Theravance Biopharma, Inc. (NASDAQ:TBPH) Q4 2023 Earnings Conference Call February 26, 2024 5:00 PM ET
Company Participants
Rick Winningham - Chief Executive Officer
Aine Miller - Head, Development
Rhonda Farnum - Chief Business Officer
Aziz Sawaf - Chief Financial Officer
Conference Call Participants
Douglas Tsao - H.C. Wainwright
David Risinger - Leerink Partners
Eva Privitera - Cowen
Julian Harrison - BTIG
Operator
Ladies and gentlemen, good afternoon. I’d like to welcome everyone to the Theravance Biopharma Fourth 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, everyone. And thank you for joining the Theravance Biopharma fourth quarter and full year 2023 earnings results conference call.
Turning to slide two, 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 product candidates, anticipated timing of clinical trials, regulatory filings and expected financial results, and information containing factors that can cause results to differ materially from our forward-looking statements as described further in our filings with the SEC.
Today, I’m joined by Aine Miller, our Head of Development; Rhonda Farnum, Theravance’s Chief Business Officer; and Aziz Sawaf, our Chief Financial Officer.
On slide four, I’ll begin by hitting high points for a very productive 2023 for Theravance. We began the year with the decision to focus on driving YUPELRI growth and maximizing ampreloxetine value while increasing our capital return program.
I’m pleased to report that our team delivered on these objectives. For both the fourth quarter and the full year, we increased the YUPELRI net sales 9% from $61 million and $221 million, respectively, as is recorded by Viatris. We grew hospital volumes an outstanding 46% for the year and set the business up for continued momentum in 2024.
We initiated ampreloxetine CYPRESS study and began -- immediately began evaluating and activating sites around the world. In May, we were granted orphan drug status, which confers important financial advantages such as tax credits and user fee exemptions and shields ampreloxetine from price negotiation associated with the Inflation Reduction Act. CYPRESS enrollment remains on track and we look forward to enrolling the last patient in the open label portion of the study in the second half of this year.