One-glance verdict
Undervalued
$178.10 our estimate vs market $17.03
Wall Street consensus: $17.67 (-90.1% lower than our fair-value estimate)
90% below our estimate, below the bear case
Fundamentals snapshot
Theravance Biopharma Inc
TBPH · NGM · Healthcare · Biotechnology
Current price
$17.03
52-week range
$13.08 - $21.03
Market cap
$884.18M
Balance sheet
Healthy
-1.46x Concerning
Net cash $349.09M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 66.9% last year.
- Reward Returns 20.9% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 1/10 years.
What this company does
Theravance Biopharma Inc
Theravance Biopharma develops and sells medicines, like YUPELRI for a lung condition called COPD. Their money primarily comes from selling these drugs and through a partnership with another company, Viatris, which helps them develop and sell their products. This means their success depends on how well their current medicines sell and their ability to bring new ones to market.
How the company got here
Theravance Biopharma was established in 2014 as a spin-off from Theravance, Inc. (which later became Innoviva). The company's initial focus was on developing medicines for serious diseases, particularly in the areas of respiratory and inflammation. A significant turning point was the U.S. Food and Drug Administration (FDA) approval of YUPELRI in 2018, which provided Theravance Biopharma with its first marketed product and a source of revenue. However, the company faced setbacks, including the failure of its drug candidate ampreloxetine in late-stage clinical trials for neurogenic orthostatic hypotension (nOH). These challenges led to a strategic review, workforce reductions, and a more focused approach on its existing commercialized product and remaining pipeline assets. In June 2026, Zymeworks Inc. announced its agreement to acquire Theravance Biopharma.
What it actually does
Theravance Biopharma is a biopharmaceutical company that develops and commercializes medicines. Its primary focus is on creating treatments for serious diseases, with a particular emphasis on respiratory conditions. The company operates by discovering and developing new drug candidates, and then either commercializing them directly or through strategic partnerships. Theravance Biopharma aims to create shareholder value by bringing differentiated medicines to market, especially in areas where a smaller, focused company can compete effectively.
YUPELRI (revefenacin)
YUPELRI is a prescription medicine used as a maintenance treatment for chronic obstructive pulmonary disease (COPD), a long-term lung disease that makes breathing difficult. It is an inhalation solution that is taken once daily using a nebulizer, a device that turns liquid medicine into a mist for breathing in. YUPELRI is the first and only once-daily nebulized long-acting muscarinic antagonist (LAMA) approved in the U.S. for COPD maintenance therapy. Theravance Biopharma has a strategic collaboration with Viatris Inc. for the development and commercialization of YUPELRI in the United States, where Theravance Biopharma receives a share of the net profits. YUPELRI generated approximately $266.6 million in U.S. net sales in 2025.
Ampreloxetine
Ampreloxetine is an investigational medicine being developed for symptomatic neurogenic orthostatic hypotension (nOH). nOH is a condition where blood pressure drops suddenly upon standing, causing symptoms like dizziness and fainting, often associated with rare neurological disorders like Multiple System Atrophy (MSA). Ampreloxetine is a once-daily norepinephrine reuptake inhibitor designed to target the underlying cause of nOH. While it showed promise in earlier studies, it faced setbacks in Phase 3 clinical trials, leading Theravance Biopharma to narrow its development focus. As part of the acquisition by Zymeworks, Theravance shareholders are entitled to a portion of future proceeds from ampreloxetine if it is licensed or sold.
What management is betting on now
Following setbacks with ampreloxetine, Theravance Biopharma's strategy has become more focused. The company's primary commercial asset is YUPELRI, and management is focused on maximizing its value in the U.S. COPD market. While ampreloxetine's development faced challenges, the company continues to explore its potential in a more targeted indication. Theravance Biopharma has historically utilized strategic partnerships, like the one with Viatris for YUPELRI, to reduce costs and expand market reach without building a large, standalone commercial infrastructure. The company's future is now tied to the acquisition by Zymeworks, which is expected to provide immediate cash flow and leverage existing healthcare assets.
Price history
How the share price has moved
—
Loading price history…
Is it cheap or expensive?
Fair value $178.10 vs current price $17.03
Wall Street consensus is the average analyst price target: $17.67 (-90.1% lower than our fair-value estimate).
Our most-likely fair value is $178.10 a share — about 945.8% above today's price of $17.03, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $349.1M - more cash than debt. Interest coverage -1.5x.
Net debt
$-349.09M
Interest coverage
-1.46x
Theravance Biopharma Inc's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
TBPH
BASELINE
Theravance Biopharma Inc
Total debt $38.57M Interest coverage -1.46x This is the baseline the peer rows are being compared against.
Total debt $26.25B Interest coverage 11.43x This peer still has a real interest-payment cushion, while TBPH does not.
Total debt $2.71B Interest coverage 84.52x This peer still has a real interest-payment cushion, while TBPH does not.
Total debt $8.36B Interest coverage 9.23x This peer still has a real interest-payment cushion, while TBPH does not.
Total debt $1.98B Interest coverage 342.44x This peer still has a real interest-payment cushion, while TBPH does not.
Total debt $57.30B Interest coverage 3.30x This peer still has a real interest-payment cushion, while TBPH does not.
What you should know
The case for and against TBPH
3 Rewards
0 Risks
Rewards
-
Revenue grew 66.9% last year.
-
Returns 20.9% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 1/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
16.38x
Forward P/E
13.36x
P/B
3.05x
P/S
8.48x
EV/EBITDA
48.20x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
75.1%
Operating margin
8.9%
Net margin
51.6%
ROE
20.9%
ROA
1.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.13x
Current ratio
13.54x
Quick ratio
13.26x
Total debt
$38.57M
Total cash
$387.66M
Growth
How the business has been compounding
Revenue TTM
$104.31M
Revenue 5Y CAGR
27.9%
EPS TTM
1.04
EPS 5Y CAGR
-44.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$238.54M
Free CF TTM
$238.50M
FCF margin
228.6%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—