Intrinsic value of Theravance Biopharma, Inc. - TBPH

Previous Close

$24.08

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$24.08

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of TBPH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  96
  148
  222
  322
  454
  624
  838
  1,100
  1,416
  1,788
  2,221
  2,715
  3,272
  3,893
  4,578
  5,325
  6,134
  7,003
  7,932
  8,918
  9,960
  11,057
  12,209
  13,415
  14,674
  15,987
  17,354
  18,777
  20,256
  21,794
Variable operating expenses, $m
  344
  531
  795
  1,153
  1,627
  2,237
  3,002
  3,942
  5,073
  6,407
  7,956
  9,727
  11,724
  13,950
  16,402
  19,080
  21,979
  25,093
  28,420
  31,952
  35,686
  39,618
  43,745
  48,065
  52,576
  57,281
  62,181
  67,278
  72,579
  78,088
Fixed operating expenses, $m
  231
  236
  241
  247
  252
  258
  263
  269
  275
  281
  287
  293
  300
  306
  313
  320
  327
  334
  342
  349
  357
  365
  373
  381
  389
  398
  407
  416
  425
  434
Total operating expenses, $m
  575
  767
  1,036
  1,400
  1,879
  2,495
  3,265
  4,211
  5,348
  6,688
  8,243
  10,020
  12,024
  14,256
  16,715
  19,400
  22,306
  25,427
  28,762
  32,301
  36,043
  39,983
  44,118
  48,446
  52,965
  57,679
  62,588
  67,694
  73,004
  78,522
Operating income, $m
  -479
  -619
  -814
  -1,078
  -1,425
  -1,870
  -2,428
  -3,111
  -3,932
  -4,900
  -6,023
  -7,306
  -8,752
  -10,363
  -12,138
  -14,075
  -16,172
  -18,424
  -20,830
  -23,384
  -26,083
  -28,926
  -31,909
  -35,031
  -38,292
  -41,692
  -45,233
  -48,917
  -52,747
  -56,728
EBITDA, $m
  -475
  -613
  -806
  -1,065
  -1,407
  -1,846
  -2,395
  -3,068
  -3,877
  -4,830
  -5,937
  -7,200
  -8,625
  -10,212
  -11,960
  -13,868
  -15,934
  -18,153
  -20,522
  -23,038
  -25,697
  -28,497
  -31,435
  -34,510
  -37,723
  -41,072
  -44,560
  -48,188
  -51,961
  -55,883
Interest expense (income), $m
  0
  25
  3
  10
  19
  31
  48
  69
  95
  128
  167
  213
  266
  327
  396
  473
  558
  650
  750
  858
  972
  1,094
  1,223
  1,359
  1,501
  1,650
  1,806
  1,969
  2,138
  2,314
  2,496
Earnings before tax, $m
  -503
  -623
  -824
  -1,097
  -1,456
  -1,918
  -2,496
  -3,206
  -4,059
  -5,066
  -6,235
  -7,572
  -9,079
  -10,759
  -12,611
  -14,633
  -16,822
  -19,174
  -21,687
  -24,356
  -27,178
  -30,149
  -33,268
  -36,532
  -39,942
  -43,498
  -47,202
  -51,055
  -55,061
  -59,225
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -503
  -623
  -824
  -1,097
  -1,456
  -1,918
  -2,496
  -3,206
  -4,059
  -5,066
  -6,235
  -7,572
  -9,079
  -10,759
  -12,611
  -14,633
  -16,822
  -19,174
  -21,687
  -24,356
  -27,178
  -30,149
  -33,268
  -36,532
  -39,942
  -43,498
  -47,202
  -51,055
  -55,061
  -59,225

