Theravance BioPharma

Q2 FY2026 EarningsQ2 FY26 results missed consensus estimates on both the top and bottom lines, with revenue of $20.7M vs. $22.3M expected and a GAAP net loss of -$5.9M vs. an expected profit of $4.0M. The miss was primarily driven by the absence of one-time licensing revenue compared to the prior year and significant one-time costs: $4.0M in restructuring charges following the ampreloxetine Phase 3 failure and $6.1M in merger-related expenses. However, core YUPELRI collaboration revenue grew 11% YoY, and the pending $17.00/share cash acquisition by Zymeworks remains the primary valuation floor.