Theravance Biopharma, Inc.
TBPH · Pharmaceutical Preparations · 51.6M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$21M (gross $445K, SBC $21M)
Reference price $16.39 · est. market cap ~$845M — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Royalty-driven biopharma (TRELEGY via GSK) — profitable and highly cash-generative, but dependent on a single royalty stream.
Strengths
- Profitable and cash-generative — net margin 99% (97th), ROA 22% (97th), OCF margin 222%
- Strong liquidity — current ratio 10.9 (81st)
Risks
- Single-royalty (TRELEGY) concentration — per 10-K
- No control over commercialization — per 10-K
- Royalty-monetization-lumpy economics — per metrics
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-3.4%
Net margin
98.5%
Return on equity
35.7%
Return on assets
21.8%
Revenue growth (QoQ)
-61.4%
Current ratio
10.9×
Tangible book value
$297M
Cash & investments
$326M
Stock comp / revenue
17.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-19 | Miller Aine | Grant | 19K | — |
| 2026-06-15 | Farnum Rhonda | Sell | 6.7K | $16.39 |
| 2026-06-15 | Farnum Rhonda | Sell | 3.3K | $16.39 |
| 2026-06-15 | Farnum Rhonda | Sell | 3.3K | $16.38 |
| 2026-06-12 | PAKIANATHAN DEEPIKA | Grant | 6.0K | — |
| 2026-06-12 | MITCHELL DEAN J | Grant | 6.0K | — |
| 2026-06-12 | GRAY SUSANNAH | Grant | 6.0K | — |
| 2026-06-12 | O'Connor Donal | Grant | 6.0K | — |
| 2026-06-12 | Smaldone Alsup Laurie | Grant | 6.0K | — |
| 2026-05-20 | Miller Aine | Tax withheld | 6.8K | $16.55 |
| 2026-05-20 | Grimaud Brett A. | Tax withheld | 8.8K | $16.55 |
| 2026-05-20 | Sawaf Aziz | Tax withheld | 8.7K | $16.55 |
| 2026-05-20 | Farnum Rhonda | Tax withheld | 5.7K | $16.55 |
| 2026-05-20 | Winningham Rick E | Tax withheld | 20K | $16.55 |
| 2026-04-01 | Grimaud Brett A. | Grant | 38K | — |
| 2026-04-01 | Sawaf Aziz | Grant | 38K | — |
| 2026-04-01 | Farnum Rhonda | Grant | 19K | — |
| 2026-04-01 | Winningham Rick E | Grant | 75K | — |
| 2026-03-16 | Farnum Rhonda | Sell | 16K | $14.00 |
| 2026-03-16 | Farnum Rhonda | Sell | 7.8K | $13.92 |
| 2026-03-16 | Farnum Rhonda | Sell | 7.8K | $13.92 |
| 2026-02-20 | Miller Aine | Tax withheld | 17K | $19.66 |
| 2026-02-20 | Grimaud Brett A. | Tax withheld | 21K | $19.66 |
| 2026-02-20 | Sawaf Aziz | Tax withheld | 21K | $19.66 |
| 2026-02-20 | Farnum Rhonda | Tax withheld | 14K | $19.66 |
| 2026-02-20 | Winningham Rick E | Tax withheld | 75K | $19.66 |
| 2025-12-03 | Farnum Rhonda | Sell | 7.8K | $18.75 |
| 2025-12-03 | Farnum Rhonda | Sell | 7.8K | $18.75 |
| 2025-12-03 | Farnum Rhonda | Sell | 16K | $18.75 |
| 2025-11-26 | BROSHY ERAN | Sell | 14K | $20.00 |
| 2025-11-26 | BROSHY ERAN | Sell | 16K | $20.00 |
| 2025-11-20 | Farnum Rhonda | Tax withheld | 9.1K | $17.90 |
| 2025-11-20 | Grimaud Brett A. | Tax withheld | 19K | $17.90 |
| 2025-11-20 | Sawaf Aziz | Tax withheld | 19K | $17.90 |
| 2025-11-20 | Miller Aine | Tax withheld | 7.0K | $17.90 |
| 2025-11-20 | Winningham Rick E | Tax withheld | 57K | $17.90 |
| 2025-11-19 | Winningham Rick E | Gift | 9.9K | — |
| 2025-11-19 | Winningham Rick E | Gift | 9.9K | — |
| 2025-11-11 | BROSHY ERAN | Sell | 30K | $18.50 |
| 2025-11-11 | BROSHY ERAN | Sell | 16K | $18.50 |
| 2025-11-11 | BROSHY ERAN | Sell | 16K | $17.00 |
