Benzinga | Sep 15, 2021 06:09AM EDT

Theravance Biopharma, Inc. Announces Strategic Actions To Focus On Respiratory Disease Portfolio

Theravance Biopharma, Inc. (NASDAQ:TBPH) today announced strategic actions to focus on leveraging its expertise in developing and commercializing respiratory therapeutics in order to maximize shareholder value. These changes follow a comprehensive scenario planning exercise led by the Board and Management with the assistance of outside advisors. In order to implement this plan, Theravance Biopharma will immediately initiate a significant cost reduction program:

* Headcount will be reduced by approximately 75%, an estimated 270 positions1, with approximately 75% of the reduction expected to be completed in November 2021 and the remainder to be completed in February 2022

* Total annualized operating expense2 savings of approximately $165 million in 2022 compared with the Company's updated 2021 Financial Guidance below

Updated 2021 and Preliminary 2022 Financial Guidance2:

Expenses 2021 Initial2021 Updated2022 Preliminary $ millionGuidance Guidance Guidance

R&D $195 ? 225 $180 ? 190 $55 ? 65

SG&A $80 ? 90 $70 ? 80 $30 ? 40