Theravance Biopharma, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update
- YUPELRI net sales increased by 9% to $60.6 million in Q4 2023.
- Full-year 2023 revenue from Viatris Collaboration increased by 18% to $57.2 million.
- GAAP net loss of $8.5 million in Q4, but Non-GAAP net profit of $1.4 million was achieved.
- Completed a $325 million capital return program, reducing shares outstanding by 37%.
- Ampreloxetine investor event planned for Q2 2024.
- Theravance Biopharma exceeded annual goals for YUPELRI hospital growth in 2023.
- GSK reported global net TRELEGY sales of $2.739 billion in 2023, up 28% from 2022.
- The company is eligible to receive up to $200 million in milestone payments from Royalty Pharma based on TRELEGY sales thresholds.
- YUPELRI achieved total net sales of $60.6 million in Q4 2023, with a 9% increase year-over-year.
- Ampreloxetine presented new data supporting its potential clinical benefits in MSA patients with nOH.
- Theravance Biopharma's cash, cash equivalents, and marketable securities totaled $102.4 million as of December 31, 2023.
- The company expects R&D expenses of $30 million to $36 million and SG&A expenses of $45 million to $55 million for full-year 2024.
- Settlement agreements were reached with Teva, Accord, and Orbicular related to YUPELRI patent litigation, granting them licenses to market generic versions post-2039.
- A conference call and webcast will be held today at 5:00 pm ET to discuss the results.
- A replay of the webcast will be available on the company's website for 30 days.
- None.
Insights
The reported 9% year-over-year increase in Q4 2023 net sales of YUPELRI and the 18% increase in full-year collaboration revenue with Viatris indicate a strengthening position for Theravance Biopharma in the COPD treatment market. The consistent growth in hospital volumes by 46% is a positive signal, suggesting an effective market penetration and adoption by healthcare providers. However, the GAAP net loss of $8.5 million in Q4, despite a non-GAAP net profit of $1.4 million, highlights the ongoing challenges in managing operational costs versus revenue generation. The completion of the $325 million capital return program, reducing shares by 37%, is a significant move that reflects the company's commitment to shareholder value and could potentially improve earnings per share in future reporting periods.
From a financial perspective, the milestone payments eligibility from Royalty Pharma based on TRELEGY sales thresholds is a key factor to watch. The potential to receive up to $200 million in milestone payments provides a lucrative upside, contingent on TRELEGY's market performance. This could serve as a substantial financial catalyst for the company, although it's important to note that such milestone payments are not guaranteed and are dependent on future sales performance.
Theravance Biopharma's strategic focus on YUPELRI has resulted in increased market share within the nebulized segment of the COPD market, which is noteworthy given the competitive nature of the pharmaceutical industry. The reported increase in market share to 31.0% in community settings and 16.6% in hospital settings indicates a successful marketing strategy and a strong value proposition of YUPELRI to healthcare providers. The growth in doses sold into the hospital channel also suggests that the product is gaining traction where chronic management of COPD is critical.
Looking ahead, the company's efforts to develop ampreloxetine for symptomatic neurogenic orthostatic hypotension in MSA patients could open new market opportunities. The Orphan Drug Designation from the FDA is an encouraging sign, as it provides various development benefits and market exclusivity upon approval, which could lead to a competitive advantage in a niche market with limited treatment options.
The clinical development of ampreloxetine and its potential to address symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy represents a significant advancement in a therapeutic area with unmet needs. The anchor-based analysis of Studies 0169 and 0170, suggesting the clinical meaningfulness of improvements in the OHSA composite score, is a pivotal element in the drug's development pathway. This data could be instrumental in guiding the design of future clinical trials and in discussions with regulatory agencies. The successful completion of the Phase 3 CYPRESS study will be a critical milestone for Theravance Biopharma, as it could lead to a new treatment option for patients with this debilitating condition and consequently, a new revenue stream for the company.
