Innoviva (INVA)
Market Price (6/22/2026): $22.49 | Market Cap: $1.7 BilSector: Health Care | Industry: Pharmaceuticals
Innoviva (INVA)
Market Price (6/22/2026): $22.49Market Cap: $1.7 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26%, FCF Yield is 11% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Weak multi-year price returns3Y Excs Rtn is -3.6% | Key risksINVA key risks include [1] its heavy dependence on royalty revenue from its GSK partnership for key respiratory products and [2] its specific debt levels. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26%, FCF Yield is 11% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns3Y Excs Rtn is -3.6% |
| Key risksINVA key risks include [1] its heavy dependence on royalty revenue from its GSK partnership for key respiratory products and [2] its specific debt levels. |
Qualitative Assessment
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Innoviva (INVA) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Innoviva's fiscal Q1 2026 earnings presented a mixed financial picture, leading to a largely neutral stock reaction. Innoviva reported earnings per share (EPS) of $2.22 for fiscal Q1 2026 (ended March 31, 2026), significantly beating analysts' expectations of $0.43 by 416.28%. However, this positive EPS surprise was tempered by reported quarterly revenue of $97.99 million, which fell below analyst estimates of $101.57 million. Furthermore, an ESOP-related shelf registration for up to 9 million shares raised concerns about potential dilution, contributing to the stock's muted response despite the strong EPS performance.
2. The balance between growth in Innoviva Specialty Therapeutics (IST) and reliance on the core royalty portfolio contributed to a stable valuation. In fiscal Q1 2026, net product sales from Innoviva's IST business grew by 37% year-over-year to $41.4 million. This demonstrated progress in diversifying the company's revenue streams. However, Innoviva continues to derive substantial revenue from its established royalty portfolio, which generated $58.6 million from GSK in the same quarter. The simultaneous presence of strong growth in one segment and the steady nature of another likely resulted in investors maintaining a relatively stable outlook on the stock.
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Innoviva (INVA) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Innoviva's fiscal Q1 2026 earnings presented a mixed financial picture, leading to a largely neutral stock reaction. Innoviva reported earnings per share (EPS) of $2.22 for fiscal Q1 2026 (ended March 31, 2026), significantly beating analysts' expectations of $0.43 by 416.28%. However, this positive EPS surprise was tempered by reported quarterly revenue of $97.99 million, which fell below analyst estimates of $101.57 million. Furthermore, an ESOP-related shelf registration for up to 9 million shares raised concerns about potential dilution, contributing to the stock's muted response despite the strong EPS performance.
2. The balance between growth in Innoviva Specialty Therapeutics (IST) and reliance on the core royalty portfolio contributed to a stable valuation. In fiscal Q1 2026, net product sales from Innoviva's IST business grew by 37% year-over-year to $41.4 million. This demonstrated progress in diversifying the company's revenue streams. However, Innoviva continues to derive substantial revenue from its established royalty portfolio, which generated $58.6 million from GSK in the same quarter. The simultaneous presence of strong growth in one segment and the steady nature of another likely resulted in investors maintaining a relatively stable outlook on the stock.
3. The future commercialization of a newly approved drug provided potential upside but lacked immediate financial impact within the period. Innoviva Specialty Therapeutics secured FDA approval for NUZOLVENCE (zoliflodacin), a new treatment for uncomplicated gonorrhea, in December 2025. While this approval represents a significant product catalyst and future growth driver, its commercialization and expected patient availability are scheduled for the second half of 2026 (H2 2026). Consequently, the stock did not experience an immediate boost from sales during the analysis period, leading to a holding pattern as investors await future revenue generation.
4. Ongoing share repurchases provided some support to the stock price, offsetting other potential downward pressures. Innoviva actively returned capital to shareholders by repurchasing 971,066 shares for $20.4 million during fiscal Q1 2026. These repurchases were part of a larger $125 million program. This consistent effort to reduce the outstanding share count likely offered a degree of price support, contributing to the stock remaining largely at the same level amidst various market dynamics and company-specific news.
