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Theravance Royalty Revenue Forecast

After another three months of investors panicking over the ongoing rout in Theravance (THRX) shares, happening without major news, the company's commercial partner GSK (GSK) has now provided an update on actual results. (The page linked contains all the documents and presentations I will refer to in this article.)

This is how the new drugs actually did:

Sales in GBP m

2014

Q4 only

Q3 only

Q1-3

Breo/Relvar

67

38

15

29

Anoro

14

9

1

5

While still low, these figures reveal a pretty encouraging growth trajectory. Total sales for Anoro plus Breo in the quarter were GBP47m or three times the combined Q3 result.

Furthermore, the segmented data demonstrates that looking at the US alone means to miss far more than half of the drug's potential. (Moreover, launches in several smaller countries are still ongoing.)

Breo/Relvar sales in GBP m

Q3

Q4

Japan

2

12

Europe

4