Theravance Biopharma, Inc. (NASDAQ:TBPH) Q2 2024 Earnings Conference Call August 5, 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. Wainright
David Risinger - Leerink Partners
Ernie Rodriguez - TD Cowen
Liisa Bayko - Evercore ISI
Operator
Ladies and gentlemen, good afternoon. I would like to welcome everyone to the Theravance Biopharma Second 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] Also, today's conference 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 welcome to the Theravance Biopharma’s second quarter 2024 earnings results conference call. Slide 2 is our forward-looking statement slide, which I would encourage you to read. Our call today will include forward-looking statements involving risks and uncertainties, information concerning factors that could cause results to differ materially from these forward-looking statements as described further in filings with the SEC.
As you can see on Slide 3, members of the Theravance leadership team joining me on today's call include Rhonda Farnum, Theravance’s Chief Business Officer; Aine Miller, Theravance’s Head of Development; and Aziz Sawaf, Chief Financial Officer.
Turning to Slide 4, we have a number of updates to cover, which either to cover, which either impacted our quarterly results or tied to future financial and operational guidance. Beginning on the left hand side of the slide, we reported $54.5 million in net sales YUPELRI. This reflects another strong quarter of volume growth and demand generation with hospital doses up 43% and overall customer demand up 13% versus the prior year, offset by a reduction in net realized price resulting in net sales decreasing 1% year-over-year.
Given the current mix and resulting ASP coupled with the nature of Medicare Part B, where reimbursement limits are set with a two quarter lag, we were only expecting the lower net price in Q2 to improve slightly during the second half of the year. For 2025 and beyond, we anticipate a more stable pricing environment with continued YUPELRI demand growth across all patient fulfillment channels. In line with our prior guidance, Viatris filed in the NDA for YUPELRI in China in June, which puts us on the path to achieve meaningful economics in that territory.