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Sep 30, 2025
Theravance Q3 2025 Earnings Report
Theravance reported Q3 2025 results with a return to profitability driven by strong YUPELRI performance and disciplined cost control.
Key Takeaways
Theravance posted $3.6 million in net income for Q3 2025, reversing a prior-year loss, as YUPELRI net sales hit a record and the company reached non-GAAP breakeven. Cash position remained strong at $333 million.
YUPELRI U.S. net sales reached an all-time high of $71.4 million, with Theravance's implied 35% share at $25 million.
Net income of $3.6 million in Q3 2025, compared to a net loss of $12.7 million in Q3 2024.
Non-GAAP net income from operations was $2.3 million, marking a return to breakeven.
Cash, cash equivalents and marketable securities totaled $332.7 million as of September 30, 2025.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Theravance expects continued breakeven non-GAAP margins in Q4 2025, with consistent R&D and SG&A spending and milestone targets tied to TRELEGY and YUPELRI sales.
Positive Outlook
- Maintains breakeven non-GAAP net income guidance for Q4 2025.
- Full-year 2025 R&D expenses expected to remain between $32M and $38M.
- SG&A expenses guided between $50M and $60M for 2025.
- Cash position of $333M enables strategic flexibility.
- TRELEGY on pace to exceed $3.4B in FY 2025 sales, triggering $50M milestone.
Challenges Ahead
- Non-GAAP profitability excludes one-time items and share-based compensation.
- YUPELRI milestone depends on achieving ~$54M in Q4 sales.
- No guidance provided on licensing revenue for Q4.
- Ongoing R&D spend may pressure operating margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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