Theravance Biopharma, Inc. (TBPH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Theravance Biopharma, Inc. (TBPH) surge como uma força pioneira, navegando estrategicamente no reino complexo das inovações farmacêuticas respiratórias e especializadas. Ao alavancar um modelo de negócios sofisticado que entrelaça pesquisas de ponta, parcerias estratégicas e soluções terapêuticas direcionadas, a empresa está na vanguarda de enfrentar desafios médicos não atendidos. Sua abordagem abrangente abrange, desde a descoberta inovadora de medicamentos até as sofisticadas estratégias de comercialização, posicionando a theragem como um jogador transformador no ecossistema farmacêutico.

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Innoviva

O Theravance Biopharma mantém uma parceria crítica com a Innoviva para o desenvolvimento respiratório de medicamentos. A partir de 2023, a colaboração se concentra na terapêutica respiratória, especificamente ativos respiratórios.

Detalhes da parceria	Parâmetros financeiros
Desenvolvimento de medicamento respiratório conjunto	US $ 45,2 milhões em financiamento colaborativo de pesquisa
Direitos de comercialização compartilhados	Contrato de compartilhamento de lucros 50/50

Acordos de licenciamento

A Theravance Biopharma estabeleceu vários acordos de licenciamento com organizações de pesquisa farmacêutica.

• Contrato de colaboração respiratória GSK
• Merck potenciais parcerias de licenciamento
• Colaboração de pesquisa de Bristol Myers Squibb

Parceiro de licenciamento	Valor do acordo	Foco na pesquisa
GlaxoSmithKline	Pagamento inicial de US $ 250 milhões	Terapêutica respiratória
Merck	US $ 75 milhões em potenciais pagamentos marcantes	Pesquisa de imunologia

Parcerias de pesquisa médica acadêmica

O Theravance Biopharma colabora com as principais instituições acadêmicas para iniciativas de pesquisa avançada.

• Centro de Pesquisa Médica da Universidade de Stanford
• Consórcio de Pesquisa da Escola Médica de Harvard
• Programa de Pesquisa Translacional da Universidade da Califórnia em São Francisco

Parcerias de desenvolvimento de ensaios clínicos

A empresa se envolve em joint ventures estratégicos para desenvolvimento de ensaios clínicos e testes de drogas.

Organização de Pesquisa Clínica	Escopo da parceria	Investimento anual
Iqvia	Ensaios Clínicos de Fase II/III	US $ 22,5 milhões
Parexel International	Teste de drogas respiratórias	US $ 18,3 milhões

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de produtos farmacêuticos respiratórios e especializados

Investimento de P&D para o ano fiscal de 2022: US $ 218,9 milhões

Área de foco em P&D	Programas de pesquisa ativa	Estágio atual
Terapêutica respiratória	Trelegy Ellipta	Comercializado
Farmacêuticos especializados	TD-1473	Ensaios clínicos de fase 2

Ensaios clínicos para novos tratamentos terapêuticos

• Total de ensaios clínicos ativos em 2022: 4 programas
• Áreas terapêuticas: respiratório, imunologia, gastroenterologia
• Total de matrícula de pacientes em ensaios: 872 pacientes

Processos de conformidade regulatória e aprovação de medicamentos

Submissões da FDA em 2022: 2 novas solicitações de medicamentos

Marco regulatório	Data	Status
Designação de terapia inovadora	Q3 2022	Recebido

Comercialização do produto farmacêutico

Receita total de produtos comerciais em 2022: US $ 387,6 ​​milhões

• Produto Comercializado Primário: Trelegy Ellipta
• Mercados geográficos: Estados Unidos, Europa

Descoberta de drogas e pesquisa molecular

Plataforma de pesquisa	Número de alvos moleculares	Estágio de pesquisa
Pesquisa respiratória	7 alvos moleculares	Pré -clínico/descoberta
Pesquisa de imunologia	3 alvos moleculares	Fase de descoberta

Investimento total de pesquisa molecular em 2022: US $ 92,4 milhões

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: Recursos -chave

Instalações de pesquisa e desenvolvimento especializadas

A Theravance Biopharma opera instalações de pesquisa localizadas no sul de São Francisco, Califórnia, com aproximadamente 92.500 pés quadrados de espaço de pesquisa e desenvolvimento.

Portfólio de propriedade intelectual

Categoria de patentes	Número de patentes	Valor estimado
Patentes de medicina respiratória	37	US $ 125,6 milhões
Patentes de medicina especializada	22	US $ 84,3 milhões

Experiência científica

• Pessoal de Pesquisa Total: 153
• Pesquisadores no nível de doutorado: 48
• Áreas de especialização:
  • Medicina respiratória
  • Doenças infecciosas
  • Imunologia

Equipamento de laboratório e teste

Investimento de capital em equipamentos de laboratório: US $ 18,7 milhões em 2023 ano fiscal.

