TBPH

MKT CAP:$843M

Theravance Biopharma, Inc.

Market Cap

$843M

Healthcare·Biotechnology·🇰🇾 Cayman Islands·NASDAQ

Healthcare·Biotechnology·🇰🇾·NASDAQ

Stock Price

$16.31-$1.84 (-10.14%)

Apr 23, 2026

Company Details

Theravance Biopharma, Inc., a biopharmaceutical company, discovers, develops, and commercializes respiratory medicines in the United States, Europe, and Asia. The company offers YUPELRI, a once-daily, nebulized long-acting muscarinic antago...

CEO

Rick E. Winningham

IPO Date

May 16, 2014

Website

www.theravance.com

Key Metrics TTM

Revenue

$107M

+66.9% YoY

Net Income

$106M

EPS (Diluted)

$2.03

Free Cash Flow

$238M

Revenue / Share

$2.03

Gross Margin

94.9%

Operating Margin

-12.3%

Net Margin

98.5%

FCF Margin

221.9%

P/S

7.8x

P/E

8.0x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 23, 2026

$107M+66.9%EPS $2.06

Q4 2025

Mar 23, 2026

$46M+144.7%EPS $1.15

Q3 2025

Nov 12, 2025

$20M+18.5%EPS $0.07

Q2 2025

Aug 13, 2025

$26M+83.7%EPS $1.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$19M	-$46M	-$76M
Q1 21	$14M	-$53M	-$84M
Q2 21	$13M	-$38M	-$64M
Q4 21	$15M	-$16M	-$56M
Q1 23	$10M	-$4M	-$25M
Q2 23	$14M	$4M	-$16M
Q3 23	$16M	$14M	-$9M
Q4 23	$18M	$9M	-$6M
Q1 24	$15M	$6M	-$11M
Q2 24	$14M	$4M	-$16M
Q3 24	$17M	$8M	-$11M
Q4 24	$19M	$19M	-$9M
Q1 25	$15M	$4M	-$14M
Q2 25	$26M	$16M	-$3M
Q3 25	$20M	$12M	-$6M
Q4 25	$46M	$70M	$10M

Valuation

Quarter	P/S	P/E
Q4 20	16.1x	—
Q1 21	20.0x	—
Q2 21	16.1x	—
Q4 21	15.2x	—
Q1 23	12.1x	—
Q2 23	10.5x	—
Q3 23	7.8x	—
Q4 23	8.8x	—
Q1 24	7.3x	—
Q2 24	6.6x	—
Q3 24	6.2x	—
Q4 24	7.2x	—
Q1 25	6.7x	—
Q2 25	7.1x	42.1x
Q3 25	9.0x	24.7x
Q4 25	8.8x	8.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$65M	-$66M
Q1 21	-$70M	-$72M
Q2 21	-$50M	-$50M
Q4 21	-$42M	-$43M
Q1 23	-$11M	-$12M
Q2 23	-$12M	-$13M
Q3 23	-$2M	-$3M
Q4 23	-$854.0K	-$2M
Q1 24	-$1M	-$1M
Q2 24	-$4M	-$4M
Q3 24	-$5M	-$5M
Q4 24	-$902.0K	-$1M
Q1 25	$43M	$43M
Q2 25	$208M	$208M
Q3 25	-$7M	-$7M
Q4 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q4 20	$1M
Q1 21	$2M
Q2 21	$156.0K
Q4 21	$444.0K
Q1 23	$938.0K
Q2 23	$852.0K
Q3 23	$21.0K
Q4 23	$677.0K
Q1 24	$91.0K
Q2 24	$36.0K
Q3 24	$15.0K
Q4 24	$190.0K
Q1 25	$0
Q2 25	$34.0K
Q3 25	$0
Q4 25	$8.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-36.5%	-4.8%
Q1 21	-28.2%	+6.3%
Q2 21	-14.0%	-11.7%
Q4 21	-18.1%	-25.0%
Q1 23	-44.4%	-62.9%
Q2 23	-3.6%	-69.6%
Q3 23	+21.5%	-68.3%
Q4 23	+17.5%	-66.5%
Q1 24	+39.2%	-27.2%
Q2 24	+3.7%	+0.3%
Q3 24	+7.5%	+13.3%
Q4 24	+6.8%	+17.4%
Q1 25	+6.1%	+16.0%
Q2 25	+83.7%	-3.5%
Q3 25	+18.5%	-4.5%
Q4 25	+144.7%	+27.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$0	0.0%
Q1 21	$16M	111.0%
Q2 21	$15M	115.7%
Q4 21	$17M	113.2%
Q1 23	$7M	67.4%
Q2 23	$6M	45.6%
Q3 23	$6M	39.9%
Q4 23	$6M	33.2%
Q1 24	$5M	36.1%
Q2 24	$5M	37.7%
Q3 24	$5M	29.4%
Q4 24	$6M	31.1%
Q1 25	$5M	31.7%
Q2 25	$5M	17.3%
Q3 25	$5M	22.9%
Q4 25	$4M	9.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 20	$69M	—	—	$30M
Q1 21	$69M	—	—	—
Q2 21	$52M	—	—	$26M
Q4 21	$33M	—	—	$22M
Q1 23	$16M	—	—	$19M
Q2 23	$11M	—	—	$19M
Q3 23	$8M	—	—	$15M
Q4 23	$9M	$11M	$5M	—
Q1 24	$9M	—	—	—
Q2 24	$10M	—	—	—
Q3 24	$9M	—	—	—
Q4 24	$9M	$14M	$4M	—
Q1 25	$11M	—	—	—
Q2 25	$10M	—	—	—
Q3 25	$8M	—	—	—
Q4 25	$7M	—	—	$19M

