Theravance Biopharma, Inc. (TBPH): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Theravance Biopharma, Inc. (TBPH) émerge comme une force pionnière, naviguant stratégiquement dans le domaine complexe des innovations pharmaceutiques respiratoires et spécialisées. En tirant parti d'un modèle commercial sophistiqué qui mêle la recherche de pointe, des partenariats stratégiques et des solutions thérapeutiques ciblées, la société est à l'avant-garde de la résolution des défis médicaux non satisfaits. Leur approche complète s'étend de la découverte révolutionnaire des médicaments aux stratégies de commercialisation sophistiquées, positionnant la théravance en tant qu'acteur transformateur dans l'écosystème pharmaceutique.

Theravance Biopharma, Inc. (TBPH) - Modèle commercial: partenariats clés

Collaboration stratégique avec Innova

Theravance Biopharma maintient un partenariat essentiel avec Innova pour le développement des médicaments respiratoires. En 2023, la collaboration se concentre sur la thérapie respiratoire, en particulier les actifs respiratoires.

Détails du partenariat	Paramètres financiers
Développement conjoint de médicaments respiratoires	45,2 millions de dollars en financement de recherche collaborative
Droits de commercialisation partagés	Contrat de partage des bénéfices 50/50

Accords de licence

Theravance Biopharma a établi plusieurs accords de licence avec des organisations de recherche pharmaceutique.

• Contrat de collaboration respiratoire GSK
• Merck Potential Licensing Partnerships
• Bristol Myers Squibb Research Collaboration

Partenaire de licence	Valeur de l'accord	Focus de recherche
GlaxoSmithKline	Paiement initial de 250 millions de dollars	Thérapeutique respiratoire
Miserrer	75 millions de dollars de paiement de jalons potentiels	Recherche d'immunologie

Partenariats de recherche médicale académique

Theravance Biopharma collabore avec les principaux établissements universitaires pour les initiatives de recherche avancées.

• Centre de recherche médicale de l'Université de Stanford
• Harvard Medical School Research Consortium
• Programme de recherche translationnelle de l'Université de Californie à San Francisco

Partenariats de développement des essais cliniques

La société s'engage dans des coentreprises stratégiques pour le développement des essais cliniques et les tests de médicaments.

Organisation de recherche clinique	Portée du partenariat	Investissement annuel
Iqvia	Essais cliniques de phase II / III	22,5 millions de dollars
Parexel International	Dépistage des médicaments respiratoires	18,3 millions de dollars

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: activités clés

Recherche et développement de produits pharmaceutiques respiratoires et spécialisés

Investissement de R&D pour l'exercice 2022: 218,9 millions de dollars

Zone de focus R&D	Programmes de recherche actifs	Étape actuelle
Thérapeutique respiratoire	Trelegy Ellipta	Commercialisé
Spécialité pharmaceutique	TD-1473	Essais cliniques de phase 2

Essais cliniques pour de nouveaux traitements thérapeutiques

• Total des essais cliniques actifs en 2022: 4 programmes
• Zones thérapeutiques: respiratoire, immunologie, gastro-entérologie
• Inscription totale des patients à tous les essais: 872 patients

Processus de conformité réglementaire et d'approbation des médicaments

Soumissions de la FDA en 2022: 2 nouvelles applications de médicament

Jalon réglementaire	Date	Statut
Désignation de thérapie révolutionnaire	Q3 2022	Reçu

Commercialisation des produits pharmaceutiques

Revenu total des produits commerciaux en 2022: 387,6 ​​millions de dollars

• Produit commercial primaire: Trelegy Ellipta
• Marchés géographiques: États-Unis, Europe

Découverte de médicaments et recherche moléculaire

Plateforme de recherche	Nombre de cibles moléculaires	Étape de recherche
Recherche respiratoire	7 cibles moléculaires	Préclinique / découverte
Recherche d'immunologie	3 cibles moléculaires	Phase de découverte

Investissement total de recherche moléculaire en 2022: 92,4 millions de dollars

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: Ressources clés

Installations de recherche et développement spécialisées

Theravance Biopharma exploite des installations de recherche situées dans le sud de San Francisco, en Californie, avec environ 92 500 pieds carrés d'espace de recherche et développement.

Portefeuille de propriété intellectuelle

Catégorie de brevet	Nombre de brevets	Valeur estimée
Brevets de médecine respiratoire	37	125,6 millions de dollars
Brevets de médecine spécialisée	22	84,3 millions de dollars

Expertise scientifique

• Personnel de recherche total: 153
• Chercheurs au niveau du doctorat: 48
• Domaines de spécialisation:
  • Médecine respiratoire
  • Maladies infectieuses
  • Immunologie

Équipement de laboratoire et d'essai

Investissement en capital dans l'équipement de laboratoire: 18,7 millions de dollars au cours de l'exercice 2023.