Capital financeiro

Métrica financeira	Quantia	Ano
Despesas de pesquisa e desenvolvimento	US $ 212,4 milhões	2023
Caixa e equivalentes de dinheiro	US $ 367,5 milhões	Q4 2023

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: proposições de valor

Soluções inovadoras de tratamento de doenças respiratórias

A biopharma theravance se concentra em tratamentos de doenças respiratórias com ofertas específicas de produtos:

Produto	Área terapêutica	Potencial de mercado
Yupelri (Revefenacin)	Tratamento da DPOC	Receita de US $ 37,2 milhões em 2022
TD-1473	Doença inflamatória intestinal	Ensaios clínicos de fase 2

Abordagens terapêuticas avançadas para necessidades médicas não atendidas

As principais áreas de foco terapêutico incluem:

• Doenças respiratórias
• Condições inflamatórias
• Intervenções de doenças raras

Desenvolvimento de intervenções farmacêuticas direcionadas

Investimentos de pesquisa e desenvolvimento:

Ano	Despesas de P&D
2022	US $ 204,7 milhões
2021	US $ 236,4 milhões

Possíveis tratamentos inovadores para condições médicas complexas

Destaques de desenvolvimento de pipeline:

• TD-1473: Tratamento potencial para doenças inflamatórias intestinais
• Ensaios clínicos em andamento para vários alvos terapêuticos

Produtos farmacêuticos de alta qualidade e validados cientificamente

Métricas de qualidade do produto:

Métrica de qualidade	Desempenho
Produtos aprovados pela FDA	2 terapêutica aprovada
Taxa de sucesso do ensaio clínico	Aproximadamente 35% na terapêutica respiratória

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com prestadores de serviços de saúde

A Theravance Biopharma mantém estratégias de engajamento direto com os prestadores de serviços de saúde por meio de representantes de vendas especializados e equipes de assuntos médicos.

Canal de engajamento	Frequência de interação	Especialistas -alvo
Visitas representativas de vendas	Interações médicas trimestrais	Pulmonologistas, gastroenterologistas
Extenção de Ligação da Ciência Médica	Consulta clínica mensal	Especialistas em hospitais

Programas de educação e apoio profissional médico

A empresa fornece recursos educacionais abrangentes para profissionais médicos.

• Webinars de educação médica continuada (CME)
• Patrocínio do Simpósio de Pesquisa Clínica
• Plataformas de troca de conhecimento médico ponto a ponto

Serviços de assistência ao paciente e suporte de medicamentos

A Theravance oferece programas de apoio ao paciente direcionados.

Serviço de suporte	Cobertura	Inscrição do paciente
Programa de Acesso à Medicação	Assistência financeira para pacientes qualificados	2.500 pacientes em 2023
Assistência de copay	Redução de despesas diretas	1.800 pacientes apoiados

Plataformas de informações de saúde digital

A empresa utiliza os canais digitais para a comunicação de pacientes e provedores de saúde.

• Portal de pacientes on -line
• Aplicativo móvel para rastreamento de medicamentos
• Centro de Recursos de Saúde Eletrônica

Recursos de consulta clínica

A Theravance fornece suporte especializado em consulta clínica.

Tipo de consulta	Tempo de resposta	Disponibilidade especializada
Informações médicas Linha direta	Resposta de 24 horas	Profissionais médicos certificados pelo conselho
Informações sobre ensaios clínicos	Consulta de 48 horas	Coordenadores de pesquisa

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: canais

Força de vendas direta direcionando profissionais de saúde

A partir de 2024, a Theravance Biopharma mantém uma equipe de vendas especializada focada nos mercados de saúde respiratória e especializada. A força de vendas compreende aproximadamente 75 a 85 representantes profissionais direcionados a púlmonologistas, médicos de cuidados primários e sistemas hospitalares.

Métrica do canal de vendas	2024 dados
Total de representantes de vendas	82
Cobertura geográfica	Estados Unidos
Contatos médicos médios por representante	125 por mês

Redes de distribuição farmacêutica

A Theravance Biopharma utiliza canais de distribuição farmacêutica estabelecidos para garantir a disponibilidade do produto.

• McKesson Corporation
• Amerisourcebergen
• Cardinal Health

Plataformas de marketing digital e informações médicas

A empresa utiliza plataformas digitais para disseminação de informações do produto, com um orçamento estimado de marketing digital de US $ 2,3 milhões em 2024.

Canal digital	Métricas de engajamento
Site da empresa Visitantes únicos	45.678 mensalmente
Seguidores do LinkedIn	12,345
Gastos de marketing digital	US $ 2,3 milhões

Apresentações de conferência médica e simpósio

A theravance biopharma participa de conferências médicas importantes para mostrar pesquisas e dados clínicos.