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  244
  377
  564
  819
  1,155
  1,588
  2,132
  2,800
  3,602
  4,550
  5,650
  6,908
  8,326
  9,907
  11,648
  13,550
  15,608
  17,821
  20,183
  22,691
  25,343
  28,136
  31,066
  34,134
  37,338
  40,679
  44,159
  47,779
  51,543
  55,456
Adjusted assets (=assets-cash), $m
  244
  377
  564
  819
  1,155
  1,588
  2,132
  2,800
  3,602
  4,550
  5,650
  6,908
  8,326
  9,907
  11,648
  13,550
  15,608
  17,821
  20,183
  22,691
  25,343
  28,136
  31,066
  34,134
  37,338
  40,679
  44,159
  47,779
  51,543
  55,456
Revenue / Adjusted assets
  0.393
  0.393
  0.394
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
Average production assets, $m
  19
  29
  43
  62
  88
  121
  163
  213
  275
  347
  431
  527
  635
  755
  888
  1,033
  1,190
  1,359
  1,539
  1,730
  1,932
  2,145
  2,369
  2,602
  2,847
  3,101
  3,367
  3,643
  3,930
  4,228
Working capital, $m
  -115
  -178
  -266
  -385
  -544
  -747
  -1,003
  -1,317
  -1,695
  -2,140
  -2,658
  -3,250
  -3,917
  -4,660
  -5,480
  -6,374
  -7,343
  -8,383
  -9,494
  -10,674
  -11,922
  -13,236
  -14,614
  -16,057
  -17,565
  -19,136
  -20,773
  -22,476
  -24,247
  -26,087
Total debt, $m
  62
  182
  350
  580
  882
  1,272
  1,761
  2,362
  3,085
  3,938
  4,928
  6,060
  7,336
  8,759
  10,326
  12,038
  13,890
  15,881
  18,007
  20,265
  22,651
  25,164
  27,802
  30,563
  33,447
  36,454
  39,585
  42,844
  46,231
  49,753
Total liabilities, $m
  220
  340
  508
  737
  1,040
  1,430
  1,919
  2,520
  3,242
  4,095
  5,085
  6,217
  7,494
  8,916
  10,484
  12,195
  14,048
  16,038
  18,164
  20,422
  22,809
  25,322
  27,960
  30,720
  33,604
  36,611
  39,743
  43,001
  46,389
  49,910
Total equity, $m
  24
  38
  56
  82
  116
  159
  213
  280
  360
  455
  565
  691
  833
  991
  1,165
  1,355
  1,561
  1,782
  2,018
  2,269
  2,534
  2,814
  3,107
  3,413
  3,734
  4,068
  4,416
  4,778
  5,154
  5,546
Total liabilities and equity, $m
  244
  378
  564
  819
  1,156
  1,589
  2,132
  2,800
  3,602
  4,550
  5,650
  6,908
  8,327
  9,907
  11,649
  13,550
  15,609
  17,820
  20,182
  22,691
  25,343
  28,136
  31,067
  34,133
  37,338
  40,679
  44,159
  47,779
  51,543
  55,456
Debt-to-equity ratio
  2.550
  4.830
  6.210
  7.080
  7.640
  8.010
  8.260
  8.440
  8.560
  8.650
  8.720
  8.770
  8.810
  8.840
  8.860
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -503
  -623
  -824
  -1,097
  -1,456
  -1,918
  -2,496
  -3,206
  -4,059
  -5,066
  -6,235
  -7,572
  -9,079
  -10,759
  -12,611
  -14,633
  -16,822
  -19,174
  -21,687
  -24,356
  -27,178
  -30,149
  -33,268
  -36,532
  -39,942
  -43,498
  -47,202
  -51,055
  -55,061
  -59,225
Depreciation, amort., depletion, $m
  4
  6
  9
  12
  18
  24
  33
  43
  55
  69
  86
  105
  127
  151
  178
  207
  238
  272
  308
  346
  386
  429
  474
  520
  569
  620
  673
  729
  786
  846
Funds from operations, $m
  -500
  -617
  -815
  -1,084
  -1,439
  -1,893
  -2,464
  -3,163
  -4,004
  -4,997
  -6,149
  -7,467
  -8,952
  -10,608
  -12,433
  -14,426
  -16,584
  -18,903
  -21,379
  -24,010
  -26,791
  -29,720
  -32,794
  -36,012
  -39,373
  -42,878
  -46,528
  -50,326
  -54,275
  -58,379
Change in working capital, $m
  -43
  -63
  -88
  -120
  -158
  -204
  -256
  -314
  -378
  -446
  -518
  -592
  -667
  -743
  -819
  -895
  -968
  -1,041
  -1,111
  -1,180
  -1,247
  -1,314
  -1,379
  -1,443
  -1,507
  -1,572
  -1,637
  -1,703
  -1,771
  -1,840
Cash from operations, $m
  -457
  -554
  -727
  -965
  -1,280
  -1,690
  -2,208
  -2,849
  -3,627
  -4,551
  -5,632
  -6,875
  -8,285
  -9,865
  -11,614
  -13,531
  -15,615
  -17,862
  -20,268
  -22,830
  -25,544
  -28,406
  -31,415
  -34,569
  -37,866
  -41,306
  -44,891
  -48,623
  -52,504
  -56,539
Maintenance CAPEX, $m
  -2
  -4
  -6
  -9
  -12
  -18
  -24
  -33
  -43
  -55
  -69
  -86
  -105
  -127
  -151
  -178
  -207
  -238
  -272
  -308
  -346