- Q4 2023 YUPELRI® (revefenacin) net sales, recognized by Viatris, increased
9% from Q4 2022, reaching an all-time high of$60.6 million - Full Year 2023 Viatris Collaboration Revenue increased
18% to$57.2 million - GAAP Net Loss of
$8.5 million $1.4 million - Completed
$325 million 37% - Ampreloxetine investor event planned for Q2 2024
"The Theravance team delivered a strong performance in 2023, having achieved our financial objectives in the fourth quarter and exceeded our aggressive annual goal for YUPELRI hospital growth," said Rick E Winningham, Chief Executive Officer. "We look forward to continuing YUPELRI net sales growth in 2024 and completing enrollment in the CYPRESS study in the second half of this year. Further, we are excited to host a virtual investor event in the second quarter, where both MSA thought leaders and members of Theravance's senior management team will review the science underpinning our expectation that ampreloxetine can provide clinical benefits in MSA patients with nOH."
2023 Year-End-Highlights
- In partnership with Viatris, increased year-over-year YUPELRI net sales by
9% , to$221 million - Grew YUPELRI hospital volumes
46% , exceeding internal targets and leading to a meaningful contribution to overall net sales growth. - Initiated ampreloxetine Phase 3 CYPRESS study in the first quarter and remain on track to enroll the last patient in the open label portion of the study by the second half of 2024.
- Granted Orphan Drug Designation from the FDA for ampreloxetine.
- GAAP Net Loss of
$8.5 million $1.4 million - Completed
$325 million - Added three new Board members, reflecting the Company's commitment to bringing new perspectives and complementary skills to the Company in order to maximize long-term shareholder value.
- GSK posted 2023 global net TRELEGY sales of
$2.73 9 billion28% compared with 2022. In the fourth quarter of 2023, GSK posted global net TRELEGY sales of$737 million 35% year-over-year.3 As of January 1, 2024, Theravance Biopharma is eligible to receive a total of$200 million $25 million $2.9 billion $25 million $50 million $3.2 billion
Fourth Quarter Accomplishments
YUPELRI® (revefenacin) inhalation solution, the first and only once-daily, nebulized LAMA (long- acting muscarinic agent) bronchodilator approved in the US for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD):
- Achieved total net sales of
$60.6 million 9% year-over-year (Q4 2023 vs Q4 2022) and4% quarter-over-quarter (Q4 2023 vs Q3 2023).1 Sales growth was driven by increasing customer demand.5 - Grew doses sold into the hospital channel by
37% year-over-year (Q4 2023 vs Q4 2022). - Increased share within the long-acting nebulized segment of the COPD market. During the quarter, share within the community and hospital settings increased to
31.0% and16.6% , respectively, from27.1% and12.5% in Q4 2022.6
Ampreloxetine, an investigational, once-daily norepinephrine reuptake inhibitor in development for the treatment of symptomatic neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA):
- Presented new data at the 34th International Symposium on the Autonomic Nervous System in November. Results of an anchor-based analysis of Studies 0169 and 0170 demonstrated that an improvement of 0.9 to 1.3 points and worsening of 0.7 to 1.1 points in the OHSA composite score could be considered clinically meaningful. These findings support the use of the OHSA composite score as a primary endpoint in nOH studies and the use of these thresholds in determining clinical meaningfulness.
- Began enrolling patients in CYPRESS outside the
U.S. , with the first patient enrolled inEurope during the quarter. - Continued to open sites globally for the CYPRESS study, with the expectation of enrolling the last patient into the open-label period of the study in the second half of 2024.
