A Business at a Glance
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Innoviva, Inc.
INVA
$1.8B
Mkt Cap
$21.44
+1.13%
Innoviva, Inc. (INVA) has a current P/E ratio of 6.5, compared to its historical median P/E of 6.7. The stock is currently considered Fair based on its historical valuation range.
Innoviva, Inc. (INVA) has a 5-year average return on invested capital (ROIC) of 34.2%. This indicates strong capital allocation and a potential competitive advantage.
Innoviva, Inc. (INVA) has a market capitalization of $1.6B. It is classified as a small-cap stock.
Innoviva, Inc. (INVA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.57%.
Based on historical P/E analysis, Innoviva, Inc. (INVA) appears fair. The current P/E of 6.5 is 3% below its historical median of 6.7. The estimated fair value CAGR (P/E method) is -5.7%.
Innoviva, Inc. (INVA) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
Innoviva, Inc. (INVA) reported annual revenue of $411 million in its most recent fiscal year, based on SEC EDGAR filings.
Innoviva, Inc. (“Innoviva”, the “Company”, the “Registrant” or “we” and other similar pronouns) is a diversified biopharmaceutical company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics (“IST”), and a portfolio of strategic healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/vilanterol, “FF/VI”) and ANORO® ELLIPTA® (umeclidinium bromide/vilanterol, “UMEC/VI”). Under the Long-Acting Beta-2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® as follows: 15% on the first $3.0 billion of annual global net sales and 5% for all annual global net sales above $3.0 billion; and royalties from the sales of ANORO® ELLIPTA®, which tier upward at a range from 6.5% to 10%.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 421M | 411M | 359M | 310M | 331M | 392M |
| Net Income | 504M | 271M | 23M | 180M | 214M | 266M |
| EPS | $6.94 | $3.30 | $0.36 | $2.20 | $2.37 | $2.87 |
| Free Cash Flow | 0 | 196M | 188M | 141M | 202M | 364M |
| ROIC | 31.5% | 30.4% | 16.0% | 16.1% | 44.7% | 63.9% |
| Gross Margin | 73.7% | 74.8% | 59.9% | 79.2% | - | 99.0% |
| Debt/Equity | 0.19 | 0.22 | 0.65 | 0.66 | 0.96 | 0.95 |
| Dividends/Share | $0.00 | - | - | - | - | $0.00 |
| Operating Income | 160M | 164M | 167M | 114M | 296M | 361M |
| Operating Margin | 38.1% | 39.8% | 46.5% | 36.7% | 89.5% | 92.2% |
| ROE | 37.6% | 29.1% | 3.4% | 29.0% | 43.6% | 55.7% |
| Shares Outstanding | 74M | 82M | 65M | 82M | 90M | 93M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | 54M | 134M | 217M | 261M | 261M | 337M | 392M | 331M | 310M | 359M | 411M | 421M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 99.0% | N/A | 79.2% | 59.9% | 74.8% | 73.7% |
| R&D | 7.5M | 2.6M | 1.4M | 1.4M | 0 | 0 | 1.8M | 576K | 41M | 34M | 14M | 31M | 31M |
| SG&A | 35M | 20M | 23M | 32M | 20M | 15M | 14M | 16M | 64M | 98M | 116M | 113M | 118M |
| EBIT | -34M | 32M | 112M | 178M | 223M | 218M | 303M | 361M | 296M | 114M | 167M | 164M | 160M |
| Op. Margin | N/A | 58.5% | 83.9% | 81.8% | 85.4% | 83.5% | 90.0% | 92.2% | 89.5% | 36.7% | 46.5% | 39.8% | 38.1% |
