Innoviva (INVA) Financials

$22.52 -0.38 (-1.64%)

Closing price 03:59 PM Eastern

Extended Trading

$22.52 +0.01 (+0.04%)

As of 04:10 PM Eastern

Annual Income Statements for Innoviva

This table shows Innoviva's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	119	134	395	157	224	266	214	180	23	271
Consolidated Net Income / (Loss)	-19	119	134	406	191	294	369	220	180	23	271
Net Income / (Loss) Continuing Operations	-19	60	134	406	191	294	369	220	180	23	271
Total Pre-Tax Income	-19	60	134	210	233	354	445	287	194	37	327
Total Operating Income	32	109	184	238	246	371	466	320	114	167	164
Total Gross Profit	54	134	217	261	261	337	392	318	246	296	308
Total Revenue	54	134	217	261	261	337	392	331	310	359	411
Operating Revenue	54	134	217	261	261	337	392	331	310	359	411
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14	64	63	104
Operating Cost of Revenue	-	-	-	-	-	0.00	0.00	14	64	63	104
Total Operating Expenses	22	25	34	23	15	-35	-74	-2.86	132	129	144
Selling, General & Admin Expense	20	23	32	23	15	14	16	64	98	116	113
Research & Development Expense	2.62	1.39	1.36	0.00	0.00	1.79	0.58	41	34	14	31
Total Other Income / (Expense), net	-50	-49	-49	-28	-13	-17	-21	-33	80	-129	163
Interest Expense	52	52	44	24	19	18	19	36	19	22	17
Interest & Investment Income	0.34	0.58	1.31	1.66	5.54	1.52	1.84	6.37	93	-45	163
Other Income / (Expense), net	1.12	2.48	-7.04	-5.70	-0.35	-0.35	-3.63	-3.37	6.16	-62	17
Income Tax Expense	-	0.10	0.00	-196	42	60	76	67	14	14	56
Basic Earnings per Share	($0.16)	$0.54	$1.25	$3.92	$1.55	$2.21	$3.24	$3.07	$2.75	$0.37	$4.02
Weighted Average Basic Shares Outstanding	115.37M	110.28M	106.95M	100.85M	101.15M	101.32M	82.06M	69.64M	65.44M	62.73M	67.40M
Diluted Earnings per Share	($0.16)	$0.53	$1.17	$3.53	$1.43	$2.02	$2.87	$2.37	$2.20	$0.36	$3.30
Weighted Average Diluted Shares Outstanding	115.37M	123.23M	119.87M	113.41M	113.41M	113.55M	94.31M	95.25M	86.88M	74.19M	84.76M
Weighted Average Basic & Diluted Shares Outstanding	117.30M	110.30M	107.30M	101.12M	101.30M	101.39M	69.57M	68.13M	63.23M	62.68M	74.07M

This table shows Innoviva's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	82	62	37	-35	1.21	20	-47	64	90	164	187
Consolidated Net Income / (Loss)	82	62	37	-35	1.21	20	-47	64	90	164	187
Net Income / (Loss) Continuing Operations	82	62	37	-35	1.21	20	-47	64	90	164	187
Total Pre-Tax Income	86	61	45	-39	6.85	25	-39	73	98	195	235
Total Operating Income	87	63	26	55	43	24	41	49	35	39	38
Total Gross Profit	57	73	60	85	73	85	73	83	76	76	76
Total Revenue	67	86	77	100	90	92	89	100	108	115	98
Operating Revenue	67	86	77	100	90	92	89	100	108	115	98
Total Cost of Revenue	10	13	17	15	17	7.17	15	17	32	39	22
Operating Cost of Revenue	10	13	17	15	17	7.17	15	17	32	39	22
Total Operating Expenses	-30	9.66	34	30	30	61	32	34	41	37	38
Selling, General & Admin Expense	29	26	30	28	26	31	27	26	27	32	32
Research & Development Expense	3.99	2.36	3.88	2.56	3.55	3.67	4.40	7.98	14	4.56	5.24
Total Other Income / (Expense), net	-1.33	-1.85	19	-94	-36	1.15	-80	24	63	156	196
Interest Expense	4.40	5.95	5.85	5.80	5.81	4.75	4.71	4.66	4.02	3.31	5.44
Interest & Investment Income	4.11	4.79	40	-57	-13	5.77	-9.01	18	36	117	169
Other Income / (Expense), net	-1.05	-0.68	-15	-32	-18	0.13	-66	11	31	42	33
Income Tax Expense	3.91	-0.33	8.59	-4.59	5.64	4.36	8.00	8.91	7.91	31	48
Basic Earnings per Share	$1.26	$0.96	$0.58	($0.55)	$0.02	$0.32	($0.74)	$1.01	$1.30	$2.45	$2.52
Weighted Average Basic Shares Outstanding	64.95M	65.44M	63.19M	62.53M	62.57M	62.73M	62.71M	62.87M	69.06M	67.40M	74.16M
Diluted Earnings per Share	$0.98	$0.78	$0.46	($0.55)	$0.02	$0.43	($0.74)	$0.77	$1.08	$2.19	$2.22
Weighted Average Diluted Shares Outstanding	86.16M	86.88M	84.53M	62.53M	62.95M	74.19M	62.71M	84.45M	84.96M	84.76M	84.85M
Weighted Average Basic & Diluted Shares Outstanding	64.09M	63.23M	62.44M	62.56M	62.60M	62.68M	62.78M	63.02M	74.77M	74.07M	73.81M

This table details how cash moves in and out of Innoviva's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	62	-41	-45	-11	216	-32	-45	90	-98	111	246
Net Cash From Operating Activities	10	61	142	224	257	313	364	202	141	189	197
Net Cash From Continuing Operating Activities	10	61	142	224	257	313	364	202	141	189	197
