Theravance Biopharma, Inc. (NASDAQ:TBPH) Q2 2023 Earnings Conference Call August 7, 2023 5:00 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
Douglas Tsao - H.C. Wainwright
Eva Xia Privitera - Cowen
Operator
Ladies and gentlemen, good afternoon. I'd like to welcome everyone to Theravance Biopharma's Second 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 second quarter 2023 conference call.
On slide two, I'd remind you that this call will contain forward-looking statements that involve risks and uncertainties and the 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.
Turning your attention to slide three. I'm joined today by Rhonda Farnum, Chief Business Officer; Rick Graham, Head of Research and Development; and Aziz Sawaf, Chief Financial Officer.
Beginning today's presentation with slide four, we set out earlier this year with three clear strategic objectives in mind, to continue to grow YUPELRI executing on our in-hospital strategy, while closely collaborating with Viatris, to launch and build momentum behind our Drive Phase 3 CYPRESS study in MSA patients with neurogenic orthostatic hypotension and to deliver on our capital returns commitment while managing our expense base. Through the first six months of the year, we've made good progress and remain on track to accomplish these objectives.
As we move into the second-half of the year, we're also preparing for an exciting new chapter in Theravance's evolution. In the coming months, we expect to learn the results of our Phase 4 PIFR-2 study for YUPELRI to begin early regulatory and commercial planning for ampreloxetine and obtain non-GAAP profitability subject to YUPELRI's continued growth.
Moving to slide five. I'd like to highlight our 2023 progress today. During the quarter, our commercial team worked closely with our Viatris partners to post solid results for YUPELRI with the brand achieving record performance on a number of key metrics. Net sales increased 12%, while delivering strong retail demand growth and achieving new highs in market share within the long-acting nebulization segment. We continue to drive YUPELRI brand awareness for the maintenance treatment of COPD, including its concomitant use with long-acting beta agonist therapy and its adoption amongst patients, who have difficulty with handheld devices.