Theravance Biopharma, Inc. (TBPH - Snapshot Report) 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- Analyst Report), a royalty management company, primarily dealing with products/candidates under the partnership with GlaxoSmithKline (GSK - Analyst Report), 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 - Snapshot Report), sporting a Zacks Rank #1 (Strong Buy).
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