| Net Income | -168M | -19M | 60M | 134M | 395M | 157M | 224M | 266M | 214M | 180M | 23M | 271M | 504M |
| Net Margin | N/A | -34.8% | 44.6% | 61.8% | 151.4% | 60.3% | 66.6% | 67.8% | 64.6% | 57.9% | 6.5% | 65.9% | 119.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | -104K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -17.7% | 13.6% | 53.8% | 102.1% | 89.1% | 75.9% | 86.7% | 63.9% | 44.7% | 16.1% | 16.0% | 30.4% | 31.5% |
| ROE | -444.7% | 6.6% | -17.1% | -45.0% | 257.2% | 67.3% | 52.6% | 55.7% | 43.6% | 29.0% | 3.4% | 29.1% | 37.6% |
| ROA | -28.0% | -4.0% | 15.1% | 35.9% | 86.3% | 24.7% | 26.0% | 27.6% | 19.8% | 14.5% | 1.8% | 18.5% | 27.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -131M | 10M | 61M | 142M | 224M | 257M | 313M | 364M | 202M | 141M | 189M | 197M | 184M |
| Free Cash Flow | -131M | 10M | 61M | 142M | 224M | 257M | 313M | 364M | 202M | 141M | 188M | 196M | 0 |
| Owner Earnings | -170M | -11M | 39M | 118M | 206M | 242M | 298M | 348M | 189M | 113M | 156M | 161M | 147M |
| CapEx | 689K | 7K | 278K | 0 | 0 | 12K | 13K | 0 | 67K | 411K | 270K | 1.1M | 0 |
| Maint. CapEx | 12M | 14M | 14M | 14M | 14M | 14M | 14M | 14M | 5.6M | 22M | 26M | 26M | 26M |
| Growth CapEx | 0 | 0 | 0 | N/A | N/A | 0 | 0 | N/A | 0 | 0 | 0 | 0 | 0 |
| D&A | 12M | 14M | 14M | 14M | 14M | 14M | 14M | 14M | 5.6M | 22M | 26M | 26M | 26M |
| CapEx/OCF | N/A | 0.1% | 0.5% | N/A | N/A | 0.0% | 0.0% | N/A | 0.0% | 0.3% | 0.1% | 0.6% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 57M | 87M | 960K | 281K | 80K | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 2.4% | 5.5% | 0.1% | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 26M | 78M | 98M | 0 | 0 | 0 | 394M | 8.5M | 76M | 15M | 4.5M | 25M |
| Buyback Yield | N/A | 2.0% | 6.7% | 6.0% | N/A | N/A | N/A | 24.4% | 0.7% | 5.7% | 1.3% | 0.3% | 1.6% |
| Stock-Based Comp | 27M | 6.9M | 8.3M | 9.8M | 3.2M | 2.1M | 1.7M | 2.0M | 7.3M | 5.8M | 6.4M | 9.5M | 9.9M |
| Debt Repayment | 0 | 0 | 0 | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 485M | 546M | 566M | 378M | 211M | -208M | -66M | 48M | -10M | 82M | -146M | -823M | -927M |
| Cash & Equiv. | 97M | 159M | 118M | 73M | 62M | 278M | 246M | 202M | 291M | 194M | 305M | 551M | 1.2B |
| Long-Term Debt | 726M | 733M | 708M | 574M | 383M | 377M | 386M | 395M | 444M | 446M | 256M | 258M | 258M |
| Debt/Equity | -3.25 | -2.14 | -2.03 | -2.37 | 2.49 | 1.20 | 0.71 | 0.95 | 0.96 | 0.66 | 0.65 | 0.22 | 0.19 |
| Interest Coverage | -0.9 | 0.6 | 2.1 | 4.1 | 9.3 | 11.7 | 16.5 | 18.9 | 18.8 | 5.9 | 7.5 | 9.8 | 9.2 |
| Equity | -223M | -343M | -353M | -243M | 154M | 313M | 540M | 415M | 566M | 675M | 691M | 1.2B | 1.3B |
| Total Assets | 522M | 409M | 379M | 367M | 548M | 725M | 1000M | 926M | 1.2B | 1.2B | 1.3B | 1.6B | 1.8B |
| Total Liabilities | 745M | 752M | 732M | 610M | 389M | 383M | 392M | 400M | 666M | 569M | 610M | 462M | -9.8M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 253M | 230M | 208M | 182M | 176M |
| Retained Earnings | -1.7B | -1.7B | -1.6B | -1.5B | -1.1B | -946M | -722M | -456M | -205M | -25M | -1.8M | 269M | 456M |
| Working Capital | 238M | 201M | 178M | 166M | 193M | 426M | 336M | 308M | 309M | 306M | 318M | 678M | 736M |
