INVA

MKT CAP:$2B

Innoviva, Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$23.50+$3.63 (+18.27%)

Apr 22, 2026

Company Details

Innoviva, Inc. engages in the development and commercialization of pharmaceuticals in the United States and internationally. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), ...

CEO

Pavel Raifeld

IPO Date

Oct 5, 2004

Website

www.inva.com

Key Metrics TTM

Revenue

$389M

+9.1% YoY

Net Income

$127M

EPS (Diluted)

$1.35

Free Cash Flow

$197M

Revenue / Share

$4.57

Gross Margin

86.5%

Operating Margin

-3.2%

Net Margin

32.8%

FCF Margin

50.6%

P/S

3.9x

P/E

11.9x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$425M+18.5%EPS $3.30

Q3 2025

Nov 5, 2025

$108M+20.4%EPS $1.08

Q2 2025

Aug 6, 2025

$100M-3.0%EPS $0.77

Q1 2025

May 7, 2025

$89M+14.4%EPS -$0.74

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$40M	$40M	$29M
Q2 17	$59M	$58M	$48M
Q3 17	$49M	$48M	$40M
Q4 17	$70M	$69M	$66M
Q4 22	$66M	$53M	$31M
Q1 23	$76M	$53M	$21M
Q2 23	$81M	$57M	$18M
Q3 23	$67M	$57M	$24M
Q4 23	$86M	$73M	$38M
Q1 24	$77M	$67M	$26M
Q2 24	$103M	$85M	$55M
Q3 24	$90M	$80M	$50M
Q4 24	$92M	$85M	$43M
Q1 25	$89M	$80M	-$41M
Q2 25	$100M	$90M	-$49M
Q3 25	$108M	$82M	$35M

Valuation

Quarter	P/S	P/E
Q1 17	9.6x	20.1x
Q2 17	7.8x	14.9x
Q3 17	8.0x	15.2x
Q4 17	6.6x	10.6x
Q4 22	3.7x	18.1x
Q1 23	2.9x	15.3x
Q2 23	2.8x	31.4x
Q3 23	2.8x	16.6x
Q4 23	3.4x	5.8x
Q1 24	3.1x	5.3x
Q2 24	3.1x	7.2x
Q3 24	3.4x	18.7x
Q4 24	3.0x	46.5x
Q1 25	3.0x	—
Q2 25	3.4x	32.6x
Q3 25	3.1x	9.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 17	$28M	$28M
Q2 17	$23M	$23M
Q3 17	$43M	$43M
Q4 17	$48M	$48M
Q4 22	$9M	$9M
Q1 23	$26M	$26M
Q2 23	$38M	$38M
Q3 23	$44M	$44M
Q4 23	$33M	$33M
Q1 24	$37M	$37M
Q2 24	$44M	$44M
Q3 24	$49M	$48M
Q4 24	$59M	$55M
Q1 25	$49M	$49M
Q2 25	$44M	$44M
Q3 25	$50M	$49M

