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On Tuesday, BTIG analysts reaffirmed their Buy rating on Theravance Biopharma stock (NASDAQ: NASDAQ:TBPH), maintaining a price target of $24.00, representing a potential 115% upside from the current price of $11.15. The stock has shown remarkable momentum, gaining over 20% in the past week and trading near its 52-week high of $11.21. The decision follows Theravance Biopharma’s move to sell rights to future royalties on Trelegy net sales to GLAXOSMITHKLINE (GSK) for a $225 million cash payment.
The transaction is seen as a strategic move to enhance near-term shareholder value. Despite the sale, Theravance Biopharma retains the potential to earn up to $150 million in tiered commercial milestones related to Trelegy global net sales. These milestones include up to $50 million achievable in 2025 and up to $100 million in 2026, contingent on meeting specific sales thresholds. According to InvestingPro data, the company maintains a strong financial position with a healthy current ratio of 4.77, indicating robust liquidity to support its operations. Get access to 10+ additional exclusive ProTips and comprehensive analysis with an InvestingPro subscription.
Analysts noted that the sales thresholds for the higher tier milestones, set at $3.41 billion and $3.51 billion for 2025 and 2026 respectively, are below consensus estimates for Trelegy’s annual net sales, which stand at $3.93 billion and $4.12 billion. This positions the higher tier milestones as increasingly attainable for Theravance Biopharma.
BTIG analysts also highlighted the ongoing CYPRESS trial, with enrollment expected to conclude in late summer 2025. This could lead to data disclosure in the first half of 2026, approximately six months after enrollment ends. Management is preparing for an expedited filing and plans to request Priority Review upon submission.
In other recent news, Theravance Biopharma reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of -$0.27, missing analyst expectations of -$0.22. However, the company exceeded revenue forecasts with $15.4 million, slightly above the expected $15.14 million, marking a 6% year-over-year increase. Theravance Biopharma continues to maintain a strong cash position with $131 million and no debt, providing financial flexibility for future initiatives. The company’s key product lines, YUPELRI and TRELEGY, demonstrated robust sales growth, contributing to the revenue beat. Additionally, Theravance Biopharma anticipates improved cash burn and a decline in clinical trial costs in the second half of 2025. The company expects flat to slightly lower selling, general, and administrative expenses and has projected a one-time tax payment in Q2. Looking ahead, the company forecasts future revenue growth, with expectations of $16.15 million in Q2 2025. Furthermore, Theravance Biopharma has settled with five of the eight Paragraph IV filers, with three litigants still outstanding.
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