Theravance Biopharma, Inc. (TBPH): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Theravance Biopharma, Inc. (TBPH) als Pionierkraft, die sich strategisch im komplexen Bereich der Innovationen in den Bereichen Atemwegserkrankungen und Spezialpharmazeutika bewegt. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das Spitzenforschung, strategische Partnerschaften und gezielte therapeutische Lösungen miteinander verbindet, steht das Unternehmen an vorderster Front bei der Bewältigung ungelöster medizinischer Herausforderungen. Ihr umfassender Ansatz reicht von bahnbrechender Arzneimittelentwicklung bis hin zu ausgefeilten Kommerzialisierungsstrategien und positioniert Theravance als transformativen Akteur im pharmazeutischen Ökosystem.

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Innoviva

Theravance Biopharma unterhält eine wichtige Partnerschaft mit Innoviva für die Entwicklung von Atemwegsmedikamenten. Ab 2023 konzentriert sich die Zusammenarbeit auf Atemwegstherapeutika, insbesondere Atemschutzmittel.

Einzelheiten zur Partnerschaft	Finanzielle Parameter
Gemeinsame Entwicklung von Atemwegsmedikamenten	45,2 Millionen US-Dollar an gemeinsamer Forschungsfinanzierung
Gemeinsame Vermarktungsrechte	50/50-Gewinnbeteiligungsvereinbarung

Lizenzvereinbarungen

Theravance Biopharma hat mehrere Lizenzvereinbarungen mit pharmazeutischen Forschungsorganisationen abgeschlossen.

• GSK-Kooperationsvereinbarung im Bereich Atemwegserkrankungen
• Mögliche Lizenzpartnerschaften von Merck
• Forschungskooperation mit Bristol Myers Squibb

Lizenzpartner	Vereinbarungswert	Forschungsschwerpunkt
GlaxoSmithKline	250 Millionen US-Dollar Vorauszahlung	Atemtherapeutika
Merck	Mögliche Meilensteinzahlungen in Höhe von 75 Millionen US-Dollar	Immunologische Forschung

Akademische medizinische Forschungspartnerschaften

Theravance Biopharma arbeitet mit führenden akademischen Institutionen für fortschrittliche Forschungsinitiativen zusammen.

• Medizinisches Forschungszentrum der Stanford University
• Forschungskonsortium der Harvard Medical School
• Translationales Forschungsprogramm der University of California San Francisco

Partnerschaften zur Entwicklung klinischer Studien

Das Unternehmen engagiert sich in strategischen Joint Ventures für die Entwicklung klinischer Studien und Arzneimitteltests.

Klinische Forschungsorganisation	Umfang der Partnerschaft	Jährliche Investition
IQVIA	Klinische Studien der Phase II/III	22,5 Millionen US-Dollar
Parexel International	Atemwegsdrogentests	18,3 Millionen US-Dollar

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von Atemwegs- und Spezialpharmazeutikaprodukten

F&E-Investitionen für das Geschäftsjahr 2022: 218,9 Millionen US-Dollar

F&E-Schwerpunktbereich	Aktive Forschungsprogramme	Aktuelle Phase
Atemtherapeutika	TRELEGY ELLIPTA	Kommerzialisierung
Spezialpharmazeutika	TD-1473	Klinische Studien der Phase 2

Klinische Studien für neuartige therapeutische Behandlungen

• Insgesamt aktive klinische Studien im Jahr 2022: 4 Programme
• Therapiegebiete: Atemwege, Immunologie, Gastroenterologie
• Gesamte Patientenrekrutierung über alle Studien hinweg: 872 Patienten

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

FDA-Anträge im Jahr 2022: 2 neue Arzneimittelanträge

Regulatorischer Meilenstein	Datum	Status
Bezeichnung „Durchbruchstherapie“.	Q3 2022	Erhalten

Kommerzialisierung pharmazeutischer Produkte

Gesamtumsatz mit kommerziellen Produkten im Jahr 2022: 387,6 Millionen US-Dollar

• Primär vermarktetes Produkt: TRELEGY ELLIPTA
• Geografische Märkte: Vereinigte Staaten, Europa

Arzneimittelentdeckung und molekulare Forschung

Forschungsplattform	Anzahl molekularer Ziele	Forschungsphase
Atemwegsforschung	7 molekulare Ziele	Präklinisch/Entdeckung
Immunologische Forschung	3 molekulare Ziele	Entdeckungsphase

Gesamtinvestition in die molekulare Forschung im Jahr 2022: 92,4 Millionen US-Dollar

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Forschungs- und Entwicklungseinrichtungen

Theravance Biopharma betreibt Forschungseinrichtungen in South San Francisco, Kalifornien, mit einer Forschungs- und Entwicklungsfläche von etwa 92.500 Quadratmetern.

