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Innoviva, Inc. (INVA) stock

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NASDAQ: INVA Nasdaq Pharmaceuticals Next results ~November 4, 2026

B+ Fundamentals grade

Innoviva, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($109.34) was left out of our combined valuation (it is 5.21x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($109.34) was left out of our combined valuation (it is 5.21x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Innoviva, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds175 adding, 105 cuttingOf 43 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Innoviva files

Where Innoviva stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $440m, up 18.8% on a year earlier, faster than the 13.7% growth a quarter earlier. Free-cash-flow margin fell to 43.1% from 54.1% a year earlier. Operating margin narrowed to 36.9% from 47.7%. The diluted share count is up 18.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 6 of our 6 financial-health checks.

Our model value for Innoviva is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Innoviva, Inc.'s trailing-twelve-month revenue grew 18.8% year on year, with a free-cash-flow margin of 43.1%. Where it stands out: net margin of 81.2% ranks 1 of 75 pharmaceuticals companies we cover. Where it lags: change in share count of 18.0% ranks 52 of 62 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$84–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 5.4% while net income grew 824.3%: a 830pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.8% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.
  • Growth speeding up. The growth rate is 5.1 points higher than a quarter earlier.
  • High operating margin. 36.9% of revenue is left as operating profit, against a median of -5.9% for pharmaceuticals companies we cover.
  • Strong cash generation. 43.1% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 10.7 points on a year ago.
  • Share dilution. Diluted shares rose 18.0% in a year.
  • Gross margin slipping. Gross margin is down 10.9 points on a year ago.
  • Weak cash conversion. Free cash flow was 53% of net income over the last 12 months.
  • Heavily shorted. 13.7% of the shares available to trade are sold short (7.4 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.56 against an average estimate of $0.50: beat by 11.5%
Revenue
$120m, up 19.3% on a year earlier
Share reaction
+1.2% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
IST U.S. net product sales $150m (2026)
Next report
November 4, 2026

Innoviva's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week+0.3%
  • 1 month+2.4%
  • This year+5.2%
  • 1 year+16.0%
  • 5 years+18.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$440M
Operating margin
36.9%
Net margin
81.2%
EPS (TTM, diluted)
$4.08

Growth

Revenue growth
+18.8%
Change in growth rate
+5.1 pts
Share count change
+18.0%

Cash

Free cash flow (TTM)
$189M
FCF margin
43.1%
Stock pay % of revenue
2.8%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Innoviva, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($109.34) was left out of our combined valuation (it is 5.21x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Innoviva, Inc.'s free cash flow after stock-based pay ( $219M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Innoviva, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.63 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$84–$140 Left out: out of range vs price (5.20x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$20 ~$21–$42 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$77–$150 Left out: out of range vs price (5.03x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$91 ~$75–$120 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Innoviva, Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$10.54$10.70$14.19$17.45$14.16$12.39$17.25$13.25$16.04$17.35$19.99$21.02
Market value$1.2bn$1.3bn$1.7bn$2.0bn$1.6bn$1.4bn$1.6bn$1.3bn$1.4bn$1.3bn$1.7bn$1.8bn
+ Net debt (− = net cash)$589m$610m$501m$320m$99m$187m$232m$259m$260m$149m−$290m−$309m
Enterprise value$1.8bn$1.9bn$2.2bn$2.3bn$1.7bn$1.6bn$1.9bn$1.5bn$1.7bn$1.4bn$1.4bn$1.5bn
Multiples
Price / sales 22.5x9.9x7.8x7.6x6.2x4.2x4.2x3.8x4.5x3.6x4.1x4.2x
Price / earnings —22.1x12.7x5.0x10.2x6.3x6.1x5.9x7.8x55.0x6.2x5.2x
Price / free cash flow 120.1x21.7x12.0x8.9x6.2x4.5x4.5x6.3x9.9x6.8x8.7x9.7x
EV / EBITDA 39.7x15.7x11.1x9.1x6.6x4.8x4.8x—————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

