Comprehensive Stock Comparison
Compare Theravance Biopharma, Inc. (TBPH) vs Zai Lab Limited (ZLAB) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ZLAB | 15.3% revenue growth vs TBPH's 12.1% |
| Quality / Margins | TBPH | 36.5% net margin vs ZLAB's -38.1% |
| Stability / Safety | TBPH | Beta 0.50 vs ZLAB's 0.99, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | TBPH | +95.2% vs ZLAB's -44.5% |
| Efficiency (ROA) | TBPH | 7.1% ROA vs ZLAB's -15.0%, ROIC -17.2% vs -42.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Theravance Biopharma is a biopharmaceutical company that discovers, develops, and commercializes respiratory and inflammatory disease medicines. It generates revenue primarily from sales of YUPELRI for COPD treatment — its only marketed product — supplemented by milestone payments and royalties from partnered programs. The company's competitive advantage lies in its expertise in respiratory drug development and its portfolio of novel, targeted therapies for underserved medical conditions.
Zai Lab is a biopharmaceutical company that licenses, develops, and commercializes innovative therapies for oncology, autoimmune disorders, and infectious diseases primarily in Greater China. It generates revenue through product sales of its commercialized drugs — like Zejula for ovarian cancer and NUZYRA for bacterial infections — supplemented by milestone payments and royalties from its extensive partnership network. The company's key advantage lies in its strategic licensing model that gives it exclusive rights to promising late-stage and commercial-stage therapies for the Greater China market, allowing it to build a diversified portfolio without bearing full R&D costs.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
TBPH leads in 5 of 6 categories — strongest in Financial Metrics and Valuation Metrics.
Financial Metrics (TTM)
ZLAB is the larger business by revenue, generating $460M annually — 5.7x TBPH's $80M. TBPH is the more profitable business, keeping 36.5% of every revenue dollar as net income compared to ZLAB's -38.1%.
| Metric | TBPHTheravance Biopha… | ZLABZai Lab Limited |
|---|---|---|
| RevenueTrailing 12 months | $80M | $460M |
| EBITDAEarnings before interest/tax | -$31M | -$218M |
| Net IncomeAfter-tax profit | $29M | -$176M |
| Free Cash FlowCash after capex | $243M | -$159M |
| Gross MarginGross profit ÷ Revenue | +62.6% | +58.6% |
| Operating MarginEBIT ÷ Revenue | -40.9% | -49.9% |
| Net MarginNet income ÷ Revenue | +36.5% | -38.1% |
| FCF MarginFCF ÷ Revenue | +3.0% | -34.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.5% | +17.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +126.9% | +43.8% |
Valuation Metrics
| Metric | TBPHTheravance Biopha… | ZLABZai Lab Limited |
|---|---|---|
| Market CapShares × price | $925M | $21.3B |
| Enterprise ValueMkt cap + debt − cash | $937M | $20.8B |
| Trailing P/EPrice ÷ TTM EPS | -15.87x | -12.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 20.21x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | — |
| Price / SalesMarket cap ÷ Revenue | 14.36x | 46.21x |
| Price / BookPrice ÷ Book value/share | 5.08x | 2.94x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
TBPH delivers a 12.6% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $-25 for ZLAB. TBPH carries lower financial leverage with a 0.28x debt-to-equity ratio, signaling a more conservative balance sheet compared to ZLAB's 0.31x. On the Piotroski fundamental quality scale (0–9), TBPH scores 4/9 vs ZLAB's 3/9, reflecting mixed financial health.
| Metric | TBPHTheravance Biopha… | ZLABZai Lab Limited |
|---|---|---|
| ROE (TTM)Return on equity | +12.6% | -24.5% |
| ROA (TTM)Return on assets | +7.1% | -15.0% |
| ROICReturn on invested capital | -17.2% | -42.8% |
| ROCEReturn on capital employed | -13.8% | -27.9% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 3 |
| Debt / EquityFinancial leverage | 0.28x | 0.31x |
| Net DebtTotal debt minus cash | $12M | -$455M |
| Cash & Equiv.Liquid assets | $38M | $680M |
| Total DebtShort + long-term debt | $50M | $224M |
| Interest CoverageEBIT ÷ Interest expense | -11.01x | -48.75x |
Total Returns (with DRIP)
A $10,000 investment in TBPH five years ago would be worth $10,441 today (with dividends reinvested), compared to $1,186 for ZLAB. Over the past 12 months, TBPH leads with a +95.2% total return vs ZLAB's -44.5%. The 3-year compound annual growth rate (CAGR) favors TBPH at 19.1% vs ZLAB's -19.7% — a key indicator of consistent wealth creation.