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Stock Movement Drivers
Fundamental Drivers
The -2.0% change in INVA stock from 2/28/2026 to 6/21/2026 was primarily driven by a -47.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.96 | 22.49 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 411 | 421 | 2.3% |
| Net Income Margin (%) | 65.9% | 119.9% | 81.9% |
| P/E Multiple | 6.3 | 3.3 | -47.8% |
| Shares Outstanding (Mil) | 75 | 74 | 1.0% |
| Cumulative Contribution | -2.0% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| INVA | -2.0% | |
| Market (SPY) | 9.2% | 18.6% |
| Sector (XLV) | -6.4% | 47.6% |
Fundamental Drivers
The 3.5% change in INVA stock from 11/30/2025 to 6/21/2026 was primarily driven by a 265.8% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.73 | 22.49 | 3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 389 | 421 | 8.3% |
| Net Income Margin (%) | 32.8% | 119.9% | 265.8% |
| P/E Multiple | 11.8 | 3.3 | -71.9% |
| Shares Outstanding (Mil) | 69 | 74 | -6.9% |
| Cumulative Contribution | 3.5% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| INVA | 3.5% | |
| Market (SPY) | 9.9% | 12.1% |
| Sector (XLV) | -4.4% | 28.0% |
Fundamental Drivers
The 14.9% change in INVA stock from 5/31/2025 to 6/21/2026 was primarily driven by a 19.5% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.57 | 22.49 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 370 | 421 | 13.7% |
| P/S Multiple | 3.3 | 4.0 | 19.5% |
| Shares Outstanding (Mil) | 63 | 74 | -15.4% |
| Cumulative Contribution | 14.9% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| INVA | 14.9% | |
| Market (SPY) | 28.1% | 1.4% |
| Sector (XLV) | 14.6% | 21.9% |
Fundamental Drivers
The 66.7% change in INVA stock from 5/31/2023 to 6/21/2026 was primarily driven by a 63.4% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.49 | 22.49 | 66.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 318 | 421 | 32.4% |
| Net Income Margin (%) | 73.4% | 119.9% | 63.4% |
| P/E Multiple | 3.9 | 3.3 | -15.7% |
| Shares Outstanding (Mil) | 68 | 74 | -8.6% |
| Cumulative Contribution | 66.7% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| INVA | 66.7% | |
| Market (SPY) | 85.7% | 16.7% |
| Sector (XLV) | 22.9% | 30.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INVA Return | 39% | -23% | 21% | 8% | 15% | 13% | 83% |
| Peers Return | 22% | 18% | -14% | 5% | 27% | 12% | 85% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| INVA Win Rate | 58% | 33% | 50% | 50% | 58% | 67% | |
| Peers Win Rate | 60% | 52% | 37% | 48% | 58% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| INVA Max Drawdown | -14% | -43% | -21% | -15% | -24% | -12% | |
| Peers Max Drawdown | -19% | -19% | -25% | -23% | -19% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RPRX, PFE, MRK, ABBV, GILD. See INVA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | INVA | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.9% | -6.7% |
| % Gain to Breakeven | 14.8% | 7.1% |
| Time to Breakeven | 63 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.5% | -24.5% |
| % Gain to Breakeven | 50.3% | 32.4% |
| Time to Breakeven | 656 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.7% | -33.7% |
| % Gain to Breakeven | 87.7% | 50.9% |
| Time to Breakeven | 96 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.1% | -19.2% |
| % Gain to Breakeven | 12.5% | 23.8% |
| Time to Breakeven | 2 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -16.4% | -3.7% |
| % Gain to Breakeven | 19.6% | 3.9% |
| Time to Breakeven | 62 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.7% | -12.2% |
| % Gain to Breakeven | 20.0% | 13.9% |
| Time to Breakeven | 9 days | 62 days |
In The Past
Innoviva's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | INVA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.5% | -24.5% |
| % Gain to Breakeven | 50.3% | 32.4% |
| Time to Breakeven | 656 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.7% | -33.7% |
| % Gain to Breakeven | 87.7% | 50.9% |
| Time to Breakeven | 96 days | 140 days |
In The Past
Innoviva's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Innoviva (INVA)
Innoviva, Inc. (INVA) is a biopharmaceutical company primarily engaged in the development and commercialization of pharmaceutical products on a global scale. The company's business model centers on strategic partnerships, most notably with Glaxo Group Limited (GSK), to develop and bring once-daily medicines to market. Innoviva's revenue is largely derived from royalties on the sales of these co-developed pharmaceutical products.
Innoviva's core product portfolio is focused on treatments for chronic obstructive pulmonary disease (COPD) and asthma. These products, developed through its collaboration with GSK, include RELVAR/BREO ELLIPTA (a combination of a long-acting beta2 agonist (LABA) and an inhaled corticosteroid (ICS)), ANORO ELLIPTA (a combination of a long-acting muscarinic antagonist (LAMA) and a LABA), and TRELEGY ELLIPTA (a triple combination of an ICS, LAMA, and LABA).
