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Theravance Biopharma Q4 Loss Widens Y/Y, Revenues Up - Analyst Blog

Theravance Biopharma, Inc.TBPH reported fourth-quarter 2014 loss of $2.02 per share, wider than a loss of $1.39 per share incurred a year ago. The Zacks Consensus Estimate was at a loss of $1.70.

Theravance Biopharma was formed following the split-off of the erstwhile Theravance into two listed companies in June last year - Theravance, Inc. THRX , a royalty management company, primarily dealing with products/candidates under the partnership with GlaxoSmithKline GSK , and Theravance Biopharma focusing on the discovery, development and commercialization of small-molecule therapies targeting areas of high unmet medical need.

Total revenues in the fourth quarter of 2014 came in at approximately $1.4 million. These mostly comprise Vibativ revenues of $1.3 million. Revenues in the quarter were above the Zacks Consensus Estimate of $1 million.

Excluding royalty management company revenues, full year loss of $7.46 per share was also wider than the year-ago loss of $4.92 per share. The Zacks Consensus Estimate was at a loss of $6.56 per share. Full year revenues were $11.7 million compared with $226,000 in 2013. Theravance Biopharma's 2014 revenues were slightly ahead of the Zacks Consensus Estimate of $11 million.

Theravance Biopharma's sole marketed product Vibativ is approved in the U.S. for treating adults with complicated skin and skin structure infections (cSSSI) caused by susceptible isolates of gram-positive bacteria and for hospital-acquired and ventilator-associated bacterial pneumonia (HABP/VABP) caused by susceptible isolates of Staphylococcus aureus when alternative treatments are not suitable. The company is looking to expand Vibativ's label for other indications as well.

Research & development expenses were $42.2 million in the reported quarter compared with $32.5 million in the year-ago period. The increase was primarily due to higher employee-related costs and investment in pipeline. Selling, general & administrative expenses increased to $21.8 million from $11.8 million driven by Vibativ commercialization and incremental share-based compensation expense.

Theravance holds a Zacks Rank #3 (Hold). A better-ranked stock in the health care space is Cytokinetics, Incorporated CYTK , sporting a Zacks Rank #1 (Strong Buy).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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