Theravance Biopharma, Inc. (NASDAQ:TBPH) Q3 2022 Earnings Conference Call November 7, 2022 5:00 PM ET
Company Participants
Rick Winningham – Chairman and Chief Executive Officer
Rhonda Farnum – Senior Vice President, Chief Business Officer
Rick Graham – Senior Vice President, Research and Development
Andrew Hindman – Chief Financial Officer
Conference Call Participants
Eva Privitera – Cowen
Douglas Tsao – H.C. Wainwright
Joseph Stringer – Needham
Brian Skorney – Baird
David Risinger – SVB Securities
Operator
Ladies and gentlemen, good afternoon. I would like to welcome everyone to the Theravance Biopharma Third Quarter 2022 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 would like to turn the call over to Rick Winningham, Chief Executive Officer. Please go ahead.
Rick Winningham
Good afternoon and thank you for joining the Theravance Biopharma third quarter 2022 conference call to discuss our business.
I 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.
I would direct your attention to Slide 4. Joining me today Rhonda Farnum, Chief Business Officer; Rick Graham, Head of Research and Development; and Andrew Hindman, Chief Financial Officer.
Now turning to Slide 5. Theravance Biopharma’s unwavering purpose is to create medicines that make a difference. The third quarter marked another major inflection point in the company's transformation. We recognized a record quarter of YUPELRI net sales and profitability and continue to build our intellectual property portfolio. Rhonda will review the details.
Three opinion leaders in the field presented ampreloxetine data demonstrating clinically meaningful and durable effectiveness in MSA patients with neurogenic orthostatic hypotension in our Phase 3 Study 0170 at the opening session of the 33rd International Symposium on Autonomic Nervous System. Rick will share where we are today on ampreloxetine and where we're headed.
We closed the sale of our royalty interest in TRELEGY ELLIPTA to Royalty Pharma for approximately $1.1 billion in upfront cash, $250 million in potential milestones and outer year royalties and Royalty Pharma invested in the ampreloxetine program. And as a result of the deal with Royalty Pharma, we were able to initiate a $250 million capital return program, which included purchasing GSK’s entire holdings at $9.75 cents a share and launching a Dutch auction tender offer for up to $95 million of the Theravance Biopharma ordinary shares, a tender offer that's currently open.