TBPH

Theravance Biopharma TBPH reported second-quarter 2026 adjusted earnings of 19 cents per share, matching the Zacks Consensus Estimate. In the year-ago quarter, the company had incurred an adjusted loss of 8 cents per share. Total revenues in the quarter were $20.7 million, marginally beating the Zacks Consensus Estimate of $20 million. In the absence of any licensing and milestone revenues, total revenues declined nearly 21% year over year. Year to date, shares of Theravance have lost 9.6% compared with the industry’s 1.2% decline. Image Source: Zacks Investment Research Theravance’s top line consisted solely of collaboration revenues from partner Viatris VTRS tied to Yupelri (revefenacin) sales in the United States and rose 11% year over year, driven by continued net sales growth of Yupelri and improved operating leverage. Theravance and VTRS have collaborated on the development and commercialization of Yupelri, which is approved in the United States for the maintenance treatment of patients with chronic obstructive pulmonary disease. Viatris and Theravance share U.S. profits and losses associated with the commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance receives 35%. Viatris' collaboration revenues include Theravance’s 35% share of Yupelri net sales, as well as its proportionate amount of the total shared costs incurred by the two companies. Research and development expenses (excluding share-based compensation) totaled $4.2 million, down 56.4% from the year-ago quarter’s level, driven by cost savings from the restructuring announced in March and the ongoing wind-down of the CYPRESS study on its lead candidate, ampreloxetine. Selling, general and administrative expenses (excluding share-based compensation) declined 28.7% year over year to $10.6 million due to cost-cutting initiatives from the restructuring announced in March. As of June 30, 2026, Theravance had cash, cash equivalents and marketable securities worth $387.7 million compared with $394.7 million as of March 31, 2026. In late June, Theravance entered into an agreement with Zymeworks Inc. ZYME under which the latter will acquire TBPH in an all-cash transaction valued at approximately $929 million. The acquisition is expected to close in the second half of this year. The deal followed a strategic review initiated after Theravance's growth outlook deteriorated significantly. The company’s long-term growth strategy was centered on its lead candidate, ampreloxetine, a norepinephrine reuptake inhibitor being developed for symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy. However, in early March, the pivotal phase III CYPRESS study failed to meet its primary and secondary endpoints. Consequently, TBPH discontinued the ampreloxetine program. Following the setback, the company launched a broad strategic review, explored value-maximizing alternatives, including a potential sale and implemented a major organizational restructuring to reduce costs. Per management, the Zymeworks acquisition is the most value-maximizing option for Theravance shareholders after evaluating all available strategic alternatives. Theravance is currently undergoing a major organizational restructuring aimed at optimizing its cost structure and sharpening its focus on its commercial product, Yupelri. The restructuring is expected to cut operating costs by approximately 60% relative to the company’s 2025 operating costs of $111.1 million. Combined with continued sales of Yupelri, these savings are projected to drive approximately $60-$70 million in annualized cash flow beginning in the second half of 2026. Theravance Biopharma, Inc. price-consensus-eps-surprise-chart | Theravance Biopharma, Inc. Quote Theravance currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Theravance currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Theravance Biopharma, Inc. price-consensus-eps-surprise-chart | Theravance Biopharma, Inc. Quote Theravance Biopharma, Inc. price-consensus-eps-surprise-chart | Theravance Biopharma, Inc. Quote Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Theravance Biopharma, Inc. (TBPH) : Free Stock Analysis Report Zymeworks Inc. (ZYME) : Free Stock Analysis Report Viatris Inc. (VTRS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Previously announced acquisition by Zymeworks expected to close in second half of 2026 YUPELRI ® Collaboration Revenue increased 11% year-over-year1, from $18.7 million to $20.7 million, driven by continued Net Sales growth and improved operating leverage Organizational restructuring and cost reduction initiatives delivered 35% reduction in operating expenses year-over-year (excluding restructuring and transaction costs) Q2 2026 TRELEGY net sales, reported by GSK, of approximately $1.0 billion; high confidence in achieving the $100 million 2026 milestone payment2 Quarter-end cash balance of $388 million and no debt DUBLIN, Aug. 10, 2026 /PRNewswire/ -- Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company") (NASDAQ: TBPH) today reported financial and operational results for the second quarter of 2026. "During the second quarter, we entered into a definitive agreement to be acquired by Zymeworks, marking the culmination of a comprehensive strategic review process and what we believe achieves the greatest value for Theravance Biopharma shareholders," said Rick E Winningham, Chief Executive Officer of Theravance Biopharma. "At the same time, YUPELRI® delivered another strong quarter, underscoring the durability and value of our core commercial asset and the continued execution of our collaboration with Viatris. We continued to execute well against our restructuring plan and expect to close the Zymeworks transaction in the second half of 2026 subject to shareholder approval and customary closing conditions." Pending Acquisition by Zymeworks On June 29, 2026, following a comprehensive strategic alternatives review process conducted by the Company's Strategic Review Committee and Board of Directors, Theravance Biopharma announced that it had entered into a definitive agreement pursuant to which Zymeworks Inc. will acquire the Company for $17.00 per share in cash, plus a contingent value right (CVR) entitling shareholders to 80% of net proceeds realized from any future license, divestiture or other monetization of ampreloxetine over the next ten years. The transaction is expected to close in the second half of 2026, subject to approval by Theravance Biopharma shareholders and satisfaction of other customary closing conditions. Operational Highlights YUPELRI® (revefenacin) inhalation solution, the first and only once-daily, nebulized LAMA (long-acting muscarinic antagonist) bronchodilator approved in the U.S. for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD): Quarterly U.S. net sales of $70.7 million, recognized by Viatris, in Q2 2026, increasing 7% year-over-year (YoY) (Q2 2026 vs Q2 2025)1 driven by customer demand growth of 10% YoY (Q2 2026 vs Q2 2025).3 Increased doses pulled through the hospital channel by 25% YoY (Q2 2026 vs Q2 2025), reflecting another excellent quarter of growth.4 TRELEGY GSK reported second quarter 2026 global net sales of approximately $1.0 billion and year-to-date net sales of approximately $1.9 billion5: FY 2025 global net sales of approximately $3.9 billion triggered a $50M milestone payment from Royalty Pharma, with cash received in February 2026. FY 2026 global net sales of ~$3.5 billion required to trigger an additional $100M milestone payment from Royalty Pharma. Organizational Restructuring Update Following the announcement of the Company's Phase 3 CYPRESS results in March 2026, Theravance Biopharma has made substantial progress on its organizational restructuring. As an indicator of this progress, operating expenses (excluding restructuring and transaction costs) decreased 35% year-over-year in Q2 2026 compared to Q2 2025, with additional reductions expected in 2H 2026. The restructuring is expected to reduce operating expenses by approximately 60%, relative to 2025 actuals of $111.1 million. The full run-rate cost savings of approximately $70 million are expected to materialize in the second half of 2026. This is expected to result in approximately $60 - $70 million of annualized cash flow (excluding restructuring and transaction costs), with the benefit expected to be realized beginning in the second half of 2026. Second Quarter Financial Results Revenue: Total revenue for the second quarter of 2026 was $20.7 million, consisting entirely of Viatris collaboration revenue. Viatris collaboration revenue increased by $2.0 million, or 11%, in the second quarter compared to the same period in 2025. The Viatris collaboration revenue represents amounts receivable from Viatris and comprises the Company's 35% share of net sales of YUPELRI, as well as its proportionate amount of the total shared commercial costs incurred by the two companies. The non-shared YUPELRI costs incurred by Theravance Biopharma are recorded within operating expenses. While Viatris records the total net sales of YUPELRI within its financial statements, Theravance Biopharma's implied 35% share of net sales of YUPELRI for the second quarter of 2026 was $24.7 million which represented a 7% increase compared to the same period in 2025. Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2026 were $4.7 million, compared to $10.5 million in the same period in 2025. The reduction was driven by the corporate restructuring announced in March 2026 and the ongoing wind-down of the CYPRESS clinical trial. Second quarter R&D expenses included total non-cash share-based compensation of $0.6 million. Selling, General and Administrative (SG&A) Expenses: SG&A expenses for the second quarter of 2026 were $14.2 million, compared to $18.4 million in the same period in 2025. The reduction was primarily driven by the corporate restructuring announced in March 2026. Second quarter SG&A expenses included total non-cash share-based compensation of $3.6 million. Restructuring Expenses: Restructuring expenses for the second quarter of 2026 were $4.0 million and were comprised of severance costs and termination-related benefits. Cash restructuring expenses were $2.2 million and non-cash restructuring expenses were $1.8 million. Transaction-Related Expenses: Transaction-related expenses associated with the pending acquisition by Zymeworks were $6.1 million in the second quarter of 2026 and were related to legal and financial advisory services. Share-Based Compensation: Total share-based compensation expenses for the second quarter of 2026 were $6.0 million which included restructuring-related share-based compensation expenses. Excluding restructuring-related expenses, share-based compensation was $4.1 million, compared to $4.5 million in the same period in 2025. Share-based compensation expenses for the second quarter of 2026 consisted of $0.6 million for R&D, $3.6 million for SG&A, and $1.8 million related to the restructuring. Net Loss: Net loss was $5.9 million in the second quarter of 2026 compared to net income of $54.8 million in the same period in 2025. The second quarter of 2025 net income was primarily due to a $75.1 million net gain on contingent milestone and royalty assets (representing the sale of our remaining interest in TRELEGY royalties in June 2025). Non-GAAP Net Income (Loss) from Operations6: Non-GAAP net income from operations was $9.5 million in the second quarter of 2026 compared to a non-GAAP net loss from operations of $4.2 million in the same period in 2025. See the section titled "Non-GAAP Financial Measures" for more information. Cash Position: Cash, cash equivalents and marketable securities totaled $387.7 million as of June 30, 2026. Shares Outstanding: The Company had 51,890,754 ordinary shares outstanding as of June 30, 2026. Conference Call Earnings results are being released via press release only. The Company will not host a conference call or webcast to discuss quarterly results. About Theravance Biopharma Theravance Biopharma, Inc.'s focus is to deliver Medicines that Make a Difference® in people's lives. In pursuit of its purpose, Theravance Biopharma leverages decades of expertise, which has led to the development of FDA-approved YUPELRI® (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD). The Company is committed to creating/driving shareholder value. For more information, please visit www.theravance.com. THERAVANCE BIOPHARMA®, THERAVANCE® and the Cross/Star logo are registered trademarks of the Theravance Biopharma group of companies (in the U.S. and certain other countries). YUPELRI® is a registered trademark of Viatris Specialty LLC. Trademarks, trade names or service marks of other companies appearing on this press release are the property of their respective owners. Forward-Looking Statements This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, expectations and future events. Theravance Biopharma, Inc. (the "Company") intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to: the Company's expectations regarding its future profitability, expenses and uses of cash, the Company's goals, designs, strategies, plans and objectives, future growth of YUPELRI sales and future royalty payments, the winddown of the Company's ampreloxetine program and the restructuring, the ability to provide value to shareholders, the Company's regulatory strategies, and contingent milestone payments due to the Company from the sale of the Company's TRELEGY royalty interests. These statements are based on the current estimates and assumptions of the management of Theravance Biopharma as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Theravance Biopharma to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: the approval of the Company's shareholders for the proposed transaction, which may be delayed or may not be obtained, when the contingent consideration under the CVR Agreement contemplated in connection with the proposed transaction will become payable, if at all, the risks inherent in the drug development process, including whether the development of the compound subject to the CVR Agreement contemplated in connection with the proposed transaction will be commercially successful, the risk that the expected benefits of the proposed transaction will not be realized, potential litigation relating to the proposed transaction that could be instituted against the Company or its directors or officers, including the effects of any outcomes related thereto, any competing offers or acquisition proposals for the Company, the possibility that various conditions to the consummation of the proposed transaction may not be satisfied or waived and unanticipated difficulties or expenditures relating to the proposed transaction, the response of business partners and competitors to the announcement of the proposed transaction, including with respect to the Company's collaboration with Viatris, and/or potential difficulties in employee retention as a result of the announcement and pendency of the proposed transaction, risks related to potential restructuring activities in connection with the proposed transaction, including disruptions to the Company's recognition or utilization of certain tax attributes, factors that could increase the Company's expenses beyond its expectations and any factors that could adversely affect its profitability, whether the TRELEGY milestone thresholds will be achieved, delays or difficulties in winding down clinical studies, risks of collaborating with or relying on third parties to develop, manufacture and commercialize products, and risks associated with establishing and maintaining sales, marketing and distribution capabilities with appropriate technical expertise and supporting infrastructure, the ability of the Company to protect and to enforce its intellectual property rights, volatility and fluctuations in the trading price and volume of the Company's shares, and general economic and market conditions. Other risks affecting the Company are in the Company's Form 10-Q filed with the SEC on May 7, 2026, and other periodic reports filed with the SEC. In addition to the risks described above and in Theravance Biopharma's filings with the SEC, other unknown or unpredictable factors also could affect Theravance Biopharma's results. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theravance Biopharma assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures Theravance Biopharma provides a non-GAAP metric in this press release. Theravance Biopharma believes that non-GAAP net income (loss) provides meaningful information to assist investors in assessing prospects for future performance and actual performance as they provide better metrics for analyzing the performance of its business by excluding items that may not be indicative of core operating results and the Company's cash position. Because non-GAAP financial targets and metrics, such as non-GAAP net income (loss), are not standardized, it may not be possible to compare these measures with other companies' non-GAAP targets or measures having the same or a similar name. Thus, Theravance Biopharma's non-GAAP measures should be considered in addition to, not as a substitute for, or in isolation from, the Company's actual GAAP results and other targets. Please see the appendix attached to this press release for a reconciliation of non-GAAP net income (loss) to its corresponding measure, net income (loss). A reconciliation of non-GAAP net income (loss) to its corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future. Contact:[email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/theravance-biopharma-inc-reports-second-quarter-2026-financial-results-and-provides-corporate-update-302847090.html

August 25, 2026 U.S. PDUFA target action date for zanidatamab has potential to unlock a $250 million U.S. approval milestone and up to $190 million in potential additional global regulatory milestones Acquisition of Theravance Biopharma, Inc. expected to close in 2H 2026, adding durable commercial cash flows and expanding Zymeworks' diversified revenue base Continued advancement of R&D pipeline across wholly-owned and partnered programs Repurchased $49.4 million of common shares as of August 4, 2026 under the newly authorized 2026 share repurchase program Strong balance sheet with $322.5 million in cash, cash equivalents and marketable securities as of June 30, 2026 VANCOUVER, British Columbia, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME), a biotechnology company managing a portfolio of licensed healthcare assets, while developing a diverse pipeline of novel, multifunctional biotherapeutics, today reported financial results for the second quarter ended June 30, 2026 and provided a summary of recent business highlights. In light of the previously announced proposed acquisition of Theravance Biopharma, the Company has elected not to host a second quarter earnings conference call after release of its financial results. “The first half of 2026 has been a transformative period for Zymeworks, demonstrating the continued evolution of our business into a diversified, revenue-generating biotechnology business. While scientific innovation remains our foundation, we believe long-term value is created not only through discovering new medicines, but also through disciplined capital allocation, creative business development and thoughtful partnership structures