Theravance Biopharma Q4 results mixed, co to reduce headcount by about 17%

• Theravance Biopharma press release (NASDAQ:TBPH): Q4 GAAP EPS of -$0.15 beats by $0.02.
• Revenue of $14.6M (-2.3% Y/Y) misses by $1.13M.
• Discontinuing investments in research, reducing headcount by approximately 17%.
• Increases capital return program to $325 million from $250 million; as of Feb. 27, approximately $170 million remains in the program.
• Commits to declassify the board of directors.
• Reaffirms expectation that co will generate non-GAAP profit in 2H 2023.