Net Income / (Loss) Continuing Operations	-19	60	134	406	191	294	369	220	180	23	271
Consolidated Net Income / (Loss)	-19	60	134	406	191	294	369	220	180	23	271
Depreciation Expense	14	14	14	14	14	14	14	14	14	14	14
Amortization Expense	3.53	2.65	4.69	7.17	5.25	7.92	9.14	7.64	24	28	28
Non-Cash Adjustments To Reconcile Net Income	28	6.81	17	8.98	2.38	-49	-88	-72	-56	143	-136
Changes in Operating Assets and Liabilities, net	-17	-22	-28	-213	45	46	60	32	-20	-20	20
Net Cash From Investing Activities	159	-4.58	-23	3.52	-18	-315	44	-57	-67	-64	40
Net Cash From Continuing Investing Activities	159	-4.58	-23	3.52	-18	-315	44	-57	-67	-64	40
Purchase of Property, Plant & Equipment	-0.01	-0.28	0.00	0.00	-0.01	-0.01	0.00	-0.07	-0.41	-0.27	-1.13
Acquisitions	-	-	-	-	-	0.00	-44	-204	0.00	-4.00	-9.37
Purchase of Investments	-87	-96	-68	-72	-232	-401	66	-98	-139	-135	14
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	0.10	0.01
Sale and/or Maturity of Investments	246	91	44	75	214	86	21	24	73	76	37
Net Cash From Financing Activities	-107	-98	-163	-238	-24	-30	-452	-56	-172	-13	8.55
Net Cash From Continuing Financing Activities	-107	-98	-163	-238	-24	-30	-452	-56	-172	-13	8.55
Repayment of Debt	0.00	-6.83	-506	-230	-14	0.00	0.00	-165	-96	0.00	-0.03
Repurchase of Common Equity	-26	-78	-98	-	0.00	0.00	-394	-8.50	-76	-15	-4.53
Issuance of Common Equity	8.24	0.39	0.44	1.14	0.63	0.44	1.17	0.37	0.17	1.47	2.55
Other Financing Activities, net	-2.19	-0.50	-2.13	-3.07	-0.09	0.25	-0.06	-65	-0.08	-0.14	11
Cash Interest Paid	26	49	40	18	11	9.93	9.93	12	11	10	10
Cash Income Taxes Paid	-	-	-	-	-	0.00	0.00	54	0.00	12	19

This table details how cash moves in and out of Innoviva's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	6.97	14	-15	39	44	44	14	78	79	74	52
Net Cash From Operating Activities	44	33	37	44	49	59	49	44	50	55	35
Net Cash From Continuing Operating Activities	44	33	37	43	49	59	49	44	50	55	35
Net Income / (Loss) Continuing Operations	82	62	37	-35	1.21	20	-47	64	90	164	187
Consolidated Net Income / (Loss)	82	62	37	-35	1.21	20	-47	64	90	164	187
Depreciation Expense	3.48	3.48	3.51	3.48	3.48	3.49	3.49	3.49	3.49	3.49	3.49
Amortization Expense	7.03	7.03	6.97	6.96	7.04	7.04	7.02	7.08	7.07	6.99	6.92
Non-Cash Adjustments To Reconcile Net Income	-64	-15	-15	98	38	23	82	-22	-47	-149	-186
Changes in Operating Assets and Liabilities, net	16	-24	5.26	-30	-0.36	5.80	2.66	-8.25	-3.69	29	25
Net Cash From Investing Activities	-26	-5.15	-43	-	-5.27	-15	-35	33	18	24	37
Net Cash From Continuing Investing Activities	-26	-5.15	-43	-	-5.27	-15	-35	33	18	24	37
Purchase of Property, Plant & Equipment	-0.23	-0.15	-	-	-0.27	-	0.00	-	-	-0.01	-0.49
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	0.00
Purchase of Investments	-63	-38	-48	-0.63	-52	-34	-55	28	29	12	-5.79
Sale of Property, Plant & Equipment	-	-	0.10	-	-	0.00	0.00	-	-	0.01	0.00
Sale and/or Maturity of Investments	37	33	5.34	0.63	47	23	20	5.10	-	12	43
Net Cash From Financing Activities	-11	-15	-9.17	-5.07	0.21	0.57	0.18	1.25	11	-3.72	-20
Net Cash From Continuing Financing Activities	-11	-15	-9.17	-5.07	0.21	0.57	0.18	1.25	11	-3.72	-20
Repayment of Debt	-	-	-	-	-	-	0.00	-	-	-	0.00
Repurchase of Common Equity	-11	-15	-9.57	-5.21	-	-	0.00	-	-	-4.53	-20
Issuance of Common Equity	-	0.06	0.49	0.16	0.23	0.59	0.25	1.27	0.19	0.84	0.26
Other Financing Activities, net	-0.01	-0.01	-0.08	-0.02	-0.02	-0.02	-0.07	-0.02	11	-0.03	-0.16
Cash Interest Paid	5.18	-	5.18	-	5.18	-	5.18	-	5.17	-	2.77
Cash Income Taxes Paid	-	-	-	-	-	-	0.00	-	1.13	6.04	0.67

This table presents Innoviva's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	409	379	367	548	725	1,000	926	1,231	1,244	1,301	1,635
Total Current Assets	214	198	200	199	431	342	314	444	344	554	728
Cash & Equivalents	159	118	73	62	278	246	202	291	194	305	551
Short-Term Investments	28	32	56	52	73	-	-	-	0.00	108	16
Note & Lease Receivable	-	-	-	-	-	-	111	55	70	66	58
Accounts Receivable	26	47	71	83	79	94	0.00	9.40	14	20	35
Inventories, net	-	-	-	-	-	-	0.00	56	41	34	39
Prepaid Expenses	0.81	0.77	0.75	0.85	0.96	1.64	1.37	30	22	21	27
Other Current Assets	-	-	-	-	-	-	0.07	2.93	4.26	0.66	1.64
Plant, Property, & Equipment, net	0.22	0.37	0.21	0.16	0.03	0.03	0.01	0.17	0.48	0.51	1.56