The primary customers for Innoviva's products are patients worldwide who suffer from chronic respiratory conditions such as COPD and asthma. Through its partnership with GSK, the company's medications serve a significant market need for effective and convenient once-daily treatments in both the United States and international markets.
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Here are 1-2 brief analogies for Innoviva (INVA):
- Innoviva is like Dolby Laboratories (DLB), but for specialized respiratory drugs. Innoviva develops key pharmaceutical compounds and then partners with major drug companies like GlaxoSmithKline to commercialize them, earning a share of the sales.
- Think of Innoviva as a specialized pharmaceutical research and development company that primarily collaborates with a global pharmaceutical giant like GlaxoSmithKline (GSK). Innoviva helps develop important respiratory medicines, and GSK handles the massive global sales and distribution, with Innoviva earning a significant share of the profits.
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- RELVAR/BREO ELLIPTA: A once-daily combination medicine for respiratory conditions, combining a LABA, ICS, and fluticasone furoate.
- ANORO ELLIPTA: A once-daily medicine that combines a LAMA (umeclidinium bromide) with a LABA (vilanterol) for respiratory treatment.
- TRELEGY ELLIPTA: A once-daily combination medicine consisting of an ICS, LAMA, and LABA for the treatment of chronic obstructive pulmonary disease and asthma.
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Innoviva (INVA) sells primarily to other companies. Its major customer is:
- Glaxo Group Limited (part of GSK plc, symbol: GSK)
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Glaxo Group Limited (parent company: GSK plc, symbol: GSK)
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Pavel Raifeld, CFA – Chief Executive Officer
Mr. Raifeld joined Innoviva as Chief Executive Officer in May 2020. Prior to that, he served on the investment team at Sarissa Capital Management LP, an investment management firm focused on enhancing shareholder value. Earlier, he was a senior member of the healthcare investment banking team at Credit Suisse. Mr. Raifeld also worked as a consultant, specializing in advising biopharmaceutical companies, at McKinsey & Company and The Boston Consulting Group. His background with Sarissa Capital Management LP, which became Innoviva's primary owner following its 2022 acquisition, indicates a pattern of managing companies backed by private equity firms.
Steve Basso – Chief Financial Officer
Mr. Basso joined Innoviva as Chief Financial Officer, effective August 21, 2023. He brings over 30 years of financial leadership experience, primarily in the pharmaceutical industry. Prior to joining Innoviva, Mr. Basso served as the Chief Financial Officer and Chief Operating Officer at Cybrexa Therapeutics. He has also held various financial leadership positions at Inozyme Pharma, Alexion Pharmaceuticals, Pfizer, and Fidelity Investments.
Marianne Zhen, CPA – Chief Accounting Officer
Ms. Zhen joined Innoviva in October 2014. Before her tenure at Innoviva, she served as the Corporate Controller at Steelwedge Software Inc. from 2012 to 2014, Intelmate from 2011 to 2012, and Model N, Inc. from 2007 to 2011. She is a member of the American Institute of Certified Public Accountants (AICPA) and the California Society of Certified Public Accountants (CalCPA).
David Altarac, M.D. – Chief Medical Officer, IST
Dr. Altarac is an infectious diseases physician and pharmaceutical executive with over 20 years of experience in leading clinical and regulatory functions. He previously served as the Chief Medical Officer of Entasis Therapeutics. His career also includes leadership positions at Shire Pharmaceuticals, NeoStem, Inc., and Merck & Co., where he worked in therapeutic areas such as infectious diseases, oncology, ophthalmology, inflammation, and rare diseases.
Patricia Drake – Chief Commercial Officer, IST
Ms. Drake is a highly accomplished life science professional with more than 30 years of extensive U.S. and international experience managing commercial portfolios. Her background includes strong leadership in commercial strategy, marketing, market access, sales, and operations. Prior to joining Innoviva Specialty Therapeutics, Ms. Drake served as the SVP and Chief Commercial Officer at Trevena, Inc. During her time at Merck & Co. Inc., she successfully led commercial organizations across diverse global markets and product portfolios.
