Theravance Biopharma (TBPH) Tops Q2 EPS by 9c

Theravance Biopharma (NASDAQ: TBPH) reported Q2 EPS of ($1.42), $0.09 better than the analyst estimate of ($1.51). Revenue for the quarter came in at $7.1 million versus the consensus estimate of $4.25 million.

Rick E Winningham, Chairman and Chief Executive Officer, commented: "In the first half of 2015, we have focused on executing our strategies to advance TD-4208 to a registrational Phase 3 program, creating an acute care commercial organization in the U.S., while positioning VIBATIV (telavancin) as an important treatment for patients with life-threatening infections, and advancing our two high-value research programs towards the clinic. We are pleased with the progress achieved with our programs to date, and believe we have multiple opportunities to generate value across our entire portfolio."

Continued Mr. Winningham: "Building VIBATIV into a global brand is a key component of our Company's strategy to create a portfolio of high-value, innovative medicines that create value for both patients and shareholders. We are pleased by our achievements in establishing revenue-generating partnerships for VIBATIV outside the U.S. and the 66% quarter-over-quarter gain in VIBATIV U.S. net sales from the first quarter to the second quarter. We are also pleased with the underlying fundamentals we saw in the second quarter, including formulary wins, sales in new accounts and increased volume overall. In a relatively short period, we have created a national acute care focused organization staffed with excellent sales and medical professionals, and we remain on track to complete the sales force expansion to 50 representatives late in the third quarter. However, some recent issues have caused us to reduce our projected U.S. sales ramp for VIBATIV in the second half of 2015. We are working aggressively to address these issues, which include a greater percentage of our sales being made to Public Health Service institutions at a much lower price point, as mandated by the federal government, and the integration of new representatives into our sales force. While we believe it is prudent to reduce our full-year U.S. net sales guidance for VIBATIV, our outlook on the product's commercial potential remains quite positive. We remain committed to the ongoing clinical and commercial development of VIBATIV to serve physicians who treat life-threatening infections. Going forward, we intend to report on all VIBATIV-related revenues, including U.S. net sales, revenue from ex-U.S. sales, and sales and milestones generated from our ex-U.S. partnerships, which we believe more accurately reflect the overall value VIBATIV contributes to our Company."

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