Full Press Release Details
DUBLIN , Aug. 4, 2022 /PRNewswire/ -- Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company") (NASDAQ: TBPH ) today reported financial results for the second quarter of 2022.
"The Company has continued to execute on its strategy and, since the first quarter, we have accomplished several transformative goals. YUPELRI delivered its strongest quarter of sales to date. Our ampreloxetine discussions with FDA create a path to an NDA filing in MSA patients with symptomatic nOH. The closing of the sale of our TRELEGY ELLIPTA royalty interests to Royalty Pharma for over $1.5 billion in potential total value enables an elimination of our debt and sets up a planned return of capital to shareholders," said Rick E Winningham, Chief Executive Officer. "With an attractive pro forma financial profile and near-term value drivers, we believe we are well positioned to deliver medicines that make a difference and ongoing shareholder value."
Quarterly Highlights
Second Quarter Financial Results
2022 Financial Guidance
Conference Call and Live Webcast Today at 5:00 pm ET
Theravance Biopharma will hold a conference call and live webcast accompanied by slides today at 5:00 pm ET / 2:00 pm PT / 10:00 pm IST . To participate in the live call by telephone, please dial (800) 225-9448 from the US, or (203) 518-9708 for international callers, using the confirmation code TBPHQ222. Those interested in listening to the conference call live via the internet may do so by visiting Theravance Biopharma's website at www.theravance.com , under the Investors section, Presentations and Events.
A replay of the conference call will be available on Theravance Biopharma's website for 30 days through September 3, 2022 . An audio replay will also be available through 11:59 pm ET on August 11, 2022 , by dialing (888) 219-1261 from the US, or (402) 220-4941 for international callers.
About Theravance Biopharma
Theravance Biopharma, Inc.'s overarching purpose and goal as a biopharmaceutical company is focused on delivering Medicines that Make a Difference ® in people's lives. In pursuit of its purpose, Theravance Biopharma leverages decades of expertise, which has led to the development of 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 unmet patient needs.
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. TRELEGY and ELLIPTA are trademarks of the GSK group of companies. Trademarks, trade names or service marks of other companies appearing on this press release are the property of their respective owners.
Forward-Looking Statements
Additional Information and Where to Find It
This announcement is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any of the Company's outstanding 3.25% Convertible Senior Notes due 2023. The Tender Offer is being made solely pursuant to the Offer to Purchase and related materials, as they may be amended or supplemented. Holders should read the Company's Tender Offer Statement on Schedule TO filed with the SEC on July 26, 2022 in connection with the Tender Offer, which included as exhibits the Offer to Purchase and related materials, as well as any amendments or supplements to the Schedule TO when they become available, because they will contain important information. Each of these documents has been filed or will be filed, as the case may be, with the SEC, and, when available, holders may obtain them for free from the SEC at its website ( www.sec.gov ) or from the Company's dealer manager in connection with the Tender Offer.
Contact: Gail B. Cohen Corporate Communications / 917-214-6603
1 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.
2 The first milestone payment, of $50.0 million , will be triggered if Royalty Pharma receives $240.0 million or more in royalty payments from GSK with respect to 2023 TRELEGY global net sales, which we would expect to occur in the event TRELEGY global net sales reach approximately $2.863 billion . Royalties payable from GSK to Royalty Pharma are upward-tiering from 6.5% to 10%.
| THERAVANCE BIOPHARMA, INC. | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands) | |||||
| June 30, | December 31, | ||||
| 2022 | 2021 | ||||
| Assets | (Unaudited) | (1) | |||
| Current assets: | |||||
| Cash and cash equivalents and short-term marketable securities | $ | 132,850 | $ | 173,465 | |
| Receivables from collaborative arrangements | 12,488 | 14,065 | |||
| Amounts due from TRC, LLC | - | 43,534 | |||
| Prepaid clinical and development services | 2,311 | 10,245 | |||
| Other prepaid and current assets | 7,080 | 8,561 | |||
| Total current assets | 154,729 | 249,870 | |||
| Property and equipment, net | 12,531 | 13,657 | |||
| Operating lease assets | 41,112 | 39,690 | |||
| Equity in net assets of TRC, LLC | 148,250 | 67,537 | |||
| Restricted cash | 836 | 837 | |||
| Other assets | 3,303 | 3,228 | |||
| Total assets | $ | 360,761 | $ | 374,819 | |
| Liabilities and Shareholders' Deficit | |||||
| Current liabilities | $ | 32,624 | $ | 58,587 | |
| Convertible senior notes due 2023, net | 228,571 | 228,035 | |||
| Non-recourse notes due 2035, net | 396,125 | 371,359 | |||
| Long-term operating lease liabilities | 50,642 | 52,681 | |||
| Other long-term liabilities | 2,608 | 2,730 | |||
| Shareholders' deficit | (349,809) | (338,573) | |||
| Total liabilities and shareholders' deficit | $ | 360,761 | $ | 374,819 | |
| ________________________________ |
| THERAVANCE BIOPHARMA, INC. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (In thousands, except per share data) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Revenue: | ||||||||||||
| Viatris collaboration agreement | $ | 10,878 | $ | 10,934 | $ | 21,565 | $ | 21,319 | ||||
| Collaboration revenue | 172 | 1,980 | 181 | 5,852 | ||||||||
| Licensing revenue | - | - | 2,500 | - | ||||||||
| Total revenue | 11,050 | 12,914 | 24,246 | 27,171 | ||||||||
| Costs and expenses: | ||||||||||||
| Research and development (1) | 15,571 | 51,093 | 38,824 | 118,692 | ||||||||
| Selling, general and administrative (1) | 16,986 | 25,931 | 34,828 | 56,481 | ||||||||
| Transaction-related legal expenses (2) | 3,778 | - | 5,057 | - | ||||||||
| Restructuring and related expenses (1) | 1,594 | - | 10,918 | - | ||||||||
| Total costs and expenses | 37,929 | 77,024 | 89,627 | 175,173 | ||||||||
| Loss from operations | (26,879) | (64,110) | (65,381) | (148,002) | ||||||||
| Income from investment in TRC, LLC | 28,127 | 21,926 | 53,237 | 38,473 | ||||||||
| Interest expense | (11,884) | (11,612) | (23,539) | (23,485) | ||||||||
| Interest income and other income (expense), net | 2,440 | 1,171 | 2,065 | 937 | ||||||||
| Loss before income taxes | (8,196) | (52,625) | (33,618) | (132,077) | ||||||||
| Provision for income tax (expense) benefit | 5 | 220 | (519) | (7) | ||||||||
| Net loss | $ | (8,191) | $ | (52,405) | $ | (34,137) | $ | (132,084) | ||||
| Net loss per share: | ||||||||||||
| Basic and diluted net loss per share | $ | (0.11) | $ | (0.80) | $ | (0.45) | $ | (2.03) | ||||
| Shares used to compute basic and diluted net loss per share | 76,270 | 65,669 | 75,761 | 65,085 | ||||||||
| ________________________________ | ||||||||||||
| (1) Amounts include share-based compensation expense as follows: | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| (In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||
| Research and development | $ | 3,556 | $ | 7,315 | $ | 8,086 | $ | 15,236 | ||||
| Selling, general and administrative | 5,794 | 7,626 | 11,292 | 15,537 | ||||||||
| Restructuring and related expenses | 359 | - | 4,876 | - | ||||||||
| Total share-based compensation expense | $ | 9,709 | $ | 14,941 | $ | 24,254 | $ | 30,773 | ||||
| (2) Represents legal expenses related to the TRC sale to Royalty Pharma in July 2022. |
SOURCE Theravance Biopharma, Inc.