Treating COPD is a burgeoning cash cow for big pharma, with GlaxoSmithKline (NYSE:GSK) the indication's dominant player. However, investors looking for the biotech behind Glaxo's next-gen COPD drugs may find a surprise in Theravance (NASDAQ:THRX). The company recently split in two, with the money it earns from its role in Anoro and Breo Ellipta continuing under the old ticker, while the drug-development arm is reborn as Theravance Biopharma (NASDAQ:TBPH).

In this episode of Market Check-Up, The Motley Fool's health care-focused investing show, analysts David Williamson and Michael Douglass dive in to everything COPD and discuss why Theravance may end up disappointing investors.

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David Williamson, Michael Douglass, and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.