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INVA

Innoviva, Inc.

INVA

Innoviva, Inc. • NASDAQ
$21.73 ▲ 0.09% (+0.02)
Market Cap $1.40 B
52w High $22.76
52w Low $16.52
Dividend Yield 0%
P/E 13.09
Volume 287.86K
Outstanding Shares 64.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $107.8M ▲ $47.446M ▼ $89.908M ▲ 83.403% ▲ $1.3 ▲ $108.482M ▲
Q2-2025 $100.283M ▲ $138.444M ▲ $63.688M ▲ 63.508% ▲ $1.01 ▲ $83.808M ▲
Q1-2025 $88.632M ▼ $121.218M ▲ $-46.584M ▼ -52.559% ▼ $-0.74 ▼ $-27.403M ▼
Q4-2024 $91.806M ▲ $41.502M ▲ $20.332M ▲ 22.147% ▲ $0.32 ▲ $35.954M ▲
Q3-2024 $89.508M $29.77M $1.213M 1.355% $0.019 $19.167M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $533.102M ▲ $1.429B ▲ $419.155M ▼ $1.01B ▲
Q2-2025 $497.73M ▲ $1.334B ▲ $618.751M ▲ $714.821M ▲
Q1-2025 $446.88M ▲ $1.254B ▼ $607.485M ▼ $646.905M ▼
Q4-2024 $412.496M ▲ $1.301B ▲ $609.901M ▲ $691.159M ▲
Q3-2024 $260.63M $1.232B $563.07M $668.542M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $89.908M ▲ $49.727M ▲ $18.412M ▼ $10.842M ▲ $78.981M ▲ $48.606M ▲
Q2-2025 $63.688M ▲ $44.073M ▼ $33.122M ▲ $1.247M ▲ $78.442M ▲ $44.073M ▼
Q1-2025 $-46.584M ▼ $48.617M ▼ $-34.674M ▼ $183K ▼ $14.126M ▼ $48.617M ▼
Q4-2024 $20.332M ▲ $59.239M ▲ $-15.478M ▼ $573K ▲ $44.334M ▲ $55.239M ▲
Q3-2024 $1.213M $48.686M $-5.27M $211K $43.627M $48.416M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License And Other Revenue
License And Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $30.00M ▲$30.00M ▲$40.00M ▲$50.00M ▲
Royalty
Royalty
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the last few years, with only modest ups and downs, which reflects the stability of the royalty and hospital drug businesses. Margins remain high by industry standards, but profitability has clearly come under pressure more recently. Operating profit is still solid, yet earnings dropped sharply in the latest year, suggesting heavier spending, integration costs, or other non‑recurring items are weighing on the bottom line. Overall, the business still looks profitable, but the trend is away from the unusually strong earnings levels seen a few years ago.

Balance Sheet

Balance Sheet The balance sheet looks reasonably sturdy. Total assets have been edging higher, and shareholder equity has grown, which indicates that value is being built over time rather than eroded. Debt is meaningful but not excessive and has come down from its prior peak, while cash has improved from the previous year. This points to a company that is using leverage but not in an aggressive way, with a generally sound financial foundation to support ongoing operations and deals.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has been consistently positive and comfortably covers the business needs, and free cash flow closely tracks operating cash flow because capital spending is minimal. This reflects an asset-light model where most value comes from intellectual property and acquisitions, not from heavy physical investment. Even as reported earnings have softened, cash flow has held up, which gives management flexibility to invest, service debt, and pursue new opportunities.

Competitive Edge

Competitive Edge Innoviva occupies a specialized niche in healthcare. On one side, it benefits from royalty streams tied to established respiratory drugs partnered with a major pharmaceutical company, which provides a stabilizing backbone for the business. On the other side, it is building a focused portfolio in critical care and serious infections, particularly where drug resistance is a growing problem. This niche focus, combined with targeted acquisitions and relationships in hospital settings, gives the company a differentiated position. The flip side is concentration risk: reliance on a limited number of products, partners, and therapeutic areas, plus exposure to pricing pressure and stewardship policies in antibiotics and critical care drugs.

Innovation and R&D

Innovation and R&D The company leans heavily on innovation and smart deal-making rather than mass‑market primary care drugs. It has brought in differentiated hospital and anti‑infective products such as targeted antibiotics and novel treatments for shock, and it is advancing a pipeline led by a first‑in‑class oral antibiotic for gonorrhea. Beyond its own pipeline, Innoviva has placed strategic bets on newer technologies like bacteriophage therapies, AI‑driven neuro tools, and long‑acting oral delivery platforms. This creates multiple potential growth paths but also raises the usual biotech uncertainties around clinical results, regulatory approvals, commercial uptake, and the inherently challenging economics of developing antibiotics.

Summary

Innoviva has evolved from a pure royalty collector into a broader specialty biopharma platform, keeping the financial stability of royalties while adding higher‑risk, higher‑potential hospital and infectious disease products. Financially, it remains profitable with solid cash generation and a decent balance sheet, although recent earnings softness suggests a period of heavier investment or transition. Strategically, its focus on serious, underserved conditions and its dual‑engine model provide clear differentiation, but also tie its fortunes to a relatively narrow set of products, partners, and clinical programs. Future performance will hinge on how well it can convert its current portfolio and pipeline—especially in anti‑infectives—into durable, commercially successful franchises while managing the financial and regulatory risks that come with this strategy.

NEWS

November 25, 2025 · 7:00 AM UTC

Innoviva to Participate in the 37th Annual Piper Sandler Healthcare Conference

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November 5, 2025 · 4:05 PM UTC

Innoviva Reports Third Quarter 2025 Financial Results; Highlights Recent Company Progress

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October 21, 2025 · 8:00 AM UTC

Antheia Appoints Eric d'Esparbes as Chief Financial Officer

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October 20, 2025 · 8:00 AM UTC

Innoviva Specialty Therapeutics Announces Oral Presentation Featuring New Analyses from the Zoliflodacin Pivotal Phase 3 Trial at IDWeek 2025

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October 7, 2025 · 8:00 AM UTC

Innoviva Specialty Therapeutics to Deliver Six Presentations from its Infectious Diseases and Critical Care Portfolio at IDWeek 2025

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