Q2 2024 Theravance Biopharma Inc Earnings Call Transcript
Key Points
- Theravance Biopharma Inc (TBPH) reported $54.5 million in net sales for YUPELRI, reflecting strong volume growth and demand generation.
- Hospital doses of YUPELRI increased by 43%, and overall customer demand rose by 13% year-over-year.
- Theravance Biopharma Inc (TBPH) was granted a new YUPELRI method of use patent with a 2039 expiration date, listed in the FDA Orange Book.
- GSK reported a 40% increase in Trelegy sales, bringing year-to-date sales to $1.8 billion, boosting confidence in achieving significant sales milestones.
- Theravance Biopharma Inc (TBPH) finished the quarter with $96 million in cash and no debt, indicating strong financial health.
- Net sales for YUPELRI decreased by 1% year-over-year due to a reduction in net realized price.
- Theravance Biopharma Inc (TBPH) no longer expects to approach non-GAAP breakeven and instead anticipates reporting losses in the second half of 2024.
- The CYPRESS study for Ampreloxetine has experienced delays, with the last patient enrollment now expected in mid-2025, pushing top-line results to approximately six months later.
- The company incurred a $3 million non-cash impairment charge due to the write-down in the value of its operating lease assets related to excess lab space.
- YUPELRI's net sales performance was disappointing due to lower-than-anticipated realized net price, reflecting the brand's evolved channel mix.
Ladies and gentlemen, good afternoon. I would like to welcome everyone to the Theravance Biopharma Second Quarter 2024 Conference Call. During the presentation, all participants will be in a listen-only mode. A question-and-answer session will follow the company's formal remarks. (Operator Instructions) Also, today's conference is being recorded.
And now I'd like to turn the call over to Rick Winningham, Chief Executive Officer. Please go ahead, sir.
Good afternoon, and welcome to the Theravance Biopharmaâs second quarter 2024 earnings results conference call. Slide 2 is our forward-looking statement slide, which I would encourage you to read. Our call today will include forward-looking statements involving risks and uncertainties, information concerning factors that could cause results to differ materially from these forward-looking statements as described further in filings with the SEC.
As you can see on Slide 3, members of the Theravance leadership team joining me on today's call include
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