Financials
- Q4 2023 GAAP Net Loss from continuing operations of
$8.5 million $1.4 million $9.0 million $0.7 million - The difference between GAAP Net Loss from continuing operations of
$8.5 million $1.4 million $5.8 million $3.5 million
- The difference between GAAP Net Loss from continuing operations of
- Completed
$30.2 million $324.8 million $0.4 million
Fourth Quarter Financial Results
- Revenue: Total revenue for the fourth quarter of 2023 was
$17.6 million $2.7 million 19% , in the fourth quarter compared to the same period in 2022 due primarily to higher net sales and lower costs incurred by Viatris. The Viatris collaboration revenue represents amounts receivable from Viatris and comprises the Company's35% share of net sales of YUPELRI, as well as its proportionate amount of the total shared costs incurred by the two companies. The non-shared YUPELRI costs incurred by Theravance Biopharma are recorded within operating expenses. While Viatris records the total net sales of YUPELRI within its financial statements, Theravance Biopharma's implied35% share of net sales of YUPELRI for the fourth quarter of 2023 was$21.2 million 9% increase compared to the same period in 2022. - Research and Development (R&D) Expenses: R&D expenses for the fourth quarter of 2023 were
$8.3 million $15.3 million $1.7 million $32.6 million $35 million $45 million - Selling, General and Administrative (SG&A) Expenses: SG&A expenses for the fourth quarter of 2023 were
$15.5 million $16.7 million $4.1 million $53.1 million $45 million $55 million - Share-Based Compensation: Share-based compensation expenses for the fourth quarter of 2023 were
$5.8 million $6.9 million $1.7 million $4.1 million $2.8 million $4.1 million $1.1 million - Net Loss from Continuing Operations and Non-GAAP Net Profit (Loss) from Continuing Operations2: Net loss from continuing operations was
$8.5 million $14.3 million $1.4 million $6.8 million - Cash Position: Cash, cash equivalents and marketable securities totaled
$102.4 million
2024 Financial Guidance
- Operating Expenses (excluding share-based compensation): The Company expects full year 2024 R&D expense of
$30 million $36 million $45 million $55 million - Share-Based Compensation: The Company expects full year share-based compensation expense of
$18 million $22 million - Non-GAAP Profit / Loss From Continuing Operations: The Company expects Non-GAAP Loss in the first half of 2024 and approach non-GAAP breakeven in the second half of 2024; limited cash burn expected in 2024.
Settlement Agreements
Certain subsidiaries of Theravance Biopharma and Mylan Ireland Limited and Mylan Specialty L.P. (together, "Viatris") entered into a settlement agreement (1) on October 27, 2023 with Teva Pharmaceuticals, Inc. and Teva Pharmaceuticals
Theravance Biopharma and Viatris granted each of Teva, Accord and Orbicular under their applicable settlement agreements, a royalty-free, non-exclusive, non-sublicensable, non-transferable license to manufacture and market the respective parties generic version of YUPELRI® (revefenacin) inhalation solution in
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 GMT. To participate in the live call by telephone, please register here. 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 webcast will be available on Theravance Biopharma's website for 30 days through March 27, 2024.
About Ampreloxetine
Ampreloxetine, an investigational, once-daily norepinephrine reuptake inhibitor in development for the treatment of symptomatic neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA). The unique benefits of ampreloxetine treatment reported in MSA patients from Study 0170 included an increase in norepinephrine levels, a favorable impact on blood pressure, clinically meaningful and durable symptom improvement, and no signal for supine hypertension. The company has been granted an orphan drug designation in the US and, if results support it, plans to file an NDA for full approval based on the Phase 3 CYPRESS study.
About CYPRESS (Study 0197), a Phase 3 Study
Study 0197 (NCT05696717) is currently enrolling. This is a registrational Phase 3, multi-center, randomized withdrawal study to evaluate the efficacy and durability of ampreloxetine in participants with MSA and symptomatic nOH after 20 weeks of treatment; the primary endpoint of the study is change in the Orthostatic Hypotension Symptom Assessment (OHSA) composite score. The Study includes four periods: screening, open label (12-week period, participants will receive a single daily 10 mg dose of ampreloxetine), randomized withdrawal (eight-week period, double-blind, placebo-controlled, participants will receive a single daily 10 mg dose of placebo or ampreloxetine), and a long-term treatment extension. Secondary outcome measures include change from baseline in Orthostatic Hypotension Daily Activity Scale (OHDAS) item 1 (activities that require standing for a short time) and item 3 (activities that require walking for a short time).