Total Noncurrent Assets	194	181	167	349	294	657	613	788	899	746	906
Long-Term Investments	-	-	-	-	0.00	438	484	403	561	394	598
Goodwill	-	-	-	-	-	-	0.00	27	18	18	18
Intangible Assets	-	-	-	-	-	-	0.00	253	230	208	182
Other Noncurrent Operating Assets	194	181	167	153	139	125	112	105	90	114	108
Total Liabilities & Shareholders' Equity	409	379	367	548	725	1,000	926	1,231	1,244	1,301	1,635
Total Liabilities	752	732	610	389	383	392	400	666	569	610	462
Total Current Liabilities	13	20	35	5.70	5.37	6.11	5.81	135	38	236	50
Accounts Payable	0.82	0.13	0.60	0.01	0.01	0.07	0.03	2.94	6.72	2.13	4.97
Accrued Expenses	-	-	-	-	-	-	-	-	20	30	29
Current Deferred Revenue	0.89	0.89	-	-	-	-	0.00	2.09	1.28	1.13	4.27
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	0.00	0.15	-	0.00	0.27
Current Employee Benefit Liabilities	1.66	2.36	1.72	0.47	0.65	0.49	0.62	8.02	7.02	7.38	9.10
Other Current Nonoperating Liabilities	7.91	7.83	5.92	4.26	4.15	4.15	4.15	4.36	3.42	3.42	1.62
Total Noncurrent Liabilities	738	712	575	383	377	386	395	531	530	374	413
Long-Term Debt	733	708	574	383	377	386	395	444	446	256	258
Noncurrent Deferred Revenue	3.10	2.21	-	-	-	-	-	-	12	53	57
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	5.77	0.56	0.00	32
Other Noncurrent Operating Liabilities	1.86	1.38	0.94	0.59	0.22	0.11	0.00	81	72	64	66
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-343	-353	-243	159	342	608	526	566	675	691	1,173
Total Preferred & Common Equity	-343	-353	-243	154	313	540	415	566	675	691	1,173
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-343	-353	-243	154	313	540	415	566	675	691	1,173
Common Stock	1,353	1,283	1,259	1,257	1,260	1,262	1,265	1,165	1,094	693	903
Retained Earnings	-1,692	-1,633	-1,499	-1,104	-946	-722	-456	-205	-25	-1.80	269

This table presents Innoviva's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,328	1,130	1,118	1,188	1,268	1,225	1,232	1,254	1,334	1,429	1,837
Total Current Assets	455	296	324	305	311	358	401	582	652	685	773
Cash & Equivalents	301	144	173	180	178	217	261	319	398	477	603
Short-Term Investments	0.28	-	-	-	-	-	-	128	100	57	8.85
Note & Lease Receivable	-	60	66	57	62	67	61	61	67	63	59
Accounts Receivable	72	15	15	11	14	27	31	17	21	30	34
Inventories, net	71	50	47	41	37	37	34	41	49	38	39
Prepaid Expenses	7.93	24	21	15	17	8.48	13	15	17	19	25
Other Current Assets	2.43	2.82	2.14	1.99	2.99	2.15	2.05	0.31	0.18	0.17	4.38
Plant, Property, & Equipment, net	0.17	0.18	0.16	0.36	0.32	0.43	0.54	0.48	0.45	1.53	2.14
Total Noncurrent Assets	873	833	795	883	956	866	830	672	681	743	1,062
Long-Term Investments	489	456	398	422	628	536	508	330	349	426	764
Goodwill	16	28	15	18	18	18	18	18	18	18	18
Intangible Assets	258	248	243	237	224	217	211	202	195	189	176
Other Noncurrent Operating Assets	109	101	132	201	86	83	79	110	106	102	104
Total Liabilities & Shareholders' Equity	1,328	1,130	1,118	1,188	1,268	1,225	1,232	1,254	1,334	1,429	1,837
Total Liabilities	686	568	563	561	564	559	563	607	619	419	495
Total Current Liabilities	164	38	39	36	30	28	224	235	247	48	37
Accounts Payable	3.81	5.93	4.59	3.78	0.89	2.04	4.17	4.70	5.38	6.24	6.52
Accrued Expenses	-	-	-	-	-	-	18	31	38	22	22
Current Deferred Revenue	2.85	2.09	3.25	1.55	0.99	0.86	0.72	1.00	3.13	14	3.68
Current Deferred & Payable Income Tax Liabilities	34	0.15	0.15	0.15	-	-	2.62	1.54	-	-	0.00
Current Employee Benefit Liabilities	6.47	4.22	5.47	5.17	3.42	4.76	5.97	3.79	4.75	6.82	4.33
Other Current Nonoperating Liabilities	5.70	0.83	3.42	0.83	0.83	3.42	0.83	0.83	3.42	0.23	0.23
Total Noncurrent Liabilities	522	530	524	524	534	531	339	373	372	371	458
Long-Term Debt	444	445	445	446	447	447	256	257	257	257	258
Noncurrent Deferred Revenue	-	-	-	-	-	-	12	54	55	56	58
Noncurrent Deferred & Payable Income Tax Liabilities	0.36	15	9.97	0.00	16	12	0.00	-	-	-	73
Other Noncurrent Operating Liabilities	78	70	69	79	72	72	71	62	60	57	69
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	641	561	555	627	704	666	669	647	715	1,010	1,342
Total Preferred & Common Equity	641	0.00	555	627	704	666	669	647	715	1,010	1,342
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	641	561	555	627	704	666	669	647	715	1,010	1,342
Common Stock	1,172	1,125	1,118	1,108	1,086	689	691	695	700	905	886
