Theravance Biopharma, Inc. (TBPH)

Price$17.08Cached quoteAs of 2026-09-05 03:04 UTC

AI: Fair-priced

Merger consideration now anchors the stock's valuationAt $17.03 after hours, TBPH trades almost exactly at Zymeworks' $17.00-per-share cash acquisition price, with additional potential value from an ampreloxetine contingent value right.

Zymeworks agreed to acquire Theravance for approximately $929 million of equity value plus a CVR entitling shareholders to 80% of net proceeds from any ampreloxetine monetization during the following ten years. With the stock only $0.03 above the cash consideration, the market is assigning limited net value to the CVR after accounting for closing risk and timing. The shareholder vote is scheduled for September 18 and U.S. antitrust waiting-period clearance has already been obtained. Given the contractual cash value and uncertain CVR upside, Fair-priced is the most appropriate current assessment.

YUPELRI provides a durable underlying cash-flow assetTheravance receives 35% of U.S. YUPELRI profit under its Viatris collaboration, while the once-daily nebulized LAMA continues growing in the COPD maintenance market.

Q2 YUPELRI net sales recorded by Viatris rose 7% to $70.7 million and Theravance's collaboration revenue increased 11% to $20.7 million as profitability improved. Full-year 2025 YUPELRI net sales were $266.6 million, up 12%, and triggered a $25 million milestone. Theravance remains eligible for additional Viatris sales and regulatory milestones and ex-U.S. royalties. Zymeworks estimates the current YUPELRI U.S. profit share and ex-U.S. royalties generate roughly $60 million of annualized cash flow, making this commercial asset the principal source of transaction value.

Balance sheet and TRELEGY milestone materially strengthen deal economicsTheravance ended June with approximately $387.7 million of cash and marketable securities and no conventional long-term debt, substantially stronger than cash alone suggests.

The supplied Q2 cash figure of $219.8 million excludes about $168 million of marketable securities. The supplied $38.6 million debt figure reflects accounting liabilities including legacy royalty-related obligations; management reports no long-term debt. Theravance also expects up to a $100 million Royalty Pharma milestone based on 2026 TRELEGY sales, payable if the highest threshold is achieved. Q2 TRELEGY global sales were approximately $1.0 billion and first-half sales were $1.9 billion, giving management high confidence in the $100 million milestone. FY2025 operating cash flow of $238.5 million also benefited materially from non-recurring royalty and milestone transactions and should not be treated as recurring operating economics.

Ampreloxetine retains CVR optionality after a failed Phase 3 endpointCYPRESS did not meet its primary endpoint, but subsequent analyses and FDA discussions leave a possible development path that could create value for the merger CVR.

The March Phase 3 CYPRESS study in neurogenic orthostatic hypotension associated with multiple system atrophy failed its primary patient-reported outcome endpoint, leading Theravance to wind down the program and cut its cost base. Subsequent analyses showed biological activity and potential treatment signals, and the FDA granted a Type C meeting request regarding design of a possible future study. Any licensing, divestiture or other monetization could benefit current shareholders through the CVR, but additional development would require new investment and another successful study. The failed pivotal endpoint makes this highly speculative optionality rather than core valuation.

AI: News

Shareholder vote on Zymeworks acquisition is scheduled for September 18The latest SEC merger update confirms that Theravance shareholders will vote September 18 on the $17-per-share cash acquisition plus ampreloxetine CVR.

U.S. antitrust clearance was obtained in August, leaving shareholder approval and other customary conditions among the principal remaining closing requirements. A September 10 filing also disclosed three shareholder lawsuits and thirteen demand letters alleging deficiencies in merger disclosures. Such litigation is common around public-company acquisitions, but it creates a residual closing and legal risk until resolved. The stock's tight trading range around $17 reflects the advanced merger process.

Post hoc CYPRESS work preserves potential value for the ampreloxetine CVRTheravance's August 25 regulatory update said the FDA granted a Type C meeting to discuss a possible future ampreloxetine study despite the failed Phase 3 primary endpoint.

