Theravance Biopharma Sees Revenue Boost from YUPELRI, Navigates Shifting COPD Landscape

By Patrick Walker

PLEASANTON, CA – Theravance Biopharma saw a positive third quarter, driven by continued strong performance of its partnered COPD treatment, YUPELRI (revefenacin), but faces a changing landscape within the chronic obstructive pulmonary disease market. The company’s latest financial results show a revenue boost tied to YUPELRI sales, yet the emergence of new treatment options and intensifying competition necessitate strategic adjustments to maintain momentum.

YUPELRI Drives Q3 Gains

Theravance Biopharma reported a Q3 2025 implied 35% share of YUPELRI net sales of $25.0 million, a 15% increase year-over-year. Overall, the company’s total revenue for the quarter reached $61.6 million for the first nine months of 2025. This growth is largely attributed to increased demand for YUPELRI, particularly in the hospital channel, which saw a 29% year-over-year surge in doses pulled through in Q3. Viatris, Theravance’s commercial partner, reported total YUPELRI net sales of $71.4 million, an all-time high.

“The continued growth of YUPELRI is a testament to its efficacy and the unmet needs of patients with severe COPD,” said a healthcare analyst familiar with the company’s performance, speaking on background. “Hospital channel performance is particularly encouraging, as it suggests strong adoption among clinicians treating acute exacerbations.”

Navigating a Shifting COPD Market

While YUPELRI continues to perform well, the COPD treatment landscape is becoming increasingly competitive. The introduction of biologic therapies, such as Sanofi and Regeneron’s Dupixent and GSK’s Nucala, which target specific inflammatory pathways, is challenging the dominance of traditional bronchodilators like YUPELRI.

“Biologics represent a significant shift in COPD treatment,” explained a pulmonologist involved in clinical trials of new therapies. “They address the underlying inflammatory mechanisms of the disease, offering a potentially more targeted approach. However, they also come with a higher price tag and may not be appropriate for all patients.”

The analyst added, “While biologics will undoubtedly capture a share of the market, traditional inhaler therapies like YUPELRI will remain a critical component of COPD management, particularly for patients who don’t respond to or can’t access biologic treatments. The key will be demonstrating continued value and efficacy in the face of these new options.”

Financial Performance and Key Adjustments

Theravance Biopharma reported a non-GAAP net income from operations of $2.3 million in Q3 2025, a significant improvement from the $2.9 million non-GAAP net loss in the same period last year. A favorable tax benefit of $6.5 million, related to a previous royalty sale, significantly contributed to this positive result.

“The TRELEGY royalty sale was a strategic move that provided the company with valuable capital,” noted the healthcare analyst. “The tax benefit associated with that sale further boosted Q3 earnings.”

Previous financial reports highlighted an impairment of long-lived assets totaling $4,513 thousand for the first nine months of 2024, but this did not impact Q3 2025 results. The company reported a $6.5 million income tax benefit during Q3 due to a “favorable true-up.”

Strategic Outlook and China Expansion

Theravance Biopharma is actively pursuing strategies to maximize the potential of YUPELRI and expand its market reach. The recent approval of YUPELRI in China represents a significant opportunity for growth. A $7.5 million licensing revenue boost in Q2 2025 was attributed to this approval.

“China is a massive market with a large and growing COPD patient population,” explained a pharmaceutical market expert. “Gaining access to this market is a game-changer for Theravance.”

The company’s collaboration with Viatris is crucial to its success in China and other international markets. Theravance is eligible to receive potential development and sales milestone payments totaling approximately $293 million related to this partnership. The anticipated achievement of $250 million in annual YUPELRI sales would trigger a $25 million payment.

Looking Ahead

Theravance Biopharma is navigating a dynamic COPD landscape with a focus on maximizing the potential of YUPELRI and expanding its global reach. While the emergence of new biologic therapies presents a competitive challenge, the company believes that YUPELRI continues to offer significant value to patients and clinicians. The key to long-term success will be adapting to the evolving market, leveraging strategic partnerships, and continuing to demonstrate the efficacy and cost-effectiveness of its core asset. Achieving the $250 million sales milestone would be a key signal of continued success, but the company must also continue to explore new opportunities and address the changing needs of COPD patients worldwide.