INVA

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Innoviva, Inc.

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Key Metrics

Previous Close: $21.48
52-Week Range: $16.52 – $25.15
Market Cap: $1.52B
P/E (TTM): 4.98
EPS (TTM): 4.22
Dividend Yield: —

Advanced Metrics

Price/Book: 1.24
PEG Ratio: 0.31
Return on Equity: 36.68%
Return on Assets: 6.95%
Gross Margin: 72.67%
Operating Margin: 43.28%
Profit Margin: 81.19%
Current Ratio: 16.01
Debt/Equity: 0.27
Total Debt: $331.24M
Free Cash Flow: $110.33M
Revenue Growth: 19.30%
Earnings Growth: —
Enterprise Value: $1.27B

INVA Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$331.34M	$310.46M	$358.71M	$411.33M
Cost of Revenue	$13.79M	$42.64M	$36.60M	$77.38M
Gross Profit	$317.55M	$267.82M	$322.11M	$333.94M
Research & Development	$41.43M	$33.92M	$13.65M	$30.60M
Selling, General & Admin	$63.54M	$98.23M	$115.69M	$113.32M
Operating Expenses	$110.55M	$153.94M	$155.25M	$170.20M
Operating Income	$207.00M	$113.89M	$166.87M	$163.75M
EBITDA	$308.32M	$235.04M	$85.50M	$369.84M
Pretax Income	$286.95M	$194.10M	$37.39M	$326.86M
Income Tax	$66.69M	$14.38M	$14.00M	$55.70M
Net Income	$213.92M	$179.72M	$23.39M	$271.17M
Diluted EPS	2.37	2.20	0.36	3.30
Diluted Shares	95.25M	86.88M	74.19M	84.76M

INVA Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$291.05M	$193.51M	$304.96M	$550.94M
Receivables	$64.07M	$84.08M	$86.37M	$93.32M
Inventory	$55.90M	$40.74M	$33.73M	$39.17M
Current Assets	$443.51M	$344.22M	$554.31M	$727.51M
Total Assets	$1.23B	$1.24B	$1.30B	$1.64B
Current Liabilities	$134.97M	$38.13M	$236.08M	$49.70M
Long-Term Debt	$444.18M	$446.23M	$256.32M	$257.73M
Total Debt	$544.07M	$449.08M	$451.10M	$269.02M
Total Liabilities	$665.71M	$568.55M	$609.90M	$462.32M
Retained Earnings	-$204.91M	-$25.19M	-$1.80M	$269.37M
Shareholders' Equity	$565.79M	$674.96M	$691.16M	$1.17B
Working Capital	$308.54M	$306.08M	$318.22M	$677.82M
Net Debt	$249.32M	$252.72M	$143.38M	—

INVA Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$201.73M	$141.06M	$188.69M	$196.93M
Capital Expenditure	-$67.00K	-$411.00K	-$4.27M	-$10.50M
Free Cash Flow	$201.66M	$140.65M	$184.42M	$186.43M
Depreciation & Amortisation	$5.58M	$21.78M	$25.90M	$26.28M
Stock-Based Compensation	$7.35M	$5.84M	$6.37M	$9.45M
Investing Cash Flow	-$56.63M	-$66.76M	-$63.79M	$40.50M
Financing Cash Flow	-$55.57M	-$171.84M	-$13.45M	$8.55M
Share Repurchases	-$8.59M	-$75.81M	-$14.92M	-$4.67M
Net Change in Cash	$89.52M	-$97.54M	$111.45M	$245.98M

INVA Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$88.63M	$100.28M	$107.80M	$114.61M	$97.99M
Cost of Revenue	$8.84M	$10.59M	$32.26M	$12.67M	$15.61M
Gross Profit	$79.79M	$89.69M	$75.54M	$101.94M	$82.39M
Research & Development	$4.40M	$7.98M	$13.67M	$4.55M	$5.24M
Selling, General & Admin	$27.49M	$26.41M	$27.29M	$32.12M	$32.44M
Operating Expenses	$38.36M	$40.94M	$40.96M	$62.96M	$44.23M
Operating Income	$41.43M	$48.75M	$34.58M	$38.99M	$38.15M
EBITDA	-$27.40M	$83.81M	$108.45M	$204.98M	$246.55M
Pretax Income	-$38.59M	$72.60M	$97.82M	$195.04M	$234.56M
Income Tax	$8.00M	$8.91M	$7.91M	$30.88M	$47.97M
Net Income	-$46.58M	$63.69M	$89.91M	$164.15M	$186.59M
Diluted EPS	-0.74	0.77	1.08	1.94	2.22
Diluted Shares	62.71M	84.45M	84.96M	85.26M	84.85M

INVA Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$319.09M	$397.53M	$476.51M	$550.94M	$603.09M
Receivables	$77.94M	$88.26M	$93.52M	$93.32M	$92.63M
Inventory	$41.48M	$49.00M	$38.36M	$39.17M	$38.84M
Current Assets	$582.02M	$651.78M	$684.57M	$727.51M	$772.62M
Total Assets	$1.25B	$1.33B	$1.43B	$1.64B	$1.84B
Current Liabilities	$234.75M	$246.56M	$48.47M	$49.70M	$36.56M
Long-Term Debt	$256.67M	$257.02M	$257.38M	$257.73M	$258.10M
Total Debt	$451.26M	$450.90M	$258.96M	$269.02M	$269.43M
Total Liabilities	$607.49M	$618.75M	$419.15M	$462.32M	$494.93M
Retained Earnings	-$48.38M	$15.31M	$105.22M	$269.37M	$455.96M
Shareholders' Equity	$646.90M	$714.82M	$1.01B	$1.17B	$1.34B
Working Capital	$347.28M	$405.21M	$636.10M	$677.82M	$736.07M
Net Debt	$129.79M	$51.39M	—	—	—

INVA Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$48.62M	$44.07M	$49.73M	$54.51M	$35.28M
Capital Expenditure	—	—	—	-$10.00K	-$492.00K
Free Cash Flow	$48.62M	$44.07M	$39.24M	$54.50M	$34.79M
Depreciation & Amortisation	$6.47M	$6.55M	$6.62M	$6.64M	$6.55M
Stock-Based Compensation	$2.15M	$2.42M	$2.38M	$2.50M	$2.57M
Investing Cash Flow	-$34.67M	$33.12M	$18.41M	$23.64M	$37.01M
Financing Cash Flow	$183.00K	$1.25M	$10.84M	-$3.72M	-$20.15M
Share Repurchases	-$67.00K	-$24.00K	-$25.00K	-$4.56M	-$20.41M
Net Change in Cash	$14.13M	$78.44M	$78.98M	$74.43M	$52.14M

Market Snapshot

About

Innoviva, Inc. is a biopharmaceutical company with a portfolio of royalty streams from respiratory medications and an investment strategy focused on healthcare assets. The company receives royalties from RELVAR/BREO ELLIOTT and ANORO ELLIOTT, respiratory products partnered with GSK, which provide substantial recurring cash flows. Innoviva has diversified its business by making strategic investments in healthcare and life sciences companies through its subsidiary Innoviva Strategic Ventures. The company utilizes its royalty income to fund investments and return capital to shareholders while maintaining exposure to the pharmaceutical industry.