Theravance reports Q4 continuing operations EPS (21c), consensus (17c)

Reports Q4 revenue $14.6M, consensus $15.73M. Cash, cash equivalents and marketable securities totaled $327.5M as of December 31, 2022. Cash burn in Q4 was $7M excluding a $118M tax payment and $34M of share repurchases. "With the successful evolution of Theravance over the past 18 months, we continue to strengthen our position via these strategic actions that build on our focus, execution and measured spending," said CEO Rick Winningham. "We remain laser focused on enhancing near- and long-term shareholder value and delivering medicines that make a difference to patients. We are well positioned to drive YUPELRI’s growth by building on the 25% annual growth the team achieved last year and generating data from the PIFR-2 study in the second half of 2023. We are advancing our pipeline with the initiation of the Phase 3 study for ampreloxetine and are pursuing orphan drug designation to help bring this potential first-in-class therapy to multiple systems atrophy patients in need of symptomatic nOH relief. We are upsizing our capital return program to $325M and expect to complete the program by the end of the year. And, importantly, we remain committed to achieving non-GAAP profitability by the second half of this year and confident in our plan to enhance shareholder value."