Innoviva Inc. (INVA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.5	$0.56	+12.0%	—	$119.6M	—
Q1 26	$0.43	$0.47	+9.3%	—	$98M	—
Q4 25	$1.94	$2.13	+9.8%	—	$114.6M	—
Q3 25	$0.39	$0.38	-2.6%	—	$107.8M	—
Q2 25	$0.5	$0.77	+54.0%	—	$100.3M	—
Q1 25	$0.29	-$0.74	-355.2%	—	$88.6M	—
Q4 24	$0.41	$0.26	-36.6%	—	$91.8M	—
Q3 24	$0.27	$0.12	-55.6%	—	$89.5M	—
Q2 24	$0.24	-$0.55	-329.2%	—	$99.9M	—
Q1 24	$0.17	$0.46	+170.6%	—	$77.5M	—
Q4 23	$0.23	$0.76	+230.4%	—	$85.8M	—
Q3 23	$0.27	$0.98	+263.0%	—	$67.3M	—
Q2 23	$0.26	$0.02	-92.3%	—	$81M	—
Q1 23	$0.23	$0.42	+82.6%	—	$76.4M	—
Q4 22	$0.23	-$0.98	-526.1%	—	$65.8M	—
Q3 22	$2.24	$2.8	+25.0%	—	$67.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.02	—	—	$411.3M	—
FY24	—	$0.37	—	—	$358.7M	—
FY23	—	$2.75	—	—	$310.5M	—
FY22	—	$3.07	—	—	$331.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$133.6M	$217.2M	$261M	$261M	$336.8M	$391.9M	$331.3M	$310.5M	$358.7M	$411.3M
YoY change	+147.6%	+62.6%	+20.2%	+0%	+29%	+16.4%	-15.4%	-6.3%	+15.5%	+14.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	133.6M	217.2M	261M	261M	336.8M	391.9M	331.3M	310.5M	358.7M	411.3M
Cost of revenue	—	—	—	—	0	0	13.8M	42.6M	36.6M	77.4M
Gross profit	—	—	—	—	336.8M	391.9M	317.5M	267.8M	322.1M	333.9M
Gross margin	—	—	—	—	100%	100%	95.8%	86.3%	89.8%	81.2%
Research & development	1.4M	1.4M	0	0	1.8M	576K	41.4M	33.9M	13.7M	30.6M
Selling, general & administrative	23.2M	32.3M	22.8M	14.7M	13.9M	16.2M	63.5M	98.2M	115.7M	113.3M
Operating expenses	24.6M	33.6M	22.8M	14.7M	15.7M	16.8M	105M	132.2M	129.3M	143.9M
Operating income	109M	183.6M	238.3M	246.4M	321.1M	375.1M	207M	113.9M	166.9M	163.7M
Operating margin	81.6%	84.5%	91.3%	94.4%	95.3%	95.7%	62.5%	36.7%	46.5%	39.8%
Non-operating income, net	2.5M	-7M	-5.7M	-345K	49.9M	87.4M	89.4M	83.6M	-126.4M	158.7M
Pretax income	59.6M	134.3M	210.3M	232.9M	354.2M	445.3M	286.9M	194.1M	37.4M	326.9M
