Theravance Biopharma reports Q2 2026 results, confirms Zymeworks deal on track for second half close
Theravance Biopharma said its previously announced acquisition by Zymeworks is expected to close in the second half of 2026, as YUPELRI revenue and cost cuts advanced.
Theravance Biopharma reported second quarter 2026 financial results and a business update on August 10, 2026. On June 29, 2026, following a strategic alternatives review by the Company's Strategic Review Committee and Board of Directors, Theravance Biopharma announced a definitive agreement under which Zymeworks Inc. will acquire the Company for $17.00 per share in cash, plus a contingent value right entitling shareholders to 80% of net proceeds from any future license, divestiture or other monetization of ampreloxetine over the next ten years.1 The transaction is expected to close in the second half of 2026, subject to shareholder approval and other customary closing conditions.1
On the commercial side, YUPELRI (revefenacin) inhalation solution posted quarterly U.S. net sales of $70.7 million, recognized by Viatris, in Q2 2026, up 7% year-over-year, driven by customer demand growth of 10% year-over-year.1 GSK's TRELEGY had FY 2026 global net sales requirements of approximately $3.5 billion to trigger an additional $100 million milestone payment from Royalty Pharma.1
On restructuring, following the March 2026 announcement of Phase 3 CYPRESS results, the company made substantial progress on its organizational restructuring, with operating expenses excluding restructuring and transaction costs down 35% year-over-year in Q2 2026, with additional reductions expected in the second half of 2026.1 The restructuring is expected to cut operating expenses by about 60% relative to 2025's $111.1 million, with full run-rate savings of approximately $70 million materializing in the second half of 2026, translating to roughly $60 million to $70 million of annualized cash flow beginning in that period.1
Cash, cash equivalents and marketable securities totaled $387.7 million as of June 30, 2026.1 The company said it is releasing results via press release only and will not host a conference call or webcast to discuss quarterly results.1
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