Zymeworks Inc. (ZYME) on Monday finalized its acquisition of Theravance Biopharma, releasing the last transaction details and updated financial guidance for fiscal year 2026.
The biotechnology company now projects 2026 revenue between $278 million and $292 million, alongside 2026 adjusted EBITDA ranging from $114 million to $128 million.
Management expects the strategic transaction to supply immediate recurring cash flow and expand operating leverage through the newly acquired healthcare assets.
Commercial Integration And Leadership Additions
The deal adds YUPELRI (revefenacin) to the Zymeworks portfolio through an established collaboration with Viatris.
Zymeworks receives a 35% share of net U.S. profits and overseas royalties for the product, which generated $133.1 million in overall sales during the first half of 2026.
Financial Metrics And Growth Drivers
Zymeworks anticipates a mid-teens base-case internal rate of return, supported by YUPELRI sales growth and a smaller contribution from VIBATIV. Second-quarter 2026 hospital sales for YUPELRI grew 25%, reinforcing continued product expansion into community settings.
Acquisition and restructuring expenses will total approximately $25 million to $30 million.
Additionally, Zymeworks gained $2.5 billion in Irish tax attributes and anticipates a potential $100 million milestone payment in early 2027 tied to TRELEGY ELLIPTA.
Balance Sheet And Capital Allocation
Kristin Stafford, Chief Financial Officer of Zymeworks, stated that the business accessed $600 million in non-dilutive financing in 2026 using non-recourse notes.
The firm deployed these proceeds to fund the purchase price and support share repurchases while minimizing equity dilution.
Following FDA approval of Ziihera in August, Zymeworks maintains a strong financial structure with no plans for additional equity offerings.
ZYME Price Action: Zymeworks shares were up 2.34% at $27.14 at the time of publication on Monday, according to market data.
