Theravance Biopharma, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Theravance Biopharma, Inc. has filed its 2023 10-K report detailing financial performance and corporate actions.</b>

AI Summary

Theravance Biopharma, Inc. (TBPH) filed a Annual Report (10-K) with the SEC on March 1, 2024. Theravance Biopharma, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing includes financial data for the fiscal year 2023, with comparisons to prior periods. The company's business address is listed as UGLAND HOUSE, SOUTH CHURCH STREET, GEORGE TOWN, GRAND CAYMAN, KY1-1104. The filing references various share repurchase programs, including an Open Market Share Repurchase Plan and a GSK Share Repurchase Program. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for multiple fiscal years.

Why It Matters

For investors and stakeholders tracking Theravance Biopharma, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Theravance Biopharma's financial health and operational activities for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's financial position, including its equity structure and any share repurchase activities.

Risk Assessment

Risk Level: low — Theravance Biopharma, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management discussion in the 10-K to understand Theravance Biopharma's performance and strategic direction for 2023.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240301 — Filing Date (Filed as of Date)
• 65227000 — Value (Operating Lease Liability Current)
• 48091000 — Value (Operating Lease Liability Noncurrent)
• 16500000 — Value (Other Nonoperating Income Expense)

Key Players & Entities

• Theravance Biopharma, Inc. (company) — Filer name
• 0001583107 (company) — Central Index Key
• 2834 (company) — Standard Industrial Classification
• UGLAND HOUSE, SOUTH CHURCH STREET (company) — Business Address Street 1
• GEORGE TOWN, GRAND CAYMAN (company) — Business Address City, State
• KY1-1104 (company) — Business Address Zip
• 650-808-6000 (company) — Business Phone
• GSK (company) — GSK Share Repurchase Program

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-01: Filing Date — Date the 10-K report was officially filed with the SEC.

Key Financial Figures

• $0.00001 — ge on which registered Ordinary Share $0.00001 Par Value TBPH The Nasdaq Global Ma
• $10.35 — illion, based upon the closing price of $10.35 on the Nasdaq Global Market on June 30,
• $221.0 million — al YUPELRI net sales increased by 9% to $221.0 million in 2023 compared to 2022. Hospital volu
• $10.551 — en market at a weighted average cost of $10.551 per share for an approximate aggregate
• $196.6 m — re for an approximate aggregate cost of $196.6 million, excluding fees and expenses. Sin
• $10.354 — on shares at a weighted average cost of $10.354 per share for an approximate aggregate
• $325.3 million — re for an approximate aggregate cost of $325.3 million which reduced our shares by 37% since t
• $205.0 million — s (excluding the China Region) of up to $205.0 million in the aggregate with $160.0 million as
• $160.0 million — to $205.0 million in the aggregate with $160.0 million associated with YUPELRI monotherapy and
• $45.0 million — associated with YUPELRI monotherapy and $45.0 million associated with future potential combin
• $10.0 million — .0 million associated with monotherapy, $10.0 million relates to regulatory actions in the EU
• $150.0 million — tes to regulatory actions in the EU and $150.0 million relates to sales milestones based on ac
• $250.0 million — n a Calendar Year) Due from Viatris $250.0 million $25.0 million $500.0 million $50.0 m
• $25.0 million — r) Due from Viatris $250.0 million $25.0 million $500.0 million $50.0 million $750.0
• $500.0 million — iatris $250.0 million $25.0 million $500.0 million $50.0 million $750.0 million $75.0 m

