Theravance Biopharma, Inc. (TBPH) saw its loss narrow to $33.96 million, or $0.73 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $47.31 million, or $1.40 a share.
Revenue during the quarter surged 78.30 percent to $19.08 million from $10.70 million in the previous year period. Gross margin for the quarter expanded 369 basis points over the previous year period to 98.26 percent.
Operating loss for the quarter was $33.49 million, compared with an operating loss of $43.10 million in the previous year period.
Rick E Winningham, chairman and chief executive officer, commented: "2016 continues to unfold as an important year for Theravance Biopharma. We were extremely pleased to announce positive top-line results from two pivotal Phase 3 studies of revefenacin for the treatment of COPD. The revefenacin program exemplifies our strategy of discovering and developing localized medicines for localized diseases and is a testament to our ability to execute on our goals and milestones."
Working capital increases
Theravance Biopharma, Inc. has recorded an increase in the working capital over the last year. It stood at $228.63 million as at Sep. 30, 2016, up 8.45 percent or $17.82 million from $210.81 million on Sep. 30, 2015. Current ratio was at 6.03 as on Sep. 30, 2016, down from 8.69 on Sep. 30, 2015.
Days sales outstanding went up to 57 days for the quarter compared with 7 days for the same period last year.
Days inventory outstanding has decreased to 1729 days for the quarter compared with 1955 days for the previous year period.
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