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1. Dependence on Key Products and Partnerships with Looming Patent Expirations
Innoviva has historically generated a significant portion of its revenue from royalties on respiratory drugs such as RELVAR/BREO ELLIPTA, ANORO ELLIPTA, and TRELEGY ELLIPTA, which are commercialized through a collaboration agreement with Glaxo Group Limited (GSK). This strong dependence on a few key products and a primary partner creates a concentration risk. A significant risk factor is the impending expiration of patents for these GSK-licensed drugs. For example, some primary U.S. patents for vilanterol, a component in their ELLIPTA products, are set to expire in 2025, with key secondary patents potentially extending to 2031 and 2033 for certain products. This "patent cliff" poses a substantial threat of "lower than expected future royalty revenue from respiratory products partnered with GSK," which is a risk explicitly highlighted in Innoviva's annual reports. While Innoviva is actively transitioning to a new commercial operation, Innoviva Specialty Therapeutics (IST), focused on critical care and infectious disease treatments, to mitigate this risk, the success of this transition and diversification is crucial.
2. Regulatory Risks and Market Dynamics/Competition
As a pharmaceutical company, Innoviva operates in a heavily regulated industry. Changes in healthcare policies, adverse regulatory actions, or challenges in gaining market access for its products can significantly impact market dynamics and the company's ability to commercialize its portfolio. Both its royalty-generating products and its newer Innoviva Specialty Therapeutics (IST) products are subject to stringent regulatory approval processes and ongoing compliance. The competitive landscape within the pharmaceutical sector, particularly for respiratory drugs and the anti-infectives targeted by its IST platform, necessitates continuous innovation and effective marketing strategies to maintain and grow market share. Innoviva specifically faces risks related to regulatory hurdles or slower-than-expected sales for newly launched IST products and competition from numerous branded and generic antibiotics.
3. Intellectual Property and Litigation Risks
Innoviva's business success is intrinsically linked to its robust intellectual property (IP) portfolio. The company's ability to generate royalties and commercialize its own products depends on the exclusivity provided by patents and other IP protections. Any challenges to these patents, such as patent infringement lawsuits or invalidation claims, could jeopardize product exclusivity and lead to significant revenue loss. Innoviva must diligently protect its IP rights and be prepared for potential legal disputes to safeguard its existing product portfolio and future pipeline.
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- RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol): This product is indicated for both asthma and COPD. The global asthma and COPD drugs market size was valued at USD 37.807.93 million in 2024 and is projected to reach USD 59.562.82 million by 2035, growing at a Compound Annual Growth Rate (CAGR) of 4.65% from 2025 to 2034. The global BREO Ellipta drugs market itself was estimated at USD 3.33 billion in 2025 and is expected to grow to USD 4.59 billion by 2032. North America currently holds the largest share of the BREO Ellipta drugs market.
- ANORO ELLIPTA (umeclidinium bromide/vilanterol): This product is for the maintenance treatment of COPD. The global Chronic Obstructive Pulmonary Disease (COPD) treatment market is estimated to be valued at USD 20.35 billion in 2025 and is expected to reach USD 30.41 billion by 2032, exhibiting a CAGR of 5.9% from 2025 to 2032. Another estimate for the global COPD treatment market values it at USD 21.04 billion in 2025, anticipated to reach USD 34.59 billion by 2035. In 2022, the global COPD market was valued at approximately USD 13.4 billion and is projected to reach USD 17.6 billion by 2027. North America is projected to hold 43.2% of the global COPD treatment market share in 2025.
- TRELEGY ELLIPTA (fluticasone furoate/umeclidinium/vilanterol): As a triple combination therapy, TRELEGY ELLIPTA addresses both asthma and COPD. The global COPD and asthma therapeutics market size was valued at USD 92.30 billion in 2024 and is estimated to reach USD 155.25 billion by 2030, growing at a CAGR of 9.18% from 2025 to 2030. North America held the largest revenue share in this market in 2024. Specifically for COPD, the market in the seven major markets (7MM: US, France, Germany, Italy, Spain, UK, and Japan) is projected to grow from USD 11.5 billion in 2023 to USD 30.8 billion in 2033.
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Innoviva (NASDAQ: INVA) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Expansion and Growth of Innoviva Specialty Therapeutics (IST) Product Portfolio: Innoviva's critical care and infectious disease platform, Innoviva Specialty Therapeutics (IST), is a significant driver of revenue growth. IST achieved U.S. net product sales of $119.2 million in 2025, marking a 47% year-over-year increase. The company anticipates these U.S. net product sales from IST to reach or exceed $150 million in 2026. This growth is attributed to the performance of existing products such as GIAPREZA, XACDURO, and XERAVA.