that maximize the impact of that innovation for patients and shareholders,” said Kenneth Galbraith, Chair and Chief Executive Officer of Zymeworks. “The second half of 2026 has the potential to continue creating meaningful value for both patients and shareholders. Subject to regulatory approval and customary closing conditions, the August U.S. PDUFA target action date for zanidatamab and the planned closing of the Theravance Biopharma acquisition, respectively, would immediately strengthen our revenue base and cash flow outlook. This includes a $250 million approval milestone for zanidatamab in the U.S. with up to $190 million in additional potential global regulatory milestones. These diverse royalty and milestone cash flows improve our ability to sustain long-term investment in our wholly-owned R&D pipeline, pursue additional strategic acquisitions and partnerships, and continue returning capital to shareholders through our share repurchase program. We believe this disciplined approach to compounding capital and innovation is what will differentiate Zymeworks over the long term.” Business HighlightsPositioning Zymeworks for Multiple Value-Creating Catalysts in 2H 2026 Advancing Partnerships Toward Key Regulatory and Commercial Inflection Points Zanidatamab The top-line results from the second interim overall survival analysis for the HERIZON-GEA-01 trial doublet regimen are expected in the third quarter of 2026. The FDA granted Breakthrough Therapy Designation (BTD) for zanidatamab (Ziihera®), for the treatment of adults with previously treated, locally advanced, unresectable, or metastatic HER2-positive colorectal cancer. The EmpowHER-303 trial is expected to complete patient enrollment in mid-2027 with top-line data expected by the end of 2027 or early 2028. Results from Phase 3 HERIZON-GEA-01 published in The New England Journal of Medicine; Additional subgroup analyses presented in an oral presentation at the 2026 ASCO Annual Meeting showing improved clinical outcomes with zanidatamab-containing combinations regardless of PD-L1 expression, including in PD-L1-negative patients. August 25, 2026 U.S. PDUFA target action date for zanidatamab for the treatment of patients with first-line (1L) HER2-positive (HER2+) locally advanced or metastatic gastroesophageal adenocarcinoma (GEA). Potential $250 million milestone upon approval in the U.S., the first of up to a total of $440 million potential global regulatory milestones for zanidatamab in 1L HER2+ GEA. Zymeworks will continue to receive royalties on Ziihera® sales, with royalty revenues expected to increase following U.S. and global regulatory approvals for GEA. Our royalty revenue from Jazz Pharmaceuticals (Jazz) and BeOne Medicines was $1.8 million in the three months ended June 30, 2026, driven primarily by net product sales of Ziihera by Jazz in the United States. Pasritamig Johnson and Johnson Innovative Medicine (J&J) expect to present Phase 1b clinical data for pasritamig, a first-in-class bispecific antibody against KLK2, in combination with JNJ-9401 in patients with advanced prostate cancer who have progressed after multiple lines of therapy, during the second half of 2026. J&J increased the planned enrollment for its Phase 3 trial of pasritamig (JNJ-78278343) in combination with best supportive care in patients with late-line metastatic castration-resistant prostate cancer (mCRPC), from approximately 663 to 1,203 participants. The study is actively recruiting across 172 sites globally and is evaluating overall survival versus placebo, with median overall survival as the primary endpoint. The anticipated primary completion date is now estimated as December 2027, compared with the previously estimated May 2028 date (NCT07164443). Leveraging Partnerships and External Innovation The Company is advancing strategic initiatives to maximize the value of its proprietary Pan-RAS antibody-drug conjugate (ADC) platform, including evaluating the formation of a separate, dedicated entity with third-party capital participation. The Company expects to use third-party capital to advance multiple product candidates from the platform into clinical studies while retaining an equity interest and future economic participation, including potential royalties, subject to completion of a transaction. The Company has engaged MTS Healthcare to evaluate strategic partnering opportunities to fund further development for ZW191 with the objective of maximizing long-term value. The Company continues its evaluation of additional business development opportunities consistent with its capital allocation strategy. Expanding Revenue Diversification Proposed acquisition of Theravance Biopharma expected to be accretive to earnings and generate positive cash flow upon closing in 2H 2026. YUPELRI® U.S. profit share and ex-U.S. royalties expected to generate ~$60 million annualized cash flow at current run-rates, with continued expected growth. Proposed acquisition to add diversified assets beyond YUPELRI®, including additional royalty interests, milestone payments, an early-stage I&I portfolio, and $2.5 billion in Irish tax attributes, further strengthening both potential near-term cash flow generation and long-term development optionality. Transaction financed primarily by $350 million non-recourse note secured solely by U.S. YUPELRI® profit share from OMERS Life Sciences, and Theravance Biopharma’s expected net cash balance of $360 million at closing, with Zymeworks contributing the remainder of the purchase price in cash at closing. Zymeworks expects to receive $100 million in TRELEGY ELLIPTA® milestones in Q1 2027, assuming milestone conditions are met, in 2026, offsetting cash outlay. The anticipated closing of the acquisition is expected to support Zymeworks' transition to a diversified, revenue-generating business. Consistent with this evolution, the Company no longer intends to provide cash runway guidance, and expects to increasingly focus on providing guidance on operating performance and long-term growth. Advancing a Differentiated ADC Pipeline In June 2026, we presented new clinical data from the dose-escalation portion of the ongoing Phase 1 study evaluating ZW191, a folate receptor alpha-targeting antibody-drug conjugate, at the European Society for Medical Oncology Gynaecological Cancers Congress 2026. Among response-evaluable platinum-resistant ovarian cancer patients, ZW191 demonstrated a cORR of 78.6% in patients with FRα-positive tumors and 47.4% in patients with FRα-negative tumors across all dose levels. These findings demonstrate meaningful anti-tumor activity across both FRα-positive and FRα-negative tumors as well as in the overall population. We continue to recruit patients in an ongoing Phase 1b study of ZW251, a GPC3-targeting antibody-drug conjugate, for the treatment of patients with hepatocellular carcinoma, squamous non-small cell lung cancer and germ cell tumors. Maintaining Financial Flexibility Cash Resources: Zymeworks reported $322.5 million in cash, cash equivalents and marketable securities as of June 30, 2026 Share Repurchase Program: In May 2026, the Board of Directors authorized a 2026 share repurchase program under which the Company may repurchase up to $125.0 million of its outstanding common stock, par value $0.00001 per share. As of August 4, 2026, the Company has utilized approximately $49.4 million of this current approved repurchase program to acquire 1,971,454 shares at an average price of $25.04 per share (exclusive of commission expense and estimated excise tax). Since initiating its share repurchase program in August 2024, the Company has cumulatively utilized $213.6 million to reacquire 10,571,316 shares at an average price of $20.21 per share (exclusive of commission expense and estimated excise tax). As of August 4, 2026, the Company had approximately 71.0 million common shares outstanding. Operating Expense Discipline: The Company expects significant near-term milestones, including the anticipated closing of the Theravance Biopharma acquisition and the upcoming August 25, 2026 PDUFA date for zanidatamab in GEA, each of which has the potential to immediately expand the Company's revenue and cash flow profile, subject to customary closing conditions and regulatory approval, respectively. The Company continues to expect disciplined investment across research and development and general and administrative activities through the anticipated closing of the Theravance Biopharma acquisition. The Company's previously communicated operating expense framework was established prior to entering into the definitive acquisition agreement, and therefore does not reflect the expected operating profile of the combined organization. Subject to the successful completion of the transaction, the Company expects to provide an updated financial outlook following closing that reflects the combined business. Financial Results for the Quarter Ended June 30, 2026 The key financial highlights for our 2026 second quarter results are as follows: Revenue – Total revenue was $4.6 million in 2Q-2026, compared to $48.7 million for the same period in 2025. The decrease was driven mainly by absence of significant non-recurring collaboration revenue recognized in 2026, as well as continued declines in development support and drug supply revenue from Jazz. Revenue in the current‑year period reflects ongoing collaboration activity and increased royalty revenue, which is expected to grow over time as commercial sales of Ziihera® increase. Research and Development (R&D) Expenses – R&D expenses were $27.4 million in 2Q-2026, compared to $34.4 million for the same period in 2025, primarily reflecting reduced spending on later‑stage and