| Metric | TBPHTheravance Biopha… | ZLABZai Lab Limited |
|---|---|---|
| YTD ReturnYear-to-date | +0.6% | +10.9% |
| 1-Year ReturnPast 12 months | +95.2% | -44.5% |
| 3-Year ReturnCumulative with dividends | +69.0% | -48.3% |
| 5-Year ReturnCumulative with dividends | +4.4% | -88.1% |
| 10-Year ReturnCumulative with dividends | +16.1% | -31.2% |
| CAGR (3Y)Annualised 3-year return | +19.1% | -19.7% |
Risk & Volatility
TBPH is the less volatile stock with a 0.50 beta — it tends to amplify market swings less than ZLAB's 0.99 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. TBPH currently trades 86.8% from its 52-week high vs ZLAB's 43.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | TBPHTheravance Biopha… | ZLABZai Lab Limited |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.50x | 0.99x |
| 52-Week HighHighest price in past year | $21.03 | $44.34 |
| 52-Week LowLowest price in past year | $7.90 | $15.96 |
| % of 52W HighCurrent price vs 52-week peak | +86.8% | +43.3% |
| RSI (14)Momentum oscillator 0–100 | 37.5 | 57.7 |
| Avg Volume (50D)Average daily shares traded | 331K | 622K |
Analyst Outlook
Wall Street rates TBPH as "Buy" and ZLAB as "Buy". Consensus price targets imply 83.6% upside for TBPH (target: $34) vs 82.1% for ZLAB (target: $35).
| Metric | TBPHTheravance Biopha… | ZLABZai Lab Limited |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $33.50 | $35.00 |
| # AnalystsCovering analysts | 14 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.3% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Theravance Biopharm… (TBPH) | 100 | 78.01 | -22.0% |
| Zai Lab Limited (ZLAB) | 100 | 28.99 | -71.0% |
Theravance Biopharm… (TBPH) returned +4% over 5 years vs Zai Lab Limited (ZLAB)'s -88%. A $10,000 investment in TBPH 5 years ago would be worth $10,441 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Theravance Biopharm… (TBPH) | $49M | $64M | +32.3% |
| Zai Lab Limited (ZLAB) | $0.00 | $460M | — |
Zai Lab Limited's revenue grew from $0M (2016) to $460M (2025) — a 0.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Theravance Biopharm… (TBPH) | -3.9% | -87.6% | -2135.9% |
| Zai Lab Limited (ZLAB) | -1074.3% | -38.1% | +96.4% |
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Theravance Biopharm… (TBPH) | -4.26 | -1.15 | +73.0% |
| Zai Lab Limited (ZLAB) | -39.7 | -1.6 | +96.0% |
Zai Lab Limited's EPS grew from $-39.70 (2016) to $-1.60 (2025).
Chart 5Free Cash Flow — 5 Years
Theravance Biopharma, Inc. generated $-12M FCF in 2024 (+94% vs 2021). Zai Lab Limited generated $-159M FCF in 2025 (+72% vs 2021).
TBPH vs ZLAB: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is TBPH or ZLAB a better buy right now?
Analysts rate Theravance Biopharma, Inc. (TBPH) a "Buy" — based on 14 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — TBPH or ZLAB?
Over the past 5 years, Theravance Biopharma, Inc. (TBPH) delivered a total return of +4.4%, compared to -88.1% for Zai Lab Limited (ZLAB). A $10,000 investment in TBPH five years ago would be worth approximately $10K today (assuming dividends reinvested). Over 10 years, the gap is even starker: TBPH returned +16.1% versus ZLAB's -31.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — TBPH or ZLAB?
By beta (market sensitivity over 5 years), Theravance Biopharma, Inc. (TBPH) is the lower-risk stock at 0.50β versus Zai Lab Limited's 0.99β — meaning ZLAB is approximately 100% more volatile than TBPH relative to the S&P 500. On balance sheet safety, Theravance Biopharma, Inc. (TBPH) carries a lower debt/equity ratio of 28% versus 31% for Zai Lab Limited — giving it more financial flexibility in a downturn.
04Which has better profit margins — TBPH or ZLAB?
Zai Lab Limited (ZLAB) is the more profitable company, earning -38.1% net margin versus -87.6% for Theravance Biopharma, Inc. — meaning it keeps -38.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ZLAB leads at -49.9% versus -72.9% for TBPH. At the gross margin level — before operating expenses — TBPH leads at 100.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is TBPH or ZLAB more undervalued right now?
Analyst consensus price targets imply the most upside for TBPH: 83.6% to $33.50.
06Which pays a better dividend — TBPH or ZLAB?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is TBPH or ZLAB better for a retirement portfolio?
For long-horizon retirement investors, Theravance Biopharma, Inc. (TBPH) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.50)). Both have compounded well over 10 years (TBPH: +16.1%, ZLAB: -31.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between TBPH and ZLAB?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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