GuruFocus·Jun 18, 2026
Nortiva Bio Launches to Develop Long-Acting Oral MedicinesNortiva Bio, Inc. (âNortivaâ) today announced its launch as a clinical-stage biopharmaceutical company dedicated to developing long-acting oral medicines u
Innoviva, Inc.(INVA)Earnings, Financials & Key Ratios
INVA•NASDAQ
$22.25
6.7× P/E·Price updated Jul 7, 2026
AboutInnoviva, 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), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA, and LABA. Innoviva, Inc. has a strategic partnership with Sarissa Capital Management LP. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. The company was formerly known as Theravance, Inc. and changed its name to Innoviva, Inc. in January 2016. Innoviva, Inc. was incorporated in 1996 and is headquartered in Burlingame, California.Show more
- Revenue$425M+18.5%
- EBITDA$204M+5.8%
- Net Income$271M+1059.2%
- EPS (Diluted)3.30+816.7%
- Gross Margin72.33%-19.4%
- EBITDA Margin47.98%-10.7%
- Operating Margin38.52%-17.2%
- Net Margin63.78%+878.1%
- ROE29.09%+749.6%
INVA Price & Volume
Innoviva, Inc. (INVA) stock price & volume — 10-year historical chart
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Operational Pivot Pressures Historical Royalty Margin Profile
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Stable
Primary Risk:Commercialization execution uncertainty
Key Thesis Takeaways
- Innoviva is currently undergoing a complex strategic transition from a high-margin, royalty-based entity to an integrated commercial-stage biotechnology company.
- While the core respiratory royalty business provides a stable foundation, the aggressive shift toward hospital-focused product commercialization introduces significant execution risk and margin volatility.
- Investors should monitor whether the company can scale its internal operating platform efficiently enough to offset the structural compression of gross margins from historical levels above 90% to 77.4% in 2026Q1.
Verdict Logic
while the stock trades at a forward P/E of 6.61, the ongoing transition toward an asset-heavy commercial model warrants caution until the company demonstrates sustained operating margin stability above its recent 38.9% level.
INVA Growth Metrics
Innoviva, Inc. (INVA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years22.93%
5 Years4.77%
3 Years8.66%
TTM13.61%
Profit CAGR
10 Years-
5 Years3.86%
3 Years8.22%
TTM944.46%
EPS CAGR
10 Years-
5 Years10.31%
3 Years11.67%
TTM683.1%
Return on Capital
10 Years30.91%
5 Years19.33%
3 Years12.32%
Last Year12.36%
INVA Recent Earnings
Innoviva, Inc. (INVA) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
May 6, 2026Metric
Actual
Est
EPS
$0.44+2.3%
$0.43
Rev
$98M-3.5%
$102M
Q1 2026
Feb 25, 2026Metric
Actual
Est
EPS
$1.94+470.6%
$0.34
Rev
$115M+11.7%
$103M
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$1.08+134.8%
$0.46
Rev
$108M+6.2%
$102M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.77+35.1%
$0.57
Rev
$100M+10.3%
$91M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 6, 2026 | $0.44vs $0.43+2.3% | $98Mvs $102M-3.5% |
| Q1 2026 | Feb 25, 2026 | $1.94vs $0.34+470.6% | $115Mvs $103M+11.7% |
| Q4 2025 | Nov 5, 2025 | $1.08vs $0.46+134.8% | $108Mvs $102M+6.2% |
| Q3 2025 | Aug 6, 2025 | $0.77vs $0.57+35.1% | $100Mvs $91M+10.3% |
Based on last 12 quarters of dataView full earnings history →
Latest INVA News
Recent stock market news and headlines for Innoviva, Inc. (INVA)
Business Wire·Jun 18, 2026
Nortiva Bio Launches to Develop Long-Acting Oral MedicinesLEXINGTON, Mass.--(BUSINESS WIRE)--Nortiva Bio, Inc. (“Nortiva”) today announced its launch as a clinical-stage biopharmaceutical company dedicated to developing long-acting oral medicines using its proprietary LYNX™ drug delivery platform. Nortiva's LYNX platform can transform daily pills into long-acting oral therapies with single doses that last up to a month in multiple therapeutic areas. This advancement can optimize efficacy and safety, improve medication adherence, and positively impact.
Business Wire·Jun 16, 2026
Innoviva Specialty Therapeutics Announces Distribution and Licensing Agreement with Dr. Reddy's for XACDURO® in Select International MarketsWALTHAM, Mass.--(BUSINESS WIRE)--Innoviva Specialty Therapeutics, a subsidiary of Innoviva, Inc. (Nasdaq: INVA), today announced that it has entered into an exclusive distribution and licensing agreement with Dr. Reddy's Laboratories Ltd., a global pharmaceutical company, for the development and commercialization of XACDURO® (sulbactam for injection; durlobactam for injection), co-packaged for intravenous use, in South and Central America, the Caribbean, Russia and Commonwealth of Independent S.
Peers Comparison
Key metrics vs top competitors for Innoviva, Inc. (INVA)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $22.25 | $1.64B | 6.74 | 18.52% | 63.78% | 29.09% | — | |
| $11.19 | $1.55B | -1.09 | -2.75% | -43.5% | -50.65% | — | |
| $53.32 | $107.23B | 7.16 | 4.11% | 19.19% | 31.48% | — | |
| $193.12 | $299.39B | 29.53 | 8.63% | 17.19% | 22.24% | — | |
| $33.44 | $38.94B | 27.87 | 4.31% | 9.02% | 20.69% | — | |
| $15.46 | $321.57M | -8.59 | -6.55% | -15.64% | -7.34% | — |
Compare INVA vs Peers
Innoviva, Inc. (INVA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
INVA SEC Filings & Documents
Innoviva, Inc. (INVA) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 6, 2026·SEC
Material company update
May 4, 2026·SEC
Material company update
Feb 25, 2026·SEC
10-K Annual Reports
410-Q Quarterly Reports
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INVA Frequently Asked Questions
Innoviva, Inc. (INVA) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Innoviva, Inc.'s revenue?
Innoviva, Inc. (INVA) reported $424.1M in revenue for fiscal year 2025. This represents a 271773% increase from $0.2M in 2002.
How fast is Innoviva, Inc. growing?
Innoviva, Inc. (INVA) grew revenue by 18.5% over the past year. This is strong growth.
Is INVA profitable?
Yes, Innoviva, Inc. (INVA) is profitable, generating $504.3M in net income for fiscal year 2025 (63.8% net margin).
Dividend & Returns
What is INVA's return on equity?
Innoviva, Inc. (INVA) has a return on equity (ROE) of 29.1%. This is excellent, indicating efficient use of shareholder capital.
What is Innoviva, Inc.'s free cash flow?
Innoviva, Inc. (INVA) generated $180.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.