discontinued programs, as well as an overall decrease in spending for earlier‑stage programs and research platforms. R&D expenses in 2Q-2026 were 20% lower than in 2Q-2025, consistent with our planned reduction in R&D expenses in 2026. General and Administrative (G&A) Expenses – G&A expenses were $19.3 million in 2Q-2026, compared to $15.0 million for the same period in 2025. The increase was primarily driven by higher non-cash stock-based compensation expense. This increase was partially offset by decrease in software amortization and software subscription expenses. Other Income, net – Net other expense was $3.1 million in 2Q-2026, compared to net other income of $2.8 million for the same period in 2025. The change was driven primarily by $6.6 million of interest expense related to the royalty-backed note financing arrangement with Royalty Pharma executed in March 2026. Net Loss – Net loss was $45.0 million in 2Q-2026, compared to a net income of $2.3 million for the same period in 2025. The change in 2026 was primarily due to a decrease in revenue, driven by the non-recurring clinical milestones earned in 2Q-2025 and interest expense related to the royalty-backed note financing arrangement with Royalty Pharma. This was partially offset by decrease in total operating expenses. Liquidity – As of June 30, 2026, we had $322.5 million of cash resources consisting of cash, cash equivalents and marketable securities, comprised of $179.4 million in cash and cash equivalents and $143.1 million in marketable securities. In light of the Company's expected transition to a revenue-generating business supported by multiple anticipated recurring cash flow streams, the Company no longer intends to provide cash runway guidance. Going forward, the Company expects to focus its financial outlook on metrics that more appropriately reflect the operating performance and growth of the business. About Zymeworks Inc. Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, including cancer, inflammation, and autoimmune disease. The Company’s asset and royalty aggregation strategy focuses on optimizing positive future cash flows from an emerging portfolio of licensed products such as Ziihera® (zanidatamab-hrii) and other licensed products and product candidates, such as pasritamig. In addition, Zymeworks is also building a portfolio of healthcare assets that can generate strong cash flows, while supporting the development of innovative medicines. Zymeworks engineered and developed Ziihera, a HER2-targeted bispecific antibody using the Company’s proprietary Azymetric™ technology and has entered into separate agreements with BeOne Medicines Ltd. (formerly BeiGene, Ltd.) and Jazz Pharmaceuticals Ireland Limited granting each exclusive rights to develop and commercialize zanidatamab in different territories. Zymeworks is rapidly advancing a robust pipeline of product candidates, leveraging its expertise in both antibody drug conjugates and multispecific antibody therapeutics targeting novel pathways in areas of significant unmet medical need. The Company’s complementary therapeutic platforms and fully integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly differentiated antibody-based therapeutics. These capabilities have been further leveraged through strategic partnerships with global biopharmaceutical companies. For information about Zymeworks, visit www.zymeworks.com and follow @ZymeworksInc on X. Non-GAAP Financial InformationZymeworks believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For further information regarding why Zymeworks believes that these non-GAAP measures provide useful information to investors and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Information” section at the end of this press release. Cautionary Note Regarding Forward-Looking Statements This press release includes “forward-looking statements” or information within the meaning of the applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include, but are not limited to, statements that relate to Zymeworks’ expectations regarding implementation of its strategic priorities and the anticipated benefits thereof, including shareholder returns and the anticipated manner of such returns; implementation of its long-term strategy to maximize value creation; the anticipated benefits of its collaboration agreements, including Zymeworks’ ability to receive any future milestone payments and royalties thereunder; Zymeworks' ability to complete the proposed transaction with Theravance Biopharma; future growth of YUPELRI® sales and future royalty payments; contingent milestone payments due to Theravance Biopharma from the sale of Theravance Biopharma’s TRELEGY ELLIPTA® royalty interests; Zymeworks’ ability to execute the share repurchase program, in whole or in part; expected timing and amount of repurchases; the potential addressable market of zanidatamab and other product candidates; the timing of and results of interactions with regulators; Zymeworks’ and its partners’ clinical development of product candidates; the expected contributions of personnel to Zymeworks’ clinical development, strategic goals and long-term shareholder value for patients and shareholders; the timing and status of ongoing and future studies and the related data; potential safety profile and therapeutic effects of zanidatamab and Zymeworks’ other product candidates; the potential of ZW191 to be a best-in-class therapy; the commercial potential of technology platforms and product candidates; Zymeworks’ ability to satisfy potential regulatory and commercial milestones with existing and future partners; anticipated continued receipt of revenue from existing and future partners; Zymeworks’ ability to generate royalty revenue from Ziihera; Zymeworks’ ability to execute new collaborations and partnerships; Zymeworks’ early-stage pipeline; anticipated sufficiency of existing cash resources, when combined with the assumed receipt of certain anticipated regulatory milestone payments related to the potential approvals of Ziihera in GEA in the U.S., Europe, Japan, and China, and assuming the full execution of the $125.0 million share repurchase program, to fund Zymeworks’ planned operations beyond 2028 based on current operating plans; expected financial performance and future financial position, including anticipated adjusted gross operating expense (non-GAAP), adjusted research and development expense (non-GAAP) and adjusted general and administrative expense (non-GAAP) for the three-year period ending December 31, 2028, excluding any potential acquisition-related expenses or new partnerships and collaborations; and other information that is not historical information. When used herein, words such as “plan”, “believe”, “expect”, “may”, “continue”, “anticipate”, “potential”, “will”, “on track”, “progress”, “preserve”, “intend”, “could”, and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Zymeworks’ current expectations and various assumptions. Zymeworks believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Zymeworks may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various factors, including, without limitation: any of Zymeworks’ or its partners’ product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; Zymeworks and Theravance Biopharma may not be able to successfully execute the acquisition; uncertainties regarding the commercial success of YUPELRI® and TRELEGY ELLIPTA®; the anticipated benefits of the acquisition may not be realized or will not be realized within the expected time period; TRELEGY ELLIPTA® may not achieve anticipated sales resulting in sales milestones not being met; Zymeworks may not be able to successfully execute the share repurchase program; the anticipated benefits of the share repurchase program may not be realized; Zymeworks may not achieve milestones or receive additional payments or royalties under its collaborations; regulatory agencies may impose additional requirements or delay the initiation of clinical trials; the impact of new or changing laws and regulations; market conditions, including the impact of tariffs; potential negative impacts of FDA regulatory delays and uncertainty around recent policy developments, changes in the leadership of federal agencies such as the FDA, staff layoffs, budget cuts to agency programs and research, and changes in drug pricing controls; the impact of pandemics and other health crises on Zymeworks’ business, research and clinical development plans and timelines and results of operations, including impact on its clinical trial sites, collaborators, and contractors who act for or on Zymeworks’ behalf; zanidatamab may not be successfully commercialized; Zymeworks’ business strategy related to anticipated and potential future milestones and royalty streams and existing and potential new partnerships may not be successfully implemented; Zymeworks’ evolution of its business strategy may not deliver meaningful shareholder returns; Zymeworks may be unsuccessful in actively managing and/or aggregating revenue-generating assets alongside its active R&D operations; ongoing and future clinical trials may not demonstrate safety and efficacy of any of Zymeworks’ or its collaborators’ product candidates; data providing early validation of our antibody drug conjugate platform and next generation pipeline programs may not be replicated in future studies; Zymeworks’ assumptions and estimates regarding its financial condition, future financial performance and estimated cash runway may be incorrect; inability to maintain or enter into new partnerships or strategic collaborations; the inability of Zymeworks to identify and consummate a strategic acquisition; and the factors described