| 2025-11-11 | BROSHY ERAN | Sell | 14K | $18.50 |
| 2025-11-11 | BROSHY ERAN | Sell | 16K | $17.00 |
| 2025-11-11 | BROSHY ERAN | Sell | 14K | $18.50 |
| 2025-08-20 | Sawaf Aziz | Tax withheld | 9.4K | $13.39 |
| 2025-08-20 | Miller Aine | Tax withheld | 7.0K | $13.39 |
| 2025-08-20 | Winningham Rick E | Tax withheld | 15K | $13.39 |
| 2025-08-20 | Grimaud Brett A. | Tax withheld | 9.8K | $13.39 |
| 2025-08-20 | Farnum Rhonda | Tax withheld | 9.1K | $13.39 |
| 2025-07-14 | Farnum Rhonda | Sell | 682 | $11.39 |
| 2025-07-14 | Farnum Rhonda | Sell | 5.3K | $11.39 |
| 2025-07-14 | Farnum Rhonda | Sell | 4.0K | $11.39 |
| 2025-06-23 | Winningham Rick E | Gift | 20K | — |
| 2025-06-13 | Winningham Rick E | Gift | 9.6K | — |
| 2025-06-13 | Winningham Rick E | Gift | 9.6K | — |
| 2025-06-02 | Farnum Rhonda | Sell | 24K | $11.00 |
| 2025-05-20 | Winningham Rick E | Tax withheld | 15K | $9.45 |
| 2025-05-20 | Sawaf Aziz | Tax withheld | 9.3K | $9.45 |
| 2025-05-20 | Grimaud Brett A. | Tax withheld | 9.7K | $9.45 |
| 2025-05-20 | Farnum Rhonda | Tax withheld | 9.1K | $9.45 |
| 2025-05-20 | Miller Aine | Tax withheld | 9.7K | $9.45 |
| 2025-05-19 | O'Connor Donal | Grant | 11K | — |
| 2025-05-19 | Miller Aine | Grant | 10K | — |
| 2025-05-19 | PAKIANATHAN DEEPIKA | Grant | 11K | — |
| 2025-05-19 | MITCHELL DEAN J | Grant | 11K | — |
| 2025-05-19 | GRAY SUSANNAH | Grant | 11K | — |
| 2025-05-19 | Grant Jeremy T | Grant | 11K | — |
| 2025-05-19 | BROSHY ERAN | Grant | 11K | — |
| 2025-05-19 | Smaldone Alsup Laurie | Grant | 11K | — |
| 2025-04-21 | Farnum Rhonda | Sell | 4.0K | $9.00 |
| 2025-02-28 | Winningham Rick E | Grant | 2.2K | $9.35 |
| 2025-02-28 | Sawaf Aziz | Grant | 75K | — |
| 2025-02-28 | Miller Aine | Grant | 75K | — |
| 2025-02-28 | Grimaud Brett A. | Grant | 75K | — |
| 2025-02-28 | Farnum Rhonda | Grant | 75K | — |
| 2025-02-20 | Winningham Rick E | Tax withheld | 35K | $9.66 |
| 2025-02-20 | Sawaf Aziz | Tax withheld | 14K | $9.66 |
| 2025-02-20 | Miller Aine | Tax withheld | 11K | $9.66 |
| 2025-02-20 | Grimaud Brett A. | Tax withheld | 15K | $9.66 |
| 2025-02-20 | Farnum Rhonda | Tax withheld | 16K | $9.66 |
| 2025-02-10 | Farnum Rhonda | Grant | 5.3K | — |
| 2025-01-21 | Farnum Rhonda | Sell | 4.0K | $9.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05165485 ↗ | Phase 4 COPD and Suboptimal Inspiratory Flow Rate Chronic Obstructive Pulmonary Disease | PHASE4 | Completed | 2023-11-13 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-19 | 0001104659-26-076857 ↗ |
| 8-K | 2026-06-12 | 2026-06-12 | 0001104659-26-073559 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-056760 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-056733 ↗ |
| 8-K | 2026-03-30 | 2026-03-27 | 0001104659-26-036870 ↗ |
| 10-K | 2026-03-23 | 2025-12-31 | 0001104659-26-033077 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0001104659-26-031795 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001104659-26-022572 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002726 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0001104659-25-119032 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001104659-25-110382 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001104659-25-109146 ↗ |