Theravance Biopharma is a biopharmaceutical company that develops and commercializes medicines for patients, with its primary commercial product being YUPELRI (revefenacin inhalation solution), an FDA-approved maintenance treatment for chronic obstructive pulmonary disease. The company generates revenue through a profit-sharing arrangement with Viatris Inc. on YUPELRI sales in the US market, receives tiered royalties on international net sales outside the US, and is eligible for substantial milestone payments from future regulatory approvals and sales thresholds. The company's business model relies on the commercialization success of YUPELRI, which is co-promoted in the US under a structure where Viatris retains 65% of profits and losses while Theravance Biopharma receives 35%, supplemented by licensing royalties and milestone payments from its collaboration partners.