Retained Earnings	-137	-170	-169	-87	11	-23	-22	-48	15	105	456

This table displays calculated financial ratios and metrics derived from Innoviva's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	539.74%	147.58%	62.63%	20.16%	0.00%	29.03%	16.35%	-15.45%	-6.30%	15.54%	14.67%
EBITDA Growth	340.27%	155.32%	52.45%	29.89%	4.55%	48.16%	23.59%	-30.25%	-30.54%	-64.96%	52.15%
EBIT Growth	187.90%	240.87%	58.40%	31.71%	5.79%	50.82%	24.65%	-31.45%	-37.72%	-79.51%	72.90%
NOPAT Growth	193.08%	392.24%	68.73%	150.78%	-56.12%	52.47%	25.34%	-36.30%	-23.80%	-85.49%	30.12%
Net Income Growth	88.86%	734.71%	12.77%	202.62%	-53.00%	53.84%	25.53%	-40.28%	-18.41%	-86.98%	1,059.22%
EPS Growth	89.33%	431.25%	120.75%	201.71%	-59.49%	41.26%	42.08%	-17.42%	-7.17%	-83.64%	816.67%
Operating Cash Flow Growth	107.75%	501.95%	132.44%	57.69%	15.18%	21.62%	16.19%	-44.55%	-30.07%	33.76%	4.37%
Free Cash Flow Firm Growth	120.57%	165.32%	71.57%	53.97%	-0.73%	41.06%	24.92%	-85.02%	239.49%	-73.97%	48.51%
Invested Capital Growth	-6.79%	4.44%	5.90%	84.70%	-13.62%	-16.05%	-23.47%	73.98%	-11.13%	-9.09%	-20.56%
Revenue Q/Q Growth	40.52%	18.42%	13.54%	4.12%	-1.47%	4.50%	4.59%	-11.22%	6.90%	1.69%	5.87%
EBITDA Q/Q Growth	68.81%	19.64%	17.76%	4.30%	-1.52%	18.62%	14.05%	-40.95%	84.82%	-31.94%	81.67%
EBIT Q/Q Growth	174.17%	23.35%	18.91%	4.83%	-1.52%	19.76%	14.72%	-42.79%	114.88%	-48.89%	124.41%
NOPAT Q/Q Growth	119.05%	22.79%	18.56%	102.44%	-52.63%	19.88%	14.63%	-46.04%	159.42%	-62.50%	275.36%
Net Income Q/Q Growth	51.88%	210.36%	-16.48%	107.71%	-52.53%	6.20%	-7.37%	-34.10%	260.33%	-63.78%	112.94%
EPS Q/Q Growth	50.00%	55.88%	31.46%	107.65%	-57.31%	3.06%	-8.01%	-27.74%	197.30%	-49.30%	114.29%
Operating Cash Flow Q/Q Growth	825.72%	30.27%	23.29%	6.64%	2.03%	6.23%	3.74%	-30.73%	20.87%	15.97%	-2.34%
Free Cash Flow Firm Q/Q Growth	1,169.56%	2.37%	12.40%	17.12%	-2.91%	20.61%	8.82%	-77.25%	9,040.18%	-68.84%	166.44%
Invested Capital Q/Q Growth	-4.60%	3.63%	8.17%	96.90%	-1.18%	-4.92%	-1.71%	4.98%	-21.51%	-3.55%	-13.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	95.84%	86.27%	89.80%	74.80%
EBITDA Margin	92.97%	95.88%	89.88%	97.16%	101.58%	116.63%	123.89%	102.19%	75.76%	22.98%	54.25%
Operating Margin	58.54%	81.60%	84.53%	91.28%	94.39%	110.28%	118.95%	96.70%	65.19%	12.11%	39.81%
EBIT Margin	60.61%	83.45%	81.29%	89.10%	94.25%	110.17%	118.03%	95.68%	63.59%	11.28%	44.01%
Profit (Net Income) Margin	-34.77%	89.15%	61.81%	155.68%	73.17%	87.24%	94.12%	66.48%	57.89%	6.52%	65.92%
Tax Burden Percent	100.00%	199.68%	100.00%	193.25%	82.01%	82.94%	82.83%	76.76%	92.59%	62.57%	82.96%
Interest Burden Percent	-57.37%	53.50%	76.05%	90.41%	94.67%	95.47%	96.27%	90.51%	98.31%	92.42%	180.55%
Effective Tax Rate	0.00%	0.16%	0.00%	-93.25%	17.99%	17.06%	17.17%	23.24%	7.41%	37.43%	17.04%
Return on Invested Capital (ROIC)	10.10%	50.42%	80.88%	138.53%	50.27%	89.90%	139.86%	75.00%	47.65%	7.70%	45.00%
ROIC Less NNEP Spread (ROIC-NNEP)	1.96%	52.24%	71.48%	124.07%	42.97%	100.65%	145.80%	86.78%	51.04%	8.85%	23.52%
Return on Net Nonoperating Assets (RNNOA)	-3.47%	-84.66%	-125.96%	-1,109.96%	25.95%	-28.04%	-74.80%	-34.65%	-18.68%	-4.27%	-15.90%
Return on Equity (ROE)	6.63%	-34.23%	-45.08%	-971.44%	76.22%	61.86%	65.06%	40.35%	28.97%	3.42%	29.10%
Cash Return on Invested Capital (CROIC)	17.13%	46.07%	75.15%	79.03%	64.88%	107.35%	166.45%	21.00%	59.44%	17.22%	67.91%
Operating Return on Assets (OROA)	7.03%	28.29%	47.32%	50.80%	38.65%	43.04%	48.03%	29.38%	15.95%	3.18%	12.33%
Return on Assets (ROA)	-4.03%	30.22%	35.98%	88.76%	30.01%	34.08%	38.30%	20.41%	14.52%	1.84%	18.47%
Return on Common Equity (ROCE)	6.63%	-34.23%	-45.09%	-1,036.71%	71.03%	55.57%	54.78%	36.24%	28.97%	3.42%	29.10%
Return on Equity Simple (ROE_SIMPLE)	5.48%	-33.73%	-55.29%	264.57%	60.92%	54.42%	88.93%	38.93%	26.63%	3.38%	0.00%
Net Operating Profit after Tax (NOPAT)	22	109	184	460	202	308	386	246	187	27	136
NOPAT Margin	40.98%	81.47%	84.52%	176.41%	77.40%	91.46%	98.53%	74.23%	60.37%	7.58%	33.03%
Net Nonoperating Expense Percent (NNEP)	8.14%	-1.82%	9.40%	14.46%	7.30%	-10.75%	-5.94%	-11.78%	-3.39%	-1.15%	21.48%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	22.23%	16.72%	2.39%	9.50%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.16%	13.73%	10.20%	25.20%
