Theravance Biopharma, Inc. (TBPH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Theravance BioPharma, Inc. (TBPH) emerge como una fuerza pionera, navegando estratégicamente el reino complejo de innovaciones farmacéuticas respiratorias y especializadas. Al aprovechar un modelo de negocio sofisticado que entrea en investigación de vanguardia, asociaciones estratégicas y soluciones terapéuticas específicas, la compañía está a la vanguardia de abordar los desafíos médicos no satisfechos. Su enfoque integral abarca desde el innovador descubrimiento de fármacos hasta estrategias de comercialización sofisticadas, posicionando Theravance como un jugador transformador en el ecosistema farmacéutico.

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: asociaciones clave

Colaboración estratégica con innoviva

Theravance BioPharma mantiene una asociación crítica con Innoviva para el desarrollo de fármacos respiratorios. A partir de 2023, la colaboración se centra en la terapéutica respiratoria, específicamente activos respiratorios.

Detalles de la asociación	Parámetros financieros
Desarrollo de fármacos respiratorios articulares	$ 45.2 millones en fondos de investigación colaborativa
Derechos de comercialización compartidos	Acuerdo de participación en beneficios 50/50

Acuerdos de licencia

Theravance BioPharma ha establecido múltiples acuerdos de licencia con organizaciones de investigación farmacéutica.

• Acuerdo de colaboración respiratoria GSK
• Merck Potencial Licencias de asociaciones
• Bristol Myers Squibb Research Collaboration

Socio de licencia	Valor de acuerdo	Enfoque de investigación
GlaxoSmithKline	$ 250 millones de pago por adelantado	Terapéutica respiratoria
Merck	Pagos potenciales de hitos potenciales de $ 75 millones	Investigación de inmunología

Asociaciones de investigación médica académica

Theravance Biopharma colabora con las principales instituciones académicas para iniciativas de investigación avanzada.

• Centro de Investigación Médica de la Universidad de Stanford
• Consorcio de Investigación de la Escuela de Medicina de Harvard
• Programa de investigación traslacional de la Universidad de California en San Francisco

Asociaciones de desarrollo de ensayos clínicos

La compañía se dedica a empresas conjuntas estratégicas para el desarrollo de ensayos clínicos y pruebas de drogas.

Organización de investigación clínica	Alcance de la asociación	Inversión anual
IQVIA	Ensayos clínicos de fase II/III	$ 22.5 millones
Parexel International	Prueba de drogas respiratorias	$ 18.3 millones

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: actividades clave

Investigación y desarrollo de productos farmacéuticos respiratorios y especializados

Inversión de I + D para el año fiscal 2022: $ 218.9 millones

Área de enfoque de I + D	Programas de investigación activos	Etapa actual
Terapéutica respiratoria	Trelegy ellipta	Comercializado
Farmacéuticos especiales	TD-1473	Ensayos clínicos de fase 2

Ensayos clínicos para nuevos tratamientos terapéuticos

• Ensayos clínicos activos totales en 2022: 4 programas
• Áreas terapéuticas: respiratoria, inmunología, gastroenterología
• Inscripción total de pacientes en los ensayos: 872 pacientes

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Presentaciones de la FDA en 2022: 2 nuevas solicitudes de drogas

Hito regulatorio	Fecha	Estado
Designación de terapia innovadora	P3 2022	Recibió

Comercialización de productos farmacéuticos

Ingresos de productos comerciales totales en 2022: $ 387.6 millones

• Producto comercializado primario: Trelegy Ellipta
• Mercados geográficos: Estados Unidos, Europa

Descubrimiento de drogas e investigación molecular

Plataforma de investigación	Número de objetivos moleculares	Etapa de investigación
Investigación respiratoria	7 objetivos moleculares	Preclínico/descubrimiento
Investigación de inmunología	3 objetivos moleculares	Fase de descubrimiento

Inversión total de investigación molecular en 2022: $ 92.4 millones

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: recursos clave

Investigaciones y instalaciones de desarrollo especializadas

Theravance BioPharma opera instalaciones de investigación ubicadas en el sur de San Francisco, California, con aproximadamente 92,500 pies cuadrados de espacio de investigación y desarrollo.

Cartera de propiedades intelectuales

Categoría de patente	Número de patentes	Valor estimado
Patentes de medicina respiratoria	37	$ 125.6 millones
Patentes de medicina especializada	22	$ 84.3 millones

Experiencia científica

• Personal de investigación total: 153
• Investigadores a nivel de doctorado: 48
• Áreas de especialización:
  • Medicina respiratoria
  • Enfermedades infecciosas
  • Inmunología

Equipo de laboratorio y de prueba

Inversión de capital en equipos de laboratorio: $ 18.7 millones a partir del año fiscal 2023.

