Theravance Q2: YUPELRI collab revenue up 11% to $20.7M; non-GAAP ops income $9.5M; Zymeworks deal on track

Theravance Biopharma, Inc.

Net loss $5.9M vs net income $54.8M in Q2 2025 (2025 included $75.1M gain on TRELEGY royalty sale); non-GAAP ops income $9.5M vs loss $4.2M.
YUPELRI US net sales $70.7M (Viatris), up 7% YoY; collaboration revenue $20.7M, up 11% YoY; TRELEGY global net sales ~$1.0B in Q2.
Opex down 35% YoY excl. restructuring/transaction costs; restructuring to cut opex ~60% vs 2025's $111.1M, ~$70M savings in 2H 2026.
Zymeworks acquisition at $17.00/share cash plus CVR (80% of ampreloxetine monetization) expected to close 2H 2026; cash $388M, no debt.
High confidence in $100M Royalty Pharma milestone if FY 2026 TRELEGY net sales reach ~$3.5B; FY 2025 $3.9B triggered $50M paid Feb 2026.

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