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Jun 30, 2025
Theravance Q2 2025 Earnings Report
Theravance reported a profitable Q2 2025 driven by milestone revenue from China and strong YUPELRI sales growth.
Key Takeaways
Theravance posted solid Q2 2025 results, achieving profitability due to a $7.5M milestone payment for YUPELRI’s China approval and continued revenue growth from its U.S. partnership with Viatris. The sale of its TRELEGY royalty interest also boosted results with a $75.1M gain.
Total revenue reached $26.2M, including $7.5M from YUPELRI's China milestone.
Theravance posted GAAP net income of $54.8M versus a net loss of $16.5M in Q2 2024.
YUPELRI U.S. net sales grew 22% YoY to $66.3M (100% Viatris), with Theravance's implied 35% share at $23.2M.
Non-GAAP net loss from operations improved to $4.2M from $6.3M YoY.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Theravance expects stable cash burn and continued momentum into H2 2025, with a focus on ampreloxetine and disciplined capital deployment.
Positive Outlook
- Ampreloxetine Phase 3 CYPRESS study nearing enrollment completion
- Strong YUPELRI commercial performance in the U.S.
- Milestone revenue from China expansion
- TRELEGY royalty monetization strengthens balance sheet
- Stable SG&A and R&D spend forecast
Challenges Ahead
- Core operations still running at a non-GAAP loss
- YUPELRI revenue growth partially driven by one-time price adjustment
- Decline in share-based compensation might affect talent retention
- Heavy reliance on a single commercial product
- Uncertainty around TRELEGY milestone triggers
Historical Earnings Impact
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Avg. Return Before/After Earnings
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