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On Thursday, BTIG analyst Julian Harrison increased the price target on Theravance Biopharma (NASDAQ: NASDAQ:TBPH) to $24.00, up from the previous $21.00, while maintaining a Buy rating on the company’s shares. With a market capitalization of $488.51 million and a strong current ratio of 5.02, InvestingPro data shows the company maintains robust liquidity. The adjustment follows Theravance Biopharma’s report of a 14% year-over-year increase in TRELEGY revenue for the first quarter of 2025, surpassing consensus estimates with £675 million against the expected £645 million.
The strong quarterly performance of TRELEGY, a once-daily LAMA/LABA/ICS combination therapy for COPD and asthma, was highlighted as evidence of the drug’s sustained market momentum. According to InvestingPro analysis, the company has achieved 12.12% revenue growth over the last twelve months, operating with a moderate debt level. Harrison’s positive outlook is further supported by Theravance Biopharma’s future financial prospects, including the company’s entitlement to 85% of TRELEGY royalties starting in 2029 outside the United States and in 2031 within the U.S. market. Additionally, the company is poised to receive up to $150 million in sales-based milestones between 2025 and 2026.
The revised price target reflects the inclusion of the outer year TRELEGY royalty rights into BTIG’s valuation model for Theravance Biopharma. The analyst’s report also points to the anticipated completion of patient enrollment in the Phase 3 study of ampreloxetine for nOH secondary to MSA (CYPRESS), which is expected to be finalized in mid-2025. This study could potentially further bolster the company’s product pipeline and future revenue streams.
Theravance Biopharma’s stock price adjustment by BTIG underscores the company’s strong financial performance and promising outlook based on its product portfolio and upcoming milestones. The analyst’s maintained Buy rating suggests continued confidence in the company’s market position and growth trajectory.
In other recent news, Theravance Biopharma reported its fourth-quarter 2024 earnings, revealing a larger-than-expected loss per share of -$0.31, which missed analyst expectations of -$0.20. Despite this miss, the company exceeded revenue forecasts, achieving $18.8 million against the anticipated $16.6 million. A key highlight was the record net sales of YUPELRI, which reached $66.7 million, marking a 10% increase from the previous year. The company ended the year with $88 million in cash, not including a recent $50 million milestone payment from Royalty Pharma. Theravance Biopharma is preparing for potential regulatory filings and product launches, particularly focusing on its ampriloxetine program. Looking ahead, the company anticipates similar non-GAAP losses and cash burn in 2025, with R&D expenses projected between $32 million and $38 million, and SG&A expenses ranging from $50 million to $60 million. Additionally, Theravance Biopharma is poised to receive several hundred million in cumulative royalties starting in 2029, based on Trelegy’s projected sales. These developments reflect the company’s strategic focus on revenue growth and brand profitability.
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