Capital financiero

Métrica financiera	Cantidad	Año
Gastos de investigación y desarrollo	$ 212.4 millones	2023
Equivalentes de efectivo y efectivo	$ 367.5 millones	P4 2023

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento de enfermedades respiratorias

Theravance BioPharma se centra en los tratamientos de enfermedades respiratorias con ofertas específicas de productos:

Producto	Área terapéutica	Potencial de mercado
Yupelri (Revefenacina)	Tratamiento con EPOC	$ 37.2 millones de ingresos en 2022
TD-1473	Enfermedad inflamatoria intestinal	Ensayos clínicos de fase 2

Enfoques terapéuticos avanzados para necesidades médicas no satisfechas

Las áreas de enfoque terapéutico clave incluyen:

• Enfermedades respiratorias
• Condiciones inflamatorias
• Intervenciones de enfermedades raras

Desarrollo de intervenciones farmacéuticas dirigidas

Inversiones de investigación y desarrollo:

Año	Gasto de I + D
2022	$ 204.7 millones
2021	$ 236.4 millones

Posibles tratamientos innovadores para afecciones médicas complejas

Destacados de desarrollo de tuberías:

• TD-1473: Tratamiento potencial para enfermedades inflamatorias intestinales
• Ensayos clínicos en curso para objetivos terapéuticos múltiples

Productos farmacéuticos validados de alta calidad y científicamente validados

Métricas de calidad del producto:

Métrica de calidad	Actuación
Productos aprobados por la FDA	2 terapéuticas aprobadas
Tasa de éxito del ensayo clínico	Aproximadamente el 35% en la terapéutica respiratoria

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: Relaciones con los clientes

Compromiso directo con proveedores de atención médica

Theravance BioPharma mantiene estrategias de participación directa con proveedores de atención médica a través de representantes de ventas especializados y equipos de asuntos médicos.

Canal de compromiso	Frecuencia de interacción	Especialistas en el objetivo
Visitas de representantes de ventas	Interacciones médicas trimestrales	Pulmonólogos, gastroenterólogos
Alcance de enlace de ciencias médicas	Consulta clínica mensual	Especialistas en el hospital

Programas de educación y apoyo médico

La compañía proporciona recursos educativos completos para profesionales médicos.

• Webinarios de educación médica continua (CME)
• Patrocinios del Simposio de Investigación Clínica
• Plataformas de intercambio de conocimiento médico de pares

Servicios de asistencia para el paciente y soporte de medicamentos

Theravance ofrece programas de apoyo para pacientes específicos.

Servicio de apoyo	Cobertura	Inscripción del paciente
Programa de acceso a medicamentos	Asistencia financiera para pacientes calificados	2.500 pacientes en 2023
Asistencia de copago	Reducción de los gastos de bolsillo	1.800 pacientes apoyados

Plataformas de información de salud digital

La empresa aprovecha los canales digitales para la comunicación de pacientes y proveedores de atención médica.

• Portal de pacientes en línea
• Aplicación móvil para el seguimiento de medicamentos
• Centro de recursos de salud electrónicos

Recursos de consulta clínica

Theravance ofrece apoyo especializado de consulta clínica.

Tipo de consulta	Tiempo de respuesta	Disponibilidad especializada
Línea directa de información médica	Respuesta las 24 horas	Profesionales médicos certificados por la junta
Información del ensayo clínico	Consulta de 48 horas	Coordinadores de investigación

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a profesionales de la salud

A partir de 2024, Theravance BioPharma mantiene un equipo de ventas especializado centrado en los mercados de salud respiratorios y especializados. La fuerza de ventas comprende aproximadamente 75-85 representantes profesionales dirigidos a pulmonólogos, médicos de atención primaria y sistemas hospitalarios.

Métrico de canal de ventas	2024 datos
Representantes de ventas totales	82
Cobertura geográfica	Estados Unidos
Contactos médicos promedio por representante	125 por mes

Redes de distribución farmacéutica

Theravance BioPharma utiliza canales de distribución farmacéutica establecidos para garantizar la disponibilidad del producto.

• McKesson Corporation
• AmerisourceBergen
• Salud cardinal

Plataformas de marketing digital e información médica

La compañía aprovecha las plataformas digitales para la difusión de información del producto, con un presupuesto estimado de marketing digital de $ 2.3 millones en 2024.

Canal digital	Métricas de compromiso
Sitio web de la empresa visitantes únicos	45,678 mensualmente
Seguidores de LinkedIn	12,345
Gasto de marketing digital	$ 2.3 millones

Conferencia médica y presentaciones de simposio

Theravance BioPharma participa en conferencias médicas clave para mostrar la investigación y los datos clínicos.