Capital Expenditures

Quarter	CapEx
Q1 17	$0
Q2 17	$0
Q3 17	$0
Q4 17	$0
Q4 22	$34.0K
Q1 23	$33.0K
Q2 23	$0
Q3 23	$227.0K
Q4 23	$151.0K
Q1 24	$0
Q2 24	$0
Q3 24	$270.0K
Q4 24	$4M
Q1 25	$0
Q2 25	$0
Q3 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 17	+67.5%	+67.8%
Q2 17	+80.3%	+62.7%
Q3 17	+46.0%	+59.9%
Q4 17	+59.4%	-47.7%
Q4 22	+62.5%	+213.5%
Q1 23	+30.4%	+414.9%
Q2 23	+66.5%	+625.0%
Q3 23	-3.3%	+1280.3%
Q4 23	+30.4%	+38.2%
Q1 24	+1.5%	-6.5%
Q2 24	+27.6%	-22.1%
Q3 24	+33.1%	-7.4%
Q4 24	+7.0%	+0.7%
Q1 25	+14.4%	+151.6%
Q2 25	-3.0%	+206.2%
Q3 25	+20.4%	+84.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 17	$3M	6.2%
Q2 17	$2M	4.1%
Q3 17	$2M	5.1%
Q4 17	$2M	3.5%
Q4 22	$1M	2.0%
Q1 23	$2M	2.1%
Q2 23	$2M	1.9%
Q3 23	$1M	2.1%
Q4 23	$1M	1.5%
Q1 24	$1M	1.9%
Q2 24	$2M	1.6%
Q3 24	$2M	1.8%
Q4 24	$2M	1.8%
Q1 25	$2M	2.4%
Q2 25	$2M	2.4%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 17	$354.0K	$7M	—
Q2 17	$348.0K	$6M	—
Q3 17	$311.0K	$6M	—
Q4 17	$342.0K	$6M	—
Q4 22	$10M	—	—
Q1 23	$13M	—	—
Q2 23	$15M	—	—
Q3 23	$4M	—	—
Q4 23	$2M	—	$26M
Q1 24	$4M	—	$30M
Q2 24	$3M	—	$28M
Q3 24	$4M	—	$26M
Q4 24	$4M	—	$31M
Q1 25	$4M	—	$27M
Q2 25	$8M	—	$26M
Q3 25	$14M	—	$27M

Revenue Segments

Quarter	Product	Royalty	License	License Revenue	License And Other Revenue
Q4 22	$15M	$51M	—	—	—
Q1 23	$12M	$57M	$2M	$8M	—
Q2 23	$16M	$62M	—	$3M	—
Q3 23	$14M	$54M	—	—	—
Q4 23	$20M	$66M	—	—	—
Q1 24	$19M	$58M	—	—	—
Q2 24	$22M	$64M	—	$15M	—
Q3 24	$28M	$57M	—	$5M	—
Q4 24	$29M	$63M	—	—	—
Q1 25	$30M	$58M	—	—	$546.0K
Q2 25	$35M	$64M	—	—	$910.0K
Q3 25	$47M	$60M	—	—	$610.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$217M	$0	$217M
Q2 22	$284M	$0	$284M
Q3 22	$301M	$282.0K	$301M
Q4 22	$291M	$0	$291M
Q1 23	$144M	$0	$144M
Q2 23	$173M	$0	$173M
Q3 23	$180M	$0	$180M
Q4 23	$194M	$0	$194M
Q1 24	$178M	$0	$178M
Q2 24	$217M	$0	$217M
Q3 24	$261M	$0	$261M
Q4 24	$305M	$108M	$412M
Q1 25	$319M	$128M	$447M
Q2 25	$398M	$100M	$498M
Q3 25	$477M	$57M	$533M
Q4 25	$551M	$0	$551M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	120M	+0.1%	+6.3%
Q2 17	120M	+0.1%	-3.1%
Q3 17	120M	-0.6%	-1.8%
Q4 17	119M	-0.5%	-0.8%
Q4 22	70M	-41.6%	-42.1%
Q1 23	90M	+28.9%	-25.5%
Q2 23	65M	-27.1%	-45.3%
Q3 23	86M	+31.6%	-27.7%
Q4 23	85M	-1.4%	+22.0%
Q1 24	85M	-0.5%	-5.9%
Q2 24	63M	-26.0%	-4.5%
Q3 24	63M	+0.7%	-26.9%
Q4 24	84M	+33.8%	-0.9%
Q1 25	63M	-25.5%	-25.8%
Q2 25	84M	+34.7%	+35.1%
Q3 25	85M	+0.6%	+35.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	$3M	14
Q2 17	$4M	14
Q3 17	$3M	14
Q4 17	$6M	12
Q4 22	$13M	5
Q1 23	$15M	5
Q2 23	$16M	5
Q3 23	$13M	5
Q4 23	$766.4K	112
Q1 24	$692.0K	112
Q2 24	$922.8K	112
Q3 24	$799.2K	112
Q4 24	$722.9K	127
Q1 25	$697.9K	127
Q2 25	$789.6K	127
Q3 25	$848.8K	127

Revenue / Employee