Capital financier

Métrique financière	Montant	Année
Dépenses de recherche et développement	212,4 millions de dollars	2023
Equivalents en espèces et en espèces	367,5 millions de dollars	Q4 2023

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: propositions de valeur

Solutions de traitement des maladies respiratoires innovantes

Theravance Biopharma se concentre sur les traitements des maladies respiratoires avec des offres de produits spécifiques:

Produit	Zone thérapeutique	Potentiel de marché
Yupelri (revefenacine)	Traitement de la MPOC	37,2 millions de dollars de revenus en 2022
TD-1473	Maladie inflammatoire de l'intestin	Essais cliniques de phase 2

Approches thérapeutiques avancées pour les besoins médicaux non satisfaits

Les principaux domaines de mise au point thérapeutique comprennent:

• Maladies respiratoires
• Conditions inflammatoires
• Interventions de maladies rares

Développement d'interventions pharmaceutiques ciblées

Investissements de recherche et développement:

Année	Dépenses de R&D
2022	204,7 millions de dollars
2021	236,4 millions de dollars

Traitements de percée potentielles pour des conditions médicales complexes

Points forts du développement du pipeline:

• TD-1473: Traitement potentiel des maladies inflammatoires de l'intestin
• Essais cliniques en cours pour plusieurs cibles thérapeutiques

Produits pharmaceutiques de haute qualité et scientifiquement validés

Métriques de qualité du produit:

Métrique de qualité	Performance
Produits approuvés par la FDA	2 thérapies approuvées
Taux de réussite des essais cliniques	Environ 35% en thérapeutique respiratoire

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les prestataires de soins de santé

Theravance Biopharma entretient des stratégies d'engagement directes avec les prestataires de soins de santé par le biais de représentants commerciaux spécialisés et d'équipes des affaires médicales.

Canal de fiançailles	Fréquence d'interaction	Spécialistes de la cible
Visites représentatives des ventes	Interactions trimestrielles des médecins	Pulmonologists, gastro-entérologues
Entension de liaison en science médicale	Consultation clinique mensuelle	Spécialistes en milieu hospitalier

Programmes de formation professionnelle et de soutien professionnel

L'entreprise fournit des ressources éducatives complètes aux professionnels de la santé.

• Webinaires de formation médicale continue (CME)
• Sponsors de symposium de recherche clinique
• Plateformes d'échange de connaissances médicales entre pairs

Services d'assistance aux patients et de support des médicaments

Theravance propose des programmes de soutien aux patients ciblés.

Service d'assistance	Couverture	Inscription des patients
Programme d'accès aux médicaments	Aide financière pour les patients qualifiés	2 500 patients en 2023
Assistance à la copaie	Réduction des dépenses directes	1 800 patients soutenus

Plateformes d'information sur la santé numérique

L'entreprise tire parti des canaux numériques pour la communication des patients et des prestataires de soins de santé.

• Portail de patients en ligne
• Application mobile pour le suivi des médicaments
• Centre de ressources de santé électronique

Ressources de consultation clinique

Theravance fournit un soutien spécialisé en consultation clinique.

Type de consultation	Temps de réponse	Disponibilité spécialisée
Hotline d'informations médicales	Réponse 24h / 24	Professionnels médicaux certifiés par le conseil d'administration
Informations sur les essais cliniques	Consultation de 48 heures	Coordinateurs de recherche

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: canaux

Force de vente directe ciblant les professionnels de la santé

En 2024, Theravance Biopharma maintient une équipe de vente spécialisée axée sur les marchés respiratoires et spécialisés. La force de vente comprend environ 75 à 85 représentants professionnels ciblant les pulmonologues, les médecins de soins primaires et les systèmes hospitaliers.

Métrique du canal de vente	2024 données
Représentants des ventes totales	82
Couverture géographique	États-Unis
Contacts moyens des médecins par représentant	125 par mois

Réseaux de distribution pharmaceutique

Theravance Biopharma utilise des canaux de distribution pharmaceutique établis pour assurer la disponibilité des produits.

• McKesson Corporation
• Amerisourcebergen
• Santé cardinale

Plateformes de marketing numérique et d'information médicale

La société tire parti des plateformes numériques pour la diffusion des informations sur les produits, avec un budget de marketing numérique estimé à 2,3 millions de dollars en 2024.

Canal numérique	Métriques d'engagement
Site Web de l'entreprise Visiteurs uniques	45 678 mois
LinkedIn adepte	12,345
Dépenses de marketing numérique	2,3 millions de dollars

Présentations de conférence médicale et de symposium

Theravance Biopharma participe à des conférences médicales clés pour présenter la recherche et les données cliniques.

