Dec. 3 at 11:34 AM
Oppenheimer🏁
$TBPH Outperform/
$27
$VTRS $HLUBF $HLBBF TAK
$GSK AZN
Oppenheimer said, We are launching on Theravance Biopharma at Outperform with a
$27 PT.
We see potential for the company's 1Q26 Phase 3 ampreloxetine readout to be transformative with a positive risk/reward into topline data. Our 50% PoS supports ~50% upside potential, and approval would likely support a roughly doubling of our valuation expectations. Downside risk is offset with Yupelri supporting the company at near cash flow breakeven, along with an anticipated pro forma cash balance after royalty milestones of ~
$500M.
Theravance shares have bid up over the past month (+26% vs. XBI's +5%) into Phase 3 data as we believe investors are taking notice of the transformative potential and mechanistic rationale, along with the downside protection. Positive Phase 3 data would likely support positive re-rating with
$1B+ sales potential.
