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Jun 30
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.
Theravance
Theravance
Theravance Revenue by Segment
Theravance Revenue by Geographic Location
Revenue by Segment
YUPELRI Collaboration Revenue
CapyFin.comLicensing Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comChina Revenue
CapyFin.com 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