80 /100

Strong moat

How hard Innoviva's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 23.0% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median 82.8%; its worst year was -114.6%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 8 of 10 years, at a median 45.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 20.7% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (85 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $115m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.23 −32% $451m +10%
Next $2.26 +1% $490m +9%

Next year's EPS estimate has moved −1.1% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −33.1% on 90 days ago. In the last 30 days, 1 analyst raised Innoviva, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Innoviva, Inc., last 90 days
$2.00 $2.50 $3.00 $3.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.34 Current fiscal year, 60 days ago: $3.34 Current fiscal year, 30 days ago: $2.15 Current fiscal year, 7 days ago: $2.15 Current fiscal year, Now: $2.23 $2.23 Next fiscal year, 90 days ago: $2.29 Next fiscal year, 60 days ago: $2.29 Next fiscal year, 30 days ago: $2.33 Next fiscal year, 7 days ago: $2.33 Next fiscal year, Now: $2.26 $2.26

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.34$2.29
60 days ago $3.34$2.29
30 days ago $2.15$2.33
7 days ago $2.15$2.33
Now $2.23$2.26

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.50 $0.56 +11.5%
Mar 2026 $0.43 $0.47 +8.8%
Dec 2025 $0.42 $0.47 +11.1%
Sept 2025 $0.39 $0.38 −0.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • IST U.S. net product sales · Innoviva Specialty Therapeutics (IST) 2026 about $150m Maintained
    “We remain on track to achieve at least $150 million in IST U.S. net product sales in 2026, reflecting the differentiation of our marketed critical care and infectious disease portfolio and robust execution," said Pavel Raifeld, Chief Executive Officer of Innoviva.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Innoviva, Inc.'s revenue by +10.5% next year and +14.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.0%, weight 64%) and the company's own record (+16.8%, weight 36%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold00%
Sell120%

Monthly trend

  1. Oct 2026415
  2. Sep 2026314

Counts of recommendations published by analysts covering Innoviva, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.7%
of tradable shares
Days to cover
7.44
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.0%
of shares
Employees
159
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +15.5%

$18.20 on October 31, 2025 to $21.02

ThenNowEffect
Revenue (last 12 months) $370m $440m +18.8%
Net margin 10.4% 81.2% +677.7%
P/E multiple 34.9x 5.2x −85.3%
Share count 74m 88m −15.2%

Biggest factor: net margin.

Last 3 years +54.2%

$13.63 on November 3, 2023 to $21.02

ThenNowEffect
Revenue (last 12 months) $290m $440m +51.5%
Net margin 80.3% 81.2% +1.0%
P/E multiple 5.1x 5.2x +1.7%
Share count 87m 88m −0.9%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
INVA+39%−23%+21%+8%+15%+5%
Industry peers (median)−20%−52%−14%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INVA58%33%50%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INVA−14%−43%−21%−15%−24%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from January 29, 2019 to March 18, 2020. Getting back needed a 147% gain, reached on February 16, 2022, 700 days after the low.

Price behaviour

52-week range
$18.11 – $24.24
From 52-week high
−13.3%
vs 50-day average
+0.1%
vs 200-day average
−4.0%
Volatility (1 year)
27%
Beta vs S&P 500
0.01