Income tax	95K	4K	-196.1M	41.9M	60.4M	76.4M	66.7M	14.4M	14M	55.7M
Net income	59.5M	134.3M	406.3M	191M	293.8M	368.8M	220.3M	179.7M	23.4M	271.2M
Net margin	44.6%	61.8%	155.7%	73.2%	87.2%	94.1%	66.5%	57.9%	6.52%	65.9%
EBITDA	126M	191.9M	248.1M	265.4M	371.8M	457.7M	53.8M	223.9M	144.7M	349.7M
EPS	0.54	1.25	3.92	1.55	2.21	3.24	3.07	2.75	0.37	4.02
Diluted EPS	0.53	1.17	3.53	1.43	2.02	2.87	2.37	2.2	0.36	3.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	67.3M	85.8M	77.5M	99.9M	89.5M	91.8M	88.6M	100.3M	107.8M	114.6M	98M	119.6M
Cost of revenue	10.2M	13.1M	11M	8.5M	10M	7.2M	8.8M	10.6M	32.3M	12.7M	15.6M	29M
Gross profit	57.1M	72.7M	66.5M	91.4M	79.5M	84.6M	79.8M	89.7M	75.5M	101.9M	82.4M	90.6M
Gross margin	84.9%	84.7%	85.8%	91.5%	88.8%	92.2%	90%	89.4%	70.1%	88.9%	84.1%	75.8%
Research & development	4M	2.4M	3.9M	2.6M	3.6M	3.7M	4.4M	8M	13.7M	4.6M	5.2M	5.2M
Selling, general & administrative	28.6M	26.3M	30.4M	27.7M	26.2M	31.3M	27.5M	26.4M	27.3M	32.1M	32.4M	34.6M
Operating expenses	32.6M	28.7M	34.3M	30.3M	29.8M	35M	31.9M	34.4M	41M	36.7M	37.7M	39.8M
Operating income	17.9M	37.5M	25.8M	54.7M	43.2M	43.1M	41.4M	48.8M	34.6M	39M	38.2M	50.9M
Operating margin	26.7%	43.7%	33.3%	54.7%	48.3%	47%	46.7%	48.6%	32.1%	34%	38.9%	42.5%
Non-operating income, net	68.3M	24.8M	20.8M	-91.6M	-36.1M	-19.5M	-79.8M	23.6M	61.8M	153.2M	190.9M	-161M
Pretax income	86M	61.2M	45.1M	-39.3M	6.8M	24.7M	-38.6M	72.6M	97.8M	195M	234.6M	-108M
Income tax	3.9M	-330K	8.6M	-4.6M	5.6M	4.4M	8M	8.9M	7.9M	30.9M	48M	-24.6M
Net income	82M	61.5M	36.5M	-34.7M	1.2M	20.3M	-46.6M	63.7M	89.9M	164.2M	186.6M	-83.4M
Net margin	122%	71.7%	47.1%	-34.7%	1.36%	22.1%	-52.6%	63.5%	83.4%	143.2%	190.4%	-69.8%
EBITDA	99.5M	57.6M	70.8M	3.5M	36.1M	34.3M	37.9M	72.5M	76.9M	162.3M	213M	-66.8M
EPS	1.26	0.97	0.58	-0.55	0.02	0.32	-0.74	1.01	1.3	2.19	2.52	-1.14
Diluted EPS	0.98	0.76	0.46	-0.55	0.02	0.26	-0.74	0.77	1.08	1.94	2.22	-1.14

