Theravance Biopharma, Inc. (NASDAQ:TBPH) Q1 2024 Earnings Call Transcript May 13, 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
Julian Harrison - BTIG
David Risinger - Leerink Partners
Marc Frahm - TD Cowen

Operator

Ladies and gentlemen, good afternoon. I'd like to welcome everyone to the Theravance Biopharma First Quarter 2024 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] I will repeat the instructions after the management completes their prepared remarks. 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, sir.

Rick Winningham

Good afternoon and welcome to Theravance Biopharma's first quarter 2024 earnings results conference call. On Slide 2, you'll find our safe harbor language and I'd remind everyone that are called today will include forward-looking statements involving risks and uncertainties pertaining to our development pipeline, expected benefits of our product candidate, 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.

Now, please turn to Slide 3, because joining me today -- joining me on the call today are Aine Miller, our Head of Development; Rhonda Farnum, Theravance's Chief Business Officer; and Aziz Sawaf, our Chief Financial Officer.

Next on Slide 4, I'll begin with a recap of our first quarter highlights before turning the call over to the rest of the team. As you can see on the left side of the slide, we made good commercial progress with YUPELRI during the quarter, achieving $55.2 million in net sales in partnership with Viatris. This translates into 18% year-on-year growth. Our team at Theravance got off to a terrific start this year in the hospital setting, again, achieving another all-time high in terms of hospital doses sold in the quarter, up 31% from the prior year. In addition, we continue to expect our partners at Viatris to complete regulatory filing YUPELRI in China by mid-year based on the strong Phase 3 results announced last November.

Turning to Ampreloxetine, in the middle of the slide, we're very excited to be hosting a dedicated virtual investor event on May 23rd at 10 a.m. Eastern, where two thought leaders in the field of autonomic dysfunction, as well as our team at Theravance, we'll discuss the compelling science behind Ampreloxetine opportunity to address the unmet need in nOH and MSA patients. We continue to work diligently to complete the registration Phase 3 CYPRESS study, with the last patient planned to be enrolled in the second half of this year, as well as put in place the regulatory and commercial framework that will enable Theravance to make Ampreloxetine available quickly and broadly should CYPRESS be successful.