Theravance Biopharma, Inc. Reports First Quarter 2021 Financial Results and Provides Business Update Ø Company completed enrollment for Phase 2 nezulcitinib (TD-0903, COVID lung hyperinflammation) and Phase 2b ize

Theravance Biopharma, Inc. Reports First Quarter 2021 Financial Results and Provides Business Update

IRELAND - may 4, 2021 - Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company")

(NASDAQ: TBPH) today reported financial results for the first quarter of 2021.

"2021 is on track to be a transformational

year as we make significant progress towards our business goals," said Rick E Winningham, Chief Executive Officer. "Our

commercial assets provide cash flow to invest in our diversified clinical pipeline. GSK's TRELEGY continues an exceptional, unabated

growth trajectory. Our YUPELRI team, with our partner Viatris, continues to drive performance despite pandemic-associated headwinds. While

we experienced slightly down sequential quarter-over-quarter net sales results, our January 2021 market share was 19%-its highest

level since launch-and we ended the quarter on a strong note with March volume demand demonstrating 28% growth over February."

"Additionally, we are focused on advancing

development of our innovative and differentiated pipeline. We continue to progress nezulcitinib, our wholly-owned nebulized lung-selective

pan-JAK inhibitor, our potentially best-in-class ampreloxetine for symptomatic neurogenic orthostatic hypotension and izencitinib, our

oral gut-selective pan-JAK inhibitor for inflammatory bowel disease that is partnered with Janssen Pharmaceuticals. Our team is looking

forward to four significant clinical readouts between now and Q1 2022: our Phase 2 nezulcitinib trial in Q2, our Phase 3 ampreloxetine

and Phase 2b izencitinib Ulcerative Colitis trials each in Q3, and the Phase 2 izencitinib Crohn's disease trial in Q4/Q1 2022.

We remain committed to delivering each of these clinical data sets with the highest quality as expeditiously as possible."

While Viatris Inc. ("Viatris") records the total YUPELRI net sales, the Company is entitled to a 35% share of the profits

and losses pursuant to a co-promotion agreement with Viatris.

As reported by Glaxo Group Limited or one of its affiliates (GSK); reported sales converted to USD; economic

interest related to TRELEGY (the combination of fluticasone furoate, umeclidinium, and vilanterol (FF/UMEC/VI), jointly developed by

GSK and Innoviva, Inc.) entitles the Company to upward tiering payments equal to approximately 5.5% to 8.5% on worldwide net sales of

the product (net of Theravance Respiratory Company, LLC (TRC) expenses paid and the amount of cash, if any, expected to be used in TRC

over the next four fiscal quarters). 75% of the income from the Company's investment in TRC is pledged to service outstanding notes

and 25% of income from the Company's investment in TRC is retained by the Company.

Upcoming Clinical Milestones

First Quarter Financial Results

reported by Glaxo Group Limited or one of its affiliates (GSK); reported sales converted to USD; economic interest related to

TRELEGY (the combination of fluticasone furoate, umeclidinium, and vilanterol (FF/UMEC/VI), jointly developed by GSK and Innoviva,

Inc.) entitles the Company to upward tiering payments equal to approximately 5.5% to 8.5% on worldwide net sales of the product (net

of Theravance Respiratory Company, LLC (TRC) expenses paid and the amount of cash, if any, expected to be used in TRC over the next

four fiscal quarters). 75% of the income from the Company's investment in TRC is pledged to service outstanding notes and 25%

of income from the Company's investment in TRC is retained by the Company.

2021 Financial Guidance

Conference Call and Live Webcast Today at 5 pm ET

Theravance Biopharma will hold a conference call and live webcast

accompanied by slides today at 5 pm ET / 2 pm PT / 10 pm IST. To participate, please dial (855) 296-9648 from the U.S. or (920) 663-6266

for international callers, using the confirmation code 1092615. Those interested in listening to the conference call live via the internet

may do so by visiting Theravance.com, under the Investors section, Presentations and Events.

A replay will be available on Theravance.com for

30 days through June 3, 2021. An audio replay will also be available through 8:00 pm ET on May 11, 2021, by dialing (855) 859-2056 from

the U.S., or (404) 537-3406 for international callers, and then entering confirmation code 1092615.