under “Risk Factors” in Zymeworks’ quarterly and annual reports filed with the Securities and Exchange Commission (copies of which may be obtained at www.sec.gov and www.sedarplus.ca). Although Zymeworks believes that such forward-looking statements are reasonable, there can be no assurance they will prove to be correct. Investors should not place undue reliance on forward-looking statements. The above assumptions, risks and uncertainties are not exhaustive. Forward-looking statements are made as of the date hereof and, except as may be required by law, Zymeworks undertakes no obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances, or to reflect the occurrences of unanticipated events. ZYMEWORKS INC. Consolidated Statements of Loss and Comprehensive Loss (In thousands except share and per share data) ZYMEWORKS INC.Selected Consolidated Balance Sheet Data(In thousands) Explanation of Non-GAAP Financial Information In addition to reporting financial information in accordance with U.S. generally accepted accounting principles (GAAP) in this press release, we have elected to present selected non-GAAP, or adjusted, financial measures on a forward-looking basis. Zymeworks believes that estimated adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense, which are non-GAAP financial measures, may be helpful to investors because they provide consistency and comparability with financial performance across periods. These non-GAAP financial measures are not defined by GAAP and should not be considered as alternatives to operating expenses, research and development expenses, and general and administrative expenses or any other indicators of Zymeworks’ performance required to be reported under GAAP. In addition, other companies, including companies in Zymeworks’ industry, may calculate similarly titled non-GAAP or adjusted measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense as financial measures. Investors and others are encouraged to review Zymeworks’ financial information in its entirety and not rely on a single financial measure. As defined by Zymeworks, adjusted gross operating expense represents the aggregate of adjusted research and development expense and adjusted general and administrative expense, each of which excludes stock-based compensation expense for equity- and liability-classified equity instruments. Zymeworks excludes stock-based compensation expense, which is a non-cash expense, because Zymeworks believes that excluding this item provides meaningful supplemental information regarding operational performance. A reconciliation of historical adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense to the most directly comparable GAAP measures is set forth below. A reconciliation of anticipated adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense to the most directly comparable GAAP measures is not available without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, and we are also unable to predict the probable significance of such adjusted measures. Accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for the adjusted gross operating expense, adjusted research and development expense, and adjusted general and administrative expense guidance provided in this press release. GAAP to Non-GAAP Reconciliations(In thousands)(unaudited) Contacts: Investor Inquiries:Shrinal InamdarVice President, Investor Relations(604) 678-1388 [email protected] Media Inquiries: Diana PapoveVice President, Corporate Communications(604) 678-1388  [email protected] A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/787f573b-920d-41e6-b487-e6d8add0c85c

Neurocrine Biosciences (NBIX) came out with quarterly earnings of $2.85 per share, beating the Zacks Consensus Estimate of $2.26 per share. This compares to earnings of $1.06 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +26.11%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $1.68 per share when it actually produced earnings of $1.94, delivering a surprise of +15.48%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Neurocrine, which belongs to the Zacks Medical - Drugs industry, posted revenues of $959 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.37%. This compares to year-ago revenues of $687.5 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Neurocrine shares have added about 27.5% since the beginning of the year versus the S&P 500's gain of 6.9%. While Neurocrine has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Neurocrine was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.47 on $1.01 billion in revenues for the coming quarter and $9.09 on $3.77 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Theravance Biopharma (TBPH), another stock in the same industry, has yet to report results for the quarter ended June 2026. This biopharmaceutical company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +337.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Theravance Biopharma's revenues are expected to be $19.79 million, down 24.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Neurocrine Biosciences, Inc. (NBIX) : Free Stock Analysis Report Theravance Biopharma, Inc. (TBPH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

VANCOUVER, British Columbia, July 16, 2026 (GLOBE NEWSWIRE) -- Zymeworks Inc. (Nasdaq: ZYME), a biotechnology company managing a portfolio of licensed healthcare assets while developing a diverse pipeline of novel, multifunctional biotherapeutics, today announced that management will report its second quarter 2026 financial results after market close on August 6, 2026. In light of the previously announced proposed acquisition of Theravance Biopharma, Zymeworks has elected not to host a second quarter earnings conference call after release of its financial results. We look forward to providing an update following the expected closing of the proposed acquisition of Theravance Biopharma, sharing greater visibility into the combined business and its strategic priorities. About Zymeworks Inc. Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, including cancer, inflammation, and autoimmune disease. Zymeworks’ asset and royalty aggregation strategy focuses on optimizing positive future cash flows from an emerging portfolio of licensed products such as Ziihera® (zanidatamab-hrii) and other licensed products and product candidates, such as pasritamig. In addition, Zymeworks is building a portfolio of healthcare assets that can generate strong cash flows, while supporting the development of innovative medicines. Zymeworks engineered and developed Ziihera, a HER2-targeted bispecific antibody using Zymeworks’ proprietary Azymetric™ technology and has entered into separate agreements with BeOne Medicines Ltd. (formerly BeiGene, Ltd.) and Jazz Pharmaceuticals Ireland Limited granting each exclusive rights to develop and commercialize zanidatamab in different territories. Zymeworks is rapidly advancing a robust pipeline of product candidates, leveraging its expertise in both antibody drug conjugates and multispecific antibody therapeutics targeting novel pathways in areas of significant unmet medical need. Zymeworks’ complementary therapeutic platforms and fully integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly differentiated antibody-based therapeutics. These capabilities have been further leveraged through strategic partnerships with global biopharmaceutical companies. For information about Zymeworks, visit www.zymeworks.com and follow @ZymeworksInc on X. Contacts: Investor Inquiries:Shrinal InamdarVice President, Investor Relations(604) [email protected] Media Inquiries:Diana PapoveVice President, Corporate Communications(604) [email protected]

Theravance Biopharma TBPH reported first-quarter 2026 adjusted earnings of 1 cent per share, beating the Zacks Consensus Estimate of breakeven earnings. In the year-ago quarter, the company had incurred an adjusted loss of 17 cents per share. Total revenues in the quarter were $17.7 million, slightly short of the Zacks Consensus Estimate of $18 million. Revenues surged 15% year over year, driven by growth in collaboration revenues for Yupelri sales and improved operating leverage. Year to date, shares of Theravance have declined 9.1% against the industry’s 0.9% growth. Image Source: Zacks Investment Research Theravance’s top line consisted solely of collaboration revenues from partner Viatris VTRS tied to Yupelri (revefenacin) sales in the United States. Theravance and VTRS have collaborated on the development and commercialization of Yupelri, which is approved in the United States for the maintenance treatment of patients with chronic obstructive pulmonary disease. Viatris and Theravance share U.S. profits and losses associated with the commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance receives 35%. Viatris' collaboration revenues include Theravance’s 35% share of Yupelri net sales, as well as its proportionate amount of the total shared costs incurred by the two companies. In March, Theravance and Viatris reached a settlement agreement with Mankind Pharma, granting the company a license to launch a generic version of Yupelri beginning April 23, 2039. Research and development expenses (excluding share-based compensation) totaled $5.2 million, down 49.8% from the year-ago quarter’s level, driven by cost savings from the restructuring announced in March and the ongoing wind-down of the CYPRESS study on its lead candidate, ampreloxetine. Selling, general and administrative expenses (excluding share-based compensation) increased 2.1% year over year to $14.9 million. As of March 31, 2026, Theravance had cash, cash equivalents and marketable securities worth $394.7 million compared with $326.5 