Theravance Biopharma, Inc.

Ladies and gentlemen, good afternoon. I'd like to welcome everyone to the Vera Vanspire Farmer third quarter 2021 conference call. During the presentation, all participants will be in a listen-only mode. A question and answer session will follow the company's formal remarks. To ask a question, press the star key followed by the digit 1 on your phone. Again, that's star 1 to ask a question. If listening via webcast, please mute audio on your webcast device before asking a question over the phone. I'll repeat these instructions after management completes the prepared remarks. Also, today's conference call is being recorded. And now I would like to turn the call over to Gail Cohen, Vice President, Corporate Communications. Please go ahead.

Good afternoon, and thank you for joining the Theravance Biopharma third quarter 2021 conference call to discuss our business. As always, I remind you that this call will contain forward looking statements that involve risks and uncertainties, including statements about our development pipeline, expected benefits of our products, anticipated timing of clinical trials, regulatory filings, and expected financial results. Information concerning factors that could cause results to differ materially from our forward looking statements is described further in our filings with the SEC. Now, I would direct your attention to slide three. Joining us are Rick Winningham, Chief Executive Officer, followed by Rhonda Farnham, Senior Vice President, Commercial and Medical Affairs, Rick Graham, Senior Vice President, Research and Development, and Andrew Heinemann, Chief Financial Officer. Now, I will hand the call to Rick Winningham for opening remarks.

Thanks, Gail. In mid-September, we announced the decision to restructure the company in order to optimize our business model. This decision followed a complete scenario planning exercise led by the board management with the assistance of outside advisors. Since the announcement, we've made a rapid transition to a streamlined, respiratory-focused TheraVance Biopharma. We immediately initiated a significant cost reduction program We've taken action to reduce the company's headcount by approximately 75%, estimated 270 positions, and we're on track to complete the large majority of these reductions by the end of this month, with the remainder to be completed in February of 2022. We're focused on leveraging expertise in developing and commercializing respiratory therapeutics and streamlined our future R&D investments to focus solely on the highest value respiratory assets. We'll continue to explore strategic partnerships for both core and non-core assets to unlock value. All of these actions drive towards our goal to maximize shareholder value. Moving to slide five, there are three key pillars of value creation for the go-forward plan, the build on our track record of respiratory innovation leading to several approved medicines for COPD and asthma. This includes Trilogy, or respiratory medicine, developed by Glaxo Group in collaboration with the company's predecessor, Theravance Inc., and Upelrate, which was discovered and developed by Theravance Biopharma, launched in 2019, and is now commercialized in the U.S. in partnership with Beatrice. Trilogy is experiencing exceptional growth with its dual indication for COPD and asthma, driving higher demand in the U.S., and GSK has obtained approval from for the asthma indication in 10 additional markets. Trilogy is currently expected to generate global peak sales of approximately $3 billion annually. Upelri remains early in its product lifecycle, has demonstrated market share growth quarter over quarter despite the respiratory pandemic. We believe it's got the potential to generate U.S. peak sales exceeding $400 billion. We believe the strong and growing cash flows of Trilogy and Upelri and the expected future robust revenue performance for both will generate significant value creation opportunities for our shareholders. It's my pleasure to have Rhonda Farnham, now SVP, Commercial and Medical Affairs, join us on the call today. Rhonda's been a part of the TheraVance leadership team since joining the company in July 2018 as Vice President Sales and Marketing, where she was responsible for the commercial execution of our branded products, including sales, marketing, and managed markets. Her deep commercial expertise and success has steered the team well. In her new role, with expanded responsibility, including medical affairs, I'm confident our progress will accelerate. Rhonda will provide an update on the strong and growing cash flows from UPowery and speak to the overall COPD market dynamic. COVID-19 continues to impact COPD patient visits, diagnoses, and new starts. Despite this dynamic, both UPelry and Trilogy, thanks to GSK's efforts, continue to grow market share and provide significant value to shareholders. Rick Graham will update you on where we are with the highest value core respiratory programs in the rest of the pipeline. Moving to slide six, as we stated in the announcement regarding our strategic actions, significant operating expense reductions to drive sustainable cash flow generation beginning in the second half of 2022, are critical, and we provided preliminary 2022 financial guidance. Andrew Heinemann will follow with the highlights of GSK's trilogy performance and an overview of our third quarter financials. I'll now turn the call over to Rhonda, who will share our commercial team's progress with you, Pelry, and speak to the COPD marketplace dynamics. Rhonda?