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Why Shares of Theravance Biopharma Inc Dropped 20% in September

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Why Shares of Theravance Biopharma Inc Dropped 20% in September


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What happened? Biotech stocks were sold off in September, as the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) fell 9% during the month.


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What happened? Despite releasing good news, shares of Theravance Biopharma (NASDAQ:TBPH) fell harder than the biotech sector in general.


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So What? During the month, the company reported that: The FDA accepted a supplemental NDA for Vibativ, Theravance’s anti-bacterial medication. Target review date set for the second quarter 2016. Thervance and its partner Mylan (NASDAQ: MYL) have begun Phase 3 testing of Revefenacin (TD-4208). Revefenacin is an investigational long-acting muscarinic antagonist for the treatment of chronic obstructive pulmonary disease, or COPD. Theravance could receive up to $220 million in milestone payments if Revefenacin continues to advance clinically, plus profit-sharing royalties.


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Now what? Revefenacin could be a huge opportunity, as COPD spending is $50 billion annually in the U.S. alone. Phase 3 initiation is good news, but success is still far from guaranteed. Vibativ is growing quickly, but the company still expects to lose $120 million to $130 million for the full year. Theravance had cash and equivalents of $228 million as of June 30, so a future capital raise may be in the company’s future. Theravance is still losing money and is high-risk, so I’m staying away for now.


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