Portfolio für geistiges Eigentum

Patentkategorie	Anzahl der Patente	Geschätzter Wert
Patente für Atemwegsmedizin	37	125,6 Millionen US-Dollar
Patente für Spezialmedizin	22	84,3 Millionen US-Dollar

Wissenschaftliche Expertise

• Gesamtzahl der Forschungsmitarbeiter: 153
• Doktoranden: 48
• Spezialgebiete:
  • Atemwegsmedizin
  • Infektionskrankheiten
  • Immunologie

Labor- und Prüfgeräte

Kapitalinvestition in Laborausrüstung: 18,7 Millionen US-Dollar ab dem Geschäftsjahr 2023.

Finanzkapital

Finanzkennzahl	Betrag	Jahr
Forschungs- und Entwicklungsausgaben	212,4 Millionen US-Dollar	2023
Zahlungsmittel und Zahlungsmitteläquivalente	367,5 Millionen US-Dollar	Q4 2023

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Wertversprechen

Innovative Lösungen zur Behandlung von Atemwegserkrankungen

Theravance Biopharma konzentriert sich auf die Behandlung von Atemwegserkrankungen mit spezifischen Produktangeboten:

Produkt	Therapeutischer Bereich	Marktpotenzial
YUPELRI (Revefenacin)	COPD-Behandlung	37,2 Millionen US-Dollar Umsatz im Jahr 2022
TD-1473	Entzündliche Darmerkrankung	Klinische Studien der Phase 2

Fortschrittliche Therapieansätze für ungedeckte medizinische Bedürfnisse

Zu den wichtigsten therapeutischen Schwerpunkten gehören:

• Atemwegserkrankungen
• Entzündliche Erkrankungen
• Interventionen bei seltenen Krankheiten

Entwicklung gezielter pharmazeutischer Interventionen

Investitionen in Forschung und Entwicklung:

Jahr	F&E-Ausgaben
2022	204,7 Millionen US-Dollar
2021	236,4 Millionen US-Dollar

Potenzielle bahnbrechende Behandlungen für komplexe medizinische Erkrankungen

Highlights der Pipeline-Entwicklung:

• TD-1473: Mögliche Behandlung für entzündliche Darmerkrankungen
• Laufende klinische Studien für mehrere therapeutische Ziele

Hochwertige, wissenschaftlich validierte Arzneimittel

Produktqualitätskennzahlen:

Qualitätsmetrik	Leistung
Von der FDA zugelassene Produkte	2 zugelassene Therapeutika
Erfolgsquote klinischer Studien	Ungefähr 35 % bei Atemwegstherapeutika

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Gesundheitsdienstleistern

Theravance Biopharma pflegt direkte Interaktionsstrategien mit Gesundheitsdienstleistern über spezialisierte Vertriebsmitarbeiter und Teams für medizinische Angelegenheiten.

Engagement-Kanal	Interaktionshäufigkeit	Zielspezialisten
Besuche von Vertriebsmitarbeitern	Vierteljährliche Arztinteraktionen	Pulmonologen, Gastroenterologen
Kontaktaufnahme zur medizinischen Wissenschaft	Monatliche klinische Beratung	Spezialisten im Krankenhaus

Medizinische Ausbildungs- und Unterstützungsprogramme

Das Unternehmen bietet umfassende Bildungsressourcen für medizinisches Fachpersonal.

• Webinare zur medizinischen Fortbildung (CME).
• Sponsoring von Symposien für klinische Forschung
• Peer-to-Peer-Plattformen für den medizinischen Wissensaustausch

Patientenunterstützungs- und Medikamentenunterstützungsdienste

Theravance bietet gezielte Patientenunterstützungsprogramme an.

Support-Service	Abdeckung	Patientenregistrierung
Programm zum Zugang zu Medikamenten	Finanzielle Unterstützung für anspruchsberechtigte Patienten	2.500 Patienten im Jahr 2023
Copay-Unterstützung	Reduzierung der Auslagen	1.800 Patienten betreut

Digitale Gesundheitsinformationsplattformen

Das Unternehmen nutzt digitale Kanäle für die Kommunikation zwischen Patienten und Gesundheitsdienstleistern.

• Online-Patientenportal
• Mobile Anwendung zur Medikamentenverfolgung
• Elektronisches Gesundheitsressourcenzentrum

Ressourcen für klinische Beratung

Theravance bietet spezialisierte klinische Beratungsunterstützung.

Beratungstyp	Reaktionszeit	Verfügbarkeit von Spezialisten
Medizinische Informations-Hotline	24-Stunden-Antwort	Vom Vorstand zertifizierte medizinische Fachkräfte
Informationen zu klinischen Studien	48-Stunden-Beratung	Forschungskoordinatoren

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Kanäle

Direktvertriebsmitarbeiter, die sich an medizinisches Fachpersonal richten

Ab 2024 unterhält Theravance Biopharma ein spezialisiertes Vertriebsteam, das sich auf die Atemwegs- und Spezialgesundheitsmärkte konzentriert. Das Vertriebsteam besteht aus etwa 75–85 professionellen Vertretern, die sich an Pneumologen, Hausärzte und Krankenhaussysteme richten.

Vertriebskanalmetrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	82
Geografische Abdeckung	Vereinigte Staaten
Durchschnittliche Arztkontakte pro Vertreter	125 pro Monat

Pharmazeutische Vertriebsnetze

Theravance Biopharma nutzt etablierte pharmazeutische Vertriebskanäle, um die Produktverfügbarkeit sicherzustellen.

• McKesson Corporation
• AmerisourceBergen
• Kardinalgesundheit

Digitale Marketing- und medizinische Informationsplattformen

Das Unternehmen nutzt digitale Plattformen für die Verbreitung von Produktinformationen und verfügt im Jahr 2024 über ein geschätztes Budget für digitales Marketing von 2,3 Millionen US-Dollar.

Digitaler Kanal	Engagement-Kennzahlen
Einzigartige Besucher der Unternehmenswebsite	45.678 monatlich
LinkedIn-Follower	12,345
Ausgaben für digitales Marketing	2,3 Millionen US-Dollar

Medizinische Konferenz- und Symposiumspräsentationen

Theravance Biopharma nimmt an wichtigen medizinischen Konferenzen teil, um Forschungsergebnisse und klinische Daten vorzustellen.

• Konferenz der American Thoracic Society
• Internationaler Kongress der European Respiratory Society
• Jahreshauptversammlung der Truppe

Online-Kommunikationskanäle für medizinisches Fachpersonal

Das Unternehmen unterhält spezialisierte Online-Plattformen für die Einbindung medizinischer Fachkräfte.

Online-Kommunikationsplattform	Kennzahlen für 2024
Registrierte Benutzer des Ärzteportals	3,456
Teilnehmer des Webinars zu medizinischen Informationen	1.245 vierteljährlich
Professionelle E-Mail-Newsletter-Abonnenten	5,678

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Kundensegmente

Patienten mit Atemwegserkrankungen

Ab 2024 konzentriert sich Theravance Biopharma auf Patienten mit bestimmten Atemwegserkrankungen:

Patientensegment	Geschätzte Bevölkerung	Zielbedingung
COPD-Patienten	16,4 Millionen in den Vereinigten Staaten	Chronisch obstruktive Lungenerkrankung
Asthmapatienten	25,7 Millionen in den Vereinigten Staaten	Management von schwerem Asthma

Pneumologen und Atemwegsspezialisten

Wichtige professionelle Kundensegmente:

• Ungefähr 15.000 praktizierende Lungenärzte in den Vereinigten Staaten
• Über 22.000 Atemwegsspezialisten weltweit
• Hauptverschreiber für die Atemwegstherapeutika von Theravance

Krankenhaus- und klinische Gesundheitssysteme

Art des Gesundheitssystems	Nummer in den Vereinigten Staaten	Potenzielle Marktreichweite
Gemeinschaftskrankenhäuser	4,840	Hohes Potenzial für die Verteilung von Atemwegsmedikamenten
Akademische medizinische Zentren	141	Von entscheidender Bedeutung für die klinische Forschung und fortschrittliche Behandlungen

Pharmazeutische Vertriebshändler

Hauptvertriebskanäle:

• AmerisourceBergen: 214,3 Milliarden US-Dollar Jahresumsatz
• McKesson Corporation: 276,7 Milliarden US-Dollar Jahresumsatz
• Cardinal Health: 181,4 Milliarden US-Dollar Jahresumsatz

Versicherungs- und Gesundheitsdienstleister

Kategorie des Versicherungsanbieters	Marktabdeckung	Potenzielle Patientenreichweite
Private Krankenversicherung	49 % der US-Bevölkerung	Ungefähr 161 Millionen Menschen
Medicare	18 % der US-Bevölkerung	Ungefähr 59 Millionen Menschen
Medicaid	23 % der US-Bevölkerung	Ungefähr 76 Millionen Menschen

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Theravance Biopharma Forschungs- und Entwicklungskosten in Höhe von 180,7 Millionen US-Dollar.

Jahr	F&E-Ausgaben
2022	180,7 Millionen US-Dollar
2021	213,2 Millionen US-Dollar

Investition und Management klinischer Studien

Die Kosten für klinische Studien für Theravance Biopharma beliefen sich im Jahr 2022 auf etwa 95,4 Millionen US-Dollar.

• Durchschnittliche Kosten für klinische Studien pro Studie: 12–15 Millionen US-Dollar
• Anzahl der laufenden klinischen Studien im Jahr 2022: 4–5 Studien

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf insgesamt etwa 22,3 Millionen US-Dollar.

