# Innoviva, Inc. (INVA)

> Source: Nexqual · https://nexqual.com/INVA · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Innoviva, Inc. (INVA), nexqual.com/INVA" · informational, not investment advice.

**Price:** USD 21.12 (+0.86% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 20.94 · day 20.74–21.15 · 52w 17.45–25.15 · market cap $1.53B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $440M, net income $357M (81.2% margin), free cash flow $189M (SEC filings).
- Valuation: P/E 4.3x (avg 23.0x at the last 3 fiscal year-ends), net cash $312M.
- Analysts: Buy (mean 2.40 on a 1–5 scale) (5 analysts), mean target USD 35 (range 18–46).
- Total return with dividends: 1Y +20.2% vs S&P 500 +13.6%; 5Y +21.0% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 0.34, revenue estimate $115M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $392M | $331M | $310M | $359M | $411M | $440M |
| Gross profit | — | — | $246M | $296M | $308M | — |
| Operating income | $375M | — | $114M | $167M | $164M | $163M |
| Net income | $369M | $220M | $180M | $23.4M | $271M | $357M |
| EPS (diluted) | $2.87 | $2.37 | $2.20 | $0.36 | $3.30 | — |
| Free cash flow | $364M | $202M | $141M | $188M | $196M | $189M |
| Gross margin | — | — | 79.2% | 82.6% | 74.8% | — |
| Operating margin | 95.7% | — | 36.7% | 46.5% | 39.8% | 36.9% |
| Net margin | 94.1% | 66.5% | 57.9% | 6.5% | 65.9% | 81.2% |
| Revenue growth | +16.4% | -15.4% | -6.3% | +15.5% | +14.7% | — |
| Cash + short-term investments | $202M | — | — | $305M | $551M | — |
| Total debt | $395M | $540M | $446M | $448M | $258M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.3x · P/S 3.5x · EV/Sales 2.8x · P/FCF 8.1x · P/B 1.2x · FCF yield 12.42% · Earnings yield 23.41% · Buyback yield (TTM) 3.66% · Net cash $312M · EV $1.21B
P/E at fiscal year-ends: Dec 2025 6.2x, Dec 2024 55.0x, Dec 2023 7.8x.

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 5 analysts; mean target USD 35 (low 18, high 46).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Cantor Fitzgerald | Target lowered | Overweight | $36 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +20.2% | +21.0% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +20.3% | +3.9% |
| Volatility (annualized) | 26.9% | 26.8% |
| Max drawdown | -16.5% (Feb 2026→Sep 2026) | -46.0% (Feb 2022→Mar 2023) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/INVA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INVA's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1080014/000119312526071776/inva-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Everest Medicines | "Under the Everest Supply Agreement, we are reimbursed for direct and certain indirect manufacturing costs at 110% of cost." |
| Partner | Glaxo Group | "In November 2002, we entered into our LABA Collaboration Agreement with GSK to develop and commercialize once‑daily products for the treatment of chronic obstructive pulmonary disease ("COPD") and asthma." |
| Partner | Armata Pharmaceuticals, Inc. (ARMP) | "During the first quarter of 2021, Armata entered into a voting agreement with the Company and ISO, pursuant to which the Company and ISO agreed not to vote or take any action by written consent with respect to any common…" |
| Partner | Entasis Therapeutics Holdings | "Our critical care and infectious disease portfolio was formed through the 2022 acquisitions of Entasis Therapeutics and La Jolla Pharmaceutical, and we have continued to grow it through our license agreement with Basilea…" |
| Partner | Lyndra Therapeutics | "In September 2025, we entered into an Asset Purchase Agreement with Lyndra to acquire the IPR&D and certain fixed assets related to its Lynx™ long-acting drug delivery platform." |
| Competitor | AbbVie (ABBV) | "XERAVA® competes with a number of antibiotics that are currently marketed for the treatment of cIAI and other multidrug resistant infections, including: AVYCAZ (ceftazidime and avibactam, marketed by AbbVie Inc.);" |
| Competitor | Pfizer (PFE) | "XACDURO® competes with a number of antibiotics that are used to treat carbapenem-resistant Acinetobacter infections in the absence of other products indicated for these infections, including: FETROJA® (cefiderocol, marke…" |

Other companies that name INVA in their own reports (relationship from INVA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Armata Pharmaceuticals, Inc. (ARMP) | 10-K 2026-03-25 | "Concurrently with the execution of the 2024 Credit Agreement, we amended certain provisions of the Convertible Loan and Convertible Credit Agreement and the secured term loan facility in the aggregate…" |
| customer | Zai Lab Ltd (ZLAB) | 10-K 2026-02-26 | "For example, we source VYVGART and VYVGART Hytrulo from argenx, OPTUNE from NovoCure, QINLOCK from Deciphera, XACDURO from Innoviva, AUGTYRO from BMS, and TIVDAK from Pfizer." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.34 | $0.38 | -10.5% | $115.3M | 5 |
| Next quarter (ends 2026-12-31) | $0.52 | $0.59 | -11.9% | $118.4M | 5 |
| Current fiscal year (ends 2026-12-31) | $2.23 | $3.34 | -33.1% | $451.3M | 5 |
| Next fiscal year (ends 2027-12-31) | $2.26 | $2.29 | -1.1% | $490.0M | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.56 | $0.50 | Beat +12.0% | — |
| — | Quarter ended Mar 31, 2026 | $0.47 | $0.43 | Beat +9.3% | — |
| — | Quarter ended Dec 31, 2025 | $0.47 | $0.43 | Beat +9.3% | — |
| — | Quarter ended Sep 30, 2025 | $0.38 | $0.39 | Miss −2.6% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 15.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1080014/000201238326003797/0002012383-26-003797-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1080014/000119312526335235/0001193125-26-335235-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1080014/000119312526335192/0001193125-26-335192-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1080014/000210011926001410/0002100119-26-001410-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.