Professional
Added to YB: 2026-05-15
Pitch date: 2026-04-22
TBPH [neutral]
Theravance Biopharma, Inc.
-0.36%
current return
Author Info
Laughing Water Capital is a boutique investment partnership. Our partners believe that careful analysis of a select group of businesses can lead to above average investment returns for equity investors. Our small size and patient approach give us an advantage that cannot be matched by traditional asset managers or hedge funds that are focused on the day to day gyrations of the stock market, rather than the fundamental value of businesses. Visit their website.
Company Info
Theravance Biopharma, Inc., a biopharmaceutical company, develops and commercializes medicines in the United States.
Market Cap
$849.6M
Pitch Price
$16.54
Price Target
24.00 (+46%)
Dividend
N/A
EV/EBITDA
75.34
P/E
7.45
EV/Sales
4.51
Sector
Pharmaceuticals
Category
special_situation
Laughing Water Capital Portfolio Holding: Theravance Biopharma, Inc.
TBPH (holding update): Post-Phase 3 failure, trading ~$14 w/ $400M cash, $100M milestone (Q1'27), $65M annual FCF from YUPELRI royalty (35% profit share, patent to 2039), $2.6B Irish tax assets. Strategic review accelerated by activists Irenic/Weiss. DCF at 10% discount = $20/share; Viatris logic buyer at 7.7x FCF = $19. Synergies could push to $24+. Downside protected by $10/share cash/milestones. 50-100% upside in 0-6mo.
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