Theravance Biopharma (TBPH) PT Raised to $24 at BTIG

BTIG analyst Julian Harrison raised the price target on Theravance Biopharma (NASDAQ: TBPH) to $24.00 (from $21.00) while maintaining a Buy rating.

The analyst comments "1Q25 TRELEGY revenue was up 14% y/y and beat consensus (£675M vs. £645M). We view the strong quarterly result as a clear indication of TRELEGY's continued momentum as the preferred QD LAMA/LABA/ICS combo in COPD and asthma. TBPH is due to receive 85% of future TRELEGY royalties starting in 2029 ex-US and in 2031 in the US (discussed in greater detail below) in addition to up to $150M in sales-based milestones from 2025 to 2026. We are increasing our PT to $24 from $21 after adding outer year TRELEGY royalty rights to our model. More near-term, enrollment in TBPH's Phase 3 study of ampreloxetine in nOH secondary to MSA (CYPRESS) is expected to complete in mid-2025."

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