Filing Documents

• tbph-20231231x10k.htm (10-K) — 2925KB
• tbph-20231231xex10d39.htm (EX-10.39) — 21KB
• tbph-20231231xex21d1.htm (EX-21.1) — 3KB
• tbph-20231231xex23d1.htm (EX-23.1) — 4KB
• tbph-20231231xex31d1.htm (EX-31.1) — 10KB
• tbph-20231231xex31d2.htm (EX-31.2) — 10KB
• tbph-20231231xex32.htm (EX-32) — 15KB
• tbph-20231231xex97d1.htm (EX-97.1) — 41KB
• tbph-20231231x10k006.jpg (GRAPHIC) — 31KB
• tbph-20231231x10k007.jpg (GRAPHIC) — 20KB
• tbph-20231231x10k008.jpg (GRAPHIC) — 3KB
• tbph-20231231x10k009.jpg (GRAPHIC) — 10KB
• tbph-20231231xex10d39001.jpg (GRAPHIC) — 8KB
• tbph-20231231xex10d39002.jpg (GRAPHIC) — 1KB
• tbph-20231231xex10d39003.jpg (GRAPHIC) — 1KB
• tbph-20231231xex10d39004.jpg (GRAPHIC) — 1KB
• 0001558370-24-002267.txt (&nbsp;) — 13353KB
• tbph-20231231.xsd (EX-101.SCH) — 87KB
• tbph-20231231_cal.xml (EX-101.CAL) — 79KB
• tbph-20231231_def.xml (EX-101.DEF) — 422KB
• tbph-20231231_lab.xml (EX-101.LAB) — 742KB
• tbph-20231231_pre.xml (EX-101.PRE) — 625KB
• tbph-20231231x10k_htm.xml (XML) — 2452KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 51 Item 1C. Cybersecurity 51 Item 2.

Properties

Properties 52 Item 3.

Legal Proceedings

Legal Proceedings 52 Item 4. Mine Safety Disclosures 53 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54 Item 6. [Reserved] 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 65 Item 9A.

Controls and Procedures

Controls and Procedures 65 Item 9B. Other Information 65 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III Item 10. Directors, Executive Officers and Corporate Governance 67 Item 11.

Executive Compensation

Executive Compensation 67 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 67 Item 13. Certain Relationships and Related Transactions, and Director Independence 67 Item 14. Principal Accountant Fees and Services 67 PART IV Item 15. Exhibits and Financial Statement Schedules 68 Exhibit Index 69 Item 16. Form 10-K Summary 72

Signatures

Signatures 73 2 Table of Contents Special Note regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve risks, uncertainties and assumptions. All statements in this Annual Report on Form 10-K, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans, intentions, designs, expectations, and objectives are forward-looking statements. The words "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "designed," "developed," "drive," "estimate," "expect," "forecast," "goal," "indicate," "intend," "may," "mission," "opportunities," "plan," "possible," "potential," "predict," "project," "pursue," "represent," "seek," "suggest," "should," "target," "will," "would," and similar expressions (including the negatives thereof) are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. These statements reflect our current views with respect to future events or our future financial performance, are based on assumptions, and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We may not actually achieve the plans, intentions, expectations or objectives disclosed in our forward-looking statements and the assumptions underlying our forward-looking statements may prove incorrect. Therefore, you should not place undue reliance on our forward-looking statements. Actual results or e

BUSINESS

ITEM 1. BUSINESS Overview Theravance Biopharma, Inc. ("we," "our," "Theravance Biopharma" or the "Company") is a biopharmaceutical company primarily focused on the development and commercialization of medicines. Our focus is to deliver medicines that make a difference in people's lives. In pursuit of our purpose, we leverage decades of expertise, which has led to the development of the United States ("US") Food and Drug Administration (the "FDA") approved YUPELRI (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease ("COPD"). Ampreloxetine, our late-stage investigational once-daily norepinephrine reuptake inhibitor in development for the treatment of symptomatic neurogenic orthostatic hypotension ("nOH") in patients with Multiple System Atrophy ("MSA") has the potential to be a first in class therapy effective in treating a constellation of cardinal symptoms in MSA patients. 2023 Significant Developments YUPELRI Sales Growth In 2023, YUPELRI experienced sales growth and reached all-time high yearly net sales and profitability. Through the combined commercialization efforts with our partner Viatris Inc. ("Viatris"), total YUPELRI net sales increased by 9% to $221.0 million in 2023 compared to 2022. Hospital volumes, which we are directly responsible for, grew 46% in 2023 compared to 2022 and was a meaningful contributor to YUPELRI's overall net sales growth for the year. Initiation of Ampreloxetine New Phase 3 Clinical Study In the first quarter of 2023, we initiated the ampreloxetine new Phase 3 clinical study (CYPRESS) in MSA patients with symptomatic nOH, using the Orthostatic Hypotension Symptom Assessment Scale ("OHSA") composite score as the primary endpoint. In May 2023, we announced that the FDA granted Orphan Drug Designation status to ampreloxetine for the treatment of symptomatic nOH in patients with MSA. The study is currently enrolling patients with 42 clinical sites

View Full Filing

View this 10-K filing on SEC EDGAR