About Multiple System Atrophy (MSA) and Symptomatic Neurogenic Orthostatic Hypotension (nOH)
MSA is a progressive brain disorder that affects movement and balance and disrupts the function of the autonomic nervous system. The autonomic nervous system controls body functions that are mostly involuntary. One of the most frequent autonomic symptoms associated with MSA is a sudden drop in blood pressure upon standing (nOH).7 There are approximately 50,000 MSA patients in the US8 and 70
Neurogenic orthostatic hypotension (nOH) is a rare disorder defined as a fall in systolic blood pressure of ⩾20 mm Hg or diastolic blood pressure of ⩾10 mm Hg, within 3 minutes of standing. Severely affected patients are unable to stand for more than a few seconds because of their decrease in blood pressure, leading to cerebral hypoperfusion and syncope. A debilitating condition, nOH results in a range of symptoms including dizziness, lightheadedness, fainting, fatigue, blurry vision, weakness, trouble concentrating, and head and neck pain.
About Theravance Biopharma
Theravance Biopharma, Inc.'s focus is to deliver 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). Ampreloxetine, its late-stage investigational norepinephrine reuptake inhibitor in development for symptomatic neurogenic orthostatic hypotension, has the potential to be a first in class therapy effective in treating a constellation of cardinal symptoms in multiple system atrophy patients. The Company is committed to creating/driving shareholder value.
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 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, as amended, and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to: the Company's expectations regarding its future profitability, expenses and uses of cash, the Company's goals, designs, strategies, plans and objectives, future growth of YUPELRI sales, future royalty payments, the ability to provide value to shareholders, the Company's regulatory strategies and timing of clinical studies, possible safety, efficacy or differentiation of our investigational therapy, the status of patent infringement litigation initiated by the Company and its partner against certain generic companies in federal district courts; contingent payments due to the Company from the sale of the Company's TRELEGY ELLIPTA royalty interests to Royalty Pharma, and expectations around the use of OHSA scores as endpoints for clinical trials. These statements are based on the current estimates and assumptions of the management of Theravance Biopharma as of the date of this 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: factors that could increase the Company's cash requirements or expenses beyond its expectations and any factors that could adversely affect its profitability, whether the milestone thresholds can be achieved, delays or difficulties in commencing, enrolling or completing clinical studies, the potential that results from clinical or non-clinical studies indicate the Company's product candidates or product are unsafe, ineffective or not differentiated, risks of decisions from regulatory authorities that are unfavorable to the Company, 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, the ability of the Company to protect and to enforce its intellectual property rights, volatility and fluctuations in the trading price and volume of the Company's shares, and general economic and market conditions. Other risks affecting Theravance Biopharma are in the Company's Form 10-Q filed with the SEC on November 9, 2023, 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.
Non-GAAP Financial Measures
Theravance Biopharma provides a non-GAAP profitability target and a non-GAAP metric in this press release. Theravance Biopharma believes that the non-GAAP profitability target and non-GAAP net profit (loss) from continuing operations provide meaningful information to assist investors in assessing prospects for future performance and actual performance as they provide better metrics for analyzing the performance of its business by excluding items that may not be indicative of core operating results and the Company's cash position. Because non-GAAP financial targets and metrics, such as non-GAAP profitability and non-GAAP net loss from continuing operations, are not standardized, it may not be possible to compare these measures with other companies' non-GAAP targets or measures having the same or a similar name. Thus, Theravance Biopharma's non-GAAP measures should be considered in addition to, not as a substitute for, or in isolation from, the Company's actual GAAP results and other targets.
Please see the appendix attached to this press release for a reconciliation of non-GAAP net profit (loss) from continuing operations to its corresponding measure, net profit (loss) from continuing operations. A reconciliation of non-GAAP net profit (loss) from continuing operations to its corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future.
