Innoviva, Inc. INVA
Innoviva, Inc. ("Innoviva", the "Company", the "Registrant" or "we" and other similar pronouns) is a diversified biopharmaceutical company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics ("IST"), and a portfolio of strategic healthcare assets.
Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited ("GSK"), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/vilanterol, "FF/VI") and ANORO® ELLIPTA® (umeclidinium bromide/vilanterol, "UMEC/VI"). Under the Long-Acting Beta-2 Agonist ("LABA") Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® as follows: 15% on the first $3.0 billion of annual global net sales and 5% for all annual global net sales above $3.0 billion; and royalties from the sales of ANORO® ELLIPTA®, which tier upward at a range from 6.5% to 10%.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $411.3M | $358.7M | $310.5M | $331.3M | $391.9M | $336.8M | $261.0M | $261.0M | $217.2M | $133.6M |
| Gross profit | $307.7M | $296.2M | $246.0M | — | — | — | — | — | — | — |
| R&D | $30.6M | $13.7M | $33.9M | $41.4M | $576.0K | $1.8M | $0 | $0 | $1.4M | $1.4M |
| SG&A | $113.3M | $115.7M | $98.2M | $63.5M | $16.2M | $13.9M | $14.7M | $20.1M | $32.3M | $23.2M |
| Total operating expenses | $143.9M | $129.3M | $132.2M | $44.4M | -$53.4M | -$17.5M | $14.7M | $22.8M | $33.6M | $24.6M |
| Operating income | $163.7M | $166.9M | $113.9M | — | $375.1M | $321.1M | $246.4M | $238.3M | $183.6M | $109.0M |
| Interest expense | $16.7M | $22.2M | $19.2M | $15.8M | $19.1M | $18.3M | $18.7M | $24.0M | $43.6M | $52.4M |
| Pre-tax income | $326.9M | $37.4M | $194.1M | $286.9M | $445.3M | $354.2M | $232.9M | $210.3M | $134.3M | $59.6M |
| Income tax | $55.7M | $14.0M | $14.4M | $66.7M | $76.4M | $60.4M | $41.9M | $196.1M | $4.0K | $95.0K |
| Net income | $271.2M | $23.4M | $179.7M | $220.3M | $368.8M | $293.8M | $191.0M | $406.3M | $134.3M | $59.5M |
| EPS, basic | 4.02 | 0.37 | 2.75 | 3.07 | 3.24 | 2.21 | 1.55 | 3.92 | 1.25 | 0.54 |
| EPS, diluted | 3.30 | 0.36 | 2.20 | 2.37 | 2.87 | 2.02 | 1.43 | 3.53 | 1.17 | 0.53 |
| Shares, diluted (wtd. avg.) | $84.8M | $74.2M | $86.9M | $95.2M | $94.3M | $113.6M | $113.4M | $113.4M | $119.9M | $123.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $550.9M | $305.0M | $193.5M | $291.0M | $201.5M | $246.5M | $278.1M | $62.4M | $73.3M | $118.0M |
| Short-term investments | — | — | — | — | — | $0 | $72.7M | $52.5M | $55.7M | $32.4M |
| Inventory | $39.2M | $33.7M | $40.7M | $55.9M | $0 | — | — | — | — | — |
| Total current assets | $727.5M | $554.3M | $344.2M | $443.5M | $313.7M | $342.1M | $431.2M | $199.0M | $200.4M | $198.0M |
| Property, plant and equipment | $1.6M | $514.0K | $483.0K | $170.0K | $12.0K | $28.0K | $33.0K | $160.0K | $209.0K | $368.0K |
| Goodwill | $17.9M | $17.9M | $17.9M | $26.7M | $0 | — | — | — | — | — |
| Other intangibles | $182.2M | $208.4M | $230.3M | $252.9M | $0 | — | — | — | — | — |
| Total assets | $1.64B | $1.30B | $1.24B | $1.23B | $926.4M | $999.6M | $724.8M | $548.2M | $367.3M | $379.0M |
| Accounts payable | $5.0M | $2.1M | $6.7M | $2.9M | $27.0K | $66.0K | $10.0K | $11.0K | $601.0K | $128.0K |
| Short-term debt | $0 | $192.0M | $0 | $96.2M | $0 | — | — | — | — | $7.8M |
| Total current liabilities | $49.7M | $236.1M | $38.1M | $135.0M | $5.8M | $6.1M | $5.4M | $5.7M | $34.7M | $20.0M |
| Long-term debt | $257.7M | $256.3M | $446.2M | $444.2M | $394.7M | $385.5M | $377.1M | $382.9M | $574.4M | $708.3M |
| Retained earnings | $269.4M | -$1.8M | -$25.2M | -$204.9M | -$456.1M | -$722.0M | -$946.4M | -$1.10B | -$1.50B | -$1.63B |
| Total equity | $1.17B | $691.2M | $675.0M | $565.8M | $525.9M | $607.8M | $342.1M | $159.1M | -$242.7M | -$353.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $196.9M | $188.7M | $141.1M | $201.7M | $363.8M | $313.1M | $257.5M | $223.5M | $141.7M | $61.0M |
| Depreciation and amortisation | — | — | — | — | $13.8M | $13.8M | $13.9M | $13.9M | $14.0M | $14.0M |
| Stock-based compensation | $9.5M | $6.4M | $5.8M | $7.3M | $2.0M | $1.7M | $2.1M | $3.2M | $9.8M | $8.3M |
| Capital expenditure | $1.1M | $270.0K | $411.0K | $67.0K | $0 | $13.0K | $12.0K | $0 | $0 | $278.0K |
| Investing cash flow | $40.5M | -$63.8M | -$66.8M | -$56.6M | $43.7M | -$314.9M | -$18.0M | $3.5M | -$23.2M | -$4.6M |
| Financing cash flow | $8.6M | -$13.5M | -$171.8M | -$55.6M | -$452.5M | -$29.8M | -$23.8M | -$238.0M | -$163.2M | -$97.6M |
| Dividends paid | — | — | — | — | $0 | $0 | $11.0K | $80.0K | $281.0K | $960.0K |
| Buybacks | $4.5M | $14.8M | $75.7M | $8.5M | $394.1M | $0 | $0 | $0 | $97.5M | $78.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-128939.
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