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±2.8%
After a week
6 up, 6 down
typical move ±5.7%
After a month
7 up, 5 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +1.2% −0.4% −0.2% +2.3%
May 6, 2026 +0.7% +1.1% +2.2% −0.6%
February 25, 2026 +0.5% +0.3% −2.9% −3.2%
November 5, 2025 +13.4% −0.7% +22.8% +14.3%
August 6, 2025 +0.1% +0.7% +11.8% +11.1%
May 7, 2025 −0.7% +1.1% −3.7% +15.3%
February 26, 2025 −2.7% −1.5% −2.3% −0.8%
November 6, 2024 +2.9% +3.3% +3.4% −2.0%
July 31, 2024 +1.6% +0.2% −4.5% +0.6%
May 8, 2024 −1.5% +0.6% +2.0% +3.9%
February 29, 2024 −0.7% +1.3% −1.8% −0.9%
November 1, 2023 +7.0% +3.0% +10.9% +12.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Innoviva, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Innoviva, Inc.
$250M $300M $350M $400M $450M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $290.4M Revenue (TTM), FY23 Q4: $310.5M Revenue (TTM), FY24 Q1: $311.6M Revenue (TTM), FY24 Q2: $330.5M Revenue (TTM), FY24 Q3: $352.7M Revenue (TTM), FY24 Q4: $358.7M Revenue (TTM), FY25 Q1: $369.8M Revenue (TTM), FY25 Q2: $370.2M Revenue (TTM), FY25 Q3: $388.5M Revenue (TTM), FY25 Q4: $411.3M Revenue (TTM), FY26 Q1: $420.7M Revenue (TTM), FY26 Q2: $440M $440M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $290.4M
FY23 Q4 $310.5M
FY24 Q1 $311.6M
FY24 Q2 $330.5M
FY24 Q3 $352.7M
FY24 Q4 $358.7M
FY25 Q1 $369.8M
FY25 Q2 $370.2M
FY25 Q3 $388.5M
FY25 Q4 $411.3M
FY26 Q1 $420.7M
FY26 Q2 $440M
Revenue growth, TTM YoY Innoviva, Inc.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -22.2% Revenue growth, TTM YoY, FY23 Q4: -6.3% Revenue growth, TTM YoY, FY24 Q1: -1.9% Revenue growth, TTM YoY, FY24 Q2: 13.8% Revenue growth, TTM YoY, FY24 Q3: 21.5% Revenue growth, TTM YoY, FY24 Q4: 15.5% Revenue growth, TTM YoY, FY25 Q1: 18.7% Revenue growth, TTM YoY, FY25 Q2: 12.0% Revenue growth, TTM YoY, FY25 Q3: 10.1% Revenue growth, TTM YoY, FY25 Q4: 14.7% Revenue growth, TTM YoY, FY26 Q1: 13.7% Revenue growth, TTM YoY, FY26 Q2: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -22.2%
FY23 Q4 -6.3%
FY24 Q1 -1.9%
FY24 Q2 13.8%
FY24 Q3 21.5%
FY24 Q4 15.5%
FY25 Q1 18.7%
FY25 Q2 12.0%
FY25 Q3 10.1%
FY25 Q4 14.7%
FY26 Q1 13.7%
FY26 Q2 18.8%
Operating margin (TTM) Innoviva, Inc.
20% 40% 60% 80% 100% FY21 Q2 FY22 Q1 FY25 Q1 FY26 Q2 Operating margin (TTM), FY21 Q2: 94.5% Operating margin (TTM), FY21 Q3: 94.8% Operating margin (TTM), FY21 Q4: 95.7% Operating margin (TTM), FY22 Q1: 94.2% Operating margin (TTM), FY22 Q2: 89.0% Operating margin (TTM), FY24 Q4: 46.5% Operating margin (TTM), FY25 Q1: 49.3% Operating margin (TTM), FY25 Q2: 47.7% Operating margin (TTM), FY25 Q3: 43.2% Operating margin (TTM), FY25 Q4: 39.8% Operating margin (TTM), FY26 Q1: 38.1% Operating margin (TTM), FY26 Q2: 36.9% 36.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q2 94.5%
FY21 Q3 94.8%
FY21 Q4 95.7%
FY22 Q1 94.2%
FY22 Q2 89.0%
FY24 Q4 46.5%
FY25 Q1 49.3%
FY25 Q2 47.7%
FY25 Q3 43.2%
FY25 Q4 39.8%
FY26 Q1 38.1%
FY26 Q2 36.9%
FCF margin (TTM) Innoviva, Inc.
40% 45% 50% 55% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 40.1% FCF margin (TTM), FY23 Q4: 45.3% FCF margin (TTM), FY24 Q1: 48.8% FCF margin (TTM), FY24 Q2: 47.7% FCF margin (TTM), FY24 Q3: 46.0% FCF margin (TTM), FY24 Q4: 52.5% FCF margin (TTM), FY25 Q1: 54.1% FCF margin (TTM), FY25 Q2: 54.1% FCF margin (TTM), FY25 Q3: 51.6% FCF margin (TTM), FY25 Q4: 47.6% FCF margin (TTM), FY26 Q1: 43.3% FCF margin (TTM), FY26 Q2: 43.1% 43.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 40.1%
FY23 Q4 45.3%
FY24 Q1 48.8%
FY24 Q2 47.7%
FY24 Q3 46.0%
FY24 Q4 52.5%
FY25 Q1 54.1%
FY25 Q2 54.1%
FY25 Q3 51.6%
FY25 Q4 47.6%
FY26 Q1 43.3%
FY26 Q2 43.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Innoviva took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $411M
  2. Other income $163M · 39.7%
  3. Cost of revenue $104M · 25.2%
  4. Gross profit $308M · 74.8%
  5. Research and development $30.6M · 7.4%
  6. Selling, general and admin $113M · 27.5%
  7. Operating income $164M · 39.8%
  8. Income tax $55.7M · 13.5%
  9. Net income $271M · 65.9%