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.2B	1.5B	1.8B	1.4B	1.3B	—	—	1B	1.1B	1.3B	1.5B
Enterprise value	1.7B	2B	2B	1.5B	1.4B	—	—	1.3B	1.1B	1B	1.3B
Shares outstanding	110.3M	106.9M	100.8M	101.2M	101.3M	82.1M	69.6M	65.4M	62.7M	67.4M	67.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.8	11.3	4.33	7.5	4.27	—	—	5.84	46.5	4.97	4.82
P/S	8.83	6.99	6.74	5.49	3.73	—	—	3.38	3.03	3.28	3.41
P/B	-3.34	-6.25	11.1	4.19	2.07	—	—	1.56	1.57	1.15	1.22
EV/EBITDA	13.9	10.4	8.17	5.5	3.75	—	—	5.83	7.79	3	6.4
EV/Sales	13.1	9.15	7.77	5.59	4.14	—	—	4.2	3.14	2.55	2.84
Earnings yield	5.05%	8.85%	23.1%	13.3%	23.4%	—	—	17.1%	2.15%	20.1%	20.7%
FCF yield	5.14%	9.34%	12.7%	18%	24.9%	—	—	13.4%	16.9%	13.8%	7.19%
PEG	—	—	—	—	—	—	—	—	—	—	-0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	—	—	—	—	100%	100%	95.8%	86.3%	89.8%	81.2%	75.8%
Operating margin	81.6%	84.5%	91.3%	94.4%	95.3%	95.7%	62.5%	36.7%	46.5%	39.8%	43.3%
Net margin	44.6%	61.8%	155.7%	73.2%	87.2%	94.1%	66.5%	57.9%	6.52%	65.9%	81.2%
ROE	-16.9%	-55.3%	255.5%	55.8%	48.3%	70.1%	38.9%	26.6%	3.38%	23.1%	36.7%
ROA	15.7%	36.6%	74.1%	26.4%	29.4%	39.8%	17.9%	14.5%	1.8%	16.6%	6.95%
ROIC	51.2%	80.7%	55.8%	54.8%	35.7%	43.2%	19.4%	11.3%	14.3%	15.5%	15%
Return on tangible assets	15.7%	36.6%	74.1%	26.4%	29.4%	40.3%	32.8%	24.1%	2.76%	22%	26.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	9.88	5.77	34.9	80.3	56	54	3.29	9.03	2.35	14.6	16
Quick ratio	9.88	5.77	34.9	80.3	56	54	2.87	7.96	2.21	13.9	15.2
Debt / equity	-2.03	-2.47	2.41	1.1	0.63	0.75	0.96	0.67	0.65	0.23	0.27
Debt / assets	1.89	1.63	0.7	0.52	0.39	0.43	0.44	0.36	0.35	0.16	0.16
Net debt / EBITDA	4.49	2.45	1.08	0.1	0.37	0.42	4.7	1.14	0.27	-0.85	-0.8
Interest coverage	2.14	4.08	9.78	13.5	20.3	24.3	19.2	11.1	2.68	20.6	24
Effective tax rate	0.16%	0%	0%	18%	17.1%	17.2%	23.2%	7.41%	37.4%	17%	14.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.21	2.03	2.59	2.58	3.32	4.78	4.76	4.74	5.72	6.1	6.04
EPS (basic)	0.54	1.25	3.92	1.55	2.21	3.24	3.07	2.75	0.37	4.02	4.02
EPS (diluted)	0.53	1.17	3.53	1.43	2.02	2.87	2.37	2.2	0.36	3.3	4.31
Book value per share	-3.2	-2.27	1.58	3.38	6	6.41	8.12	10.3	11	17.4	17
FCF per share	0.55	1.33	2.22	2.55	3.09	4.43	2.9	2.15	2.94	2.77	2.45
Cash per share	1.36	1.21	1.14	3.47	2.43	2.46	4.18	2.96	6.58	8.41	8.02
Capex per share	0	0	0	0	0	0	0	0.01	0	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.21%	0%	0%	0%	0%	0%	0.02%	0.13%	0.05%	—	—
Capex / operating cash flow	0.44%	0%	0%	0%	0%	0%	0.02%	0.18%	0.84%	—	—
Payout ratio	1.61%	0.21%	0.02%	0.01%	0%	0%	—	—	—	—	0%
Dividend yield	0.08%	0.02%	0%	0%	0%	—	—	—	—	—	4.71%