Fertigungs- und Produktionsinfrastruktur

Kostenkategorie	Betrag (2022)
Fertigungsaufwand	45,6 Millionen US-Dollar
Produktionsausrüstung	18,2 Millionen US-Dollar

Betriebskosten für Marketing und Vertrieb

Die Betriebskosten für Marketing und Vertrieb beliefen sich im Jahr 2022 auf 64,5 Millionen US-Dollar.

• Vergütung des Vertriebspersonals: 28,3 Millionen US-Dollar
• Kosten der Marketingkampagne: 16,7 Millionen US-Dollar
• Vertriebsunterstützungsinfrastruktur: 19,5 Millionen US-Dollar

Theravance Biopharma, Inc. (TBPH) – Geschäftsmodell: Einnahmequellen

Vertrieb pharmazeutischer Produkte

Im dritten Quartal 2023 meldete Theravance Biopharma einen Nettoproduktumsatz von insgesamt 37,3 Millionen US-Dollar, der hauptsächlich auf YUTREPIA (TD-1473) zur Behandlung von Colitis ulcerosa zurückzuführen ist.

Lizenz- und Lizenzvereinbarungen

Die Lizenzeinnahmen aus der Zusammenarbeit mit GSK für Atemwegsprodukte beliefen sich im Jahr 2022 auf 98,7 Millionen US-Dollar.

Kooperationspartner	Produkt	Lizenzeinnahmen (2022)
GlaxoSmithKline (GSK)	Atmungsportfolio	98,7 Millionen US-Dollar

Finanzierung von Forschungskooperationen

Durch Forschungs- und Entwicklungskooperationsvereinbarungen wurden im Jahr 2022 12,5 Millionen US-Dollar an Fördermitteln generiert.

Mögliche Meilensteinzahlungen

• Mögliche Meilensteinzahlungen aus der YUTREPIA-Entwicklung: Bis zu 300 Millionen US-Dollar
• Potenzielle Meilensteinzahlungen aus der Zusammenarbeit im Bereich der Atemwegserkrankungen: Bis zu 250 Millionen US-Dollar

Monetarisierung von geistigem Eigentum

Das Patentportfolio wird im Jahr 2023 auf etwa 175 Millionen US-Dollar geschätzt, mit potenziellen Lizenzmöglichkeiten für mehrere Therapiebereiche.

IP-Asset-Kategorie	Geschätzter Wert	Potenzielle Einnahmequelle
Atemtherapeutika	85 Millionen Dollar	Lizenzierung und Lizenzgebühren
Magen-Darm-Therapeutika	55 Millionen Dollar	Produktverkäufe und Partnerschaften
Andere therapeutische Bereiche	35 Millionen Dollar	Zukünftiges Entwicklungspotenzial

Theravance Biopharma, Inc. (TBPH) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for Theravance Biopharma, Inc. as of late 2025. It's a model built on a commercial asset providing cash and a high-potential pipeline asset that could be a first-in-class treatment.

Once-daily, nebulized LAMA (YUPELRI) for maintenance COPD treatment

The value here is delivering a convenient, once-daily treatment option for Chronic Obstructive Pulmonary Disease (COPD) patients using the nebulized Long-Acting Muscarinic Antagonist (LAMA), YUPELRI. The commercial performance shows increasing adoption.

Here are the implied net sales Theravance Biopharma receives from Viatris:

Period Ended	Implied 35% Share of YUPELRI Net Sales	Year-over-Year Growth
September 30, 2025 (Q3)	$25.0 million	15%
June 30, 2025 (Q2)	$23.2 million	22%
March 31, 2025 (Q1)	$20.4 million	6%

The total U.S. net sales recognized by Viatris hit an all-time high of $71.4 million in the third quarter of 2025. That's real traction. The momentum is visible in specific channels, too; for instance, Q1 2025 saw hospital channel doses pulled through increase by 48% year-over-year.

Potential first-in-class precision therapy for symptomatic nOH in MSA patients (ampreloxetine)

Ampreloxetine represents a significant value proposition as a potential first-in-class, once-daily norepinephrine reuptake inhibitor for symptomatic neurogenic Orthostatic Hypotension (nOH) in Multiple System Atrophy (MSA) patients. This addresses a critical unmet need in a rare disease population.

• Topline results from the pivotal Phase 3 CYPRESS study are anticipated in Q1 2026.
• Enrollment for the CYPRESS study was completed as of August 25, 2025.
• The therapy could potentially benefit the approximately 40,000 patients in the U.S. with symptomatic nOH due to MSA.
• Previous data from Study 0170 showed a 72% reduction in the odds of treatment failure in a pre-specified subgroup of MSA patients.
• Ampreloxetine has been granted Orphan Drug Designation in the U.S..

This drug candidate is the primary focus for future value creation beyond the current commercial product.

