Why did Theravance Biopharma Inc. (TBPH) stock underperform on Black Friday?

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TTE Stock
TTE Stock

Theravance Biopharma Inc. (TBPH) shares fell 5.24% in after-hours on Friday, November 26, 2021, and closed the weekly trading at $7.59. Even in the regular trading session of Friday, TBPH’s stock lost 5.21%. TBPH shares have fallen 52.60% over the last 12 months, and they have moved up 0.13% in the past week. Over the past three months, the stock has lost 2.67%, while over the past six months, it has declined 53.65%.

Let’s have a look at its recent news and developments.


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TBPH participation in the upcoming event

Theravance Biopharma, Inc. (TBPH) will participate at Evercore ISI 4th Annual HEALTHCONx Virtual Conference which is to be held on Tuesday, November 30, at 11:20, am ET (8:20 am PT/4:20 pm GMT).

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TBPH latest financial results

On November 3, 2021, Theravance Biopharma, Inc. (TBPH) reported financial results for the third quarter of 2021, which ended on September 30, 2021.

Q3 2021 financial highlights

  • TBPH reported total revenue of $13.2 million in Q3 2021 compared to $18.25 million in Q3 2020.
  • Research and development expenses were$43.7 million in Q3 2021, compared to $67.4 million in the same period in 2020.
  • In Q3 2021, selling, general and administrative expenses were21.3 million, compared to $27.5 million in the same period in 2020.
  • Total cost and expenses were $66.8 million in Q3 2021 compared to $94.87 million in Q3 2020.
  • It suffered a net loss of $35.30 million in Q3 2021 compared to a net loss of $73.64 million in Q3 2020.
  • The company ended the quarter with cash, cash equivalents, and marketable securities of $216.2 million.

FY 2021 financial outlook

The company expects R&D expense of $180 million to $190 million, and SG&A expense of $70 million to $80 million for FY 2021.

TBPH reducing its workforce

On September 15, 2021, Theravance Biopharma, Inc. (TBPH) announced strategic actions to focus on leveraging its expertise in developing and commercializing respiratory therapeutics. To implement this plan, Theravance Biopharma will reduce the number of employees by approximately 75%. An estimated 270 positions will be eliminated by February 2022.

The Board and Management announced the above-mentioned changes after getting the assistance of outside advisors.

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Conclusion

The company hasn’t made any profit and is in progress to bring down its cost by eliminating unnecessary positions. We are not sure when it will return towards positivity in the coming trading sessions after the weekend.

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