Theravance Biopharma, Inc.

theravance.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2026 10-Q, filed Aug 11, 2026. Its latest SEC filing is a 15-12G from Oct 5, 2026.

The sections below describe the company as of the FY2025 annual report.

What Did They Do?

Develops and commercializes medicines, including YUPELRI inhalation solution for people with chronic obstructive pulmonary disease.

How Did They Make Money?

The main revenue stream comes through the YUPELRI collaboration: Viatris leads U.S. commercialization, the company shares U.S. profits and losses, and receives royalties on sales elsewhere. License fees are tied to license transfer, while sales royalties and milestones are paid when sales occur or milestones are achieved.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Collaboration Agreement	70% FY2022: 0.4%
Licensing Licensed	7.0% FY2022: 4.9%	Licensed
Milestone	23%

Who Were Their Customers?

Viatris leads U.S. commercialization of YUPELRI; the company also earns licensing and milestone revenue from a European-based contractual collaboration partner.

Did Revenues Turn Into Profits?

Yes. It kept 99 cents of every revenue dollar as net income in FY2025 and turned 222 cents into free cash flow.

Operating income, FY2025

−3% of revenue

▼ −92% (Loss) vs FY2024 (−$46.9M, −73%)

Net income, FY2025

99% of revenue

▲ Now profitable vs FY2024 (−$56.4M, −88%)

Free cash flow, FY2025

222% of revenue

▲ Now profitable vs FY2024 (−$11.9M, −18%)

How Were They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −21%; vs $26.2M in Q2 FY2025
Net income: ▼ Now a loss; vs $54.8M in Q2 FY2025

Collaboration Agreement share of revenue vs 71.4% in Q2 FY2025

Jun 29, 2026 Zymeworks agreed to acquire Theravance Biopharma Shareholders would receive $17.00 per share in cash and a contingent value right tied to future ampreloxetine proceeds; closing is subject to approvals and other conditions.
Mar 30, 2026 YUPELRI patent settlement permits a generic launch after a specified date Mankind may manufacture and market a generic version in the U.S. on or after April 23, 2039.

Grew. Revenue grew 94% in 4 years, from $55.3M in FY2021 to $107.5M in FY2025, about 18% a year.

Focus on YUPELRI The older report described a pipeline of internally discovered programs alongside YUPELRI. The latest report describes a commercial focus on YUPELRI and a wind-down of the R&D function.

Revenue over time

Collaboration Agreement Licensing Milestone Viatris collaboration agreement Viatris royalties (Non-US)

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Did They Compete With?

Competes with Sanofi, Regeneron Pharmaceuticals, GlaxoSmithKline, AstraZeneca, Chiesi Farmaceutici, Novartis, and Boehringer Ingelheim

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