Theravance Biopharma, Inc. TBPH
Theravance Biopharma, Inc. ("we," "our," "Theravance Biopharma" or the "Company") is a biopharmaceutical company primarily focused on the development and commercialization of medicines. Our focus is to deliver medicines that make a difference® in people's lives.
In pursuit of our purpose, we leverage decades of expertise, which has led to the development of the United States ("US") Food and Drug Administration (the "FDA") approved YUPELRI® (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease ("COPD").
On March 3, 2026, we announced that our ampreloxetine Phase 3 clinical study (CYPRESS) in development for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy did not meet its primary endpoint in the Orthostatic Hypotension Symptom Assessment composite score. As a result of this outcome, we have decided to wind down the ampreloxetine program.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $107.5M | $64.4M | $57.4M | $51.3M | $55.3M | $71.9M | $73.4M | $60.4M | $15.4M | $48.6M |
| Cost of revenue | — | — | — | — | — | — | — | — | $6.0M | $2.9M |
| Gross profit | — | — | — | — | — | — | — | — | $9.4M | $45.8M |
| R&D | $37.4M | $37.6M | $40.6M | $63.4M | $193.7M | $261.0M | $219.2M | $201.3M | $173.9M | $141.7M |
| SG&A | $73.7M | $69.2M | $70.1M | $67.1M | $99.3M | $108.5M | $106.1M | $97.1M | $95.6M | $84.5M |
| Total operating expenses | $111.1M | $111.3M | $113.5M | $143.3M | $313.1M | $369.5M | $325.3M | $299.1M | $275.5M | $229.1M |
| Operating income | -$3.6M | -$46.9M | -$56.0M | -$92.0M | -$257.8M | -$297.6M | -$251.9M | -$238.8M | -$260.1M | -$180.5M |
| Interest expense | $2.5M | $2.5M | $2.4M | $6.4M | $8.5M | $8.5M | $31.9M | $10.5M | $8.5M | $1.4M |
| Pre-tax income | $129.2M | -$44.6M | -$49.3M | -$92.8M | -$265.2M | -$303.3M | -$241.7M | -$226.1M | -$271.7M | -$180.6M |
| Income tax | $23.4M | $11.8M | $5.9M | $9.0K | $151.0K | $8.5M | $5.2M | $10.6M | $13.7M | $10.1M |
| Net income | $105.9M | -$56.4M | -$55.2M | $872.1M | -$199.4M | -$278.0M | -$236.5M | -$215.5M | -$285.4M | -$190.7M |
| EPS, basic | 2.10 | -1.15 | -1.00 | 11.85 | -2.87 | -4.46 | -4.25 | — | — | — |
| EPS, diluted | 2.06 | -1.15 | -1.00 | 11.85 | -2.87 | -4.46 | -4.25 | -3.99 | -5.45 | -4.26 |
| Shares, diluted (wtd. avg.) | $51.5M | $48.8M | $55.3M | $73.6M | $69.5M | $62.3M | $55.6M | $54.0M | $52.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $167.8M | $37.8M | $40.4M | $299.0M | $90.8M | $81.5M | $58.9M | $378.9M | $89.8M | $345.5M |
| Short-term investments | $147.6M | $50.6M | $62.9M | $29.3M | $83.5M | $211.5M | $222.8M | $127.3M | $259.6M | $156.4M |
| Receivables | — | — | — | — | — | — | — | $620.0K | $2.3M | $646.0K |
| Inventory | — | — | — | — | — | — | — | $0 | $16.8M | $12.2M |
| Total current assets | $418.5M | $161.1M | $133.5M | $353.5M | $249.9M | $393.3M | $338.5M | $532.8M | $378.7M | $528.5M |
| Property, plant and equipment | $5.9M | $7.4M | $9.1M | $11.9M | $13.7M | $16.4M | $12.6M | $13.2M | $10.2M | $8.5M |
| Total assets | $485.6M | $354.2M | $382.0M | $607.4M | $374.8M | $469.1M | $408.8M | $560.2M | $441.4M | $639.3M |
| Accounts payable | $2.6M | $2.2M | $1.5M | $1.6M | $3.1M | $6.8M | $4.8M | $9.0M | $5.9M | $1.7M |
| Total current liabilities | $38.3M | $32.1M | $24.8M | $28.7M | $58.6M | $123.6M | $111.7M | $98.6M | $62.6M | $49.3M |
| Long-term debt | — | — | $0 | — | $616.3M | $619.2M | $455.0M | $454.4M | $223.7M | — |
| Retained earnings | -$859.6M | -$965.5M | -$909.1M | -$853.9M | -$1.73B | -$1.53B | -$1.25B | -$1.01B | -$797.7M | -$512.2M |
| Total equity | $296.7M | $175.5M | $213.0M | $441.8M | -$338.6M | -$303.8M | -$223.8M | -$51.6M | $115.2M | $350.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $238.5M | -$11.5M | -$27.0M | -$187.0M | -$207.9M | -$250.4M | -$238.2M | -$112.9M | -$201.1M | -$99.0M |
| Depreciation and amortisation | $1.5M | $1.6M | $1.9M | $2.6M | $3.5M | $3.3M | $3.3M | $3.0M | $2.5M | $3.1M |
| Stock-based compensation | $18.5M | $21.4M | $25.4M | $39.7M | $62.1M | $63.0M | $60.5M | $51.3M | $49.1M | $41.2M |
| Capital expenditure | $42.0K | $332.0K | $2.5M | $572.0K | $3.4M | $6.6M | $3.2M | $7.2M | $2.4M | $2.1M |
| Investing cash flow | -$105.3M | $12.3M | -$32.7M | $1.15B | $124.5M | $10.7M | -$83.1M | $176.7M | -$56.3M | -$148.2M |
| Financing cash flow | -$3.2M | -$2.5M | -$198.9M | -$758.8M | $91.9M | $263.1M | $1.3M | $225.2M | $1.7M | $479.2M |
| Buybacks | — | $445.0K | $197.1M | $128.8M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050454.
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