Theravance Biopharma (TBPH): Look Ahead To 2017 - Leerink
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Leerink analyst, Geoffrey Porges, reiterated his Outperform rating on shares of Theravance Biopharma (NASDAQ: TBPH) after the company reported a 3Q EPS loss of $0.73 and provided an update about its clinical programs.
Theravance previously guided to lower Vibativ sales of $3.8-4.0mm in recent offering documents, and the reported sales of $3.9mm were below consensus. Management explained that seasonality can impact Vibativ versus other antibiotic medications because Vibativ is administered for hospital-acquired infections that can fluctuate with the rate of surgical admissions during the quarter. The analyst thinks the result is still disappointing given the recent expansion of the sales force from 6 to 50 reps, but the real-world TOUR patient registry data presented at ID (Infectious Diseases) Week in late October should help with awareness. Consequently, he is keeping his existing forecast intact pending further analysis and the performance in 4Q.
No change to the price target of $33.
Shares of Theravance Biopharma closed at $26.15 yesterday.
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