Revenue: As of FY2026 Q2, the actual value is USD 20.73 M, missing the estimate of USD 22.33 M.

EPS: As of FY2026 Q2, the actual value is USD -0.11, missing the estimate of USD 0.08.

EBIT: As of FY2026 Q2, the actual value is USD -8.277 M.

Segment Revenue

• Viatris Collaboration Revenue: Theravance Biopharma, Inc. reported Viatris collaboration revenue of $20.7 million for Q2 2026, an 11% increase compared to $18.7 million in Q2 2025. For the six months ended June 30, 2026, this revenue was $38.4 million, up from $34.1 million in the prior year period.
• Total Revenue: Total revenue for Q2 2026 was $20.7 million, compared to $26.2 million in Q2 2025. For the six months ended June 30, 2026, total revenue was $38.4 million, down from $41.6 million in the prior year period.
• YUPELRI Net Sales (Theravance Biopharma implied 35%): The company’s implied 35% share of net sales of YUPELRI for Q2 2026 was $24.7 million, a 7% increase compared to $23.2 million in Q2 2025. For the six months ended June 30, 2026, this was $46.6 million, compared to $43.6 million in the prior year period.

Operational Metrics

• Net Loss: Theravance Biopharma, Inc. reported a net loss of - $5.9 million in Q2 2026, a significant change from a net income of $54.8 million in Q2 2025, which included a $75.1 million net gain on contingent milestone and royalty assets. For the six months ended June 30, 2026, the net loss was - $10.8 million, compared to a net income of $41.3 million in the prior year period.
• Non-GAAP Net Income (Loss) from Operations: Non-GAAP net income from operations was $9.5 million in Q2 2026, an improvement from a non-GAAP net loss from operations of - $4.2 million in Q2 2025. For the six months ended June 30, 2026, non-GAAP net income was $10.1 million, compared to a non-GAAP net loss of - $12.8 million in the prior year period.
• Research and Development (R&D) Expenses: R&D expenses for Q2 2026 were $4.7 million, a reduction from $10.5 million in Q2 2025. For the six months ended June 30, 2026, R&D expenses were $10.5 million, compared to $21.9 million in the prior year period.
• Selling, General and Administrative (SG&A) Expenses: SG&A expenses for Q2 2026 were $14.2 million, down from $18.4 million in Q2 2025. For the six months ended June 30, 2026, SG&A expenses were $31.9 million, compared to $36.8 million in the prior year period.
• Operating Expenses (excluding restructuring and transaction costs): These expenses decreased by 35% year-over-year in Q2 2026 compared to Q2 2025.
• Restructuring Expenses: Restructuring expenses for Q2 2026 were $4.0 million, consisting of $2.2 million cash and $1.8 million non-cash expenses. For the six months ended June 30, 2026, these expenses totaled $7.7 million.
• Transaction-Related Expenses: Transaction-related expenses associated with the pending acquisition by Zymeworks were $6.1 million in Q2 2026.
• Interest Income and Other Income, net: This was $3.5 million in Q2 2026, up from $1.5 million in Q2 2025. For the six months ended June 30, 2026, it was $6.5 million, compared to $2.4 million in the prior year period.

Cash Position

• Cash, Cash Equivalents and Marketable Securities: As of June 30, 2026, these totaled $387.7 million, compared to $315.4 million as of December 31, 2025. The company reported no debt at quarter-end.

Unique Metrics

• YUPELRI U.S. Net Sales (Viatris): Quarterly U.S. net sales of YUPELRI, recognized by Viatris, were $70.7 million in Q2 2026, a 7% increase year-over-year. Customer demand growth was 10% year-over-year, and doses pulled through the hospital channel increased by 25% year-over-year.
• TRELEGY Global Net Sales (GSK): GSK reported Q2 2026 global net sales of approximately $1.0 billion and year-to-date net sales of approximately $1.9 billion. FY 2025 global net sales of approximately $3.9 billion triggered a $50 million milestone payment from Royalty Pharma, which was received in February 2026.

Outlook / Guidance

Theravance Biopharma, Inc. expects its acquisition by Zymeworks to close in the second half of 2026, pending shareholder approval and customary closing conditions. The company expresses high confidence in achieving a $100 million milestone payment in 2026 related to TRELEGY sales. An ongoing organizational restructuring is anticipated to reduce operating expenses by approximately 60% relative to 2025 actuals, with full run-rate cost savings of approximately $70 million and $60-$70 million of annualized cash flow benefits expected to materialize in the second half of 2026.