| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 20.73 | 17.1% | 20.9% |
| Total Income | 20.73 | 17.1% | 20.9% |
| Expenditure | 29.01 | 6.7% | 0.3% |
| PBT | -4.79 | 26.0% | 106.5% |
| Net Profit | -5.90 | 19.7% | 110.8% |
| OPM | -39.93% | 13.65pp | 29.52pp |
| NPM | -28.45% | 0.58pp | 128.45pp |
| EPS | -0.11 | 10.0% | 110.1% |
Theravance Biopharma Reports Q2 2026 Financial Results and Provides Corporate Update
10 Aug 2026 · 10 Aug, 6:08 pm
Summary
Theravance Biopharma reported second quarter 2026 results, including YUPELRI® collaboration revenue of $20.7 million, an 11% year-over-year increase. The company achieved a 35% reduction in operating expenses due to restructuring initiatives. While reporting a net loss of $5.9 million for the quarter, the non-GAAP net income from operations was positive at $9.5 million. Management highlighted the pending acquisition by Zymeworks as a key event, alongside continued progress in YUPELRI sales and cost reduction efforts.
Key Highlights
- 1
YUPELRI® Collaboration Revenue increased 11% year-over-year to $20.7 million, driven by continued Net Sales growth.
- 2
Organizational restructuring and cost reduction initiatives delivered a 35% reduction in operating expenses year-over-year (excluding restructuring and transaction costs) in Q2 2026.
- 3
Q2 2026 TRELEGY net sales, reported by GSK, were approximately $1.0 billion, with high confidence in achieving the $100 million 2026 milestone payment.
- 4
Quarterly U.S. net sales of YUPELRI® were $70.7 million in Q2 2026, increasing 7% year-over-year.
- 5
The company reported a net loss of $5.9 million in the second quarter of 2026, compared to a net income of $54.8 million in the same period in 2025, which was impacted by a significant gain on contingent milestone and royalty assets.
- 6
Non-GAAP net income from operations was $9.5 million in the second quarter of 2026, compared to a non-GAAP net loss from operations of $4.2 million in the same period in 2025.
- 7
The company ended the quarter with a cash balance of $387.7 million and no debt.
Management Comments
Rick E Winningham
During the second quarter, we entered into a definitive agreement to be acquired by Zymeworks, marking the culmination of a comprehensive strategic review process and what we believe achieves the greatest value for Theravance Biopharma shareholders. At the same time, YUPELRI® delivered another strong quarter, underscoring the durability and value of our core commercial asset and the continued execution of our collaboration with Viatris. We continued to execute well against our restructuring plan and expect to close the Zymeworks transaction in the second half of 2026 subject to shareholder approval and customary closing conditions.
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