Theravance Biopharma, Inc. (NASDAQ:TBPH) Q2 2023 Earnings Call Transcript

Rhonda Farnum: Yes, I’ll start with the obvious that you’ve already stated, Doug, and that being a positive study and then ensuring that we get that publication peer review very quickly, which would be the plan, and then having the ability to communicate these data more broadly with our partner with the optimized outcome, which would transpire over the course of the subsequent quarters for 2024.

Douglas Tsao: Would there be — I was going to say, Rick, is there any thought to trying to get that added to the label formally?

Rick Winningham: Well, I think the — we have a — our label is very broad with YUPELRI, it’s the maintenance treatment of COPD. There are — as you can see from the publications that we’ve had historically, there are a lot of PIFR patients within the label today. And what we’ve done here is just narrowed down on a segment of PIFR patients based on, as Rick outlined, FEV1 predicted in a particular GOLD stage, Gold 3 and 4, where we might be able to further highlight the benefit versus handheld product, tiotropium. So I think it really can be positive data here, can be quite meaningful to us, without putting it in label given we have such a broad label right now and that we’re talking about showing in a fairly sizable patient population of COPD patients that the medicine could outperform the largest product in the category, which is tiotropium.

Douglas Tsao: Okay, great. That’s really helpful.

Operator: [Operator Instructions] Our next question comes from the line of from Eva Xia Privitera from Cowen. Your question, please.

Eva Xia Privitera: Hi, congrats on the quarter. And thanks for taking our questions. For YUPELRI, can you talk about the slight decrease of 2% this quarter in the hospital doses despite the share increasing. Maybe discuss this decline in the hospital market? And what was the reason for that?

Rhonda Farnum: Sure. Eva, appreciate the question. I think just to still kind of level set that slight decline coming off of the largest significant large quarter in Q1, also trying to reconcile that relative to seeing that continuing market share and some decline overall in the long-acting neb, it’s just a bit of a small blip and thinking about the impact of some short-acting nebulized shortages that basically informed some buying patterns within the hospital segment. However, that drawdown has already occurred. And looking at the current trends already in Q3, we’ve already exceeded that gap. So I think I would kind of classify that as a small dip and then take that in consideration relative to all of the other KPIs that continue to increase.

We have a significant proportion of patients that are leading the hospital with a post-discharge script for YUPELRI. So thinking about that translating to the outpatient persistency, as well as the increases in the retail view with both total prescriptions, as well as the new patients start seeing those significant growth factors contributing to the larger kind of transition of care.

Eva Xia Privitera: Thanks, Rhonda. That’s very helpful.

Rick Winningham: So in short, Eva that our view is that Q2 was really a blip in terms of the market, and as Rhonda said, where the market is already back on track here in Q3.

Eva Xia Privitera: Perfect. Thank you. And for the PIFR-2 trial, can you level set about what we can expect from the top line disclosure of which secondary end points are going to be disclosed and how much safety. And in terms of the secondary endpoints, which ones do you think are particularly important to drive adoption?