  -386
  -429
  -474
  -520
  -569
  -620
  -673
  -729
  -786
New CAPEX, $m
  -7
  -10
  -14
  -19
  -26
  -33
  -41
  -51
  -61
  -72
  -84
  -96
  -108
  -120
  -133
  -145
  -157
  -169
  -180
  -191
  -202
  -213
  -223
  -234
  -244
  -255
  -265
  -276
  -287
  -298
Cash from investing activities, $m
  -9
  -14
  -20
  -28
  -38
  -51
  -65
  -84
  -104
  -127
  -153
  -182
  -213
  -247
  -284
  -323
  -364
  -407
  -452
  -499
  -548
  -599
  -652
  -708
  -764
  -824
  -885
  -949
  -1,016
  -1,084
Free cash flow, $m
  -466
  -568
  -747
  -993
  -1,318
  -1,740
  -2,274
  -2,933
  -3,731
  -4,678
  -5,785
  -7,057
  -8,499
  -10,112
  -11,898
  -13,854
  -15,979
  -18,269
  -20,720
  -23,329
  -26,092
  -29,006
  -32,068
  -35,276
  -38,630
  -42,130
  -45,777
  -49,572
  -53,520
  -57,623
Issuance/(repayment) of debt, $m
  -392
  120
  168
  229
  303
  390
  489
  601
  723
  853
  990
  1,132
  1,277
  1,422
  1,568
  1,711
  1,853
  1,991
  2,126
  2,258
  2,387
  2,513
  2,638
  2,761
  2,884
  3,007
  3,132
  3,258
  3,388
  3,521
Issuance/(repurchase) of shares, $m
  987
  636
  843
  1,122
  1,490
  1,961
  2,551
  3,273
  4,140
  5,161
  6,345
  7,698
  9,221
  10,917
  12,785
  14,823
  17,027
  19,396
  21,923
  24,607
  27,443
  30,428
  33,561
  36,839
  40,263
  43,832
  47,550
  51,417
  55,437
  59,616
Cash from financing (excl. dividends), $m  
  595
  756
  1,011
  1,351
  1,793
  2,351
  3,040
  3,874
  4,863
  6,014
  7,335
  8,830
  10,498
  12,339
  14,353
  16,534
  18,880
  21,387
  24,049
  26,865
  29,830
  32,941
  36,199
  39,600
  43,147
  46,839
  50,682
  54,675
  58,825
  63,137
Total cash flow (excl. dividends), $m
  129
  188
  264
  359
  474
  610
  766
  941
  1,131
  1,336
  1,550
  1,773
  1,999
  2,227
  2,455
  2,680
  2,901
  3,118
  3,329
  3,536
  3,738
  3,936
  4,131
  4,324
  4,516
  4,709
  4,904
  5,102
  5,305
  5,514
Retained Cash Flow (-), $m
  -987
  -636
  -843
  -1,122
  -1,490
  -1,961
  -2,551
  -3,273
  -4,140
  -5,161
  -6,345
  -7,698
  -9,221
  -10,917
  -12,785
  -14,823
  -17,027
  -19,396
  -21,923
  -24,607
  -27,443
  -30,428
  -33,561
  -36,839
  -40,263
  -43,832
  -47,550
  -51,417
  -55,437
  -59,616
Prev. year cash balance distribution, $m
  408
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -450
  -448
  -579
  -764
  -1,016
  -1,351
  -1,784
  -2,332
  -3,008
  -3,825
  -4,795
  -5,925
  -7,222
  -8,690
  -10,330
  -12,143
  -14,126
  -16,278
  -18,594
  -21,071
  -23,705
  -26,492
  -29,430
  -32,515
  -35,747
  -39,123
  -42,645
  -46,314
  -50,132
  -54,102
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -432
  -410
  -504
  -629
  -787
  -980
  -1,205
  -1,458
  -1,728
  -2,006
  -2,277
  -2,528
  -2,746
  -2,917
  -3,033
  -3,086
  -3,074
  -2,998
  -2,863
  -2,677
  -2,452
  -2,198
  -1,929
  -1,656
  -1,391
  -1,141
  -915
  -717
  -547
  -407
Current shareholders' claim on cash, %
  50.0
  1.8
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Theravance Biopharma, Inc. is a biopharmaceutical company. The Company is engaged in creating medicines for patients suffering from serious illness. The Company operates in the segment of discovery (research), development and commercialization of human therapeutics. The Company's pipeline of internally discovered product candidates includes medicines to address the unmet needs of patients being treated for serious conditions primarily in the acute care setting. Its commercial product VIBATIV (telavancin) is a once-daily dual-mechanism antibiotic approved in the United States and Europe for certain difficult-to-treat infections. Its Revefenacin (TD-4208) is a long-acting muscarinic antagonist (LAMA) being developed as a nebulized treatment for chronic obstructive pulmonary disease. Its neprilysin (NEP) inhibitor program is designed to develop selective NEP inhibitors for the treatment of a range of cardiovascular and renal diseases.

