Theravance (TBPH) Q4 Earnings Miss, Revenues Beat Estimates

 | Feb 25, 2020 02:53AM ET

Theravance Biopharma, Inc. (NASDAQ:TBPH) incurred a loss of $1.17 per share in fourth-quarter 2019, wider than the Zacks Consensus Estimate of $1.11 and also the year-ago loss of 92 cents.

However, total revenues of $29.5 million in the quarter beat the Zacks Consensus Estimate of $18 million. Revenues also soared 87.9% year over year, mainly owing to an upfront payment from Pfizer (NYSE:PFE) for rights to its skin-selective pan-JAK inhibitor program. Also, higher revenues from the collaboration agreement with Mylan (NASDAQ:MYL) benefitted the top-line.

Total revenues in the fourth quarter comprised collaboration revenues worth $9.6 million from Johnson & Johnson (NYSE:JNJ) and $9.9 million received from Mylan.

Notably, Theravance has collaboration with Mylan for the development and commercialization of Yupelri (revefenacin), approved by the FDA in November 2018. The drug is used for maintenance treatment of adults with chronic obstructive pulmonary disease (COPD). Theravance and Mylan formally launched their sales and marketing efforts for Yupelri in early 2019 and the product witnessed a strong initial sales uptake thereafter.

On the fourth-quarter conference call, management stated that Yupelri witnessed a strong customer acceptance and brand performance across key market metrics. The company also informed that as of October 2019, Yupelri achieved 86% share of the nebulized LAMA market and a 10.7% stake of the long-acting nebulized market including the DME market.

Shares of Theravance have lost 5.2% in the past year compared with the industry’s decrease of 3.8%.