• Conférence de la Société thoracique américaine
• Congrès international de la société respiratoire européenne
• Assemblée annuelle de poitrine

Canaux de communication professionnels de la santé en ligne

La société maintient des plateformes en ligne spécialisées pour l'engagement professionnel des soins de santé.

Plateforme de communication en ligne	2024 mesures
Utilisateurs enregistrés du portail des médecins	3,456
Participants du webinaire d'information médicale	1 245 trimestriel
Abondeurs de newsletter par e-mail professionnel	5,678

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: segments de clientèle

Patiens des maladies respiratoires

En 2024, Theravance Biopharma se concentre sur les patients souffrant de maladies respiratoires spécifiques:

Segment des patients	Population estimée	Condition cible
Patients atteints de MPOC	16,4 millions aux États-Unis	Bronchopneumopathie chronique obstructive
Patients atteints d'asthme	25,7 millions aux États-Unis	Gestion sévère de l'asthme

Pulmonologists et spécialistes respiratoires

Segments de clientèle professionnels clés:

• Aux États-Unis, environ 15 000 pulmonologues pratiquaient
• Plus de 22 000 spécialistes respiratoires dans le monde
• Prescripteurs primaires pour les thérapies respiratoires de Theravance

Systèmes de soins de santé à l'hôpital et cliniques

Type de système de santé	Numéro aux États-Unis	Portée du marché potentiel
Hôpitaux communautaires	4,840	Potentiel élevé de distribution des médicaments respiratoires
Centres médicaux académiques	141	Critique pour la recherche clinique et les traitements avancés

Distributeurs pharmaceutiques

Canaux de distribution principaux:

• Amerisourcebergen: 214,3 milliards de dollars de revenus annuels
• McKesson Corporation: 276,7 milliards de dollars de revenus annuels
• Cardinal Health: 181,4 milliards de dollars de revenus annuels

Fournisseurs d'assurance et de santé

Catégorie des assureurs	Couverture du marché	Actionnaire potentiel du patient
Assurance maladie privée	49% de la population américaine	Environ 161 millions d'individus
Médicament	18% de la population américaine	Environ 59 millions de personnes
Medicaid	23% de la population américaine	Environ 76 millions d'individus

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2022, Theravance Biopharma a déclaré des dépenses de R&D de 180,7 millions de dollars.

Année	Dépenses de R&D
2022	180,7 millions de dollars
2021	213,2 millions de dollars

Investissement et gestion des essais cliniques

Les coûts des essais cliniques pour Theravance Biopharma en 2022 étaient d'environ 95,4 millions de dollars.

• Coût moyen des essais cliniques par étude: 12 à 15 millions de dollars
• Nombre d'essais cliniques en cours en 2022: 4-5 études

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2022 ont totalisé environ 22,3 millions de dollars.

Infrastructure de fabrication et de production

Catégorie de coûts	Montant (2022)
Fabrication des frais généraux	45,6 millions de dollars
Équipement de production	18,2 millions de dollars

Dépenses opérationnelles de marketing et de vente

Les dépenses opérationnelles du marketing et des ventes pour 2022 étaient de 64,5 millions de dollars.

• Compensation de la force de vente: 28,3 millions de dollars
• Coûts de campagne de marketing: 16,7 millions de dollars
• Infrastructure de soutien aux ventes: 19,5 millions de dollars

Theravance Biopharma, Inc. (TBPH) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Au troisième trimestre 2023, Theravance Biopharma a déclaré que des revenus totaux de produits nets de 37,3 millions de dollars, principalement tirés par Yutrepia (TD-1473) pour la colite ulcéreuse.

Accords de licence et de redevance

Les revenus de redevances de la collaboration avec GSK pour les produits respiratoires en 2022 étaient de 98,7 millions de dollars.

Partenaire de collaboration	Produit	Revenus des redevances (2022)
GlaxoSmithKline (GSK)	Portefeuille respiratoire	98,7 millions de dollars

Financement de collaboration de recherche

Les accords de collaboration de recherche et de développement ont généré 12,5 millions de dollars de financement en 2022.

Paiements de jalons potentiels

• Payments de jalon potentiels du développement de Yutrepia: jusqu'à 300 millions de dollars
• Payments d'étape potentiels de la collaboration respiratoire: jusqu'à 250 millions de dollars

Monétisation de la propriété intellectuelle

Portefeuille de brevets évalué à environ 175 millions de dollars en 2023, avec des possibilités de licence potentielles dans plusieurs zones thérapeutiques.

Catégorie d'actifs IP	Valeur estimée	Stronce de revenus potentiel
Thérapeutique respiratoire	85 millions de dollars	Licence et redevances
Thérapeutique gastro-intestinale	55 millions de dollars	Ventes et partenariats de produits
Autres zones thérapeutiques	35 millions de dollars	Potentiel de développement futur

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.