Theravance Biopharma, Inc. Reports Second Quarter 2021 Financial Results and Provides Business Update Ø Company reiterates Q3 2021 top-line results timing for ampreloxetine Phase 3 and izencitinib Phase 2b in ulce

Theravance Biopharma, Inc. Reports Second

Quarter 2021 Financial Results and Provides Business Update

- AUGUST 3, 2021 - Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company")

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

"We made strong progress in the second

quarter. Our field team is energized and has recently been able to increase its face-to-face engagements with customers, driving continued

sales volume and market share growth. As we look to the future for YUPELRI, we and our partner Viatris are initiating a controlled clinical

study intended to provide data for a possible label update," said Rick E Winningham, Chief Executive Officer. "We continued

to execute across our clinical trials and eagerly anticipate study results this quarter and later this year/early next. 2021 is a

pivotal year for Theravance Biopharma, and we are looking forward to the second half of the year furthering our mission of medicines that

Upcoming Clinical Milestones

Quarterly Highlights

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.

Second Quarter Financial Results

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.

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 2615108. Those interested in listening to the conference

call live via the internet may do so by visiting www.theravance.com, under the Investors section, Presentations and Events.

available on www.theravance.com for 30 days through September 2, 2021. An audio replay will also be available through 8:00

p.m. ET on August 10, 2021, by dialing (855) 859-2056 from the U.S., or (404) 537-2406 for international callers, and then entering

confirmation code 2615108.

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 TRELEGY.

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. Trademarks, trade names or service marks of other companies appearing on this press release

are the property of their respective owners.

Forward-Looking Statements

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, additional future analysis of the data resulting from our clinical trial(s), 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, ineffective or not differentiated, 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-Q filed with the SEC on May 6, 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

Contact: Gail B. Cohen

Corporate Communications

THERAVANCE BIOPHARMA, INC.

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THERAVANCE BIOPHARMA, INC.