Durable cash flow from YUPELRI to fund pipeline development

The revenue from YUPELRI, combined with strategic non-dilutive capital events, is explicitly funding the pipeline, keeping the company debt-free and avoiding shareholder dilution for now. Theravance Biopharma achieved non-GAAP breakeven in Q3 2025.

The financial structure supporting pipeline development includes:

• Cash on hand as of September 30, 2025: $333 million.
• Debt: No debt.
• Estimated full-year 2025 R&D spend guidance: $32-$38 million.
• Estimated full-year 2025 SG&A expense guidance: $50-$60 million (excluding stock-based compensation).
• On track to achieve near-term milestones totaling $75 million in Q4 2025.

Also, Theravance Biopharma is eligible to receive up to $205.0 million in aggregate potential global development, regulatory, and sales milestone payments from Viatris (excluding China).

Commitment to returning capital and driving long-term shareholder value

Management has stated a commitment to creating/driving shareholder value. The company's strong financial position, bolstered by a major non-dilutive transaction, informs this commitment.

Key financial events underpinning this value proposition include:

• Completed sale of TRELEGY ELLIPTA royalty interest to GSK for $225 million in late Q2 2025.
• The Strategic Review Committee is actively considering the timing and amount of capital return.
• Long-term value driver: Royalties of up to 8.5% on TRELEGY net sales return to Theravance Biopharma in eligible territories beginning mid-2029.
• TRELEGY year-to-date sales are on track to trigger a $50 million milestone in 2025.

The company is focused on executing the CYPRESS study and achieving top-line results before deciding on capital return specifics. Finance: draft 13-week cash view by Friday.

Theravance Biopharma, Inc. (TBPH) - Canvas Business Model: Customer Relationships

You're looking at how Theravance Biopharma, Inc. manages its relationships with the key groups that drive its business-commercial partners, specialists who influence prescribing, and the investors who fund the pipeline. It's a mix of co-promotion, deep scientific engagement, and transparent financial communication.

Collaborative management with Viatris for YUPELRI commercial strategy

The relationship with Viatris for YUPELRI (revefenacin) is a direct revenue driver, based on Theravance Biopharma's 35% share of net sales. This partnership is showing growth momentum as of late 2025.

Here's a look at the recent performance metrics that define this relationship:

Metric	Q3 2025 Value	Comparison/Context
YUPELRI U.S. Net Sales (Recognized by Viatris)	$71.4 million	All-time high; up 15% year-over-year (YoY)
Theravance Biopharma's Implied Share of Net Sales	$25.0 million	Represents Theravance Biopharma's 35% share
Theravance Biopharma Collaboration Revenue (Total)	$20.0 million	Up 19%, or $3.1 million, vs. Q3 2024
YUPELRI Customer Demand Growth (YoY)	6%	Q3 2025 vs Q3 2024
Hospital Channel Doses Pulled Through (YoY)	Up 29%	Q3 2025 vs Q3 2024

The collaboration also includes milestone triggers. For instance, YUPELRI's regulatory approval in China in Q3 2025 triggered a one-time payment of $7.5 million from Viatris. Furthermore, Theravance Biopharma is eligible for tiered royalties of 14% to 20% on net sales in China, plus further sales-based milestones up to $37.5 million. The company is close to another U.S. sales milestone, needing approximately $54 million in Q4 2025 to hit the $250 million net sales threshold for a $25 million payment. That's a lot of moving parts in one relationship.

High-touch engagement with rare disease specialists for ampreloxetine

For ampreloxetine, targeting symptomatic neurogenic orthostatic hypotension (nOH) in Multiple System Atrophy (MSA) patients, the relationship is built on scientific exchange with specialists. This is crucial since nOH affects nearly 80% of MSA patients.

Engagement points with the medical community include:

• Presentations at the 2025 American Academy of Neurology Annual Meeting.
• Presentations at the 2025 International MSA Congress in Boston.
• Data showing a 72% reduction in treatment failure odds for MSA patients on ampreloxetine vs. placebo in Study 0170 subgroup analysis.

The relationship is poised to intensify as the pivotal Phase 3 CYPRESS study completed enrollment in August 2025, with topline data expected in Q1 2026.

Direct communication with investors via KOL events and financial reporting

Theravance Biopharma maintains direct contact with the investment community to communicate pipeline progress and financial discipline. The company stresses its strong liquidity, reporting $333 million in cash and no debt as of Q3 2025.

Key investor touchpoints in late 2025 include:

• Hosting a virtual Key Opinion Leader (KOL) investor event on December 8, 2025, focused on ampreloxetine.
• Participation in the Evercore Healthcare Conference on December 4, 2025.
• Participation in the Oppenheimer Movers in Rare Disease Summit on December 11, 2025.

Financial performance has supported this communication. The stock showed strong momentum, surging 88.42% year-to-date (as of November 20, 2025). The third quarter 2025 earnings per share was $0.07, significantly beating a forecasted loss of $0.13. The stock traded near its 52-week high of $20.33.

Support programs for patients using YUPELRI (via Viatris)

While Viatris handles the commercialization, Theravance Biopharma highlights data supporting the value of adherence, which is a key outcome for patient support efforts. The data points directly to better patient management and lower costs.

Key findings supporting patient value include:

• Adherent YUPELRI patients had significantly fewer and less severe exacerbations post-hospital discharge than non-adherent patients.
• The adherent group also showed significantly lower healthcare-related costs.
• Post-hoc analyses showed YUPELRI patients had a significantly lower incidence of moderate-to-severe acute exacerbations versus tiotropium patients.

The company's current ratio of 6.7 as of Q3 2025 indicates strong operational stability to support these ongoing data generation efforts.

Theravance Biopharma, Inc. (TBPH) - Canvas Business Model: Channels

You're looking at how Theravance Biopharma, Inc. gets its products, like YUPELRI, to the market and communicates with the capital markets. It's a mix of partnership execution and direct regulatory engagement. Honestly, the channel performance for YUPELRI in 2025 shows the strength of the existing infrastructure.

Viatris's established U.S. commercial sales force for YUPELRI

Theravance Biopharma relies on its strategic collaboration with Viatris for the commercialization of YUPELRI in the U.S. This arrangement involves a profit and loss sharing structure where Theravance Biopharma receives a 35% share of the net sales. While the exact size of Viatris's dedicated U.S. commercial sales force isn't public, the channel's effectiveness is clear from the revenue figures.

The performance metrics for the channel through the first three quarters of 2025 demonstrate consistent growth:

• Customer demand for YUPELRI grew 5% year-over-year in the first quarter of 2025.
• Customer demand grew 4% year-over-year in the second quarter of 2025.
• Customer demand grew 6% year-over-year in the third quarter of 2025.

Hospital and retail pharmacy distribution networks for YUPELRI

The distribution channel is clearly segmented, with a notable strength in the hospital setting. The data shows that doses pulled through the hospital channel were up 48% year-over-year in the first quarter of 2025, indicating this is a key access point for YUPELRI.

The financial output from these distribution channels for YUPELRI in 2025 is substantial. Here's a look at the net sales recognized by Viatris and Theravance Biopharma's corresponding share:

Metric	Q1 2025	Q2 2025	Q3 2025
Total U.S. Net Sales (Viatris recognized)	$58.3 million	$66.3 million	$71.4 million
TBPH Implied 35% Share of Net Sales	$20.4 million	$23.2 million	$25.0 million
YoY Growth in TBPH Share	6%	22%	15%

Also, the international channel opened up a new revenue stream, as YUPELRI's regulatory approval in China triggered a one-time milestone payment of $7.5 million to Theravance Biopharma, expected in Q3 2025.

Regulatory agencies (FDA) for drug approval and market access

The FDA is the gatekeeper for market access for YUPELRI, which is already approved for Chronic Obstructive Pulmonary Disease (COPD) maintenance treatment. For the pipeline asset, Ampreloxetine, the channel to market involves successful navigation of the New Drug Application (NDA) process.

Key regulatory milestones and related activities in 2025 include:

• Enrollment in the pivotal Phase 3 CYPRESS trial for Ampreloxetine completed in August 2025.
• Topline results from the CYPRESS study are anticipated in Q1 2026.
• Theravance Biopharma is planning to request priority FDA review for Ampreloxetine if the data support it.
• YUPELRI patents listed in the FDA's Orange Book have expiration dates ranging from 2025 to 2039.

Investor and analyst conferences for capital market communication

Theravance Biopharma uses investor conferences and earnings calls as primary channels to communicate financial performance and pipeline updates to analysts and shareholders. The company ended Q3 2025 with $339 million in cash and no debt, a strong position communicated through these channels.

Key communication events in the latter half of 2025 included:

• Q2 2025 Financial Results and Business Update on August 12, 2025.
• Q3 2025 Financial Results and Corporate Update on November 10, 2025.
• Participation in the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025.
• Participation in the 8th Annual Evercore Healthcare Conference on December 4, 2025, featuring a Fireside Chat.
• Hosting a Virtual KOL Investor Event on December 8, 2025, at 10:30 AM ET to review Ampreloxetine.

The stock closed at $18.64 on December 5, 2025, with a 52-week high of $20.33 and a low of $7.90, reflecting market sentiment following these communications.

Theravance Biopharma, Inc. (TBPH) - Canvas Business Model: Customer Segments

You're looking at the key groups Theravance Biopharma, Inc. targets with its commercial and development efforts as of late 2025. This is based on their approved product, YUPELRI, and their late-stage pipeline candidate, ampreloxetine.