million as of Dec. 31, 2025. In early March, Theravance announced disappointing top-line data from the pivotal phase III CYPRESS study, which evaluated its lead pipeline candidate, ampreloxetine, a norepinephrine reuptake inhibitor for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy, a progressive brain disorder. The study failed to achieve its primary and secondary endpoints and did not reach statistical significance despite showing biological activity. Consequently, TBPH decided to wind down the ampreloxetine program and accelerate a strategic review process, including evaluating potential options such as a sale of the company to maximize shareholder value. Besides the strategic review, the company is currently undergoing a major organizational restructuring aimed at optimizing its cost structure and sharpening its focus on its commercial product, Yupelri. Theravance looks to reduce its workforce by approximately 50% by shutting down its entire research and development division and cutting roughly 50% of general and administrative staff. These layoffs are expected to occur over the next two quarters. The restructuring is expected to cut operating costs by approximately 60% relative to the company’s 2025 operating cost of $111.1 million. Combined with continued sales of Yupelri, these savings are projected to drive approximately $60-$70 million in annualized cash flow beginning in the third quarter of 2026. Theravance Biopharma, Inc. price-consensus-eps-surprise-chart | Theravance Biopharma, Inc. Quote Theravance currently sports a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks in the biotech sector are Amarin Corporation AMRN and Indivior Pharmaceuticals INDV, each currently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have also narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date. Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%. Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10.4% year to date. Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amarin Corporation PLC (AMRN) : Free Stock Analysis Report Theravance Biopharma, Inc. (TBPH) : Free Stock Analysis Report Viatris Inc. (VTRS) : Free Stock Analysis Report Indivior Pharmaceuticals Inc. (INDV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

YUPELRIﾮ Collaboration Revenue increased 15% year-over-year1, from $15.4 million to $17.7 million, driven by continued Net Sales growth and improved operating leverage All Hatch-Waxman litigation relating to YUPELRIﾮ has been resolved following settlement with Mankind Pharma in March Organizational restructuring and cost reduction initiatives on track; delivered ~20% reduction in Operating Expenses year-over-year (excluding restructuring items) Q1 2026 TRELEGY net sales, reported by GSK, of $873 million, up 2% year-over-year; high confidence in achieving the $100 million 2026 milestone payment2 Strategic Review Committee actively evaluating a range of opportunities to maximize shareholder value Quarter-end cash balance of $395 million and no debt DUBLIN, May 7, 2026 /PRNewswire/ -- Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company") (NASDAQ: TBPH) today reported financial and operational results for the first quarter of 2026. "We delivered strong financial performance in the first quarter, reinforcing the quality of our commercial asset, our robust balance sheet and the important actions underway to reshape our cost structure, following the outcome of the CYPRESS study," said Rick E Winningham, Chief Executive Officer of Theravance Biopharma. "YUPELRIﾮ continues to deliver sustained net sales growth and expanding profitability, supported by growing community and hospital adoption, improved net pricing, and the recent resolution of generic litigation, driving increased long-term value for the franchise. TRELEGY also continued to perform well, and we remain confident that we will achieve the $100 million milestone payment associated with 2026 net sales. The entire Theravance team is acting with discipline and urgency, and we are confident that the continued execution against our strategic priorities and the Board's ongoing review process will maximize value for shareholders." Strategic Review Committee In 2024, the Theravance Board of Directors formed a Strategic Review Committee (the "Committee") composed entirely of independent directors to assess all strategic alternatives available to the Company. Since then, the Committee has been working on an ongoing basis with Lazard, its independent financial advisor, to evaluate opportunities to maximize shareholder value, including under multiple potential outcomes for the CYPRESS study, which the Company announced on March 3rd did not meet the primary endpoint. Building upon this work, the Committee is acting with urgency to evaluate a broad range of value maximizing and tax efficient alternatives, including but not limited to a sale of the Company. In connection with the Company's March 3rd announcement to wind down the ampreloxetine program and implement an organizational restructuring, the Committee has accelerated its evaluation of strategic alternatives for the Company. There can be no assurance that the Committee's strategic review process will result in any transaction. Theravance Biopharma does not intend to disclose further developments on this review process unless and until it determines that such disclosure is appropriate or necessary. Operational Highlights YUPELRIﾮ (revefenacin) inhalation solution, the first and only once-daily, nebulized LAMA (long-acting muscarinic antagonist) bronchodilator approved in the U.S. for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD): Quarterly U.S. net sales of $62.4 million, recognized by Viatris, in Q1 2026, increasing 7% year-over-year (YoY) (Q1 2026 vs Q1 2025)1 driven by customer demand growth of 4% YoY (Q1 2026 vs Q1 2025)3, consistent with typical first quarter seasonality, and improved net pricing. Increased doses pulled through the hospital channel by 19% YoY (Q1 2026 vs Q1 2025), reflecting another excellent quarter of growth.4 Theravance and Viatris (Mylan) entered into a settlement in March with Mankind Pharma Ltd. with a licensed launch date of April 23, 2039, subject to certain exceptions and other provisions customary for agreements of this type. With this settlement agreement, all Hatch-Waxman litigation relating to YUPELRIﾮ (revefenacin) inhalation solution has been resolved. TRELEGY GSK reported first quarter 2026 global net sales of $873 million (up 2% vs. the first quarter of 2025)5: FY 2025 global net sales of approximately $3.9 billion triggered a $50M milestone payment from Royalty Pharma, with cash received in February 2026. FY 2026 global net sales of ~$3.5 billion required to trigger an additional $100M milestone payment from Royalty Pharma. Organizational Restructuring Update Following the announcement of the Company's Phase 3 CYPRESS results in March, Theravance has made progress on its organizational restructuring. As an early indicator of this progress, Operating Expenses (excluding restructuring costs) decreased approximately 20% year-over-year in Q1 2026 compared to Q1 2025, with more material reductions expected in Q2 2026 and full run-rate savings anticipated beginning in Q3 2026. The Company reaffirms it is on track to reduce operating expenses by approximately 60%, resulting in approximately $60 - $70 million of annualized cash flow, with the full benefit expected to be realized beginning in the third quarter of 2026. First Quarter Financial Results Revenue: Total revenue for the first quarter of 2026 was $17.7 million, consisting entirely of Viatris collaboration revenue. Viatris collaboration revenue increased by $2.3 million, or 15%, in the first quarter compared to the same period in 2025. The Viatris collaboration revenue represents amounts receivable from Viatris and comprises the Company's 35% share of net sales of YUPELRI, as well as its proportionate amount of the total shared commercial costs incurred by the two companies. The non-shared YUPELRI costs incurred by Theravance Biopharma are recorded within operating expenses. While Viatris records the total net sales of YUPELRI within its financial statements, Theravance Biopharma's implied 35% share of net sales of YUPELRI for the first quarter of 2026 was $21.9 million which represented a 7% increase compared to the same period in 2025. Research and Development (R&D) Expenses: R&D expenses for the first quarter of 2026 were $5.8 million, compared to $11.5 million in the same period in 2025. The reduction was driven by the corporate restructuring announced in March 2026 and ongoing wind-down of the CYPRESS clinical trial. First quarter R&D expenses included total non-cash share-based compensation of $0.6 million. Selling, General and Administrative (SG&A) Expenses: SG&A expenses for the first quarter of 2026 were $17.7 million, compared to $18.4 million in the same period in 2025. First quarter SG&A expenses included total non-cash share-based compensation of $2.9 million. Restructuring Expenses: Restructuring expenses for the first quarter of 2026 were $3.6 million and were comprised of severance costs and termination-related benefits. Cash restructuring costs were $2.6 million and non-cash restructuring costs were $1.0 million. Share-Based Compensation: Total share-based compensation expenses for the first quarter of 2026 were $4.5 million which included restructuring-related share-based compensation expense. Excluding restructuring-related expenses, share-based compensation was $3.5 million, compared to $4.9 million in the same period in 2025. Share-based compensation expenses for the first quarter of 2026 consisted of $0.6 million for R&D, $2.9 million for SG&A, and $1.0 million related to the restructuring. Net Loss: Net loss was $4.9 million in the first quarter of 2026 compared to a net loss of $13.6 million in the same period in 2025. Non-GAAP Net Income (Loss) from Operations6: Non-GAAP net income from operations was $0.6 million in the first quarter of 2026 compared to a non-GAAP net loss from operations of $8.6 million in the same period in 2025. See the section titled "Non-GAAP Financial Measures" for more information. Cash Position: Cash, cash equivalents and marketable securities totaled $394.7 million as of March 31, 2026. The Company received a $25.0 million YUPELRI U.S. sales milestone from Viatris in January 2026 and a $50.0 million TRELEGY milestone from Royalty Pharma in February 2026. Shares Outstanding: The Company had 51,514,968 ordinary shares outstanding as of March 31, 2026. 