Yield

4.71%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.25

ex-dividend Sep 8, 2015

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 8, 2015	$0.25
Jun 10, 2015	$0.25
Mar 10, 2015	$0.25
Nov 21, 2014	$0.25
Aug 26, 2014	$0.25

Split history

Date	Ratio
Jun 3, 2014	1241:1000

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$67.3M	$85.8M	$77.5M	$99.9M	$89.5M	$91.8M	$88.6M	$100.3M	$107.8M	$114.6M	$98M	$119.6M
YoY change	+0%	+30.4%	+1.48%	+23.3%	+33.1%	+6.95%	+14.4%	+0.39%	+20.4%	+24.8%	+10.6%	+19.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	150.4M	129.1M	114.9M	350.8M	246.5M	201.5M	291M	193.5M	412.5M	566.7M
Receivables	46.8M	70.5M	83.3M	79.4M	93.9M	110.7M	9.4M	14.5M	20.4M	35M
Inventory	—	—	—	—	—	0	55.9M	40.7M	33.7M	39.2M
Total current assets	198M	200.4M	199M	431.2M	342.1M	313.7M	443.5M	344.2M	554.3M	727.5M
Property, plant & equipment	—	—	—	—	—	-5.4M	-3M	3M	3M	12.5M
Goodwill & intangibles	—	—	—	—	—	10.3M	559.3M	496.5M	452.7M	400.1M
Total assets	379M	367.3M	548.2M	724.8M	999.6M	926.4M	1.2B	1.2B	1.3B	1.6B
Accounts payable	128K	601K	11K	10K	66K	27K	2.9M	6.7M	2.1M	5M
Short-term debt	7.8M	25M	—	—	—	106K	97.5M	1.2M	193.6M	418K
Total current liabilities	20M	34.7M	5.7M	5.4M	6.1M	5.8M	135M	38.1M	236.1M	49.7M
Long-term debt	708.3M	574.4M	382.9M	377.1M	385.5M	394.7M	446.6M	447.9M	257.5M	268.6M
Total liabilities	732M	610M	389.1M	382.7M	391.7M	400.5M	665.7M	568.6M	609.9M	462.3M
Shareholders' equity	-353M	-242.7M	159.1M	342.1M	607.8M	525.9M	565.8M	675M	691.2M	1.2B
Total debt	716.1M	599.4M	382.9M	377.1M	385.5M	394.8M	544.1M	449.1M	451.1M	269M
Net debt	598.1M	526M	320.4M	99M	139M	193.2M	253M	255.6M	146.1M	-281.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	180M	193.5M	178.4M	217M	260.6M	412.5M	446.9M	497.7M	533.1M	566.7M	611.9M	579.1M
Receivables	67.8M	14.5M	76M	94M	30.5M	20.4M	16.7M	20.9M	30.2M	35M	34M	50.8M
Inventory	40.5M	40.7M	37.4M	36.7M	34.2M	33.7M	41.5M	49M	38.4M	39.2M	38.8M	39M
Total current assets	305M	344.2M	311.3M	358.3M	400.6M	554.3M	582M	651.8M	684.6M	727.5M	772.6M	753.4M
Property, plant & equipment	3.2M	3M	2.6M	3.5M	3.3M	3M	2.6M	2.2M	2.9M	12.5M	12.8M	12.5M
Goodwill & intangibles	509.5M	496.5M	483.6M	470.7M	457.7M	452.7M	439.7M	426.6M	413.4M	400.1M	387M	373.8M
Total assets	1.2B	1.2B	1.3B	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.6B	1.8B	1.7B
Accounts payable	3.8M	6.7M	890K	2M	4.2M	2.1M	4.7M	5.4M	6.2M	5M	6.5M	4M
Short-term debt	1.2M	1.2M	1.3M	1.5M	193.4M	193.6M	193.5M	192.9M	680K	418K	646K	712K
Total current liabilities	36.2M	38.1M	29.9M	28.2M	223.8M	236.1M	234.7M	246.6M	48.5M	49.7M	36.6M	47.1M