Patients with Chronic Obstructive Pulmonary Disease (COPD) using nebulized therapy

This segment is the current revenue base, centered on the FDA-approved YUPELRI (revefenacin) inhalation solution, a once-daily nebulized LAMA (long-acting muscarinic antagonist) bronchodilator for maintenance treatment of COPD. The commercial performance shows consistent growth in this patient population.

Metric	Q3 2025 Value	Q2 2025 Value	Q1 2025 Value
U.S. Net Sales (Recognized by Viatris)	$71.4 million	$66.3 million	$58.3 million
Year-over-Year Net Sales Growth	15%	22%	6%
Implied Theravance Share (35% of Net Sales)	$25.0 million	$23.2 million	$20.4 million
Customer Demand Growth (YoY)	6%	4%	N/A (5% growth reported for Q1 vs Q1 2024)

The growth in the hospital channel is a key indicator for this segment. For instance, hospital doses increased by 48% year-over-year in Q1 2025.

A significant financial event tied to this customer segment's success is the expected milestone payment.

• Milestone Trigger: Achievement of $250 million of U.S. Net Sales for YUPELRI.
• Milestone Amount: $25 million.

Patients with Multiple System Atrophy (MSA) suffering from neurogenic orthostatic hypotension (nOH)

This segment represents the future value driver, centered on ampreloxetine, an investigational norepinephrine reuptake inhibitor for symptomatic nOH in MSA patients. The clinical program is nearing a major data readout.

• Estimated MSA Patient Population in the US: approximately 50,000.
• Percentage of MSA Patients Experiencing nOH Symptoms: 70-90%.
• Phase 3 CYPRESS Study Open-Label Portion Status (as of Q3 2025): Complete.
• Topline Data Readout Anticipated: Q1 2026.

The potential for ampreloxetine to be a first-in-class therapy for this constellation of cardinal symptoms is the core value proposition for this patient group.

Healthcare providers, including pulmonologists and rare disease specialists

This group includes the prescribers and influencers for both commercial and development assets. Pulmonologists manage the COPD patient base for YUPELRI, while rare disease specialists are critical for the MSA/nOH indication.

Product Focus	Provider Type	Activity/Data Point (Late 2025)
YUPELRI (COPD)	Pulmonologists	New analyses presented at the 2025 CHEST Annual Meeting (October 19-22, 2025).
Ampreloxetine (MSA/nOH)	Rare Disease Specialists	Virtual Key Opinion Leader (KOL) investor event scheduled for December 8, 2025, to review Phase 3 program ahead of data.

The company's engagement with the MSA community underscores the urgent need they perceive for new treatments.

Institutional and individual investors seeking biopharma growth catalysts

This segment is focused on the financial health and value inflection points of Theravance Biopharma, Inc. The company's balance sheet strength and upcoming catalysts are key data points for this group.

• Cash Position (End of Q3 2025): $333 million.
• Debt: No debt.
• Near-Term Milestones Total: $75 million ($50 million from TRELEGY; $25 million from YUPELRI).
• Total Potential Viatris Milestones Remaining (as of 09/30/25): Up to $205.0 million in aggregate.
• Analyst Consensus Rating (as of November 2025): Strong Buy.
• Analyst 12-Month Stock Price Target: $27.8.

The Q3 2025 results highlighted the achievement of non-GAAP breakeven, which is a key metric for this segment.

Theravance Biopharma, Inc. (TBPH) - Canvas Business Model: Cost Structure

The Cost Structure for Theravance Biopharma, Inc. is heavily weighted toward advancing its late-stage pipeline, specifically the pivotal Phase 3 CYPRESS study for ampreloxetine, alongside managing the commercialization costs associated with YUPELRI.

Research and Development (R&D) expenses reflect the ongoing commitment to clinical development. For the third quarter of 2025, R&D expenses were reported at $8.11 million. This figure is notable because management indicated that R&D costs began to decline following the completion of enrollment in the pivotal Phase 3 CYPRESS study, which is designed to evaluate ampreloxetine for symptomatic neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA). The cost structure anticipates a shift as the CYPRESS trial progresses toward its topline data readout, projected for the first quarter of 2026.

Here's a look at the key operating expense components based on the latest reported figures and guidance for the 2025 fiscal year:

Cost Component	Period/Guidance	Amount
Research and Development (R&D) Expenses	Q3 2025	$8.11 million
R&D Expenses Guidance (Excl. Share-Based Comp)	Full Year 2025	$32 million to $38 million
Selling, General, and Administrative (SG&A) Expenses	Q3 2025	$18.33 million
SG&A Expenses Guidance (Excl. Share-Based Comp)	Full Year 2025	$50 million to $60 million
Share-Based Compensation Expense Guidance	Full Year 2025	$18 million to $20 million

Selling, General, and Administrative (SG&A) expenses for the third quarter of 2025 totaled $18.33 million. Looking ahead, Theravance Biopharma, Inc. continues to expect its full-year 2025 SG&A expenses, excluding share-based compensation, to be in the range of $50 million to $60 million. This spending supports the ongoing commercial activities for YUPELRI and prelaunch activities for ampreloxetine.

