Theravance Biopharma : TBPH Q4 2024 Earnings Presentation vf

Published: 2025-02-26 23:30:06 ET TBPH

Theravance Biopharma

Fourth Quarter & Full Year 2024 Financial Results and Business Update

February 26, 2025

THERAVANCE BIOPHARMA®, THERAVANCE®, the Cross/Star logo and MEDICINES THAT MAKE A DIFFERENCE® are registered trademarks of the Theravance Biopharma group of companies (in the U.S. and certain other countries). All third-party trademarks used herein are the property of their respective owners.

Agenda

Opening & Closing Remarks

Rick Winningham: Chief Executive Officer

Commercial Updates

Rhonda Farnum: Senior Vice President, Chief Business Officer

Development & Regulatory Updates

Dr. Áine Miller: Senior Vice President, Development

TRELEGY & Financial Updates

Aziz Sawaf: Senior Vice President, Chief Financial Officer

Q&A

Team

Strong Finish to 2024 Across Portfolio of Value Drivers

Ampreloxetine

TRELEGY / Corporate

payments from GSK based on 2024 TRELEGY global net sales and a second payment of $25 million (for a total of $50 million) was triggered when RP became eligible to receive $275 million or more in royalty

payments from GSK. Both royalty thresholds were achieved in the fourth quarter of 2024.

MSA, multiple system atrophy; nOH, neurogenic orthostatic hypotension.

Near-and-Mid-Term Strategic Priorities

Maximizing YUPELRI® and TRELEGY value, while driving to major inflection point in CYPRESS

Ampreloxetine

TRELEGY / Corporate

1. In the US, Viatris is leading the commercialization of YUPELRI, and Theravance Biopharma co-promotes the product under a profit and loss sharing arrangement (65% to Viatris; 35% to Theravance Biopharma). In China, Viatris is responsible for YUPELRI commercialization, with Theravance Biopharma eligible to receive milestones and royalties on net sales. Refer to our SEC filings for further information. 2. Pursuant to the Equity Purchase and Funding Agreement, dated as of July 13, 2022, by and between Theravance Biopharma, Inc. and Royalty Pharma Investments 2019 ICAV. 3. On a country-by-country basis, Theravance will be entitled to

royalties until the expiration of the longest-lived patent or 15 years after commercial launch, whichever comes later. Based on 15 years from launch, US royalties extend through 2032 and through mid-2030s ex-US.

Total royalties owed are 6.5% to 10.0% of global net sales in eligible territories; Theravance receives 85% of royalties owed.

MSA, multiple system atrophy; NDA, new drug application; nOH, neurogenic orthostatic hypotension.

The Only Once-Daily, Nebulized LAMA Maintenance Medicine for COPD

Co-promotion agreement with VIATRISTM (35% / 65% Profit Share)

Rhonda Farnum

Senior Vice President, Chief Business Officer

COPD, chronic obstructive pulmonary disease; LAMA, long-acting muscarinic antagonist

Strong YUPELRI® Quarterly Net Sales Performance in the US

$66.7

$60.6

$62.2

($M)

$55.7

$58.3

$55.0

$55.2

$54.5

$53.4

Sales

$49.1

$47.0

$43.8

$43.7

$41.8

Net

$36.8

$37.0

$38.7

$39.4

Total YUPELRI

$36.9

$29.6

$30.3

$16.5

Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24

Net sales increased 10% Q4 '24 / Q4 '23

In the US, Viatris is leading the commercialization of YUPELRI, and Theravance Biopharma co-promotes the product under a profit and loss sharing arrangement (65% to Viatris; 35% to Theravance Biopharma).

Exceptional US Hospital Growth +49%

300K

285 K

250K

227 K 227 K

Doses

214 K

200K

191 K

Hospital

163 K 158 K 162 K

150K

138 K

YUPELRI

108 K 113 K

100K

93 K

98 K

78 K

70 K

54 K

47 K

54 K

56 K

50K

30 K

34 K

19 K

Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24

Hospital doses increased 49% Q4 '24 / Q4 '23

Source: IQVIA DDD, HDS, VA and Non-Reporting Hospital through Dec'24. Preliminary data subject to revision upon receipt of final data.

Significant YUPELRI® Future Potential

Significant Financial Returns from US Growth

IP Protection Granted to 2039 in the US

Considerable Added Potential in China

million in the aggregate; refer to our SEC filings for further information. 3. As of 12/31/24, Theravance Biopharma is eligible to receive potential development and sales milestones totaling $52.5 million related to

9 Viatris' development and commercialization of nebulized revefenacin in China and adjacent territories, with $45.0 million associated with YUPELRI monotherapy and $7.5 million associated with future potential combination products; refer to our SEC filings for further information. 4. Wang C, Xu, J, Yang L, et al., The Lancet, 2018. 5. Yin P, Wang H, Vos T, et al., Chest, 2013.

COPD, chronic obstructive pulmonary disease; NDA, new drug application.

GSK's TRELEGY

The First And Only Once-Daily Triple Therapy In a Single Inhaler For Adult Patients With COPD Or Asthma

Milestone and royalty agreement with Royalty Pharma

Aziz Sawaf

Senior Vice President, Chief Financial Officer

COPD, chronic obstructive pulmonary disease

Up to $150M in TRELEGY Sales Milestones in 2025 and 2026

2025 and 2026 Sales Milestones1

Strong TRELEGY Global Net Sales Trends ($M)

$4,500

$4,006

Global Net Sales

Royalty

Milestone to

$4,000

$3,814

Year

$3,456

Equivalent

Threshold2

Theravance

26% growth

$100M

$3,500

$50M

($M)

$3,000

28% growth

$2,739

$25M

$50M

$3,063M

$260M

$25M

$2,500

28% growth

Sales

$2,142

20251

$3,413M

$295M

$50M

Net

$2,000

$1,674

$1,500

$3,163M

$270M

$50M

$1,000

20261

$500

$3,513M

$305M

$100M

2021

2022

2023

2024

2025 E

2026 E

Actuals3

Consensus Forecast4

1. If both milestones are achieved in a given year, Theravance Biopharma will only earn the higher milestone, payable by Royalty Pharma (RP) pursuant to the Equity Purchase and Funding Agreement, dated as

11 of July 13, 2022, by and between Theravance Biopharma, Inc. and Royalty Pharma Investments 2019 ICAV. 2. Based on 100% of TRELEGY ELLIPTA royalties. 3. GSK-reported Net Sales in USD. 4. Bloomberg Consensus as of 02/25/25.

Disclaimer

Theravance Biopharma Inc. published this content on February 27, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 27, 2025 at 04:29:14.213.