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what it is
Theravance sells one antibiotic today while spending on lung and gut drug programs that may or may not become businesses.
how it gets paid
Last year Theravance Biopharma made $64M in revenue. vibativ product sales was the main engine at $38M, or 59% of sales.
why it's growing
Revenue grew 243.3% last year. $62 million mattered most because one quarter nearly matched the company's full-year $64 million revenue base.
what just happened
The quarter was all about $62M in revenue, up 208% vs. prior year, while EPS swung to $0.88.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
33.0x trailing p/e — you're paying up for this one
-$1.15 fy2024 eps est
$64M fy2024 rev est
xvary composite: 60/100 — average
What they do
Theravance sells one antibiotic today while spending on lung and gut drug programs that may or may not become businesses.
This is not a wide moat. It is a narrow lane. Theravance has just 97 employees and only $34 million of long-term debt, equal to 5% of capital, so you are backing a small team with a cleaner balance sheet than most loss-making biotechs. The one real edge is focus: one marketed antibiotic plus a pipeline in lung and gut diseases means your fate rides on a few shots, not a sprawling empire.
How they make money
$64M
annual revenue · their business grew +243.3% last year
vibativ product sales
$38M
license revenue
$12M
collaboration revenue
$8M
royalty revenue
$4M
other revenue
$2M
The products that matter
once-daily nebulized bronchodilator
YUPELRI
21% hospital share · $25M milestone payments in Q1 2026
it's the only real commercial leg left. a 21% share of the long-acting nebulized hospital market gives you something tangible to underwrite, but it is still one product carrying a lot of narrative weight.
commercial base
failed Phase 3 pipeline program
Ampreloxetine
March 3, 2026 trial failure
the CYPRESS trial in neurogenic orthostatic hypotension failed its primary endpoint on March 3, 2026. that removed the company's main clinical catalyst in a single headline.
thesis broken
monetized royalty asset
Trelegy Ellipta Royalty
sold for $225M in June 2025
the company already sold its remaining royalty interest to GSK for $225M. in plain English: one of the cleaner sources of hidden value is already gone and turned into cash.
already monetized
Key numbers
72.9%
operating margin
Operating margin → profit after running the business → so what: Theravance loses about 73 cents for every $1 of revenue.
$64M
annual revenue
Revenue → money coming in the door → so what: this is a very small company trying to fund biotech ambitions on a tiny sales base.
$34M
long-term debt
Long-term debt → money owed over years → so what: debt is only 5% of capital, which gives this biotech more room than its income statement suggests.
-$1.15
2024 EPS
EPS → profit per share → so what: the full-year loss got worse from -$1.00 in 2023 to -$1.15 in 2024.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 20 / 100
- long-term debt $34M (5% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TBPH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter was all about $62M in revenue, up 208% vs. prior year, while EPS swung to $0.88.
Revenue growth looked huge because the base was tiny. Contrast that with the full-year picture: 2024 EPS still landed at -$1.15, worse than -$1.00 in 2023.
$62M
revenue
$0.88
eps
208%
revenue growth
the number that mattered
$62 million mattered most because one quarter nearly matched the company's full-year $64 million revenue base, which shows how lumpy this business is.
source: company earnings report, 2026
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What could go wrong
the #1 risk is ampreloxetine failure and a strategic review that ends without a deal.
med
The pipeline value is gone
Ampreloxetine failed its Phase 3 CYPRESS trial on March 3, 2026. That removes the lead late-stage asset and leaves much less future upside to discount back.
Impact: the premium investors were paying for pipeline optionality can disappear faster than revenue does.
med
The sale process may not clear where you want
The board is exploring strategic alternatives, including a sale. A process like that can end in a transaction, a partial asset sale, or no deal at all.
Impact: if the review ends with no transaction, you are left owning a much smaller operating business and hoping the market reruns the math kindly.
med
Cash burn still matters
Management is cutting 50% of the workforce, about 49 jobs, and targets a 60% cost reduction. The company still expects only about $400M in cash at the end of Q1 2026, which means the runway is finite and the restructuring needs to work.
Impact: every quarter of delay consumes part of the asset base investors are relying on for downside support.
med
YUPELRI is not enough on its own
YUPELRI holds 21% of the long-acting nebulized hospital market, which is real. It is also still one product supporting a company the market values at $698M.
Impact: if that commercial base weakens, the investment case becomes mostly cash plus corporate clean-up, not an operating turnaround.
With the lead program gone, you are underwriting a company expected to do $64M in revenue and finish Q1 2026 with about $400M in cash. That is a much narrower thesis than the old pipeline story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
strategic review
Does the board actually sell the company
This is the main catalyst now. A full sale, asset sale, or no deal will tell you whether the market cap is anchored to realizable value or just hope.
cash
The expected ~${400}M q1 2026 cash balance
Cash is not background noise here. It is one of the core assets a buyer would care about and one of the clearest supports for the equity.
commercial base
Whether YUPELRI keeps its 21% hospital share
If the only commercial asset is stable, the floor under the story holds better. If it slips, the company starts looking more like a shrinking shell.
cost cuts
Whether the 50% workforce reduction delivers the promised reset
Management is targeting a 60% cost reduction. If the cuts land cleanly, the company buys time. If they do not, cash burn stays in charge.
Analyst rankings
earnings predictability
35 / 100
In human-speak, analysts do not see this as a business with smooth, easy-to-model earnings.
risk rank
2
That ranks safer than 80% of stocks on this system, but the headline risk here is business-model change, not textbook balance-sheet distress.
price stability
20 / 100
The stock does not trade like a utility. It trades like a small-cap biotech attached to catalysts, cash, and board decisions.
source: institutional data
Institutional activity
institutional ownership data for TBPH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$19
current price
n/a
target midpoint · n/a from current
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