FINANCIAL RATIOS  of  Theravance Biopharma, Inc. (TBPH)

Valuation Ratios
P/E Ratio -6.7
Price to Sales 26
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow -12.8
Price to Free Cash Flow -12.6
Growth Rates
Sales Growth Rate 16.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 63.7%
Total Debt to Equity 63.7%
Interest Coverage 0
Management Effectiveness
Return On Assets -40.7%
Ret/ On Assets - 3 Yr. Avg. -76.1%
Return On Total Capital -46.8%
Ret/ On T. Cap. - 3 Yr. Avg. -96.2%
Return On Equity -64.4%
Return On Equity - 3 Yr. Avg. -102.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 93.9%
Gross Margin - 3 Yr. Avg. 82.9%
EBITDA Margin -363.3%
EBITDA Margin - 3 Yr. Avg. -895.7%
Operating Margin -367.3%
Oper. Margin - 3 Yr. Avg. -911.3%
Pre-Tax Margin -369.4%
Pre-Tax Margin - 3 Yr. Avg. -908.4%
Net Profit Margin -389.8%
Net Profit Margin - 3 Yr. Avg. -932.7%
Effective Tax Rate -5.5%
Eff/ Tax Rate - 3 Yr. Avg. -2.9%
Payout Ratio 0%

TBPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TBPH stock intrinsic value calculation we used $60 million for the last fiscal year's total revenue generated by Theravance Biopharma, Inc.. The default revenue input number comes from 0001 income statement of Theravance Biopharma, Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TBPH stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TBPH is calculated based on our internal credit rating of Theravance Biopharma, Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Theravance Biopharma, Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TBPH stock the variable cost ratio is equal to 358.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $226 million in the base year in the intrinsic value calculation for TBPH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Theravance Biopharma, Inc..

Corporate tax rate of 27% is the nominal tax rate for Theravance Biopharma, Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TBPH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TBPH are equal to 19.4%.

Life of production assets of 3.7 years is the average useful life of capital assets used in Theravance Biopharma, Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TBPH is equal to -119.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-51.589 million for Theravance Biopharma, Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 55.773 million for Theravance Biopharma, Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Theravance Biopharma, Inc. at the current share price and the inputted number of shares is $1.3 billion.

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