Theravance Biopharma, Inc. (NASDAQ:TBPH) Q3 2023 Earnings Conference Call November 7, 2023 12:00 PM ET
Company Participants
Rick Winningham - Chief Executive Officer
Rhonda Farnum - Chief Business Officer
Rick Graham - Head of Research and Development
Aziz Sawaf - Chief Financial Officer
Conference Call Participants
David Risinger - Leerink Partners
Douglas Tsao - H.C. Wainwright
Eva Xia Privitera - TD Cowen
Operator
Ladies and gentlemen, good afternoon. I'd like to welcome everyone to Theravance Biopharma's Third Quarter 2023 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 call is being recorded.
And now I'd like to turn the call over to Rick Winningham, Chief Executive Officer. Please go ahead, sir.
Rick Winningham
Good afternoon, and thank you for joining the Theravance Biopharma's third quarter 2023 earnings results conference call.
Turning to slide two, I'd remind you that this call will contain forward-looking statements that involve risks and uncertainties including statements about our development pipeline, expected benefits of our products, anticipated timing of clinical trials, regulatory filings and expected financial results. Information concerning factors that could cause results to differ materially from our forward-looking statements is described further in our filings with the SEC.
On slide three. I'm joined today by Rick Graham our Head of Research and Development; Rhonda Farnum, Theravance’s Chief Business Officer; and Aziz Sawaf, our Chief Financial Officer.
Moving to slide four, throughout the year we communicated progress on several strategic objectives for the company. Mainly to grow YUPELRI while completing and disclosing the results of the PIFR-2 study, initiating and advancing our Phase 3 CYPRESS study and advancing – achieving non-GAAP profitability during the second half of the year subject to YUPELRIs continued growth.
Based on our third quarter performance, we continue to make good progress against these objectives. Beginning with YUPELRI, our combined team achieved $58.3 million in total third quarter net sales, representing growth of 9% year-on-year, and the highest quarterly net sales results since launch. Highlights include another outstanding performance by our hospital-based commercial organization, continued growth in the retail channel, and further market share gains. We completed our PIFR 2 study enrollment in the third quarter and continue to expect to share top-line data in January.
In a new and exciting development, we've just learned that Viatris Phase 3 study of YUPELRI in Chinese patients with moderate to very severe COPD was positive, and that that data were consistent with the previous findings of YUPELRI’s strong efficacy. Our partners at Viatris plan to move forward with a registrational filing in China in mid-2024.