Watch for Q4 2026 financials (filed in Nov 2026) to see initial YUPELRI profit-share contribution and integration costs. The $100M TRELEGY milestone in Q1 2027 is a key catalyst. Monitor share repurchase pace and any externalization of R&D programs.
Price Chart
Executive Summary
Zymeworks completed its acquisition of Theravance Biopharma, adding YUPELRI (revefenacin) for a mid-teens base-case IRR. The deal was funded via a $350M non-recourse OMERS note and ~$217.5M cash. Zymeworks issued 2026 guidance of $278M-$292M total revenue and $114M-$128M Adjusted EBITDA, with a potential $100M TRELEGY ELLIPTA milestone in Q1 2027. The acquisition provides immediate accretive cash flows and diversifies revenue, but integration risk and leverage from the OMERS note are notable.
Key Financial Metrics
Key Facts
- Acquisition of Theravance Biopharma completed; shareholders received $17.00/share cash.
- YUPELRI expected to contribute immediately accretive revenue and cash flow with mid-teens base-case IRR.
- 2026 total revenue guidance: $278M-$292M; 2026 Adjusted EBITDA guidance: $114M-$128M.
- Acquisition financed via $350M non-recourse OMERS note and ~$217.5M of Zymeworks cash.
- Potential $100M TRELEGY ELLIPTA milestone payment expected in Q1 2027.
- $2.5 billion of Irish tax attributes acquired, providing potential future upside.
- Zymeworks has repurchased 1,971,454 shares at avg $25.04 under $125M buyback program; cumulative $211.6M repurchased since Aug 2024.
- Ziihera (zanidatamab-hrii) received FDA approval for first-line HER2+ gastroesophageal adenocarcinoma on Aug 25, 2026.
Financial Impact
2026 total revenue $278M-$292M; Adjusted EBITDA $114M-$128M; $350M non-recourse debt; $100M potential milestone in Q1 2027; $2.5B Irish tax attributes
Risk Factors
- Integration of Theravance Biopharma and YUPELRI commercial operations may underperform expectations.
- Leverage from $350M OMERS note; 75% of YUPELRI cash flows assigned to debt service until repayment.
- YUPELRI hospital sales growth may decelerate; competition or pricing pressure could reduce margins.
- Potential milestone payment from TRELEGY ELLIPTA is contingent on sales conditions being met by Dec 31, 2026.
- Uncertain tax position liability may be reversed in Q4 2026, but outcome is not guaranteed.
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3369687 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | DEFA14A | $28.23 | awaiting T+1 | — | $28.85 (+2.20%) |
Oct 26, 2026 1d ago | DEF 14A | $28.37 | awaiting T+1 | — | $28.85 (+1.69%) |
Oct 23, 2026 4d ago | 8-K | $28.22 $28.37 | ▲ +0.53% | ▼ −0.18% | $28.85 (+2.23%) |
Oct 15, 2026 12d ago | Press Release | $25.75 $25.03 | ▼ −2.80% | ▼ −1.69% | $28.85 (+12.04%) |
Oct 9, 2026 18d ago | 144 | $25.79 $25.33 | ▼ −1.78% | ▼ −1.72% | $28.85 (+11.87%) |
Sep 28, 2026 29d ago | Press Release | $27.12 $27.20 | ▲ +0.29% | ▲ +0.48% | $28.85 (+6.38%) |
Sep 23, 2026 4w ago | Press Release | $26.81 $26.52 | ▼ −1.08% | ▼ −1.63% | $28.85 (+7.61%) |
Aug 25, 2026 9w ago | 8-K | $27.47 $29.31 | ▲ +6.68% | ▲ +6.66% | $28.85 (+5.02%) |
Jul 16, 2026 14w ago | Press Release | $24.19 | awaiting T+1 | — | $28.85 (+19.26%) |
Jun 29, 2026 17w ago | Press Release | $24.10 $26.14 | ▲ +8.46% | ▲ +7.69% | $28.85 (+19.71%) |
US Market Status
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