SG&A Expenses to Revenue	36.61%	17.36%	14.85%	8.72%	5.62%	4.12%	4.13%	19.18%	31.64%	32.25%	27.55%
R&D to Revenue	4.85%	1.04%	0.62%	0.00%	0.00%	0.53%	0.15%	12.50%	10.93%	3.81%	7.44%
Operating Expenses to Revenue	41.46%	18.40%	15.47%	8.72%	5.62%	-10.28%	-18.95%	-0.86%	21.07%	77.68%	34.99%
Earnings before Interest and Taxes (EBIT)	33	111	177	233	246	371	463	317	197	40	181
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	50	128	195	254	265	393	485	339	235	82	223
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	11.48	4.57	2.33	2.89	1.63	1.52	1.57	1.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	11.48	4.57	2.33	2.89	3.23	2.41	2.34	1.54
Price to Revenue (P/Rev)	0.02	8.71	7.06	6.76	5.49	3.73	3.06	2.79	3.31	3.03	3.63
Price to Earnings (P/E)	0.00	9.77	11.43	4.46	9.12	5.60	4.51	4.32	5.72	46.43	5.51
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	10.23%	8.75%	22.41%	10.97%	17.86%	22.18%	23.14%	17.48%	2.15%	18.14%
Enterprise Value to Invested Capital (EV/IC)	2.59	7.84	8.58	4.72	4.00	3.28	4.26	1.85	1.94	2.16	2.20
Enterprise Value to Revenue (EV/Rev)	10.14	12.95	9.22	7.80	5.70	3.04	2.60	2.33	2.32	2.03	1.43
Enterprise Value to EBITDA (EV/EBITDA)	10.90	13.50	10.26	8.03	5.62	2.61	2.10	2.28	3.06	8.83	2.63
Enterprise Value to EBIT (EV/EBIT)	16.72	15.51	11.35	8.76	6.05	2.76	2.20	2.43	3.65	18.00	3.25
Enterprise Value to NOPAT (EV/NOPAT)	24.74	15.89	10.91	4.42	7.37	3.33	2.64	3.13	3.84	26.78	4.32
Enterprise Value to Operating Cash Flow (EV/OCF)	53.98	28.35	14.13	9.11	5.78	3.27	2.80	3.82	5.10	3.86	2.98
Enterprise Value to Free Cash Flow (EV/FCFF)	14.59	17.39	11.74	7.75	5.71	2.79	2.22	11.20	3.08	11.97	2.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.14	-2.03	-2.47	2.41	1.10	0.63	0.75	0.96	0.66	0.65	0.22
Long-Term Debt to Equity	-2.14	-2.01	-2.37	2.41	1.10	0.63	0.75	0.79	0.66	0.37	0.22
Financial Leverage	-1.77	-1.62	-1.76	-8.95	0.60	-0.28	-0.51	-0.40	-0.37	-0.48	-0.68
Leverage Ratio	-1.64	-1.13	-1.25	-10.94	2.54	1.82	1.70	1.98	1.99	1.86	1.58
Compound Leverage Factor	0.94	-0.61	-0.95	-9.89	2.40	1.73	1.64	1.79	1.96	1.72	2.84
Debt to Total Capital	187.75%	197.22%	168.05%	70.65%	52.43%	38.81%	42.87%	48.85%	39.80%	39.35%	18.02%
Short-Term Debt to Total Capital	0.00%	2.13%	7.01%	0.00%	0.00%	0.00%	0.00%	8.70%	0.00%	16.85%	0.00%
Long-Term Debt to Total Capital	187.75%	195.08%	161.04%	70.65%	52.43%	38.81%	42.87%	40.16%	39.80%	22.49%	18.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.04%	1.01%	3.98%	6.84%	12.08%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-87.75%	-97.22%	-68.09%	28.34%	43.59%	54.35%	45.05%	51.15%	60.20%	60.65%	81.98%
Debt to EBITDA	14.62	5.59	3.07	1.51	1.42	0.98	0.81	1.60	1.90	5.44	1.15
Net Debt to EBITDA	10.88	4.42	2.41	1.06	0.10	-0.76	-0.60	-0.45	-1.31	-4.35	-4.07
Long-Term Debt to EBITDA	14.62	5.53	2.94	1.51	1.42	0.98	0.81	1.31	1.90	3.11	1.15
Debt to NOPAT	33.16	6.58	3.26	0.83	1.87	1.25	1.02	2.20	2.38	16.49	1.90
Net Debt to NOPAT	24.69	5.20	2.56	0.58	0.13	-0.97	-0.75	-0.62	-1.64	-13.17	-6.68
Long-Term Debt to NOPAT	33.16	6.51	3.13	0.83	1.87	1.25	1.02	1.81	2.38	9.43	1.90
Altman Z-Score	-4.81	-3.19	-1.49	2.20	2.61	2.88	3.58	2.02	2.13	1.74	3.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-0.03%	-6.72%	6.80%	10.16%	15.80%	10.19%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	15.89	9.88	5.77	34.92	80.29	55.98	54.02	3.29	9.03	2.35	14.64
Quick Ratio	15.83	9.84	5.75	34.77	80.11	55.71	53.77	2.63	7.28	2.11	13.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	37	99	171	263	261	368	460	69	234	61	205
Operating Cash Flow to CapEx	144,728.57%	21,936.69%	0.00%	0.00%	2,145,483.33%	2,408,561.54%	0.00%	301,083.58%	34,322.14%	111,650.89%	17,598.75%
Free Cash Flow to Firm to Interest Expense	0.72	1.90	3.91	10.97	13.97	20.07	24.10	1.89	12.20	2.74	12.28
Operating Cash Flow to Interest Expense	0.20	1.16	3.25	9.33	13.80	17.08	19.08	5.53	7.36	8.50	11.79
Operating Cash Flow Less CapEx to Interest Expense	0.20	1.16	3.25	9.33	13.80	17.08	19.08	5.53	7.34	8.49	11.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.34	0.58	0.57	0.41	0.39	0.41	0.31	0.25	0.28	0.28