Revenue Segments

Quarter	Co Promote Agreement	Collaborative Arrangement Revenue	Collaborative revenue	Viatris collaboration agreement
Q4 20	$12M	$7M	—	—
Q4 21	—	—	$3M	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$94M	$53M	$148M
Q2 22	$87M	$46M	$133M
Q3 22	$419M	$68M	$487M
Q4 22	$298M	$29M	$327M
Q1 23	$188M	$54M	$241M
Q2 23	$106M	$62M	$167M
Q3 23	$72M	$62M	$134M
Q4 23	$40M	$63M	$102M
Q1 24	$54M	$46M	$100M
Q2 24	$46M	$50M	$96M
Q3 24	$23M	$68M	$91M
Q4 24	$38M	$51M	$88M
Q1 25	$111M	$20M	$131M
Q2 25	$282M	$57M	$339M
Q3 25	$175M	$155M	$330M
Q4 25	$168M	$148M	$315M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	64M	+0.7%	+13.6%
Q1 21	64M	+1.2%	+8.5%
Q2 21	66M	+1.8%	+4.5%
Q4 21	74M	+12.6%	+16.8%
Q1 23	63M	-14.9%	-1.2%
Q2 23	57M	-9.9%	-12.1%
Q3 23	52M	-7.6%	-20.3%
Q4 23	49M	-5.6%	-33.2%
Q1 24	48M	-2.3%	-23.3%
Q2 24	49M	+1.0%	-14.0%
Q3 24	49M	+0.6%	-6.3%
Q4 24	49M	+0.5%	-0.2%
Q1 25	50M	+0.8%	+2.9%
Q2 25	51M	+2.1%	+4.1%
Q3 25	52M	+2.3%	+5.9%
Q4 25	53M	+2.2%	+7.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$52.2K	359
Q1 21	$39.7K	359
Q2 21	$36.0K	359
Q4 21	$94.0K	159
Q1 23	$93.8K	111
Q2 23	$123.9K	111
Q3 23	$141.4K	111
Q4 23	$177.4K	99
Q1 24	$146.5K	99
Q2 24	$144.0K	99
Q3 24	$170.4K	99
Q4 24	$193.3K	97
Q1 25	$158.6K	97
Q2 25	$270.1K	97
Q3 25	$206.1K	97
Q4 25	$509.9K	90

Revenue / Employee