Long-term debt	447.7M	447.9M	448.1M	449.3M	257.6M	257.5M	257.8M	258M	258.3M	268.6M	268.8M	268.9M
Total liabilities	560.6M	568.6M	563.9M	559.4M	563.1M	609.9M	607.5M	618.8M	419.2M	462.3M	494.9M	469.5M
Shareholders' equity	627.5M	675M	703.7M	665.5M	668.5M	691.2M	646.9M	714.8M	1B	1.2B	1.3B	1.2B
Total debt	448.9M	449.1M	449.3M	450.7M	450.9M	451.1M	451.3M	450.9M	259M	269M	269.4M	269.7M
Net debt	268.9M	255.6M	271M	233.7M	190.3M	146.1M	132.2M	53.4M	-217.6M	-281.9M	-333.7M	-300.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	59.5M	134.3M	406.3M	191M	293.8M	368.8M	220.3M	179.7M	23.4M	271.2M
Depreciation & amortization	14M	14M	13.9M	13.9M	0	0	5.6M	21.8M	25.9M	26.3M
Stock-based compensation	8.3M	9.8M	3.2M	2.1M	1.7M	2M	7.3M	5.8M	6.4M	9.5M
Change in working capital	-22.2M	-26.3M	-13.3M	3.7M	-14.4M	-15.8M	6.1M	-32M	-52M	-15M
Operating cash flow	63.1M	136.6M	221.5M	259.9M	363.6M	454.1M	293.7M	222.4M	20.2M	196.9M
Capital expenditure	-278K	0	0	-12K	-13K	0	-67K	-411K	-169K	—
Investing cash flow	-4.6M	-23.2M	3.5M	-18M	-314.9M	43.7M	-56.6M	-66.8M	-59.8M	51M
Dividends paid	-960K	-281K	-80K	-11K	0	0	—	—	—	—
Share repurchases	-79.2M	-99.6M	-3.1M	-89K	-92K	-394.2M	-8.6M	-75.8M	-14.9M	-4.7M
Financing cash flow	-97.6M	-163.2M	-238M	-23.8M	-29.8M	-452.5M	-220.7M	-268M	-13.5M	-2.1M
Net change in cash	-39.1M	-49.9M	-13M	218.2M	18.9M	45.4M	16.3M	-112.4M	-53M	245.8M
Free cash flow	60.7M	141.7M	223.5M	257.4M	313.1M	363.8M	201.7M	140.7M	184.4M	186.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	82M	61.5M	36.5M	-34.7M	1.2M	20.3M	-46.6M	63.7M	89.9M	164.2M	186.6M	-83.4M
Depreciation & amortization	6.5M	6.5M	6.4M	6.4M	6.5M	6.5M	6.5M	6.5M	6.6M	6.6M	6.6M	6.6M
Stock-based compensation	1.4M	1.3M	1.5M	1.6M	1.6M	1.7M	2.1M	2.4M	2.4M	2.5M	2.6M	4.7M
Change in working capital	11.9M	-26.6M	-962K	-18.7M	4.5M	-36.9M	2.3M	-15.3M	13.1M	-15.1M	-8M	-16.8M
Operating cash flow	107.8M	61.9M	56.1M	-51.7M	16.1M	-253K	-30.9M	44.1M	49.7M	54.5M	35.3M	52M
Capital expenditure	-227K	-151K	98K	0	-270K	3K	0	—	—	—	—	—
Investing cash flow	-10.6M	-5.2M	-43M	0	19.6M	-11.5M	-34.7M	19.9M	28.9M	23.6M	37.5M	-55M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-11.1M	-14.6M	-9.7M	-5.2M	-18K	-19K	-67K	-24K	-25K	-4.6M	-20.4M	-31.2M
Financing cash flow	-11.1M	-14.6M	-9.2M	-5.1M	211K	573K	183K	1.2M	169K	-3.7M	-20.1M	-29.4M
Net change in cash	86.2M	42.2M	3.9M	-56.8M	35.9M	-11.2M	-65.3M	65.3M	78.8M	74.5M	52.6M	-32.5M
Free cash flow	43.7M	33.1M	37M	43.7M	48.4M	55.2M	48.6M	44.1M	39.2M	54.5M	34.8M	51.5M

Innoviva Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement