# Theravance Biopharma US, LLC

> Theravance Biopharma is a South San Francisco biopharmaceutical company built around a focused respiratory franchise. Its flagship product, YUPELRI (revefenacin), is the first and only once-daily nebulized long-acting muscarinic antagonist approved in the U.S. for COPD maintenance, commercialized with partner Viatris. Spun out of Innoviva in 2014 and trading on Nasdaq as TBPH, the company combines a profitable marketed product with high-value royalty assets - including a now-monetized stake in GSK's TRELEGY - and runs a lean, capital-disciplined model rather than chasing scale.

- **Founded:** 2013
- **Headquarters:** South San Francisco, California, United States
- **Founders:** Rick E. Winningham (Chief Executive Officer (since 2014 spin-out); former Chairman)
- **Team size:** ~97 employees (organizational restructuring underway in 2026)
- **Products:** YUPELRI (revefenacin), Ampreloxetine, TRELEGY Ellipta royalty interest
- **Notable:** Secured FDA approval and U.S. launch of YUPELRI, the first and only once-daily nebulized LAMA for COPD maintenance., Drove YUPELRI to record brand profitability with $266.6M in FY2025 net sales (recognized by Viatris), up 12% year-over-year., Monetized its TRELEGY Ellipta royalty to GSK for a one-time $225M cash payment plus a $50M sales milestone in 2025.

## Products & services

- **YUPELRI (revefenacin)** — The first and only once-daily, nebulized long-acting muscarinic antagonist (LAMA) bronchodilator approved in the U.S. for the maintenance treatment of COPD. Commercialized in the U.S. through a collaboration with Viatris; net sales reached $266.6M in FY2025.
- **Ampreloxetine** — An investigational norepinephrine reuptake inhibitor developed for symptomatic neurogenic orthostatic hypotension (nOH) in multiple system atrophy (MSA), with U.S. Orphan Drug Designation. The Phase 3 CYPRESS study missed its primary endpoint and the program was wound down in March 2026.
- **TRELEGY Ellipta royalty interest** — A historical royalty stake tied to GSK's TRELEGY Ellipta. Theravance sold its remaining royalty interest to GSK for a one-time $225M cash payment in Q2 2025, with milestone payments continuing on sales thresholds.

## Achievements

- Secured FDA approval and U.S. launch of YUPELRI, the first and only once-daily nebulized LAMA for COPD maintenance.
- Drove YUPELRI to record brand profitability with $266.6M in FY2025 net sales (recognized by Viatris), up 12% year-over-year.
- Monetized its TRELEGY Ellipta royalty to GSK for a one-time $225M cash payment plus a $50M sales milestone in 2025.
- Earned U.S. Orphan Drug Designation for ampreloxetine in MSA-related neurogenic orthostatic hypotension.
- Maintained a disciplined capital-return posture, including a $250M capital return program announced in 2022.

## Latest updates

- **2026-03** — Announced wind-down of the ampreloxetine program and an organizational restructuring after the Phase 3 CYPRESS study missed its primary endpoint; restructuring expected to generate $60-$70M in annualized cash flow from Q3 2026.
- **2026-02** — Reported record Q4 and full-year 2025 results, with YUPELRI net sales of $266.6M and a return to quarterly profitability.
- **2025-06** — Sold its remaining TRELEGY Ellipta royalty interest to GSK for a one-time $225M cash payment.
- **2024-11** — Board formed a Strategic Review Committee of independent directors to evaluate strategic alternatives.

## Links

- Website: https://theravance.com
- LinkedIn: https://www.linkedin.com/company/theravance-biopharma-inc-
- Twitter/X: https://twitter.com/theravance

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Last updated: 2026-06-20