Accounts Receivable Turnover	0.00	3.66	3.70	3.39	3.21	3.89	0.00	0.00	26.03	20.59	14.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.88	0.98	2.84
Fixed Asset Turnover	197.98	453.55	752.92	1,414.66	2,704.83	11,042.43	19,593.30	3,641.09	950.88	719.58	397.61
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.30	8.83	8.27	29.21
Days Sales Outstanding (DSO)	0.00	99.84	98.63	107.56	113.77	93.94	0.00	0.00	14.02	17.73	24.56
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	413.60	371.31	128.34
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	39.24	41.33	44.13	12.50
Cash Conversion Cycle (CCC)	0.00	99.84	98.63	107.56	113.77	93.94	0.00	-39.24	386.29	344.92	140.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	211	220	234	431	373	313	239	416	370	336	267
Invested Capital Turnover	0.25	0.62	0.96	0.79	0.65	0.98	1.42	1.01	0.79	1.02	1.36
Increase / (Decrease) in Invested Capital	-15	9.38	13	198	-59	-60	-73	177	-46	-34	-69
Enterprise Value (EV)	547	1,729	2,003	2,037	1,489	1,025	1,019	771	720	728	587
Market Capitalization	1.00	1,163	1,533	1,763	1,434	1,256	1,199	925	1,028	1,086	1,495
Book Value per Share	($2.92)	($3.25)	($2.25)	$1.52	$3.10	$5.33	$5.97	$8.11	$10.53	$11.04	$15.69
Tangible Book Value per Share	($2.92)	($3.25)	($2.25)	$1.52	$3.10	$5.33	$5.97	$4.10	$6.66	$7.43	$13.01
Total Capital	390	363	357	542	719	993	921	1,106	1,121	1,140	1,431
Total Debt	733	716	599	383	377	386	395	540	446	448	258
Total Long-Term Debt	733	708	574	383	377	386	395	444	446	256	258
Net Debt	546	566	470	268	26	-299	-291	-154	-308	-358	-907
Capital Expenditures (CapEx)	0.01	0.28	0.00	0.00	0.01	0.01	0.00	0.07	0.41	0.17	1.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	14	35	62	78	75	89	106	114	113	98	111
Debt-free Net Working Capital (DFNWC)	201	186	191	193	426	336	308	405	306	510	678
Net Working Capital (NWC)	201	178	166	193	426	336	308	309	306	318	678
Net Nonoperating Expense (NNE)	41	-10	49	54	11	14	17	26	7.69	3.79	-135
Net Nonoperating Obligations (NNO)	554	573	476	272	30	-295	-287	-149	-305	-355	-906
Total Depreciation and Amortization (D&A)	17	17	19	21	19	22	23	22	38	42	42
Debt-free, Cash-free Net Working Capital to Revenue	25.12%	26.44%	28.34%	30.05%	28.74%	26.56%	27.14%	34.31%	36.26%	27.25%	27.02%
Debt-free Net Working Capital to Revenue	372.27%	139.07%	87.76%	74.08%	163.16%	99.75%	78.56%	122.15%	98.59%	142.25%	164.79%
Net Working Capital to Revenue	372.27%	133.26%	76.25%	74.08%	163.16%	99.75%	78.56%	93.12%	98.59%	88.71%	164.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.16)	$0.54	$1.25	$3.92	$1.55	$2.21	$0.00	$3.07	$0.00	$0.37	$4.02
Adjusted Weighted Average Basic Shares Outstanding	114.12M	110.28M	106.95M	100.85M	101.15M	101.32M	0.00	69.64M	0.00	62.73M	67.40M
Adjusted Diluted Earnings per Share	($0.16)	$0.53	$1.17	$3.53	$1.43	$2.02	$0.00	$2.37	$0.00	$0.36	$3.30
Adjusted Weighted Average Diluted Shares Outstanding	114.12M	123.23M	119.87M	113.41M	113.41M	113.55M	0.00	95.25M	0.00	74.19M	84.76M
Adjusted Basic & Diluted Earnings per Share	($0.16)	$0.00	$1.25	$3.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	115.37M	109.20M	101.82M	101.12M	101.30M	101.39M	0.00	68.13M	0.00	62.68M	74.07M
Normalized Net Operating Profit after Tax (NOPAT)	22	109	184	167	202	308	386	246	187	27	136
Normalized NOPAT Margin	40.98%	81.47%	84.52%	63.90%	77.40%	91.46%	98.53%	74.23%	60.37%	7.58%	33.03%
Pre Tax Income Margin	-34.77%	44.64%	61.82%	80.56%	89.23%	105.18%	113.63%	86.60%	62.52%	10.42%	79.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.63	2.13	4.05	9.71	13.18	20.24	24.25	8.70	10.31	1.82	10.84
NOPAT to Interest Expense	0.43	2.08	4.21	19.22	10.83	16.80	20.25	6.75	9.78	1.22	8.14
EBIT Less CapEx to Interest Expense	0.63	2.12	4.05	9.71	13.18	20.24	24.25	8.70	10.28	1.81	10.78
NOPAT Less CapEx to Interest Expense	0.43	2.07	4.21	19.22	10.83	16.80	20.25	6.75	9.76	1.22	8.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-465.52%	0.81%	0.19%	1.49%	5.53%	10.37%	16.12%	31.69%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-602.17%	66.39%	72.81%	1.49%	5.53%	10.37%	122.98%	35.55%	42.14%	63.17%	1.67%

This table displays calculated financial ratios and metrics derived from Innoviva's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	74,073,646.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	74,073,646.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.52