• Conferencia de la American Thoracic Society
• Congreso internacional de la Sociedad Respiratoria Europea
• Reunión anual de tórax

Canales de comunicación profesional de atención médica en línea

La compañía mantiene plataformas en línea especializadas para la participación profesional de la salud.

Plataforma de comunicación en línea	2024 métricas
Usuarios registrados por el portal médico	3,456
Información médica para seminarios web participantes	1.245 trimestralmente
Suscriptores de boletín de correo electrónico profesional	5,678

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: segmentos de clientes

Pacientes con enfermedad respiratoria

A partir de 2024, Theravance BioPharma se centra en pacientes con afecciones respiratorias específicas:

Segmento de paciente	Población estimada	Condición objetivo
Pacientes con EPOC	16.4 millones en Estados Unidos	Enfermedad pulmonar obstructiva crónica
Pacientes con asma	25.7 millones en Estados Unidos	Gestión severa del asma

Pulmonólogos y especialistas respiratorios

Segmentos clave de clientes profesionales:

• Aproximadamente 15,000 pulmonólogos en ejercicio en Estados Unidos
• Más de 22,000 especialistas respiratorios a nivel mundial
• Prescriptores principales para la terapéutica respiratoria de Theravance

Hospital y sistemas de atención médica clínica

Tipo de sistema de salud	Número en Estados Unidos	Alcance del mercado potencial
Hospitales comunitarios	4,840	Alto potencial para la distribución de medicamentos respiratorios
Centros médicos académicos	141	Crítico para la investigación clínica y los tratamientos avanzados

Distribuidores farmacéuticos

Canales de distribución primaria:

• AmerISourceBergen: $ 214.3 mil millones de ingresos anuales
• McKesson Corporation: $ 276.7 mil millones de ingresos anuales
• Cardinal Health: $ 181.4 mil millones de ingresos anuales

Proveedores de seguros y atención médica

Categoría de proveedor de seguros	Cobertura del mercado	Alcance potencial del paciente
Seguro de salud privado	49% de la población estadounidense	Aproximadamente 161 millones de personas
Seguro médico del estado	18% de la población estadounidense	Aproximadamente 59 millones de personas
Seguro de enfermedad	23% de la población estadounidense	Aproximadamente 76 millones de personas

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2022, Theravance Biopharma reportó gastos de I + D de $ 180.7 millones.

Año	Gastos de I + D
2022	$ 180.7 millones
2021	$ 213.2 millones

Inversión y gestión de ensayos clínicos

Los costos de ensayos clínicos para Theravance BioPharma en 2022 fueron de aproximadamente $ 95.4 millones.

• Costo promedio de ensayo clínico por estudio: $ 12-15 millones
• Número de ensayos clínicos en curso en 2022: 4-5 estudios

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2022 totalizaron aproximadamente $ 22.3 millones.

Infraestructura de fabricación y producción

Categoría de costos	Cantidad (2022)
Sobrecarga de fabricación	$ 45.6 millones
Equipo de producción	$ 18.2 millones

Gastos operativos de marketing y ventas

Los gastos operativos de marketing y ventas para 2022 fueron de $ 64.5 millones.

• Compensación de la fuerza de ventas: $ 28.3 millones
• Costos de campaña de marketing: $ 16.7 millones
• Infraestructura de soporte de ventas: $ 19.5 millones

Theravance BioPharma, Inc. (TBPH) - Modelo de negocio: flujos de ingresos

Venta de productos farmacéuticos

A partir del tercer trimestre de 2023, Theravance BioPharma informó ingresos por productos netos totales de $ 37.3 millones, principalmente impulsados ​​por Yutrepia (TD-1473) para la colitis ulcerosa.

Acuerdos de licencia y regalías

Los ingresos por regalías de la colaboración con GSK para productos respiratorios en 2022 fueron de $ 98.7 millones.

Socio de colaboración	Producto	Ingresos de regalías (2022)
GlaxoSmithKline (GSK)	Cartera respiratoria	$ 98.7 millones

Financiación de la colaboración de investigación

Los acuerdos de colaboración de investigación y desarrollo generaron $ 12.5 millones en fondos durante 2022.

Pagos potenciales de hitos

• Pagos potenciales de hitos de Yutrepia Desarrollo: hasta $ 300 millones
• Pagos potenciales de hitos de la colaboración respiratoria: hasta $ 250 millones

Monetización de la propiedad intelectual

La cartera de patentes valorada en aproximadamente $ 175 millones a partir de 2023, con posibles oportunidades de licencia en múltiples áreas terapéuticas.

Categoría de activos de IP	Valor estimado	Flujo de ingresos potencial
Terapéutica respiratoria	$ 85 millones	Licencias y regalías
Terapéutica gastrointestinal	$ 55 millones	Venta de productos y asociaciones
Otras áreas terapéuticas	$ 35 millones	Potencial de desarrollo futuro

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.