Innoviva, Inc. (INVA) SEC Filings & Earnings Calls
EquiReason read 14 Innoviva, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-08-05 — Total revenue $120M (+19% y/y); Royalty revenue $60M (+2% y/y); Net product sales $52M (+46% y/y); Guidance: At least $150 million in IST U.S. net product sales in 2026.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 1.5B
- P/E TTM
- 4.2
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 11 Nov, in 18 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
5 Aug 20268-K · 2.02Total revenue $120M (+19% y/y); Royalty revenue $60M (+2% y/y); Net product sales $52M (+46% y/y); Guidance: At least $150 million in IST U.S. net product sales in 2026earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $120M | +19% y/y |
| Royalty revenue · Q2-2026 | $60M | +2% y/y |
| Net product sales · Q2-2026 | $52M | +46% y/y |
| U.S. net product sales · IST · Q2-2026 | $37M | +26% y/y |
| Income from operations · Q2-2026 | $51M | +4% y/y |
| Net income (loss) · Q2-2026 | $-83M | |
| Cash and cash equivalents · Q2-2026 | $570M | |
| Strategic healthcare investments · Q2-2026 | $670M |
Guidance
At least $150 million in IST U.S. net product sales in 2026
Guidance reaffirmed for IST sales; strong operational performance; management confident.
Risks flagged
Fair value volatility in equity investments, particularly Armata Pharmaceuticals.
“Net unfavorable changes in fair value of equity and long-term investments totaled $161.0 million, primarily attributable to a lower share price of Armata Pharmaceuticals.” · word for word
Concentration risk in royalty portfolio (GSK).
“Royalty revenue from GSK remains stable but is a key revenue source.”
5 Aug 202610-QInnoviva reported Q2 2026 revenue up 19% YoY to $119.6M, but net loss of $83.4M due to unrealized investment losses. Product sales grew strongly, offsetting royalty declines.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $120M | +19% y/y |
| Net income (loss) · Q2-2026 | $-83M | |
| Net cash provided by operating activities · H1-2026 | $87M | -6% y/y |
| Royalty revenue - RELVAR/BREO · royalty · Q2-2026 | $48M | -13% y/y |
| Product sales - GIAPREZA U.S. · product · Q2-2026 | $21M | +24% y/y |
| Product sales - XACDURO U.S. · product · Q2-2026 | $12M | +41% y/y |
| Product sales - XACDURO ex-U.S. · product · Q2-2026 | $10M | +368% y/y |
| Share repurchases · Q2-2026 | $31M |
Risks flagged
Royalty revenue decline
“Total net royalty revenue decreased to $56.3 million for the three months ended June 30, 2026, compared to $63.9 million for the same periods a year ago, a decrease of 12%.” · word for word
Investment volatility
“We recorded $131.8 million in unrealized loss on equity method investments for the three months ended June 30, 2026.” · word for word
Cost inflation
“Cost of products sold $22,349 thousand for the three months ended June 30, 2026, compared to $10,590 thousand for the three months ended June 30, 2025, an increase of 111%.”
18 May 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Leadership transition risk with no detail on departure circumstances.
“CEO change announced; no reason or successor background provided.”
13 May 2026SC 13D/AArmata Pharmaceuticals borrowed $25M from Innoviva Sub at 14% interest, increasing Innoviva's beneficial ownership to 82.7%.open
Risks flagged
High leverage and control concentration
“secured term loan facility in an aggregate amount of $25,000,000 at an interest rate of 14.00% per annum” · word for word
6 May 202610-QTotal revenue $98M (+11% y/y); Net income (loss) $187M; Royalty revenue, net $55M (-5% y/y)open
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $98M | +11% y/y |
| Net income (loss) · Q1-2026 | $187M | |
| Royalty revenue, net · Q1-2026 | $55M | -5% y/y |
| Net product sales · Q1-2026 | $41M | +37% y/y |
| GIAPREZA net sales · Q1-2026 | $20M | +11% y/y |
| XACDURO net sales · Q1-2026 | $18M | +132% y/y |
| Cash and cash equivalents · 2026-03-31 | $603M | |
| Share repurchases · Q1-2026 | $20M | |
| Changes in fair value of equity method investments, net · Q1-2026 | $158M | |
| Cost of products sold · Q1-2026 | $16M | +77% y/y |
Risks flagged
Pricing pressure on respiratory royalties
“The decrease in total net royalty revenue was primarily due to lower net sales driven by pricing pressures in the United States.” · word for word
Concentration risk on GSK royalties
“Our revenues are generated primarily from our collaborative arrangements and royalty payments from GSK, located in Great Britain.” · word for word
High effective interest rate on deferred royalty obligation
“As of March 31, 2026, the annual effective interest rate of the deferred royalty obligation for the current period is 26.29%.” · word for word
6 May 20268-K · 2.02Total revenue $98M (+11% y/y); Royalty revenue $59M (-4% y/y); Net product sales $41M (+37% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $98M | +11% y/y |
| Royalty revenue · Q1-2026 | $59M | -4% y/y |
| Net product sales · Q1-2026 | $41M | +37% y/y |
| Net income · Q1-2026 | $187M | |
| Cash and cash equivalents · 2026-03-31 | $603M |
Risks flagged
Royalty revenue declined slightly; reliance on GSK partnership.