Shares of revenue. Source: Innoviva's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 24 24 25 6 5 8 54 134 217 261 261 337 392 331 310 359 411 440
Gross profit — — — — — — — — — — — — — — 246 296 308 318
EBITDA −76 −72 −102 −22 −25 −22 46 123 198 252 260 335 389 — — — — —
Operating income −81 −78 −110 −25 −29 −34 32 109 184 238 246 321 375 — 114 167 164 163
Net income −85 −84 −115 −19 −171 −168 −19 60 134 395 157 224 266 214 180 23 271 357
Diluted EPS −$1.35 −$1.16 −$1.41 −$0.20 −$1.67 −$1.50 −$0.16 $0.53 $1.17 $3.53 $1.43 $2.02 $2.87 $2.37 $2.20 $0.36 $3.30 $4.08
Growth (year on year)
Revenue — −0.6% +1.2% −77.1% −19.3% +86.1% +539.7% +147.6% +62.6% +20.2% +0.0% +29.0% +16.4% −15.4% −6.3% +15.5% +14.7% +18.8%
EBITDA — — — — — — — +170.1% +60.7% +27.6% +3.2% +28.7% +16.1% — — — — —
Operating income — — — — — — — +245.1% +68.5% +29.8% +3.4% +30.3% +16.8% — — +46.5% −1.9% −7.9%
Net income — — — — — — — — +125.3% +194.5% −60.2% +42.7% +18.5% −19.5% −16.0% −87.0% +>999% +824.3%
Diluted EPS — — — — — — — — +120.8% +201.7% −59.5% +41.3% +42.1% −17.4% −7.2% −83.6% +816.7% +683.6%
Margins
Gross margin — — — — — — — — — — — — — — 79.2% 82.6% 74.8% 72.2%
EBITDA margin −311.1% −297.2% −416.8% −390.1% −559.1% −258.0% 84.4% 92.0% 91.0% 96.6% 99.7% 99.5% 99.3% — — — — —
Operating margin −333.8% −323.3% −447.7% −448.0% −635.4% −402.3% 58.5% 81.6% 84.5% 91.3% 94.4% 95.3% 95.7% — 36.7% 46.5% 39.8% 36.9%
Net margin −350.0% −346.2% −470.6% −330.3% <−999% <−999% −34.8% 44.6% 61.8% 151.4% 60.3% 66.6% 67.8% 64.6% 57.9% 6.5% 65.9% 81.2%
Free-cash-flow margin −241.3% −313.8% −375.2% <−999% <−999% <−999% 18.8% 45.4% 65.3% 85.6% 98.6% 93.0% 92.8% 60.9% 45.3% 52.5% 47.6% 43.1%
Cash flow
Cash from operations −58 −75 −88 −128 −130 −131 10 61 142 224 257 313 364 202 141 189 197 191
Capital spending 1 1 4 3 3 1 0 0 0 0 0 0 0 0 0 0 1 2
Free cash flow −59 −76 −92 −130 −132 −131 10 61 142 224 257 313 364 202 141 188 196 189
Stock-based pay 20 19 25 24 26 27 7 8 10 3 2 2 2 7 6 6 9 12
Free cash flow after stock pay −79 −95 −117 −154 −158 −159 3 52 132 220 255 311 362 194 135 182 186 177
Balance sheet
Cash 48 163 45 95 144 97 159 118 73 62 278 246 202 291 194 305 551 570
Total debt 0 0 — 0 288 726 748 728 574 383 377 433 433 550 454 454 261 261
Net debt (negative = net cash) −48 −163 −45 −95 144 629 589 610 501 320 99 187 232 259 260 149 −290 −309
Diluted shares 63m 72m 82m 91m 102m 112m 115m 123m 120m 113m 113m 114m 94m 95m 87m 74m 85m 88m
Returned to shareholders
Dividends — — — 0 0 57 87 1 0 0 0 0 0 — — — — —
Buybacks — — — — 0 0 26 78 98 0 0 0 394 9 76 15 5 56
Total returned — — — 0 0 57 113 79 98 0 0 0 394 9 76 15 5 56

