Theravance: Hold Rating Reiterated as Restructuring Progress and Cash Flow Visibility Support Unchanged $15 Price Target
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TD Cowen analyst Marc Frahm reiterated a Hold rating on Theravance Biopharma with a price target of $15.00, citing a solid balance sheet, ongoing cost reductions, and improved cash flow visibility. The company is restructuring after discontinuing ampreloxetine, aiming for a 60% cut in operating expenses and $60–70 million in annualized cash flow by Q3 2026. While Yupelri's demand is rising and Trelegy is set for a $100 million milestone payment in 2026, the ongoing restructuring and strategic alternatives keep the risk-reward balanced, justifying the Hold rating.
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