Additional CYPRESS analyses confirmed effects on blood pressure, heart rate and norepinephrine and identified evidence the company believes may support a clinically meaningful pharmacologic effect. Ampreloxetine was generally well tolerated, but neither the primary nor secondary week-eight efficacy endpoints were statistically significant. The program therefore remains high risk, yet regulatory engagement creates a possible route to licensing or further development that could generate CVR proceeds for shareholders after the Zymeworks transaction.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Revenue	$107.5M	$64.4M	$57.4M	$51.3M	$55.3M	$71.9M	$73.4M	$60.4M	$15.4M	$48.6M	$42.1M	$11.7M	$226,000	$130.1M
Gross profit	—	—	—	—	—	—	—	—	$9.4M	$45.8M	$37.5M	$7.6M	$226,000	$130.1M
Gross margin	—	—	—	—	—	—	—	—	60.81%	94.05%	88.95%	65.28%	100.00%	100.00%
Research & development	$37.4M	$37.6M	$40.6M	$63.4M	$193.7M	$261.0M	$219.2M	$201.3M	$173.9M	$141.7M	$129.2M	$168.5M	$120.6M	$114.0M
Operating expenses	$111.1M	$111.3M	$113.5M	$143.3M	$313.1M	$369.5M	$325.3M	$299.1M	$275.5M	$229.1M	$224.0M	$244.2M	$156.5M	$139.7M
Operating income	−$3.6M	−$46.9M	−$56.0M	−$92.0M	−$257.8M	−$297.6M	−$251.9M	−$238.8M	−$260.1M	−$180.5M	−$181.9M	−$232.5M	−$156.3M	−$9.6M
Operating margin	−3.35%	−72.92%	−97.58%	−179.09%	−466.06%	−414.19%	−343.14%	−395.48%	−1,690.65%	−370.96%	−431.80%	−1,989.55%	−69,152.21%	−7.36%
EBITDA	−$2.1M	−$45.3M	−$54.1M	−$89.4M	−$250.5M	−$291.0M	−$245.4M	−$235.6M	−$256.1M	−$177.3M	−$178.9M	−$229.3M	−$153.6M	−$6.3M
EBITDA margin	−1.96%	−70.44%	−94.27%	−174.03%	−452.89%	−404.95%	−334.26%	−390.24%	−1,664.47%	−364.55%	−424.70%	−1,961.54%	−67,978.32%	−4.86%
Net income	$105.9M	−$56.4M	−$55.2M	$872.1M	−$199.4M	−$278.0M	−$236.5M	−$215.5M	−$285.4M	−$190.7M	−$182.2M	−$237.0M	−$156.3M	−$9.6M
Net profit margin	98.54%	−87.63%	−96.11%	1,698.54%	−360.55%	−386.90%	−322.08%	−357.01%	−1,854.97%	−391.94%	−432.56%	−2,028.05%	−69,152.21%	−7.36%
Basic EPSper basic share	$2.10	-$1.15	-$1.00	$11.85	-$2.87	-$4.46	-$4.25	-$3.99	-$5.45	-$4.26	-$5.34	-$7.46	-$4.92	-$0.30
Diluted EPSper diluted share	$2.06	-$1.15	-$1.00	$11.85	-$2.87	-$4.46	-$4.25	-$3.99	-$5.45	-$4.26	-$5.34	-$7.46	-$4.92	-$0.30

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

17.75%of listed shares

Madison Avenue Partners, LP9.21M shares · Jun 30, 2026

View holders

Top 20 reported holders of TBPH
Holder	% owned
Madison Avenue Partners, LP	17.75%9.21M shares
Weiss Asset Management LP	14.37%7.46M shares
BlackRock, Inc.	8.79%4.56M shares
Newtyn Management, LLC	6.62%3.43M shares
Irenic Capital Management LP	5.32%2.76M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.41%1.77M shares
Winningham Rick E	≈3.37%1.75M shares
STATE STREET CORP	2.56%1.33M shares
TWO SIGMA INVESTMENTS, LP	2.36%1.23M shares
D. E. Shaw & Co., Inc.	2.28%1.19M shares
ACADIAN ASSET MANAGEMENT LLC	2.26%1.17M shares
GEODE CAPITAL MANAGEMENT, LLC	2.15%1.12M shares
DIMENSIONAL FUND ADVISORS LP	2.01%1.04M shares
MACKENZIE FINANCIAL CORP	1.90%985.85K shares
MORGAN STANLEY	1.36%705.2K shares
Oasis Management Co Ltd.	1.12%583.49K shares
CITADEL ADVISORS LLC	0.98%506.67K shares
UBS Group AG	0.94%488.31K shares
Qube Research & Technologies Ltd	0.83%429.81K shares
NORTHERN TRUST CORP	0.78%404.36K shares

Percentages use 51.89M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$7.80M disclosed value

Sells (SEC code S)25$4.22M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Farnum RhondaSVP, COMM & MEDICAL AFFAIRS	SellOrdinary Shares	6.7K	$16.39	$109.1K	232.5K
Jun 15, 2026Form 4 · 10b5-1	Farnum RhondaSVP, COMM & MEDICAL AFFAIRS	SellOrdinary Shares	3.3K	$16.38	$54.5K	239.1K
Jun 15, 2026Form 4 · 10b5-1	Farnum RhondaSVP, COMM & MEDICAL AFFAIRS	SellOrdinary Shares	3.3K	$16.39	$54.6K	242.4K
Mar 16, 2026Form 4 · 10b5-1	Farnum RhondaSVP, COMM & MEDICAL AFFAIRS	SellOrdinary Shares	7.8K	$13.92	$108.1K	232.7K
Mar 16, 2026Form 4 · 10b5-1	Farnum RhondaSVP, COMM & MEDICAL AFFAIRS	SellOrdinary Shares	15.5K	$14.00	$217.5K	240.5K

Review ownership filings at SEC.gov ↗

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Theravance Biopharma, Inc. (TBPH)

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