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INVA · NASDAQ · Biotechnology

Innoviva

Funds hospital critical-care and infectious-disease drugs with GSK respiratory royalties.

$20.97

After-hours close+0.01 (+0.05%)

At close$20.96(0.00%)

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Profile

Innoviva, Inc.INVAHealth Care

Combines GSK-partnered respiratory royalties with Innoviva Specialty Therapeutics products for hospital critical care and infectious disease. Revenue comes from royalties and product sales, while execution depends on GSK commercialization, hospital adoption, and regulated antibiotic launches.

Pairs GSK-partnered RELVAR/BREO ELLIPTA and ANORO ELLIPTA royalties with Innoviva Specialty Therapeutics, a hospital-focused portfolio that includes GIAPREZA, XACDURO, XERAVA, ZEVTERA, and NUZOLVENCE.

Product sales are concentrated in the United States, while the respiratory royalty stream is tied to GSK's global commercialization. The operating model is compact: one reportable segment, a small employee base, and capital allocation aimed at turning royalty cash flow into owned or licensed critical-care assets.

Execution depends on hospital formulary uptake, FDA-regulated launches, partner performance from GSK, and antibacterial markets shaped by stewardship and resistance patterns.

Company facts

CEOPavel Raifeld

ListedOct 5, 2004

ExchangeNASDAQ

HeadquartersBurlingame, CA

CountryUnited States

Employees159

CIK0001080014

ISINUS45781M1018

Key statistics

Market cap$1.55B

EPS (ttm)$4.10

P/E (ttm)5.11

ROE30.0%

P/B1.25

P/S3.49

Dividend yield—

Beta−0.05vs XLV 0.51

Year to date +5.5% · Average volume (30d) 638.3K

Analysts

Price target, next 12 months$38.00+81.2%Median of 10 analysts · vs the Aug 28 close

ConsensusBuy5 of 10 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $20.97

High$42.00+100.3%

Median$38.00+81.2%

Low$34.00+62.1%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 7, 2026	Cantor Fitzgerald	Reiterate	Overweight	$32	$34
May 7, 2026	BTIG	Reiterate	Buy	$35	$42
Feb 26, 2026	Cantor Fitzgerald	Target			$32
Feb 17, 2026	BTIG	Target			$35
Dec 16, 2025	H.C. Wainwright	Target			$46

Earnings

EPS

Estimate$0.50

ReportedDue Nov 4, 2026

Revenue

Estimate$115.4M

ReportedDue Nov 4, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	$0.44	$1.14	+161.5%	$111.0M	$119.6M	+7.8%	+2.93%
May 6, 2026Q1 FY26	$0.43	$0.44	+2.3%	$101.6M	$98.0M	−3.5%	+1.24%
Feb 25, 2026Q4 FY25	$0.34	$1.94	+470.6%	$102.6M	$114.6M	+11.7%	−2.89%
Nov 5, 2025Q3 FY25	$0.46	$1.08	+134.8%	$101.5M	$107.8M	+6.2%	+12.89%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$88.6M	$100.3M	$107.8M	$118.0M	$98.0M	$119.6M
Gross profit	$79.8M	$89.7M	$82.0M	$75.6M	$75.8M	$90.6M
Operating income	−$41.4M	−$48.8M	$34.6M	$39.0M	$38.2M	$50.9M
Net income	−$46.6M	$63.7M	$89.9M	$164.2M	$186.6M	−$83.4M
Diluted EPS	−$0.74	$0.77	$1.08	$1.94	$2.22	−$1.14
Gross margin	90.0%	89.4%	76.1%	64.1%	77.4%	75.8%
Operating margin	-46.7%	-48.6%	32.1%	33.0%	38.9%	42.5%

Fiscal years (4-quarter sums)FY21 $391.9M · FY22 $331.3M · FY23 $310.5M · FY24 $362.2M · FY25 $414.8M

Revenue by product · Q2 FY26

Royalty$56.3M · 47%

Product$51.8M · 43%

License And Other Revenue$11.5M · 10%

Balance sheet, Jun 30, 2026Cash & short-term investments $579.1M · Total debt $269.7M · Total assets $1.70B · Shareholders' equity $1.23B

Dividends

No dividends on record.

Ownership

Institutions 105.31%Insiders 1.24%

A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.

Shares outstanding 73.81M · Float 69.20M · 93.8% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	11.56M	15.66%	13F	Aug 7, 2026
Denner Alexander J · 10 percent owner	5.66M	7.67%	Form 4	Mar 6, 2025
Dimensional Fund Advisors LP	4.49M	6.09%	13F	Aug 11, 2026
Vanguard Portfolio Management LLC	4.22M	5.72%	13F	Aug 13, 2026
Renaissance Technologies LLC	4.04M	5.47%	13F	Aug 13, 2026

Insider tradesForm 4

No open-market trades in the last 12 months.