| Current Assets | 252M | 214M | 198M | 200M | 199M | 431M | 342M | 314M | 444M | 344M | 554M | 728M | 773M |
| Current Liabilities | 14M | 13M | 20M | 35M | 5.7M | 5.4M | 6.1M | 5.8M | 135M | 38M | 236M | 50M | 37M |
| Per Share Data | |||||||||||||
| EPS | -1.50 | -0.16 | 0.53 | 1.17 | 3.53 | 1.43 | 2.02 | 2.87 | 2.37 | 2.20 | 0.36 | 3.30 | 6.94 |
| Owner EPS | -1.52 | -0.09 | 0.34 | 1.03 | 1.84 | 2.20 | 2.68 | 3.76 | 2.09 | 1.39 | 2.41 | 1.96 | 2.00 |
| Book Value | -1.99 | -2.92 | -3.14 | -2.12 | 1.37 | 2.85 | 4.86 | 4.48 | 6.27 | 8.26 | 10.64 | 14.27 | 18.18 |
| Cash Flow/Share | -1.16 | 0.09 | 0.54 | 1.24 | 2.00 | 2.34 | 2.82 | 3.93 | 2.23 | 1.73 | 2.90 | 2.40 | 7.19 |
| Dividends/Share | 0.50 | 0.75 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 112.3M | 117.3M | 112.3M | 114.7M | 111.9M | 110.0M | 111.1M | 92.6M | 90.3M | 81.7M | 65.0M | 82.2M | 73.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 19.6 | 12.2 | 4.8 | 10.0 | 6.1 | 6.1 | 5.5 | 7.4 | 48.7 | 6.0 | 3.1 |
| P/FCF | N/A | 125.9 | 19.3 | 11.6 | 8.6 | 6.1 | 4.3 | 4.4 | 5.8 | 9.4 | 6.1 | 8.3 | N/A |
| EV/EBIT | N/A | 57.6 | 15.9 | 11.0 | 8.9 | 5.5 | 4.0 | 4.4 | 3.9 | 12.3 | 7.0 | 4.8 | 4.1 |
| Price/Book | N/A | N/A | N/A | N/A | 12.5 | 5.0 | 2.5 | 3.9 | 2.1 | 2.0 | 1.6 | 1.4 | 1.2 |
| Price/Sales | N/A | 29.3 | 9.5 | 6.7 | 6.5 | 5.7 | 4.2 | 3.3 | 4.2 | 3.4 | 3.1 | 3.8 | 3.8 |
| FCF Yield | N/A | 0.8% | 5.2% | 8.7% | 11.7% | 16.4% | 23.0% | 22.5% | 17.1% | 10.6% | 16.5% | 12.0% | N/A |
| Market Cap | N/A | 1.3B | 1.2B | 1.6B | 1.9B | 1.6B | 1.4B | 1.6B | 1.2B | 1.3B | 1.1B | 1.6B | 1.6B |
| Avg. Price | 21.38 | 13.50 | 11.25 | 12.69 | 15.24 | 13.64 | 12.59 | 14.11 | 15.30 | 12.90 | 17.23 | 19.04 | 21.44 |
| Year-End Price | 14.41 | 10.87 | 10.41 | 14.29 | 17.09 | 14.25 | 12.24 | 17.46 | 13.03 | 16.21 | 17.55 | 19.80 | 21.44 |
Innoviva, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Innoviva, Inc. trades at 6.5x trailing earnings, compared to its 15-year median P/E of 6.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.0x vs a median of 7.2x. The company's 5-year average ROIC is 34.2% with a gross margin of 78.2%. Total shareholder yield (buybacks) is 1.6%. At current prices, the estimated annualized return to fair value is -1.1%.
Innoviva, Inc. (INVA) has a net profit margin of 65.9%. This is a strong margin indicating high profitability.
Innoviva, Inc. (INVA) generated $196 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Innoviva, Inc. (INVA) has a debt-to-equity ratio of 0.22. This indicates a conservatively financed balance sheet.
Innoviva, Inc. (INVA) reported earnings per share (EPS) of $3.30 in its most recent fiscal year.
Innoviva, Inc. (INVA) has a return on equity (ROE) of 29.1%. This indicates the company generates strong returns for shareholders.
Innoviva, Inc. (INVA) has a 5-year average gross margin of 78.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for Innoviva, Inc. (INVA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Innoviva, Inc. (INVA) has a book value per share of $14.27, based on its most recent annual SEC filing.