Theravance Biopharma, Inc. reported a significant financial turnaround in its 2025 fiscal year, achieving a net income of $105.9 million compared to net losses of $56.4 million and $55.2 million in 2024 and 2023, respectively. This improvement was largely driven by a one-time net gain of $75.1 million from the sale of its TRELEGY royalty interests to GSK plc, alongside milestone payments related to its YUPELRI product. Total revenues for 2025 reached $107.5 million, marking a 67% increase from the previous year, primarily due to a 12% rise in YUPELRI net sales, which amounted to $266.6 million.
The company has undergone significant strategic changes, including the decision to wind down its ampreloxetine program after the Phase 3 CYPRESS study failed to meet its primary endpoint. In response, Theravance's Strategic Review Committee is exploring various alternatives to maximize shareholder value, including the potential sale of the company. Additionally, an organizational restructuring is underway, expected to reduce operating expenses by approximately 60% from 2025 levels, with full savings anticipated by the third quarter of 2026.
Operationally, YUPELRI's customer demand grew by 7% in 2025, and the company received a $25 million milestone payment for achieving $250 million in U.S. net sales. The sale of TRELEGY royalties for $225 million also allowed Theravance to retain rights to potential future milestone payments totaling up to $150 million. As of December 31, 2025, the company had approximately 90 employees, a reduction expected as part of the ongoing restructuring.
Looking ahead, Theravance anticipates continued growth in YUPELRI sales, although it acknowledges potential challenges from evolving market conditions and competition. The company expects to maintain sufficient liquidity, with approximately $326.5 million in cash and marketable securities as of year-end 2025, projected to increase to around $400 million by the end of the first quarter of 2026. However, the company remains cautious about sustaining profitability, given the uncertainties surrounding its product pipeline and market dynamics.
About Theravance Biopharma, Inc.
Theravance Biopharma is a biopharmaceutical company focused on developing and commercializing medicines for respiratory and neurological conditions. Its key products include YUPELRI for COPD and investigational therapies like ampreloxetine for neurogenic orthostatic hypotension in MSA patients. The company leverages strategic partnerships, patent protections, and a diversified development pipeline to deliver innovative treatments and create shareholder value.
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