Theravance downgraded at BofA/Merrill As previously reported, BofA/Merrill downgraded Theravance (THRX) to Neutral from Buy. The firm downgraded shares following GlaxoSmithKline (GSK) Q2 report that indicated continued pressure in the COPD market and higher discounting. The firm has increased caution on the Anoro launch and lowered its peak 2020 estimate to $2.5B from $3B. Price target lowered to $31 from $34.
Theravance sees results from Salford COPD lung study in 2016 "Results from the SUMMIT chronic obstructive pulmonary disease study of 16,000 patients evaluating the impact of Relvar/Breo Ellipta on all-cause mortality among patients with COPD who have cardiovascular disease are expected to be available by year-end 2015. The Salford lung study in COPD is expected to complete by the end of 2015 with the first results expected in 2016," said the company.