovers, develops, and commercializes respiratory medicines in the United States, Europe, and Asia. The company offers YUPELRI, a once-daily, nebulized long-acting muscarinic antagonist us...
How the Company Makes Money
Theravance Biopharma primarily makes money from (1) net product sales of YUPELRI in the U.S. and (2) collaboration-related income under its partnership arrangements. YUPELRI revenue is generated from sales into the COPD maintenance market; commerc...
Theravance Biopharma Earnings Call Summary
Earnings Call Date:Nov 10, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong financial position with record sales and profitability for YUPELRI, significant progress in ampreloxetine's clinical trials, and upcoming milestone achievements for Trelegy. Despite minor operational challenges, the overall outlook remains positive with a focus on future growth and strategic objectives.Positive Updates
YUPELRI Sales Growth
Third quarter net sales for YUPELRI increased 15% year over year to $71.4 million, driven by a 6% increase in demand and favorable net pricing.
Negative Updates
Operational Challenges
Although not explicitly detailed in the transcript, the company hints at challenges associated with conducting trials in rare diseases, impacting the execution timeline.
Read all updates
Q3-2025 Updates
Positive
Negative
YUPELRI Sales Growth
Third quarter net sales for YUPELRI increased 15% year over year to $71.4 million, driven by a 6% increase in demand and favorable net pricing.
Read all positive updates
Company Guidance
During the Theravance Biopharma Third Quarter 2025 Conference Call, the company reported robust financial performance and progress in its strategic objectives. The third quarter saw YUPELRI achieving record net sales of $71.4 million, a 15% year-over-year increase, driven by a 6% increase in demand and improved net pricing. This positions YUPELRI to trigger a $25 million milestone from Viatris with just $54 million in sales needed in Q4. Theravance also highlighted the advancement of the pivotal Phase III Cyprus trial of ampreloxetine, targeting a data readout in early 2026, which could significantly impact the company’s valuation. The company ended the quarter with $333 million in cash and no debt, anticipating $75 million in near-term milestones. Furthermore, the strong performance of Trelegy, with $1 billion in sales for the quarter, is expected to yield a $50 million milestone in Q4 and $100 million in 2026. The company maintains a focus on financial discipline, achieving non-GAAP breakeven, and aims to leverage its robust balance sheet and strategic initiatives for long-term value creation.Theravance Biopharma Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 109.78M | 107.46M | 64.38M | 57.42M | 51.35M | 55.31M |
| Gross Profit | 88.23M | 101.95M | 64.38M | 16.80M | -12.05M | -138.35M |
| EBITDA | 7.99M | -7.73M | -38.45M | -51.65M | -76.08M | -232.83M |
| Net Income | 114.54M | 105.89M | -56.42M | -55.19M | 872.13M | -199.43M |
Balance Sheet | ||||||
| Total Assets | 472.31M | 485.57M | 354.16M | 382.00M | 607.40M | 374.82M |
| Cash, Cash Equivalents and Short-Term Investments | 394.67M | 315.36M | 88.35M | 102.43M | 327.48M | 173.47M |
| Total Debt | 73.30M | 75.50M | 49.82M | 49.16M | 52.16M | 669.52M |
| Total Liabilities | 181.72M | 188.85M | 178.62M | 169.00M | 165.60M | 713.39M |
| Stockholders Equity | 290.59M | 296.72M | 175.54M | 213.00M | 441.80M | -338.57M |
Cash Flow | ||||||
| Free Cash Flow | 268.74M | 238.50M | -11.87M | -29.48M | -187.56M | -211.26M |
| Operating Cash Flow | 268.78M | 238.54M | -11.54M | -27.00M | -186.99M | -207.86M |
| Investing Cash Flow | -83.32M | -105.28M | 12.28M | -32.70M | 1.15B | 124.49M |
| Financing Cash Flow | -7.97M | -3.25M | -2.50M | -198.93M | -758.81M | 91.86M |
Theravance Biopharma Technical Analysis
Negative
17.23
Price Trends
15.92
Positive
17.37
Negative
16.27
Negative
Market Momentum
<0.01
Positive
44.19
Neutral
10.19
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TBPH, the sentiment is Negative. The current price of 17.23 is above the 20-day moving average (MA) of 16.63, above the 50-day MA of 15.92, and above the 200-day MA of 16.27, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.19 is Neutral, neither overbought nor oversold. The STOCH value of 10.19 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TBPH.
Theravance Biopharma Risk Analysis
Theravance Biopharma disclosed 45 risk factors in its most recent earnings report. Theravance Biopharma reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Theravance Biopharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $853.20M | ― | 43.85% | ― | 68.20% | ― | |
55 Neutral | $1.14B | -27.75 | -44.72% | ― | -15.35% | 37.09% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $2.08B | -12.66 | 31.23% | ― | ― | ― | |
48 Neutral | $254.85M | -13.95 | -38.76% | ― | ― | 15.81% |
* Healthcare Sector Average
TBPH
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Theravance Biopharma Corporate Events
Business Operations and StrategyLegal Proceedings
Theravance Secures Long-Term YUPELRI Patent Litigation Settlement
Positive
Mar 30, 2026
On March 27, 2026, Theravance and its partner Mylan reached a settlement with Mankind Pharma and Lifestar Pharma over patent litigation concerning YUPELRI (revefenacin) inhalation solution, which had arisen from Mankind’s bid to launch a gen...
Business Operations and StrategyFinancial Disclosures
Theravance Biopharma Restructures After Ampreloxetine Trial Failure
Negative
Mar 3, 2026
On March 3, 2026, Theravance Biopharma reported that its Phase 3 CYPRESS trial of ampreloxetine in patients with symptomatic neurogenic orthostatic hypotension due to multiple system atrophy failed to meet its primary endpoint, leading the company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.