- Launch and Commercialization of New IST Products: The introduction of new products within the IST platform is expected to fuel future revenue. Notably, the U.S. FDA approved NUZOLVENCE® (zoliflodacin), a first-in-class treatment for uncomplicated urogenital gonorrhea, in late 2025, with commercialization slated for the second half of 2026. Additionally, the mid-2025 U.S. launch of ZEVTERA® (ceftobiprole) has shown encouraging early market receptivity, contributing to IST's sales growth.
- Stable and Resilient Royalty Portfolio: Innoviva's core royalties portfolio, primarily from Glaxo Group Limited (GSK) on sales of RELVAR/BREO ELLIPTA and ANORO ELLIPTA, continues to provide a stable and resilient revenue stream. This segment generated $250.3 million in revenue for the full year 2025 and is expected to contribute approximately a quarter billion dollars annually for the foreseeable future. Innoviva's strategy for this segment involves maximizing revenue through GSK's continued commercial efforts for these established respiratory therapies.
- Value Creation from Strategic Healthcare Investments: Innoviva holds a portfolio of strategic investments in healthcare assets, which are valued at over half a billion dollars. These investments, including a significant stake in Armata Pharmaceuticals, have demonstrated meaningful value creation. Ongoing strategic capital deployment in these assets is viewed as a meaningful leg of growth for the company.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Innoviva announced a $125 million share repurchase program in Q3 2025.
- As of February 25, 2026, the company had repurchased $16.0 million of its shares under this program.
Share Issuance
- In August 2025, convertible noteholders elected to convert $192.5 million of principal into 11.1 million shares of common stock.
- In October 2021, Innoviva issued and sold 2,121,213 shares through private placements, generating aggregate gross proceeds.
Inbound Investments
- Sarissa Capital Management LP acquired Innoviva in 2022, which led to its delisting from NASDAQ and transition to private ownership under Sarissa Capital's control.
Outbound Investments
- Innoviva's strategic healthcare investment portfolio was valued at $614.0 million as of December 31, 2025, including $397.9 million in Armata Pharmaceuticals investments.
- In October 2025, Innoviva invested $17.5 million in Series B Preferred Stock of Beacon Biosignals, Inc., an AI-driven neurotechnology company.
- In 2022, Innoviva acquired La Jolla Pharmaceutical Company for an implied enterprise value of approximately $149 million, strengthening its infectious disease and hospital portfolio.
Capital Expenditures
- Capital expenditures in the 12 months prior to February 2026 were -$1.13 million.
- Full-year 2025 income from operations reflected continued investments in research and development.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Innoviva Earnings Notes | 12/16/2025 | |
| With Innoviva Stock Sliding, Have You Assessed The Risk? | 10/17/2025 | |
| Innoviva (INVA) Debt Comparison | 08/08/2025 | |
| Innoviva (INVA) Revenue Comparison | 08/08/2025 | |
| Innoviva (INVA) Net Income Comparison | 08/08/2025 | |
| Innoviva (INVA) Operating Cash Flow Comparison | 08/08/2025 | |
| Innoviva (INVA) Tax Expense Comparison | 08/08/2025 | |
| Innoviva (INVA) EBITDA Comparison | 08/08/2025 | |
| Innoviva (INVA) Operating Income Comparison | 08/08/2025 | |
| INVA Dip Buy Analysis | 07/10/2025 | |
| ARTICLES | ||
| Innoviva or Zoetis: Which Stock Has More Upside? | 11/21/2025 | |
| After MRK’s 6.8% Climb in a Day, INVA Looks Like the Stronger Long-Term Play | 10/01/2025 | |
| Innoviva Can Offer 25% Upside From Current Levels | 12/23/2020 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.42 |
| Mkt Cap | 148.6 |
| Rev LTM | 46,276 |
| Op Inc LTM | 12,436 |
| FCF LTM | 9,856 |
| FCF 3Y Avg | 8,964 |
| CFO LTM | 11,395 |
| CFO 3Y Avg | 10,701 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | 8.0% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | -4.5% |
| Op Inc Chg 3Y Avg | 17.6% |
| Op Mgn LTM | 35.7% |
| Op Mgn 3Y Avg | 31.8% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 35.1% |
| CFO/Rev 3Y Avg | 34.6% |