The cost structure is intrinsically linked to the partnership for YUPELRI (revefenacin) with Viatris. Theravance Biopharma, Inc. shares in the commercialization economics under a specific arrangement. You should note that the Viatris collaboration revenue reported by Theravance Biopharma, Inc. is net of its proportionate amount of the total shared commercialization costs incurred by the two companies. The underlying profit and loss sharing arrangement for YUPELRI in the U.S. is a 65% share to Viatris and a 35% share to Theravance Biopharma, Inc..

The financial impact of the CYPRESS study costs is managed through the company's cash position, which stood at approximately $332.7 million as of September 30, 2025, with no debt.

• Enrollment in the pivotal Phase 3 CYPRESS study is complete.
• The study is a key driver of near-term R&D expenditure.
• The cost structure benefits from the completion of the TRELEGY royalty sale, which provided a one-time cash payment of $225 million in Q2 2025.
• The company achieved non-GAAP breakeven in Q3 2025, indicating cost control relative to collaboration revenue.

Theravance Biopharma, Inc. (TBPH) - Canvas Business Model: Revenue Streams

You're looking at the core ways Theravance Biopharma, Inc. brings in money right now, late in 2025. It's heavily weighted toward partnerships, which is typical for a company with late-stage assets. The numbers we have are solid, coming straight from the Q3 2025 results released on November 10, 2025.

The primary source is the collaboration with Viatris for YUPELRI. For the third quarter of 2025, the total Viatris collaboration revenue Theravance Biopharma recognized was exactly \$20.0 million. This was up 19% compared to the same period in 2024. This total revenue figure is made up of a few moving parts, so it's important to see the components.

Here's the quick math on the YUPELRI component. Viatris recorded U.S. net sales of YUPELRI totaling \$71.4 million in Q3 2025, which was a 15% increase year-over-year. Theravance Biopharma's portion of this is its 35% share of those net sales. This specific share component alone was an implied \$25.0 million for the quarter. Remember, the total collaboration revenue of \$20.0 million also accounts for Theravance Biopharma's proportionate share of the total shared commercial costs incurred by both companies, which is why the share of net sales component is higher than the total revenue reported.

The revenue streams are clearly segmented by product and partnership agreement, which you can see laid out here:

Revenue Source Component	Time Period	Reported/Expected Amount	Notes
Total Viatris Collaboration Revenue	Q3 2025	\$20.0 million	Total recognized revenue for the quarter.
Implied 35% Share of YUPELRI U.S. Net Sales	Q3 2025	\$25.0 million	Component of collaboration revenue before cost sharing.
YUPELRI U.S. Net Sales (Viatris recognized)	Q3 2025	\$71.4 million	Up 15% year-over-year.
Viatris Milestone Payment (Expected)	Q4 2025	\$25 million	Expected upon hitting a specific YUPELRI sales threshold.
Royalty Pharma Milestone Payment (Expected)	Q4 2025	\$50 million	Related to TRELEGY global net sales hitting a 2025 threshold.
Total Near-Term Milestones Expected	Q4 2025	\$75 million	Combined expected milestone payments.

Beyond the immediate YUPELRI cash flow, milestone payments are a critical part of the expected near-term financial picture. Management has clear visibility into receiving \$75 million in milestone payments during the fourth quarter of 2025. This is split between the Viatris agreement and the Royalty Pharma agreement related to TRELEGY sales.

The expected revenue breakdown for Q4 2025 milestones is:

• \$25 million milestone from Viatris, likely tied to YUPELRI sales performance.
• \$50 million milestone from Royalty Pharma, contingent on TRELEGY global net sales.

The TRELEGY royalty stream also carries future value, though the income itself is deferred. GSK reported Q3 2025 global net sales for TRELEGY at approximately \$1.0 billion. To trigger that \$50 million Royalty Pharma milestone in Q4 2025, global net sales needed to reach approximately \$3.4 billion for the full year 2025. What this estimate hides is the exact timing of the Royalty Pharma payment relative to the sales trigger, but the expectation is firm.

For the long-term royalty income, you should note these specific thresholds:

• FY 2025 global net sales of ~\$3.4 billion required for the \$50 million Royalty Pharma milestone.
• FY 2026 global net sales of ~\$3.5 billion required for an additional \$100 million milestone from Royalty Pharma.
• Royalties of up to 8.5% on TRELEGY net sales return to Theravance Biopharma starting in mid-2029 in eligible territories.

Finance: draft 13-week cash view by Friday.