Contact:
investor.relations@theravance.com
650-808-4045
1 In the US, Viatris is leading the commercialization of YUPELRI, and the Company co-promotes the product under a profit and loss sharing arrangement (
2 Non-GAAP profit (loss) consists of GAAP net income (loss) before taxes less share-based compensation expense and non-cash interest expense. See the section titled "Non-GAAP Financial Measures" for more information.
3 Source: GSK-reported Net Sales in USD.
4 The next milestone payment of
5 Viatris reported customer demand Q4'23: inclusive of direct customer shipments to various channels, including DMEs, retail pharmacies and hospitals.
6 Hospital LA-NEB Market Share - IQVIA DDD through 12/31/2023. Community LA-NEB Market Share includes Retail + DME / Med B FFS through Nov '23.
7 https://medlineplus.gov/genetics/condition/multiple-system-atrophy/
8 UCSD Neurological Institute (25K-75K, with ~10K new cases per year); NIH National Institute of Neurological Disorders and Stroke (15K-50K).
9 Delveinsight MSA Market Forecast (2023); Symptoms associated with orthostatic hypotension in pure autonomic failure and multiple systems atrophy, CJ Mathias (1999).
THERAVANCE BIOPHARMA, INC. | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(In thousands) | |||||
December 31, | December 31, | ||||
2023 | 2022 | ||||
Assets | (Unaudited) | (1) | |||
Current assets: | |||||
Cash and cash equivalents and short-term marketable securities | $ | 102,426 | $ | 327,484 | |
Receivables from collaborative arrangements | 17,474 | 16,785 | |||
Prepaid clinical and development services | 2,038 | 1,513 | |||
Other prepaid and current assets | 11,603 | 7,682 | |||
Total current assets | 133,541 | 353,464 | |||
Property and equipment, net | 9,068 | 11,875 | |||
Operating lease assets | 36,287 | 40,126 | |||
Future contingent milestone and royalty assets | 194,200 | 194,200 | |||
Restricted cash | 836 | 836 | |||
Other assets | 8,067 | 6,899 | |||
Total assets | $ | 381,999 | $ | 607,400 | |
Liabilities and Shareholders' Equity | |||||
Current liabilities | $ | 24,767 | $ | 28,715 | |
Long-term operating lease liabilities | 45,236 | 45,407 | |||
Future royalty payment contingency | 27,788 | 25,438 | |||
Unrecognized tax benefits | 70,437 | 64,191 | |||
Other long-term liabilities | 776 | 1,849 | |||
Shareholders' equity | 212,995 | 441,800 | |||
Total liabilities and shareholders' equity | $ | 381,999 | $ | 607,400 | |
________________________________ | |||||
(1) The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial | |||||
THERAVANCE BIOPHARMA, INC. | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(In thousands, except per share data) | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
Revenue: | ||||||||||||
Viatris collaboration agreement (1) | $ | 17,360 | $ | 14,613 | $ | 57,201 | $ | 48,624 | ||||
Viatris royalties (Non-US) | 7 | 30 | 7 | 30 | ||||||||
Collaboration revenue | 198 | 6 | 216 | 192 | ||||||||
Licensing revenue | - | - | - | 2,500 | ||||||||
Total revenue | 17,565 | 14,649 | 57,424 | 51,346 | ||||||||
Costs and expenses: | ||||||||||||
Research and development (2) | 8,314 | 15,347 | 40,621 | 63,392 | ||||||||
Selling, general and administrative (2) | 15,492 | 16,734 | 70,095 | 67,073 | ||||||||
Restructuring and related expenses (2) | - | - | 2,743 | 12,838 | ||||||||
Total costs and expenses | 23,806 | 32,081 | 113,459 | 143,303 | ||||||||
Loss from operations | (6,241) | (17,432) | (56,035) | (91,957) | ||||||||
Interest expense | (623) | (551) | (2,350) | (6,369) | ||||||||
Loss on extinguishment of debt | - | - | - | (3,034) | ||||||||