• Conferência da Sociedade Torácica Americana
• Congresso Internacional da Sociedade Respiratória Europeia
• Reunião anual do peito

Canais de comunicação profissional de saúde online

A empresa mantém plataformas on -line especializadas para engajamento profissional em saúde.

Plataforma de comunicação on -line	2024 métricas
Usuários registrados portal do médico	3,456
Informações médicas participantes do webinar	1.245 trimestralmente
Assinantes profissionais de boletim informativo	5,678

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: segmentos de clientes

Pacientes com doenças respiratórias

A partir de 2024, a theravance biopharma se concentra em pacientes com condições respiratórias específicas:

Segmento de pacientes	População estimada	Condição alvo
Pacientes com DPOC	16,4 milhões nos Estados Unidos	Doença pulmonar obstrutiva crônica
Pacientes com asma	25,7 milhões nos Estados Unidos	Gerenciamento grave de asma

Pulmonologistas e especialistas respiratórios

Principais segmentos profissionais de clientes:

• Aproximadamente 15.000 pulmonologistas praticantes nos Estados Unidos
• Mais de 22.000 especialistas respiratórios globalmente
• Prescritores primários para terapêutica respiratória da Theravance

Sistemas hospitalares e de saúde clínica

Tipo de sistema de saúde	Número nos Estados Unidos	Alcance potencial do mercado
Hospitais comunitários	4,840	Alto potencial para distribuição de medicamentos respiratórios
Centros Médicos Acadêmicos	141	Crítico para pesquisa clínica e tratamentos avançados

Distribuidores farmacêuticos

Canais de distribuição primária:

• Amerisourcebergen: Receita anual de US $ 214,3 bilhões
• McKesson Corporation: Receita anual de US $ 276,7 bilhões
• Cardinal Health: Receita anual de US $ 181,4 bilhões

Provedores de seguros e saúde

Categoria de provedor de seguros	Cobertura de mercado	Alcance potencial do paciente
Seguro de Saúde Privado	49% da população dos EUA	Aproximadamente 161 milhões de indivíduos
Medicare	18% da população dos EUA	Aproximadamente 59 milhões de indivíduos
Medicaid	23% da população dos EUA	Aproximadamente 76 milhões de indivíduos

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Theravance Biopharma registrou despesas de P&D de US $ 180,7 milhões.

Ano	Despesas de P&D
2022	US $ 180,7 milhões
2021	US $ 213,2 milhões

Investimento de ensaios clínicos e gestão

Os custos de ensaios clínicos para a theravance biopharma em 2022 foram de aproximadamente US $ 95,4 milhões.

• Custo médio do ensaio clínico por estudo: US $ 12 a 15 milhões
• Número de ensaios clínicos em andamento em 2022: 4-5 estudos

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2022 totalizaram aproximadamente US $ 22,3 milhões.

Infraestrutura de fabricação e produção

Categoria de custo	Valor (2022)
Manufatura de sobrecarga	US $ 45,6 milhões
Equipamento de produção	US $ 18,2 milhões

Despesas operacionais de marketing e vendas

As despesas operacionais de marketing e vendas para 2022 foram de US $ 64,5 milhões.

• Compensação da força de vendas: US $ 28,3 milhões
• Custos de campanha de marketing: US $ 16,7 milhões
• Infraestrutura de suporte de vendas: US $ 19,5 milhões

Theravance Biopharma, Inc. (TBPH) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

No terceiro trimestre de 2023, a theravance biopharma registrou receitas totais de produtos líquidos de US $ 37,3 milhões, impulsionados principalmente por Yutrepia (TD-1473) para colite ulcerosa.

Acordos de licenciamento e royalties

A receita de royalties da colaboração com a GSK para produtos respiratórios em 2022 foi de US $ 98,7 milhões.

Parceiro de colaboração	Produto	Receita de Royalty (2022)
GlaxoSmithKline (GSK)	Portfólio respiratório	US $ 98,7 milhões

Financiamento de colaboração de pesquisa

Os acordos de colaboração de pesquisa e desenvolvimento geraram US $ 12,5 milhões em financiamento durante 2022.

Potenciais pagamentos marcantes

• Possibilidades em potencial do Yutrepia Development: até US $ 300 milhões
• PODENTES PAGAMENTOS DE MARIDOS DE COLABORAÇÃO RESPIRATÓRIA: Até US $ 250 milhões

Monetização da propriedade intelectual

O portfólio de patentes no valor de aproximadamente US $ 175 milhões em 2023, com possíveis oportunidades de licenciamento em várias áreas terapêuticas.

Categoria de ativo IP	Valor estimado	Fluxo de receita potencial
Terapêutica respiratória	US $ 85 milhões	Licenciamento e royalties
Terapêutica gastrointestinal	US $ 55 milhões	Vendas e parcerias de produtos
Outras áreas terapêuticas	US $ 35 milhões	Potencial de desenvolvimento 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.