Cash position remained strong at approximately $340 million with near cash-neutral operations and expected $27 million in taxes related to the TRELEGY sale accrued in Q2.
Collaboration revenue grew 31% year-over-year, driven by YUPELRI sales growth and improved profit margins.
Non-GAAP losses improved to $4.2 million compared to $6.3 million in the prior year, excluding onetime items.
The company recognized a $7.5 million milestone payment following YUPELRI's regulatory approval in China.
Theravance Biopharma reported strong Q2 2025 financial results with YUPELRI net sales reaching approximately $66 million, a 22% year-over-year increase, marking the highest Q2 sales since launch.
Theravance completed the $225 million sale of its remaining TRELEGY royalty interest to GSK, recognizing $75 million of other income and strengthening the balance sheet.
Adjusted free cash flow year-to-date was $27.8 million with a 51.9% conversion rate, and debt was reduced by $10.5 million in the quarter.
Consolidated adjusted EBITDA was $26.9 million, up 6.7% year-over-year and 0.7% sequentially, with margin expanding 40 basis points to 10.1%.
Consolidated net revenue for Q2 2025 was $266.1 million, up 2.1% year-over-year and 2.4% sequentially.
Home health adjusted EBITDA was $39.3 million, up 2.6% sequentially but down 190 basis points in margin year-over-year due to mix shift.
Home health revenue was $205.9 million, down 2.0% year-over-year but up 2.6% sequentially, with volumes increasing 0.5% year-over-year and 2.1% sequentially.
Hospice revenue grew 19.4% year-over-year to $60.2 million, with adjusted EBITDA increasing 53.8% and margin expanding by 520 basis points to 23.3%.
Net debt to adjusted EBITDA leverage ratio improved to 4.3x from 5.1x in the prior year quarter.
Dafinchi