Theravance Biopharma Unveils 2025 Financial Performance and Strategic Direction

Theravance Biopharma Announces 2025 Financial Results and Strategic Update

DUBLIN, March 19, 2026 – Theravance Biopharma, Inc. (NASDAQ: TBPH) has reported its financial results for the fourth quarter and full year of 2025, highlighting impressive growth in its flagship product, YUPELRI®, and valuable milestones achieved. The company’s restructuring plans, following the Phase 3 CYPRESS study results, aim to streamline operations and reinforce capital efficiency.

Theravance's financial performance showcases a record fourth quarter, with strong non-GAAP profitability, marking another successful period for the company. Full-year net sales of YUPELRI® reached $266.6 million, reflecting a 12% increase year-over-year, leading to a $25 million milestone payment to be received from Viatris in early 2026. Q4 alone saw quarterly sales reach $70.6 million, further emphasizing the product’s growing demand despite fluctuations in purchasing patterns.

The company’s success wasn’t just limited to YUPELRI®. The collaboration with GSK on TRELEGY also yielded significant results, contributing to fourth quarter global sales of approximately $970 million and a full-year total reaching $3.9 billion, resulting in another $50 million milestone payment to be recorded.

In light of recent developments, Theravance has initiated an organizational restructuring process aimed at operational efficiency. This change follows the disappointing results from the Phase 3 CYPRESS study of ampreloxetine, which did not meet its primary endpoint. The ongoing restructuring is predicted to reduce operating expenses by approximately 60%, generating estimated annual savings of $60 to $70 million starting in Q3 2026.

Rick E Winningham, CEO of Theravance Biopharma, remarked, "We ended 2025 on a positive note from a financial perspective, and these results highlight the strength and durability of our commercial asset, YUPELRI®. [Our restructuring efforts] will allow us to better align our resources with the growth potential of YUPELRI®, maximizing value for our shareholders."

A crucial aspect of the reorganization is the winding down of the Research and Development (R&D) function, which is expected to be largely completed by Q3 2026. The company anticipates cutting approximately 50% of its workforce in administrative roles, aligning personnel with its current strategic priorities.

Strategic Review Committee

In a bid to further enhance shareholder value, a Strategic Review Committee was established. Comprised of independent directors, the committee is actively assessing various options to maximize shareholder returns, including the potential sale of the company, although no specific outcomes have been confirmed as of yet.

While the closure of the ampreloxetine program represents a significant shift, the strategic reevaluation offers a path toward new opportunities and improved operational focus. As a health and biopharmaceutical entity, Theravance is committed to delivering innovative therapies that make a meaningful difference in patients' lives.

Financial Overview

For the fourth quarter of 2025, Theravance reported total revenues of $45.9 million, driven by collaboration revenue and licensing income associated with YUPELRI sales achievements. R&D expenses dropped to $7.4 million as a result of the completed CYPRESS clinical trial, aligning with financial guidance expectations.

The selling, general, and administrative (SGA) costs remained stable at $18.5 million in Q4 2025, reflecting the company's ongoing investment in commercial operations while resisting significant increases in administrative expenses.

Importantly, the company ended the year with a solid cash position of approximately $326.5 million, bolstered by the YUPELRI and TRELEGY milestone payments expected to further enhance financial stability. Theravance anticipates approximately $400 million in cash reserves by the end of Q1 2026, with no long-term debt burdens.

Looking ahead, Theravance Biopharma is optimistic about its trajectory. The anticipated cash flow, derived from operating income and controlled expenditures, places the corporation in a strong position to navigate the evolving landscape of biopharmaceuticals effectively.

For more information, visit Theravance Biopharma.