Theravance Biopharma

What Theravance Biopharma does

Theravance Biopharma is a publicly traded biopharmaceutical company (NASDAQ: TBPH) headquartered in South San Francisco, California, with an additional office in Dublin, Ireland. The company was established in June 2014 as a spin-off from Innoviva and focuses on specialty respiratory diseases. Its commercial portfolio consists of a single FDA-approved product, YUPELRI (revefenacin) inhalation solution, a once-daily long-acting muscarinic antagonist (LAMA) delivered via nebulization for the maintenance treatment of chronic obstructive pulmonary disease (COPD). YUPELRI is co-commercialized in the United States through a strategic partnership with Viatris, under which Viatris handles sales force deployment, distribution, and managed markets while Theravance maintains brand leadership. The company also receives milestone payments from Royalty Pharma triggered by GSK-reported TRELEGY Ellipta net sales, with a $100 million payment expected in 2026.

Theravance's revenue model is structured around three streams: YUPELRI collaboration revenue shared with Viatris, sales-based milestones tied to YUPELRI performance ($75 million achieved in FY2025), and TRELEGY milestone payments from Royalty Pharma. FY2025 YUPELRI US net sales reached $266.6 million (up 12% year-over-year), with Q1 2026 collaboration revenue of $17.7 million (up 15% year-over-year). The company holds three US patents (11,484,531; 12,048,692; 12,285,417) on YUPELRI, and a March 2026 Hatch-Waxman settlement with Mankind Pharma extended generic-free exclusivity through April 2039.

Following the March 2026 failure of the Phase 3 CYPRESS trial for ampreloxetine (a norepinephrine reuptake inhibitor for neurogenic orthostatic hypotension), Theravance eliminated its R&D function and reduced its workforce by approximately 50%, from roughly 100 to 50 employees. The restructuring targets a 60% operating expense reduction and $60-70 million in annualized cash flow beginning in Q3 2026. The company holds approximately $400 million in cash with no debt as of Q1 2026, and a Strategic Review Committee, advised by Lazard, is actively evaluating potential sale of the company as a strategic alternative.

Name

Theravance Biopharma

Legal name

Theravance Biopharma US, LLC

Website

https://theravance.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

251–500 employees

Short description

Theravance Biopharma is a public biopharmaceutical company (NASDAQ: TBPH) that co-commercializes YUPELRI, a nebulized COPD maintenance therapy, with Viatris in the United States, and receives milestone payments from Royalty Pharma tied to GSK's TRELEGY sales.

Ownership category

akta.pro rank

Product category

Specialty Respiratory Pharmaceuticals

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF)

akta.pro secondary industry

Respiratory & Allergy Pharmaceuticals (HLAIAAAH)

Keywords

• Respiratory therapeutics
• COPD treatment
• Inhaled pharmaceuticals
• Nebulized LAMA therapy
• Specialty biopharmaceuticals

Headquarters

HQ city

South San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. YUPELRI collaboration revenue: Revenue from strategic collaboration with Viatris for co-commercialization of YUPELRI in the US. Viatris and Theravance co-commercialize the product, sharing economics.
2. TRELEGY milestone payments: Royalty Pharma milestone payments triggered by GSK-reported TRELEGY net sales. $100 million milestone payment expected in 2026. Also received $50 million milestone payment previously.
3. YUPELRI sales-based milestones: Additional milestone payments tied to YUPELRI sales performance. $75 million in sales-based milestones achieved in FY2025.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Theravance Biopharma is a specialty biopharmaceutical company that develops and commercializes therapeutics for respiratory diseases. Its core offering is YUPELRI® (revefenacin), an FDA-approved long-acting muscarinic antagonist (LAMA) inhalation solution for maintenance treatment of COPD, co-commercialized in the US with Viatris. The company also derives revenue from royalty milestone payments tied to GSK's TRELEGY Ellipta net sales through Royalty Pharma.

Product overview

Theravance Biopharma is a biopharmaceutical company focused on respiratory, inflammatory, and rare diseases. The company's portfolio consists of one FDA-approved product (YUPELRI® for COPD) and one discontinued pipeline candidate (amprexloxetine for neurogenic orthostatic hypotension, terminated after Phase 3 failure). Following the March 2026 strategic restructuring after the ampreloxetine trial failure, the company eliminated its R&D function and is now focused solely on commercializing YUPELRI in partnership with Viatris, while receiving milestone payments from GSK's TRELEGY (though the company sold its remaining TRELEGY royalty interest to GSK in late 2025).