24 Mar 2026DEF 14AInnoviva filed its definitive proxy statement (DEF 14A) for the 2026 Annual Meeting of Stockholders, disclosing executive compensation, pay-for-performance alignment, and governance matters.open
Figures in the filing · each found in the filing text
| Net Income · FY2025 | $271M | |
| Basic EPS · FY2025 | $4.02 | |
| Total Shareholder Return (Company) · FY2025 | $161.00 | |
| Total Shareholder Return (Peer Group) · FY2025 | $116.00 | |
| CEO Total Compensation · FY2025 | $5M | |
| Median Employee Compensation · FY2025 | $437552.00 | |
| CEO Pay Ratio · FY2025 | $12.34 | |
| Number of Employees · FY2025 | 157 | |
| Cash Distributions from Sarissa Capital Partnership Unwind · FY2025 | $121M |
Risks flagged
Dependence on GSK royalty revenue
“risks related to: lower than expected future royalty revenue from respiratory products partnered with GSK”
Forward-looking statements and business uncertainties
“This Proxy Statement contains certain 'forward-looking' statements ... Such forward-looking statements involve substantial risks, uncertainties, and assumptions.” · word for word
25 Feb 202610-KTotal net product sales $172M (+77% y/y); Total royalty revenue, net $236M (-2% y/y); Net income $271Mopen
Figures in the filing · each found in the filing text
| Total net product sales · FY2025 | $172M | +77% y/y |
| Total royalty revenue, net · FY2025 | $236M | -2% y/y |
| Net income · FY2025 | $271M | |
| Operating cash flow · FY2025 | $197M | +4% y/y |
| Free cash flow · FY2025 | $197M | +4% y/y |
| Cash and cash equivalents · 2025-12-31 | $551M |
Risks flagged
Royalty revenue decline due to US pricing pressure
“The decrease in total net royalty revenue was primarily due to lower net sales driven by pricing pressures in the United States.” · word for word
Cost of products sold growing faster than sales
“Cost of product sold $77,384 for 2025 vs $36,598 for 2024, an increase of 111%.”
25 Feb 20268-K · 2.02Total revenue $411M (+15% y/y); Net income $271M (+62% y/y); Royalty revenue $250M (-2% y/y); Guidance: IST U.S. net product sales expected $150M+ in 2026earningsopen
Figures in the filing · each found in the filing text
| Total revenue · FY2025 | $411M | +15% y/y |
| Net income · FY2025 | $271M | +63% y/y |
| Royalty revenue · Royalty · FY2025 | $250M | -2% y/y |
| Net product sales · FY2025 | $172M | +77% y/y |
| U.S. net product sales · IST · FY2025 | $119M | +47% y/y |
| Cash and cash equivalents · FY2025 | $551M | |
| Income from operations · FY2025 | $164M | -2% y/y |
| Basic earnings per share · FY2025 | $4.02 |
Guidance
IST U.S. net product sales expected $150M+ in 2026
Management expects IST U.S. net product sales of $150M+ in 2026, up from $119.2M in 2025, indicating strong growth.
Risks flagged
Royalty revenue from GSK declined slightly; reliance on GSK for royalty stream.
“Royalty revenue: full year was $250.3 million, compared to $255.6 million for the full year 2024”
5 Nov 20258-K · 2.02Total Revenue $108M (+20% y/y); Royalty Revenue $63M (+5% y/y); Net Product Sales $47M (+70% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q3-2025 | $108M | +20% y/y |
| Royalty Revenue · Royalties · Q3-2025 | $63M | +5% y/y |
| Net Product Sales · IST · Q3-2025 | $47M | +70% y/y |
| Income from Operations · Q3-2025 | $35M | -20% y/y |
| Net Income · Q3-2025 | $90M | +7392% y/y |
| Net Income Per Share (Basic) · Q3-2025 | $1.30 | +6400% y/y |
| Cash and Cash Equivalents · Q3-2025 | $477M | |
| Share Repurchase Authorization · Q3-2025 | $125M | |
| Strategic Investments Value · Strategic Investments · Q3-2025 | $483M |
Risks flagged
Income from operations decreased 20% due to non-recurring R&D expense.
“Income from operations was $34.6 million, a 20% decrease from $43.2 million in the third quarter 2024, primarily due to a non-recurring expense related to research and development.” · word for word
5 Nov 202510-QInnoviva reported strong Q3 2025 results with revenue up 20% YoY, product sales up 70%, and net income surging to $89.9M.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $108M | +20% y/y |
| Net income · Q3-2025 | $90M | +7312% y/y |
| Royalty revenue, net · Q3-2025 | $60M | +5% y/y |
| Net product sales · Q3-2025 | $47M | +70% y/y |
| GIAPREZA net sales · U.S. · Q3-2025 | $18M | +39% y/y |
| XACDURO net sales · U.S. · Q3-2025 | $8M | +99% y/y |
| Operating cash flow · 9M-2025 | $142M | +10% y/y |
Risks flagged
Generic competition for GIAPREZA
“settlement agreement ... granting Defendants a perpetual, royalty-free and fully paid-up, non-exclusive ... license ... commencing in the early 2030s”
Concentration on GSK royalty revenue
“Our revenues are generated primarily from our collaborative arrangements and royalty payments from GSK, located in Great Britain.” · word for word
Innoviva, Inc. — questions
- What did Innoviva, Inc. file recently?
- 14 SEC filings in the last 12 months. Latest: 8-K on 2026-08-05 — Total revenue $120M (+19% y/y); Royalty revenue $60M (+2% y/y); Net product sales $52M (+46% y/y); Guidance: At least $150 million in IST U.S. net product sales in 2026
Every figure on this page comes from Innoviva, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.