2026 Financial Guidance Theravance Biopharma is implementing an organizational restructuring to streamline costs and align its resources with its commercial focus on YUPELRI. The restructuring will involve winding down the R&D function and significantly reducing the G&A function. The restructuring is expected to reduce operating expenses by approximately 60%, relative to 2025 actuals of $111.1 million. The full run-rate cost savings of approximately $70 million are expected to fully materialize in the third quarter of 2026. Together, the cost savings from the restructuring and continued sales from YUPELRI are expected to result in the Company generating approximately $60 to $70 million of annualized cash flow, starting in the third quarter of 2026. This cash flow projection is comprised of an estimated $45 to $55 million of Income from Operations (excluding non-cash share-based compensation) and projected Interest and Other Income, and does not include potential income from the $100 million TRELEGY milestone. The restructuring is expected to impact approximately 50% of the overall workforce. This reduction includes the wind-down of the R&D organization and a decrease of approximately 50% in G&A employees. These actions are expected to be implemented over the next two quarters, and the Company expects to incur approximately $5 to $7 million in one-time cash severance costs related to these actions. Conference Call Beginning last quarter, earnings results are being released via press release only. The Company will not host a conference call or webcast to discuss quarterly results. About Theravance Biopharma Theravance Biopharma, Inc.'s focus is to deliver Medicines that Make a Differenceﾮ in people's lives. In pursuit of its purpose, Theravance Biopharma leverages decades of expertise, which has led to the development of FDA-approved YUPELRIﾮ (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD). The Company is committed to creating/driving shareholder value. For more information, please visit www.theravance.com. THERAVANCE BIOPHARMAﾮ, THERAVANCEﾮ and the Cross/Star logo are registered trademarks of the Theravance Biopharma group of companies (in the U.S. and certain other countries). YUPELRIﾮ is a registered trademark of Viatris Specialty LLC. Trademarks, trade names or service marks of other companies appearing on this press release are the property of their respective owners. Forward-Looking Statements This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, expectations and future events. Theravance Biopharma, Inc. (the "Company") intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to: the Company's expectations regarding its future profitability, expenses and uses of cash, the Company's goals, designs, strategies, plans and objectives, future growth of YUPELRI sales and future royalty payments, the winddown of the Company's ampreloxetine program and R&D function and significant reduction of its G&A function, the consideration of strategic alternatives for the Company, the ability to provide value to shareholders, the Company's regulatory strategies, and contingent milestone payments due to the Company from the sale of the Company's TRELEGY royalty interests. These statements are based on the current estimates and assumptions of the management of Theravance Biopharma as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Theravance Biopharma to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: factors that could increase the Company's expenses beyond its expectations and any factors that could adversely affect its profitability, whether the TRELEGY milestone thresholds will be achieved, delays or difficulties in winding down clinical studies, the timing of any potential strategic transaction with respect to the Company, if at all, risks of collaborating with or relying on third parties to develop, manufacture and commercialize products, and risks associated with establishing and maintaining sales, marketing and distribution capabilities with appropriate technical expertise and supporting infrastructure, the ability of the Company to protect and to enforce its intellectual property rights, volatility and fluctuations in the trading price and volume of the Company's shares, and general economic and market conditions. Other risks affecting the Company are in the Company's Form 10-K filed with the SEC on March 23, 2026, and other periodic reports filed with the SEC. In addition to the risks described above and in Theravance Biopharma's filings with the SEC, other unknown or unpredictable factors also could affect Theravance Biopharma's results. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theravance Biopharma assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures Theravance Biopharma provides a non-GAAP metric in this press release. Theravance Biopharma believes that non-GAAP net income (loss) provides meaningful information to assist investors in assessing prospects for future performance and actual performance as they provide better metrics for analyzing the performance of its business by excluding items that may not be indicative of core operating results and the Company's cash position. Because non-GAAP financial targets and metrics, such as non-GAAP net income (loss), are not standardized, it may not be possible to compare these measures with other companies' non-GAAP targets or measures having the same or a similar name. Thus, Theravance Biopharma's non-GAAP measures should be considered in addition to, not as a substitute for, or in isolation from, the Company's actual GAAP results and other targets. Please see the appendix attached to this press release for a reconciliation of non-GAAP net income (loss) to its corresponding measure, net income (loss). A reconciliation of non-GAAP net income (loss) to its corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future. Contact: [email protected] 650-808-4045 View original content to download multimedia:https://www.prnewswire.com/news-releases/theravance-biopharma-inc-reports-first-quarter-2026-financial-results-and-provides-corporate-update-302765562.html

Corcept Therapeutics CORT incurred a first-quarter 2026 loss of 30 cents per share, in line with the Zacks Consensus Estimate. In the year-ago quarter, the company had reported earnings of 17 cents per share. First-quarter revenues rose 4.9% year over year to $164.9 million but missed the Zacks Consensus Estimate of $172 million. The top line consisted solely of product sales from Cushing’s syndrome drug Korlym. Revenues from Korlym, however, missed our model estimate of $169.3 million. Year to date, shares of Corcept have rallied 33.7% against the industry’s decline of 2.5%. Image Source: Zacks Investment Research Corcept’s first-quarter 2026 sales were driven by its established Cushing’s syndrome franchise, with management highlighting rising demand for Korlym. The company said March and April marked all-time highs in the number of patients starting treatment, following completion of a transition to a new pharmacy vendor earlier in the quarter. Importantly, management framed the period as a turning point for the business model. With the recent FDA approval of Lifyorli (relacorilant), the company expects future quarters to reflect sales from more than one medication, expanding its commercial footprint. In March 2026, the FDA approved Corcept’s selective glucocorticoid receptor antagonist, Lifyorli (relacorilant), in combination with nab-paclitaxel for the treatment of adult patients with platinum-resistant ovarian cancer. Management noted that in April 2026, Lifyorli, in combination with nab-paclitaxel, was added to NCCN Guidelines as a preferred regimen, with early uptake described as vigorous. Research and development expenses increased 9.1% year over year to $66.3 million in the first quarter of 2026, reflecting continued investment across oncology and other pipeline programs. Meanwhile, selling, general and administrative expenses surged 60.3% year over year to $145.4 million, reflecting higher spending to support the launch of Lifyorli. Corcept ended March 31, 2026, with cash and investments of $515.4 million, down from $532.4 million as of Dec 31, 2025. CORT raised its full-year 2026 revenue guidance to $950 million-$1.05 billion, signaling increased confidence as it transitions to a multi-product company. Previously, the company expected total revenues in the range of $900 million to $1 billion in 2026. The Zacks Consensus Estimate for revenues is pegged at $922.4 million. Corcept has also submitted a marketing authorization application to the European Medicines Agency, seeking approval for relacorilant plus nab-paclitaxel to treat patients with platinum-resistant ovarian cancer. A final decision in Europe is expected by the end of 2026. Corcept is also developing