| FCF/Rev LTM | 33.1% |
| FCF/Rev 3Y Avg | 32.7% |
Price Behavior
| Market Price | $22.49 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 05/06/2011 | |
| Distance from 52W High | -7.2% | |
| 50 Days | 200 Days | |
| DMA Price | $22.80 | $21.06 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -1.4% | 6.8% |
| 3M | 1YR | |
| Volatility | 23.5% | 29.1% |
| Downside Capture | 19.63 | 1.46 |
| Upside Capture | 22.24 | 9.06 |
| Correlation (SPY) | 9.8% | 0.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.96 | 0.95 | 0.71 | 0.48 | 0.16 | 0.29 |
| Up Beta | 0.78 | 0.96 | 0.85 | 0.69 | 0.41 | 0.23 |
| Down Beta | 2.29 | 0.87 | 0.40 | 0.23 | -0.22 | 0.21 |
| Up Capture | -15% | 15% | 40% | 35% | 17% | 14% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 18 | 31 | 63 | 119 | 375 |
| Down Capture | 206% | 246% | 109% | 62% | 24% | 57% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 23 | 31 | 58 | 125 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVA | |
|---|---|---|---|---|
| INVA | 7.6% | 29.0% | 0.25 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 21.2% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 0.1% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -3.6% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -14.7% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 15.0% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 0.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVA | |
|---|---|---|---|---|
| INVA | 14.1% | 27.2% | 0.49 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 29.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 23.4% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 1.7% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | -1.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 28.0% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 8.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INVA | |
|---|---|---|---|---|
| INVA | 7.7% | 33.8% | 0.31 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 39.3% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 37.7% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 1.4% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 10.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 35.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 9.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.2% | 2.8% | 0.0% |
| 2/25/2026 | -2.9% | -6.2% | -6.5% |
| 11/5/2025 | 12.9% | 22.2% | 15.2% |
| 8/6/2025 | 1.2% | 12.9% | 12.2% |
| 5/7/2025 | -0.9% | -3.9% | 15.2% |
| 2/26/2025 | -2.0% | -1.6% | -0.1% |
| 11/6/2024 | 0.4% | 0.9% | -4.4% |
| 7/31/2024 | 2.4% | -3.7% | 1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 14 |
| # Negative | 8 | 9 | 10 |
| Median Positive | 3.5% | 8.7% | 12.4% |
| Median Negative | -1.9% | -3.7% | -7.0% |
| Max Positive | 14.9% | 27.9% | 19.2% |
| Max Negative | -5.8% | -9.8% | -12.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.2% | 2.8% | 0.0% |
| 2/25/2026 | -2.9% | -6.2% | -6.5% |
| 11/5/2025 | 12.9% | 22.2% | 15.2% |
| 8/6/2025 | 1.2% | 12.9% | 12.2% |
| 5/7/2025 | -0.9% | -3.9% | 15.2% |
| 2/26/2025 | -2.0% | -1.6% | -0.1% |
| 11/6/2024 | 0.4% | 0.9% | -4.4% |
| 7/31/2024 | 2.4% | -3.7% | 1.4% |
| 5/8/2024 | -1.7% | 1.8% | 3.7% |
| 2/29/2024 | -0.3% | -1.3% | -0.5% |
| 11/1/2023 | 6.9% | 10.8% | 12.6% |
| 8/2/2023 | 0.0% | 3.6% | -3.3% |
| 5/9/2023 | 5.5% | 14.6% | 18.7% |
| 2/28/2023 | -5.8% | -9.8% | -7.6% |
| 11/9/2022 | 6.1% | 1.9% | 3.5% |
| 7/27/2022 | -3.0% | -2.9% | -7.9% |
| 4/28/2022 | -1.8% | -8.2% | -11.0% |
| 2/9/2022 | 13.7% | 27.9% | 19.2% |
| 10/27/2021 | 7.5% | 8.7% | 5.1% |
| 7/28/2021 | 3.4% | 10.9% | 6.5% |
| 4/28/2021 | 0.7% | -0.4% | 17.2% |
| 2/3/2021 | 0.6% | 2.0% | -7.6% |
| 10/28/2020 | 14.9% | 12.5% | 16.3% |
| 7/29/2020 | 3.7% | 1.0% | -12.3% |
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 14 |
| # Negative | 8 | 9 | 10 |
| Median Positive | 3.5% | 8.7% | 12.4% |
| Median Negative | -1.9% | -3.7% | -7.0% |
| Max Positive | 14.9% | 27.9% | 19.2% |
| Max Negative | -5.8% | -9.8% | -12.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 07/24/2019 | 10-Q |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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