Theravance Biopharma, Inc. reported a net loss of $56.4 million for the fiscal year ending December 31, 2024, compared to a loss of $55.2 million in 2023. The company recognized total revenues of $64.4 million, reflecting a 12% increase from $57.4 million in the previous year. This growth was primarily driven by an 8% increase in net sales of YUPELRI, which reached $238.6 million, bolstered by a 41% rise in hospital volumes. Despite the increase in revenue, the company continues to face challenges in achieving sustained profitability, with a cumulative net loss of $965.5 million since its spin-off from Innoviva, Inc. in 2014.
In 2024, Theravance Biopharma achieved a significant milestone with a $50 million payment from Royalty Pharma, linked to the global net sales of TRELEGY, which totaled $3.46 billion. The company also reported progress in its clinical development pipeline, particularly with ampreloxetine, which is in a Phase 3 clinical study for treating neurogenic orthostatic hypotension in patients with Multiple System Atrophy. Enrollment for this study is on track for completion in mid-2025, with data expected approximately six months later.
Operationally, Theravance Biopharma has made strategic adjustments, including the formation of a Strategic Review Committee to explore alternatives aimed at enhancing shareholder value. The company has also streamlined its workforce and reduced research and development expenses, which fell by 7% to $37.6 million in 2024. This reduction was attributed to decreased share-based compensation and lower facility-related costs, reflecting the company's ongoing efforts to manage expenses amid a challenging market environment.
As of December 31, 2024, Theravance Biopharma had 97 employees, with a significant portion based in the U.S. The company continues to focus on its core products, YUPELRI and ampreloxetine, while navigating a competitive landscape that includes new entrants in the COPD treatment market. The company’s future outlook remains cautious, with expectations of increased operational costs as it prepares for the potential commercialization of ampreloxetine and continues to support YUPELRI's market presence.
Looking ahead, Theravance Biopharma anticipates that its existing cash reserves, totaling approximately $88.4 million, will be sufficient to fund operations for at least the next twelve months. However, the company acknowledges the inherent uncertainties in its strategic business plan, particularly regarding clinical program outcomes and the need for additional funding to support ongoing and future initiatives.
About Theravance Biopharma, Inc.
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