Theravance Biopharma, Inc (TBPH) saw its loss widen to $67.33 million, or $1.36 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $44.83 million, or $1.23 a share. Revenue during the quarter surged 46.21 percent to $5.69 million from $3.89 million in the previous year period. Gross margin for the quarter expanded 6207 basis points over the previous year period to 79.87 percent.
Operating loss for the quarter was $57.83 million, compared with an operating loss of $55.77 million in the previous year period.
Rick E Winningham, chairman and chief executive officer, commented: "2016 was a year of significant progress for Theravance Biopharma. We made important clinical gains in multiple programs, including advancements for our JAK inhibitor program in ulcerative colitis and our Phase 3 revefenacin program in COPD, as well as in two of our mid-stage assets ��" TD-9855 in neurogenic orthostatic hypotension (nOH) and velusetrag in gastroparesis. We continued to focus on executing our commercial and label expansion strategies for VIBATIV®, and reported positive data from our TOUR™ study. We significantly strengthened our cash reserves, positioning us to drive key programs through important value inflection points."
For fiscal year 2017, Theravance Biopharma, Inc expects operating loss to be in the range of $195 million to $205 million.
Working capital increases sharply
Theravance Biopharma, Inc has recorded an increase in the working capital over the last year. It stood at $479.24 million as at Dec. 31, 2016, up 154.91 percent or $291.23 million from $188 million on Dec. 31, 2015. Current ratio was at 10.73 as on Dec. 31, 2016, up from 4.80 on Dec. 31, 2015. Days sales outstanding went down to 73 days for the quarter compared with 416 days for the same period last year.
Days inventory outstanding has increased to 491 days for the quarter compared with 144 days for the previous year period.
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