Differentiator

Problem solved

Functional benefit

Brands

• YUPELRI (revefenacin): FDA-approved inhalation solution for maintenance treatment of COPD
• Theravance Biopharma US, LLC
• Theravance Biopharma Ireland Limited

Products and services

• YUPELRI® (revefenacin) Inhalation Solution FDA-approved once-daily nebulized long-acting muscarinic antagonist (LAMA) inhalation solution for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD). Co-commercialized with Viatris in the United States, with Viatris handling sales force, distribution, and managed markets.

Quantifiable outcome

• YUPELRI achieved $266.6M in FY2025 US net sales, up 12% year-over-year
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Mankind PharmacoreStrategic or Co-development Partner · 1 March 2026Hatch-Waxman patent litigation settlement resolving all YUPELRI-related litigation. Mankind Pharma granted royalty-free, non-exclusive US license to market generic YUPELRI starting April 23, 2039. Settlement covers three US patents (11,484,531; 12,048,692; 12,285,417) and is subject to DOJ and FTC review.
• ViatriscoreChannel Partner/ Reseller/ DistributorStrategic collaboration with Viatris for co-commercialization of YUPELRI (revefenacin) in the United States. Viatris and Theravance co-commercialize the product, with Viatris handling sales force, distribution, and managed markets while Theravance maintains brand leadership. This is the company's primary commercial partnership following restructuring.
• LazardcoreOthersInvestment bank advising the Strategic Review Committee in evaluating strategic alternatives including potential sale of the company.

Scale indicators15 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Cipla: India-headquartered global pharmaceutical company with one of the largest respiratory product portfolios, including nebulized therapies. Comparable as an emerging global player with directly overlapping COPD/inhalation offerings.
• Lupin Pharmaceuticals: India-based specialty and generics pharmaceutical company with a meaningful respiratory franchise (inhalers, nebulized products). Comparable as an emerging global respiratory player overlapping YUPELRI's nebulized delivery space.
• Inhalon Biopharma: Clinical-stage biopharma developing inhaled therapeutics for respiratory infections and inflammation. Comparable as a small, respiratory-focused biopharma working in the same inhaled/nebulized therapeutic category.

Direct peers

• Verona Pharma: Specialty respiratory biopharma with Ohtuvayre (ensifentrine), a first-in-class COPD maintenance therapy. Closely comparable to Theravance as a small, focused COPD-focused commercial-stage company, though Verona is now owned by Merck following the 2024 acquisition.

Broad incumbents

• Viatris: Global specialty and generics pharmaceutical company and Theravance's co-commercialization partner for YUPELRI in the US. Comparable as the dominant counterparty in YUPELRI economics and as a broad respiratory/generics incumbent.
• GSK (GlaxoSmithKline): Global respiratory leader with TRELEGY Ellipta — the product whose sales trigger Theravance's milestone payments. Comparable as a respiratory pharmaceutical incumbent with overlapping COPD franchise economics.
• Boehringer Ingelheim: Major respiratory pharmaceutical incumbent with Spiriva (tiotropium), the original LAMA that defined the COPD maintenance category YUPELRI competes in. Comparable as a broad respiratory market leader with overlapping mechanism of action.
• AstraZeneca: Global respiratory pharmaceutical leader with Breztri/Trixeo Aerosphere, a triple-therapy COPD product directly competing with GSK's TRELEGY and adjacent to YUPELRI's market. Comparable as a broad incumbent shaping the COPD competitive set.
• Chiesi Farmaceutici: Privately held global respiratory pharmaceutical company with established COPD and asthma franchises (e.g., Trimbow, Foster). Comparable as a respiratory-focused incumbent competing in the same maintenance-COPD therapeutic area.

Regional players

• Mankind Pharma: Indian pharmaceutical company that settled Theravance's YUPELRI Hatch-Waxman litigation and holds a non-exclusive US generic license starting April 2039. Comparable as a respiratory-focused generics player with direct interest in the same molecule.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/TheravanceBio
• LinkedInlinkedin.com/company/theravance-biopharma-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Theravance Biopharma