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	30.45%	1.48%	23.34%	33.08%	6.95%	14.37%	0.39%	20.44%	24.84%	10.56%
EBITDA Growth	-67.18%	307.82%	-56.59%	-270.21%	-81.73%	-53.07%	-166.16%	107.84%	112.11%	65.04%	669.30%
EBIT Growth	-70.20%	244.41%	-73.38%	-656.99%	-91.70%	-62.04%	-321.35%	155.88%	158.44%	80.38%	386.98%
NOPAT Growth	-64.04%	323.24%	-43.39%	-1,438.99%	-98.28%	-69.41%	38.81%	11.72%	315.04%	-7.61%	4.66%
Net Income Growth	-64.23%	190.07%	4.78%	-2,809.77%	-98.52%	-66.96%	-227.52%	283.62%	7,312.04%	707.36%	500.56%
EPS Growth	-65.00%	214.71%	9.52%	-2,850.00%	-97.96%	-44.87%	-260.87%	240.00%	5,300.00%	409.30%	400.00%
Operating Cash Flow Growth	180.06%	273.70%	44.24%	14.50%	10.80%	78.13%	31.23%	0.81%	2.14%	-7.98%	-27.43%
Free Cash Flow Firm Growth	-89.23%	153.40%	313.73%	145.08%	1,368.00%	-51.66%	-35.85%	-21.26%	-44.36%	47.45%	136.39%
Invested Capital Growth	18.87%	-11.13%	-15.38%	-16.17%	-26.02%	-9.09%	-7.14%	-11.70%	-11.68%	-20.56%	-30.10%
Revenue Q/Q Growth	-16.96%	27.63%	-9.72%	28.90%	-10.40%	2.57%	-3.46%	13.15%	7.50%	6.32%	-14.50%
EBITDA Q/Q Growth	521.12%	-24.67%	-70.21%	-146.47%	166.69%	93.44%	-142.00%	586.15%	9.09%	20.16%	-10.66%
EBIT Q/Q Growth	1,199.88%	-27.68%	-81.99%	-179.33%	119.37%	230.84%	-205.03%	338.28%	10.73%	23.53%	-11.95%
NOPAT Q/Q Growth	4,329.60%	-23.92%	-67.04%	-165.06%	105.68%	1,256.61%	49.57%	47.48%	-25.69%	3.25%	-7.51%
Net Income Q/Q Growth	6,309.84%	-25.00%	-40.63%	-194.94%	103.50%	1,576.17%	-329.12%	236.72%	41.17%	82.58%	13.67%
EPS Q/Q Growth	4,800.00%	-20.41%	-41.03%	-219.57%	103.64%	2,050.00%	-272.09%	204.05%	40.26%	102.78%	1.37%
Operating Cash Flow Q/Q Growth	15.09%	-24.32%	11.40%	18.01%	11.36%	21.68%	-17.93%	-9.35%	12.83%	9.62%	-35.28%
Free Cash Flow Firm Q/Q Growth	108.51%	1,197.51%	-23.89%	-55.81%	177.23%	-57.28%	1.02%	59.07%	-14.89%	40.60%	24.19%
Invested Capital Q/Q Growth	8.97%	-21.51%	-6.93%	5.31%	-3.84%	-3.55%	-4.93%	0.13%	-3.82%	-13.24%	-16.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.86%	84.70%	77.53%	91.52%	88.84%	92.20%	82.72%	82.91%	70.07%	66.02%	77.39%
EBITDA Margin	143.84%	84.90%	28.01%	-26.54%	19.75%	37.25%	-16.21%	69.63%	70.66%	79.85%	83.44%
Operating Margin	129.77%	73.45%	33.30%	-36.01%	9.02%	25.65%	46.74%	48.61%	32.08%	34.02%	38.94%
EBIT Margin	128.21%	72.65%	14.50%	-36.99%	7.99%	25.79%	-28.06%	59.09%	60.86%	70.71%	72.82%
Profit (Net Income) Margin	121.99%	71.68%	47.14%	-34.72%	1.36%	22.15%	-52.56%	63.51%	83.40%	143.22%	190.41%
Tax Burden Percent	95.46%	100.54%	80.96%	88.30%	17.71%	82.34%	120.72%	87.73%	91.91%	84.17%	79.55%
Interest Burden Percent	99.67%	98.13%	401.67%	106.30%	95.71%	104.30%	155.18%	122.52%	149.09%	240.65%	328.69%
Effective Tax Rate	4.54%	-0.54%	19.04%	0.00%	82.29%	17.66%	0.00%	12.27%	8.09%	15.83%	20.45%
Return on Invested Capital (ROIC)	82.87%	58.29%	22.35%	-20.95%	1.37%	21.44%	36.43%	46.23%	34.87%	39.01%	47.95%
ROIC Less NNEP Spread (ROIC-NNEP)	83.50%	59.11%	16.26%	-16.48%	1.46%	21.16%	58.46%	40.23%	23.49%	18.17%	26.32%
Return on Net Nonoperating Assets (RNNOA)	-26.36%	-21.64%	-6.60%	5.74%	-0.54%	-10.21%	-29.70%	-20.32%	-14.30%	-12.28%	-19.13%
Return on Equity (ROE)	56.51%	36.66%	15.75%	-15.21%	0.84%	11.23%	6.73%	25.91%	20.57%	26.73%	28.82%
Cash Return on Invested Capital (CROIC)	-0.60%	59.44%	61.66%	56.34%	47.59%	17.22%	19.85%	21.60%	23.43%	67.91%	85.07%
Operating Return on Assets (OROA)	29.60%	18.23%	3.77%	-10.43%	2.33%	7.27%	-8.23%	17.10%	17.77%	19.81%	19.82%
Return on Assets (ROA)	28.16%	17.98%	12.25%	-9.79%	0.40%	6.24%	-15.42%	18.38%	24.36%	40.13%	51.83%
Return on Common Equity (ROCE)	56.51%	36.66%	15.75%	-15.21%	0.84%	11.23%	6.73%	25.91%	20.57%	26.73%	28.82%
Return on Equity Simple (ROE_SIMPLE)	7.95%	0.00%	25.78%	21.85%	9.66%	0.00%	-9.23%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	83	63	21	-25	1.43	19	29	43	32	33	30
NOPAT Margin	123.87%	73.84%	26.96%	-25.21%	1.60%	21.12%	32.72%	42.65%	29.48%	28.63%	30.97%
Net Nonoperating Expense Percent (NNEP)	-0.63%	-0.82%	6.09%	-4.47%	-0.09%	0.29%	-22.03%	6.00%	11.38%	20.84%	21.62%
Return On Investment Capital (ROIC_SIMPLE)	-	5.65%	1.82%	-	-	1.70%	2.65%	3.68%	2.51%	2.29%	1.90%