About Theravance Biopharma

Theravance Biopharma, Inc. is a diversified biopharmaceutical company

primarily focused on the discovery, development and commercialization of organ-selective medicines. Its purpose is to pioneer a new generation

of small molecule drugs designed to better meet patient needs. Its research is focused in the areas of inflammation and immunology.

In pursuit of its purpose, Theravance Biopharma applies insights

and innovation at each stage of its business and utilizes its internal capabilities and those of partners around the world. The

Company applies organ-selective expertise to target disease biologically, to discover and develop medicines that may expand the

therapeutic index with the goal of maximizing efficacy and limiting systemic side effects. These efforts leverage years of

experience in developing lung-selective medicines to treat respiratory disease, including FDA-approved YUPELRI

(revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease

(COPD). Its pipeline of internally discovered programs is targeted to address significant patient needs.

Theravance Biopharma has an economic interest in potential future payments

from Glaxo Group Limited or one of its affiliates (GSK) pursuant to its agreements with Innoviva, Inc. relating to certain programs, including

For more information, please visit www.theravance.com.

THERAVANCE BIOPHARMA , THERAVANCE , and the Cross/Star logo

are registered trademarks of the Theravance Biopharma group of companies (in the U.S. and certain other countries).

YUPELRI is a registered trademark of Mylan Specialty

L.P., a Viatris company. Trade names or service marks of other companies appearing on this press release are the property of their respective

This press release contains and the conference call will contain certain

"forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among

other things, statements relating to goals, plans, objectives, expectations and future events. Theravance Biopharma intends such forward-looking

statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange

Act of 1934 and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to: the

Company's goals, designs, strategies, plans and objectives, the Company's regulatory strategies and timing of clinical studies

(including the data therefrom), the potential characteristics, benefits and mechanisms of action of the Company's product and product

candidates, the potential that the Company's research programs will progress product candidates into the clinic, the Company's

expectations for product candidates through development, the Company's expectations regarding its allocation of resources, potential

regulatory approval and commercialization (including their differentiation from other products or potential products), product sales

or profit share revenue and the Company's expectations for its expenses, excluding share-based compensation and other financial

results. These statements are based on the current estimates and assumptions of the management of Theravance Biopharma as of the date

of the press release and the conference call and are subject to risks, uncertainties, changes in circumstances, assumptions and other

factors that may cause the actual results of Theravance Biopharma to be materially different from those reflected in the forward-looking

statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements

include, among others, risks related to: disagreements with Innoviva, Inc. and TRC LLC, the uncertainty of arbitration and litigation

and the possibility that the results of these proceedings could be adverse to the Company, delays or difficulties in commencing, enrolling

or completing clinical studies, the potential that results from clinical or non-clinical studies indicate the Company's compounds

or product candidates are unsafe or ineffective, risks that product candidates do not obtain approval from regulatory authorities, the

feasibility of undertaking future clinical trials for our product candidates based on policies and feedback from regulatory authorities,

dependence on third parties to conduct clinical studies, delays or failure to achieve and maintain regulatory approvals for product candidates,

risks of collaborating with or relying on third parties to discover, develop, manufacture and commercialize products, and risks associated

with establishing and maintaining sales, marketing and distribution capabilities with appropriate technical expertise and supporting

infrastructure. In addition, while we expect the effects of COVID-19 to continue to adversely impact our business operations and financial

results, the extent of the impact on our ability to generate revenue from YUPELRI (revefenacin), our clinical development programs

(including but not limited to our later stage clinical programs for izencitinib and ampreloxetine), and the value of and market for our

ordinary shares, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time. These

potential future developments include, but are not limited to, the ultimate duration of the COVID-19 pandemic, travel restrictions, quarantines,

social distancing and business closure requirements in the United States and in other countries, other measures taken by us and those

we work with to help protect individuals from contracting COVID-19, and the effectiveness of actions taken globally to contain and treat

the disease, including vaccine availability, distribution, acceptance and effectiveness. Other risks affecting Theravance Biopharma are

in the Company's Form 10-K filed with the SEC on February 26, 2021 and other periodic reports filed with the SEC. In addition to

the risks described above and in Theravance Biopharma's filings with the SEC, other unknown or unpredictable factors also could affect

Theravance Biopharma's results. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements.

Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theravance Biopharma assumes no obligation

to update its forward-looking statements on account of new information, future events or otherwise, except as required by law.

Contact: Gail B. Cohen

Corporate Communications

THERAVANCE BIOPHARMA, INC.

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