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Jun 30, 2020
Theravance Q2 2020 Earnings Report
Reported financial results for the second quarter of 2020 and provided a business update.
Key Takeaways
Theravance Biopharma reported revenue of $15.0 million and an operating loss of $72.2 million for the second quarter of 2020. The company's cash, cash equivalents, and marketable securities totaled $438.3 million as of June 30, 2020.
YUPLERI market share improved despite challenges from COVID-19.
A hybrid sales model with in-person and remote call options is being implemented.
Late stage clinical programs for ampreloxetine and TD-1473 are expected to readout in 2021.
Phase 2 study of TD-0903 for Acute Lung Injury caused by COVID-19 is underway.
Theravance
Theravance
Forward Guidance
Theravance Biopharma is adapting its sales model and continuing to advance clinical programs despite challenges from the global pandemic. They are tailoring their sales model to a hybrid model and expect both ampreloxetine and TD-1473 programs to readout in 2021.
Positive Outlook
- YUPLERI market share improved despite challenges from COVID-19.
- A hybrid sales model with in-person and remote call options is being implemented.
- Late stage clinical programs for ampreloxetine and TD-1473 are expected to readout in 2021.
- Phase 2 study of TD-0903 for Acute Lung Injury caused by COVID-19 is underway.
- Forecast YUPELRI becoming a cash-flow positive brand in the US by the end of 2020
Challenges Ahead
- COVID-19 pandemic continues to be a threat to public health.
- Challenges have resulted in delays in late stage clinical programs for ampreloxetine and TD-1473.
- The pandemic shows no signs of stopping, and Theravance Biopharma expects ongoing challenges as new “hot spots” emerge.
- Expect COVID-19 pandemic to continue to adversely impact business operations and financial results
- Ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the U.S. and in other countries