relacorilant for treating Cushing's syndrome. Recently, the FDA issued a complete response letter (“CRL”) to the new drug application (NDA) seeking approval for relacorilant to treat patients with hypercortisolism (Cushing’s syndrome). This NDA was based on positive data from the GRACE study, confirmatory evidence from the phase III GRADIENT study, long-term extension studies and a phase II study in hypercortisolism. Corcept is currently engaging with the FDA to determine the best path forward to approval for relacorilant in Cushing’s syndrome. Relacorilant, in combination with other anticancer therapies, is also being studied in other solid tumors, including platinum-sensitive ovarian, endometrial, cervical, pancreatic and prostate cancers. Corcept is developing its other pipeline candidates, dazucorilant and miricorilant, in separate studies for treating amyotrophic lateral sclerosis (“ALS”) and biopsy-confirmed or presumed metabolic dysfunction-associated steatohepatitis, respectively. In a separate press release, Corcept announced two-year overall survival data from the phase II DAZALS study evaluating dazucorilant in patients with ALS. Data from the same showed that over two years of treatment, patients receiving dazucorilant (300 mg) experienced an 87% reduction in the risk of death compared with those receiving a placebo. This is consistent with the 84% reduction in mortality risk observed after one year of treatment. The company plans to begin a phase III study of dazucorilant later in 2026. Corcept Therapeutics Incorporated price-consensus-eps-surprise-chart | Corcept Therapeutics Incorporated Quote Corcept currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the drug/biotech sector are Theravance Biopharma TBPH, Agenus AGEN and Amarin AMRN, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, estimates for Theravance’s 2026 earnings per share have risen from 32 cents to $1.21, while estimates for 2027 have moved from a loss of 5 cents per share to earnings of 91 cents. TBPH shares have lost 10.6% year to date. Theravance’s earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 33.82%. Over the past 60 days, estimates for Agenus’ 2026 earnings per share have risen from 54 cents to $1.30, while loss per share estimates for 2027 have narrowed from $1.91 to $1.52 during the same time. AGEN shares have soared 24.2% year to date. Agenus’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 31.42%. Over the past 60 days, 2026 loss per share estimates for Amarin have narrowed from $16.51 to $6.36, while the same for 2027 have narrowed from $14.73 to $4.64 during the same time. AMRN stock has decreased 0.4% year to date. Amarin's earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 50.02%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Agenus Inc. (AGEN) : Free Stock Analysis Report Amarin Corporation PLC (AMRN) : Free Stock Analysis Report Corcept Therapeutics Incorporated (CORT) : Free Stock Analysis Report Theravance Biopharma, Inc. (TBPH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Theravance Biopharma TBPH reported fourth-quarter 2025 adjusted earnings of 6 cents per share, which missed the Zacks Consensus Estimate of 44 cents. In the year-ago quarter, the company had incurred an adjusted loss of 5 cents per share. Total revenues in the quarter were $45.9 million, which missed the Zacks Consensus Estimate of $60 million. Revenues surged 145% year over year, driven primarily by $25 million of licensing and milestone revenues from partner Viatris VTRS tied to Yupelri (revefenacin) sales in the United States. Year to date, shares of Theravance have lost 25.1% compared with the industry’s 3.1% decline. Image Source: Zacks Investment Research The company’s top line consisted of collaboration revenues, along with licensing and milestone revenues tied to Viatris’ Yupelri sales in the reported quarter. Collaboration revenues amounted to $20.8 million, up 11.4% year over year. The company also recorded $25 million in licensing and milestone revenues associated with Yupelri sales. Theravance and VTRS have collaborated on the development and commercialization of Yupelri, which is approved in the United States for the maintenance treatment of patients with chronic obstructive pulmonary disease. Viatris and Theravance share U.S. profits and losses received in connection with the commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance receives 35%. Viatris' collaboration revenues include Theravance’s 35% share of net sales of Yupelri, as well as its proportionate amount of the total shared costs incurred by the two companies. Research and development expenses (excluding share-based compensation) totaled $6.4 million, down 21% from the year-ago quarter’s level, driven by the near-completion of the CYPRESS study. Selling, general and administrative expenses (excluding share-based compensation) increased around 6.4% year over year to $15 million. As of Dec. 31, 2025, Theravance had cash, cash equivalents and marketable securities worth $326.5 million compared with $332.7 million as of Sept. 30, 2025. For 2025, Theravance reported total revenues of $107.4 million, which rose 67% year over year. For full-year 2025, the company recorded an adjusted loss of 14 cents per share, narrower than the prior-year reported loss of 33 cents. Earlier this month, Theravance announced top-line data from the pivotal phase III CYPRESS study, which evaluated its lead pipeline candidate, ampreloxetine, a norepinephrine reuptake inhibitor for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy, a progressive brain disorder. The study failed to meet its primary endpoint in the Orthostatic Hypotension Symptom Assessment composite score. Secondary endpoints were not statistically significant, despite showing biological activity. Consequently, TBPH decided to wind down the ampreloxetine program. Following the setback, Theravance’s strategic review committee is accelerating its evaluation of strategic options, including a potential sale of the company, to maximize shareholder value. Besides the strategic review, the company announced a major organizational restructuring aimed at optimizing its cost structure and sharpening focus on its commercial product, Yupelri. Theravance anticipates reducing its workforce by approximately 50% by shutting down the entire research and development division and cutting roughly 50% of general and administrative staff. These layoffs are expected to occur over the next two quarters. The restructuring is expected to cut operating costs by approximately 60% relative to the company’s 2025 operating cost of $111.1 million. TBPH anticipates realizing full annualized cost savings of approximately $70 million by the third quarter of 2026. Combined with continued sales of Yupelri, these savings are projected to drive approximately $60-$70 million in annualized cash flow beginning in the third quarter of 2026. GSK plc GSK recorded global net sales of approximately $3.9 billion for Trelegy in 2025, triggering a $50 million milestone payment from Royalty Pharma, received in cash in February. Theravance expects an additional $100 million milestone payment if Trelegy sales reach $3.51 billion in 2026. The company expects around $400 million in cash by the first quarter of 2026, along with the milestone payments for Trelegy and Yupelri. Theravance Biopharma, Inc. price-consensus-eps-surprise-chart | Theravance Biopharma, Inc. Quote Theravance currently carries a Zacks Rank #1 (Strong Buy). Another top-ranked stock in the biotech sector is Catalyst Pharmaceuticals CPRX, which currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have risen from $2.55 to $2.82. CPRX’s shares have lost 7.8% over the past year. Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GSK PLC Sponsored ADR (GSK) : Free Stock Analysis Report Catalyst Pharmaceuticals, Inc. (CPRX) : Free Stock Analysis Report Theravance Biopharma, Inc. (TBPH) : Free Stock Analysis Report Viatris Inc. (VTRS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Theravance Biopharma (TBPH) came out with quarterly earnings of $0.06 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to a loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -86.47%. A quarter ago, it was expected that this biopharmaceutical company would post a loss of $0.03 per share when it actually produced earnings of $0.04, delivering a surprise of +233.33%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Theravance Bio, which belongs to the Zacks Medical - Drugs industry, posted revenues of $45.89 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 23.28%. This compares to year-ago revenues of $18.75 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Theravance Bio shares have lost about 26.1% since the beginning of the year versus the S&P 500's decline of 3.2%. While Theravance Bio has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Theravance Bio was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.06 on $23.42 million in revenues for the coming quarter and $0.82 on $129.36 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Vivos Therapeutics, Inc. (VVOS), another stock in the same industry, has yet to report results for the quarter ended December 2025. This company is expected to post quarterly loss of $0.53 per share in its upcoming report, which represents a year-over-year change of -89.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Vivos Therapeutics, Inc.'s revenues are expected to be $7.2 million, up 94.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Theravance Biopharma, Inc. (TBPH) : Free Stock Analysis Report Vivos Therapeutics, Inc. (VVOS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research