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 6 checks passed · June 30, 2026
What it owns · $1.7bn
Short-term assets $753mLonger-term assets $949m
What it owes, and who funded it · $1.3bn
Short-term liabilities $47mShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $753m of assets due within a year against $47m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $570m of cash against $258m of debt.
  • Debt below 40% of shareholders' equity Debt is 21% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 95% to 21% over five years.
  • A year's operating cash flow covers at least 20% of debt $191m of operating cash flow against $258m of debt.
  • Operating profit covers interest at least five times over Operating income of $163m against $18m of interest.

From Innoviva, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$55.8M
Buybacks, last 3 fiscal years
$95M
Diluted share count
+18.0%
year over year
Total shareholder yield
3.7%
dividends 0.0% + buybacks 3.7% of market value
R&D spending
6.5%
of revenue
Sales & admin spending
28.7%
of revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated INVA IRWD XERS ALVO EOLS EBS Median
Revenue, last 12 months $440m $389m $335m $586m $316m $649m $276m
Revenue growth, last 12 months 18.8% 26.2% 36.3% 19.7% 13.9% −17.7% 9.9%
Revenue growth, 3-year average 14.9% −3.1% 35.8% — 23.4% −16.2% 5.5%
Revenue growth, latest quarter 19.3% 32.6% 28.7% — 21.2% −52.4% 6.5%
Gross margin 72.2% 99.2% — 59.8% 66.7% 48.4% 62.0%
Operating margin 36.9% 60.1% 10.9% 13.3% −5.9% −27.7% −5.9%
Operating margin, 3-year average 59.6% 37.4% −4.5% — −12.6% −8.5% −7.4%
Net margin 81.2% 33.4% −5.1% 4.8% −10.8% −40.2% −7.3%
Cash from operations / revenue 43.5% 47.7% 16.9% −8.6% −4.9% 30.8% 10.2%
Free-cash-flow margin 43.1% 47.7% 16.5% −19.6% −5.8% 29.0% 8.6%
Free-cash-flow margin, 3-year average 48.3% 31.3% −4.1% — −9.6% 13.8% 7.4%
Stock pay / revenue 2.8% 3.7% 8.4% 1.3% 6.6% 2.8% 3.6%
Change in share count 18.0% −2.0% 19.6% 8.7% 2.3% −0.6% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 18.8% 10.0% 24 of 74
Change in growth rate Growth +5.1pp -0.3pp 12 of 74
Gross margin Profitability 72.2% 59.8% 17 of 59
Operating margin Profitability 36.9% -5.9% 6 of 67
Net margin Profitability 81.2% -7.3% 1 of 75
Free-cash-flow margin Cash generation 43.1% 10.1% 4 of 74
Stock pay as % of revenue Cash generation 2.8% 3.6% 33 of 69
Long-term debt as % of assets Balance sheet 15.2% 23.8% 20 of 53
Change in share count Balance sheet 18.0% 1.5% 52 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Royalty $236M 57.4% ▼ 2.2%
Products $172M 41.8% ▲ 76.6%
Xacduro $74.4M 43.2% ▲ 253.1%
Giapreza $73.6M 42.8% ▲ 33.7%
Xerava $23.5M 13.7% ▲ 10.0%
License and Other Revenue $2.7M 0.7% ▼ 86.0%
ZEVTERA $610,000 0.1% —

