Theravance (THRX) Misses Q3 EPS by 1c; Approves $150M Stock Repurchase Plan

Theravance (NASDAQ: THRX) reported Q3 EPS of ($0.04), $0.01 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $13.6 million versus the consensus estimate of $15.23 million.

Theravance also announced today the acceleration of its capital return plan with a $150 million share repurchase plan effective through the end of 2016 that was approved by the company's Board of Directors, replacing its quarterly dividend. The company currently intends to repurchase its shares over this period through a combination of a tender offer and open market purchases, and may also repurchase shares through private transactions, exchange offers, additional tender offers or other means. The repurchase program will be funded using Theravance's working capital. The repurchase program may be suspended or discontinued at any time. Theravance had approximately 117.4 million shares of common stock outstanding as of October 27, 2015.

As part of the repurchase plan, Theravance plans to launch promptly a "modified Dutch auction" tender offer to purchase up to $75 million of its common stock, at a price per share of not less than $8.50 and not greater than $9.25. The tender offer will be contingent upon satisfaction of customary conditions. Additional details regarding the pricing and other terms will be provided upon formal commencement of the tender offer.

For earnings history and earnings-related data on Theravance (THRX) click here.

You May Also Be Interested In

• Biogen (BIIB) tops earnings expectations but revenue falls short
• Bernstein on Tesla: 'Widespread deployment of FSD is 5 - 10 years away'
• Blue Foundry Bancorp (BLFY) Tops Q1 EPS by 9c