Theravance Biopharma, Inc. (NASDAQ:TBPH) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET

Company Participants

Rick Winningham - Chief Executive Officer
Rhonda Farnum - Chief Business Officer
Aziz Sawaf - Chief Financial Officer
Aine Miller - Head, Development

Conference Call Participants

Julian Harrison - BTIG
Ernie Rodriguez - TD Cowen
Douglas Tsao - H.C. Wainwright

Operator

Ladies and gentlemen, good afternoon. I would like to welcome everyone to the Theravance Biopharma Third 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 call is being recorded.

And now, I'd like to turn the conference over to Rick Winningham, Chief Executive Officer. Please go ahead, sir.

Rick Winningham

Good afternoon, and welcome to the Theravance Biopharma's third quarter 2024 earnings results conference call. I encourage you to review our forward-looking statements disclaimer on slide 2, which covers certain risk factors, which could cause actual results to differ materially from any forward-looking statements that we might make in today's call and which are described further in our filings with the SEC.

You will find today's agenda on slide 3, along with members of the Theravance leadership team who will join me on the call today. These are Rhonda Farnum, Chief Business Officer; Aziz Sawaf, Chief Financial Officer; and Aine Miller, Head of Development.

Now, if you turn to slide 4, I'd like to cover our most recent operational and financial results. Starting on the left, we're pleased to have delivered sequentially improved YUPELRI quarterly net sales performance in partnership with Viatris having driven 7% growth year-on-year and 14% quarter-on-quarter to $62.2 million in a new launch today high. Third quarter YUPELRI demand increased 14% and hospital doses increased 40% versus the same period a year ago.

Second, we made solid progress on our pivotal CYPRESS study for Ampreloxetine and remain on target to achieve our updated time lines. Lastly, GSK delivered another good Trelegy result reaching $789 million for the quarter and putting us in a position to achieve the higher $50 million 2024 sales milestone should fourth quarter sales exceed approximately $610 million, which is well below consensus estimate. If achieved, Theravance would expect to receive this milestone in the first half of 2025.

Turning to slide 5, I'd like to cover two initiatives our Board has approved related to our ongoing efforts to unlock value of Theravance Biopharma. These reflect our willingness to proactively implement measures aligned with the interest of our shareholders, while sharpening our operational focus in pursuit of delivering innovation to medicines -- to patients with the highest unmet medical need.