Interest income and other income (expense), net | 1,847 | 3,722 | 9,116 | 8,545 | ||||||||
Loss from continuing operations before income taxes | (5,017) | (14,261) | (49,269) | (92,815) | ||||||||
Provision for income tax (expense) benefit | (3,494) | 3 | (5,924) | (9) | ||||||||
Net loss from continuing operations | (8,511) | (14,258) | (55,193) | (92,824) | ||||||||
Income from discontinued operations before income taxes | - | - | - | 1,143,930 | ||||||||
Provision for income tax expense | - | 3,894 | - | (178,974) | ||||||||
Net income from discontinued operations | - | 3,894 | - | 964,956 | ||||||||
Net income (loss) | $ | (8,511) | $ | (10,364) | $ | (55,193) | $ | 872,132 | ||||
Net income (loss) per share: | ||||||||||||
Continuing operations - basic and diluted | $ | (0.17) | $ | (0.21) | $ | (1.00) | $ | (1.26) | ||||
Discontinued operations - basic and diluted | $ | - | $ | 0.06 | $ | - | $ | 13.11 | ||||
Net income (loss) - basic and diluted | $ | (0.17) | $ | (0.15) | $ | (1.00) | $ | 11.85 | ||||
Shares used to compute per share calculations - basic and diluted | 49,415 | 67,395 | 55,303 | 73,591 | ||||||||
Non-GAAP net income (loss) from continuing operations | $ | 1,431 | $ | (6,762) | $ | (21,548) | $ | (52,107) | ||||
________________________________ | ||||||||||||
(1) While Viatris, Inc. records the total YUPELRI net sales, the Company is entitled to a | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||
YUPELRI net sales ( | $ | 60,644 | $ | 55,700 | $ | 220,962 | $ | 201,866 | ||||
YUPELRI net sales (Theravance Biopharma implied | 21,225 | 19,495 | 77,337 | 70,653 | ||||||||
(2) Amounts include share-based compensation expense as follows: | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||
Research and development | $ | 1,747 | $ | 2,825 | $ | 8,048 | $ | 12,888 | ||||
Selling, general and administrative | 4,078 | 4,123 | 16,966 | 19,848 | ||||||||
Restructuring and related expenses | - | - | 357 | 6,998 | ||||||||
Total share-based compensation expense | $ | 5,825 | $ | 6,948 | $ | 25,371 | $ | 39,734 | ||||
THERAVANCE BIOPHARMA, INC. | ||||||||||||
Reconciliation of GAAP to Non-GAAP Net Income (Loss) from Continuing Operations | ||||||||||||
(In thousands) | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
GAAP net loss from continuing operations | $ | (8,511) | $ | (14,258) | $ | (55,193) | $ | (92,824) | ||||
Adjustments: | ||||||||||||
Share-based compensation expense | 5,825 | 6,948 | 25,371 | 39,734 | ||||||||
Non-cash interest expense | 623 | 551 | 2,350 | 974 | ||||||||
Income tax expense (benefit) | 3,494 | (3) | 5,924 | 9 | ||||||||
Non-GAAP net income (loss) from continuing operations | $ | 1,431 | $ | (6,762) | $ | (21,548) | $ | (52,107) | ||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/theravance-biopharma-inc-reports-fourth-quarter-and-full-year-2023-financial-results-and-provides-business-update-302071563.html
SOURCE Theravance Biopharma, Inc.
FAQ
What was the percentage increase in YUPELRI net sales in Q4 2023 compared to Q4 2022?
What was the full-year revenue increase from Viatris Collaboration in 2023?
What was the GAAP net loss in Q4 2023?
What was the Non-GAAP net profit in Q4 2023?
What was the outcome of the capital return program completed by the company?
When is the Ampreloxetine investor event planned?
What was the growth percentage of YUPELRI hospital volumes in 2023?
What were the global net TRELEGY sales reported by GSK in 2023?
What is the total amount of milestone payments Theravance Biopharma is eligible to receive from Royalty Pharma?
What was the total revenue for the fourth quarter of 2023?
