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28 February, 2024 18:21 IST
Theravance Biopharma first-quarter loss widens on a YOY basis
Source: IRIS | 10 May, 2017, 12.37PM

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Theravance Biopharma (TBPH) saw its loss widen to $65.32 million, or $1.27 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $42.15 million, or $1.10 a share.

Revenue during the quarter plunged 83.23 percent to $3.09 million from $18.41 million in the previous year period. Gross margin for the quarter contracted 1408 basis points over the previous year period to 81.70 percent.

Operating loss for the quarter was $58.83 million, compared with an operating loss of $41.64 million in the previous year period.

Rick E Winningham, chairman and chief executive officer, commented: "As we progress into mid-2017, we are on track to deliver clinical results at every stage of development through the remainder of this year and into 2018. This unprecedented period for the Company underscores the depth and breadth of our portfolio, the productivity of our internal R&D engine, and our robust business model. In addition, the Closed Triple for COPD represents an important strategic asset and a promising potential source of income for Theravance Biopharma in both the near and long-term. With a strong cash position and an extensive set of milestones ahead of us, we believe we are well-positioned to improve the lives of patients and create meaningful value for our shareholders."

For fiscal year 2017, the company projects operating income to be in the range of $195 million to $205 million.


Working capital increases sharply
Theravance Biopharma has recorded an increase in the working capital over the last year. It stood at $372.52 million as at Mar. 31, 2017, up 93.67 percent or $180.17 million from $192.35 million on Mar. 31, 2016. Current ratio was at 8.60 as on Mar. 31, 2017, up from 5.15 on Mar. 31, 2016.

Days sales outstanding went up to 653 days for the quarter compared with 96 days for the same period last year.

Days inventory outstanding has decreased to 1053 days for the quarter compared with 1135 days for the previous year period.


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