From Innoviva, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7B
Institutions reporting
305
Shares held vs prior quarter
▼ 0.4%
Positions opened / closed
42 / 21

Top buyers and sellers, Q2 2026: 175 institutions bought and 105 sold ; the biggest buyer was Assenagon Asset Management S.A (+444K shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $262M 11.6M 15.4% ▲ 2.2%
Dimensional Fund Advisors LP $102M 4.5M 6.0% ▲ 1.3%
Vanguard Portfolio Management LLC $95.8M 4.2M 5.6% ▼ 0.1%
Renaissance Technologies LLC $91.7M 4.0M 5.4% ▼ 0.5%
State Street Corp $74.2M 3.3M 4.3% ▲ 6.8%
Vanguard Capital Management LLC $71.7M 3.2M 4.2% ▲ 0.5%
Millennium Management LLC $57.7M 2.5M 3.4% ▲ 11.5%
Geode Capital Management, LLC $47.1M 2.1M 2.8% ▲ 7.5%
Systematic Financial Management LP $46M 2.0M 2.7% 0.0%
Boston Partners $43.8M 1.9M 2.6% ▲ 12.2%
Sarissa Capital Management LP $42.9M 1.9M 2.5% ▼ 11.3%
Bank Of America Corp $37.9M 1.7M 2.2% ▲ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Innoviva, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Innoviva, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • George Whitesides(D-CA 27):Sale (full), $250,001 - $500,000, traded March 25, 2025, filed April 23, 2025
  • George Whitesides(D-CA 27):Sale (full), $50,001 - $100,000, traded March 24, 2025, filed April 23, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 25, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Innoviva, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Innoviva, Inc. in brief

What does Innoviva, Inc. do?
Innoviva, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Innoviva, Inc.'s stock ticker?
Innoviva, Inc. trades under the ticker INVA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Innoviva, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Innoviva, Inc. reported revenue of $440M, 18.8% higher than a year earlier, according to its SEC filings.
What is Innoviva, Inc.'s free cash flow?
Innoviva, Inc.'s free-cash-flow margin is 43.1% of revenue over the trailing twelve months, ranking 4 of the 74 pharmaceuticals companies we cover.
Who are Innoviva, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Innoviva, Inc. buying back stock, and does it pay a dividend?
Innoviva, Inc. spent $55.8M on share repurchases over the trailing twelve months, and its diluted share count still rose 18.0% over the year.
What is Innoviva, Inc.'s market cap?
On November 2, 2026, Innoviva, Inc.'s market capitalisation was about $1.8B, with a price-to-earnings ratio of 5.2 and net debt of -$309M. Market figures come from third-party market data and may be delayed.
How much debt does Innoviva, Inc. have?
Innoviva, Inc.'s debt-to-equity ratio is 21.0%, from its latest balance sheet (95.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Innoviva, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Innoviva, Inc. are Ironwood Pharmaceuticals Inc, Xeris Biopharma Holdings, Inc., Alvotech, Evolus, Inc. and Emergent Biosolutions Inc. The side-by-side comparison below sets their revenue, margins and growth against Innoviva, Inc.'s.
When is Innoviva, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Innoviva, Inc. announces its own schedule.