Cost of Revenue to Revenue	15.14%	15.30%	22.47%	8.48%	11.16%	7.80%	17.28%	17.09%	29.93%	33.98%	22.61%
SG&A Expenses to Revenue	42.58%	30.66%	39.23%	27.77%	29.29%	34.12%	31.02%	26.34%	25.32%	28.03%	33.10%
R&D to Revenue	5.93%	2.74%	5.00%	2.56%	3.97%	3.99%	4.96%	7.96%	12.68%	3.97%	5.35%
Operating Expenses to Revenue	-44.91%	11.26%	44.24%	127.53%	79.82%	66.54%	35.98%	34.30%	38.00%	32.00%	38.45%
Earnings before Interest and Taxes (EBIT)	86	62	11	-37	7.16	24	-25	59	66	81	71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	97	73	22	-27	18	34	-14	70	76	92	82
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.35	1.52	1.37	1.54	1.81	1.57	1.76	1.76	1.14	1.27	1.29
Price to Tangible Book Value (P/TBV)	2.27	2.41	2.09	2.38	2.75	2.34	2.66	2.51	1.43	1.54	1.50
Price to Revenue (P/Rev)	2.91	3.31	3.09	3.10	3.42	3.03	3.07	3.41	2.96	3.63	4.10
Price to Earnings (P/E)	16.95	5.72	5.31	7.04	18.70	46.43	0.00	32.63	9.03	5.51	3.42
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.90%	17.48%	18.82%	14.20%	5.35%	2.15%	0.00%	3.06%	11.07%	18.14%	29.22%
Enterprise Value to Invested Capital (EV/IC)	1.46	1.94	1.75	1.98	2.54	2.16	2.53	2.69	1.45	2.20	2.72
Enterprise Value to Revenue (EV/Rev)	2.37	2.32	1.94	2.17	2.52	2.03	2.19	2.33	1.15	1.43	1.44
Enterprise Value to EBITDA (EV/EBITDA)	5.41	3.06	2.92	3.59	7.33	8.83	17.44	10.45	3.65	2.63	1.90
Enterprise Value to EBIT (EV/EBIT)	7.50	3.65	3.63	4.54	11.21	18.00	185.64	21.34	5.55	3.25	2.19
Enterprise Value to NOPAT (EV/NOPAT)	9.54	3.84	3.57	4.66	12.24	26.78	19.55	27.55	12.38	4.32	4.50
Enterprise Value to Operating Cash Flow (EV/OCF)	5.90	5.10	3.96	4.55	5.45	3.86	4.04	4.30	2.22	2.98	3.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.08	2.60	3.20	4.55	11.97	12.26	11.70	5.82	2.87	2.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.66	0.63	0.67	0.67	0.65	0.69	0.63	0.25	0.22	0.19
Long-Term Debt to Equity	0.71	0.66	0.63	0.67	0.38	0.37	0.40	0.36	0.25	0.22	0.19
Financial Leverage	-0.32	-0.37	-0.41	-0.35	-0.37	-0.48	-0.51	-0.51	-0.61	-0.68	-0.73
Leverage Ratio	1.98	1.99	1.89	1.92	1.87	1.86	1.87	1.85	1.59	1.58	1.55
Compound Leverage Factor	1.98	1.96	7.61	2.04	1.79	1.94	2.90	2.27	2.36	3.79	5.11
Debt to Total Capital	41.53%	39.80%	38.83%	40.19%	40.11%	39.35%	40.96%	38.58%	20.31%	18.02%	16.13%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	17.18%	16.85%	17.54%	16.49%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.53%	39.80%	38.83%	40.19%	22.93%	22.49%	23.42%	22.09%	20.31%	18.02%	16.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.47%	60.20%	61.17%	59.81%	59.89%	60.65%	59.04%	61.42%	79.69%	81.98%	83.87%
Debt to EBITDA	3.50	1.90	2.16	2.23	3.70	5.44	9.69	5.44	2.10	1.15	0.81
Net Debt to EBITDA	-1.23	-1.31	-1.74	-1.53	-2.65	-4.35	-7.07	-4.82	-5.72	-4.07	-3.50
Long-Term Debt to EBITDA	3.50	1.90	2.16	2.23	2.11	3.11	5.54	3.11	2.10	1.15	0.81
Debt to NOPAT	6.17	2.38	2.64	2.90	6.18	16.49	10.85	14.33	7.11	1.90	1.91
Net Debt to NOPAT	-2.17	-1.64	-2.13	-1.99	-4.42	-13.17	-7.93	-12.70	-19.40	-6.68	-8.29
Long-Term Debt to NOPAT	6.17	2.38	2.64	2.90	3.53	9.43	6.21	8.20	7.11	1.90	1.91
Altman Z-Score	1.56	1.77	1.58	1.57	1.74	1.70	1.63	2.03	2.71	3.08	3.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.43	9.03	10.42	12.70	1.79	2.35	2.48	2.64	14.12	14.64	21.13
Quick Ratio	6.85	7.28	8.51	11.03	1.57	2.11	2.24	2.38	12.93	13.28	19.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	8.46	110	84	45	124	53	54	85	73	102	127
Operating Cash Flow to CapEx	19,357.71%	22,023.84%	0.00%	0.00%	18,031.85%	0.00%	0.00%	0.00%	0.00%	0.00%	7,171.14%
Free Cash Flow to Firm to Interest Expense	1.92	18.44	14.27	7.72	21.38	11.17	11.37	18.28	18.07	30.82	23.29
Operating Cash Flow to Interest Expense	10.00	5.59	6.33	7.54	8.38	12.47	10.32	9.45	12.39	16.47	6.49
Operating Cash Flow Less CapEx to Interest Expense	9.94	5.56	6.35	7.54	8.34	12.47	10.32	9.45	12.39	16.47	6.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.25	0.26	0.28	0.29	0.28	0.29	0.29	0.29	0.28	0.27
Accounts Receivable Turnover	6.99	26.03	21.03	15.72	17.08	20.59	24.01	15.52	12.80	14.86	16.60
Inventory Turnover	0.71	0.88	1.14	1.02	1.14	0.98	0.87	0.86	1.45	2.84	2.75
Fixed Asset Turnover	1,104.28	950.88	1,236.47	1,124.14	779.55	719.58	916.59	843.35	374.84	397.61	320.53
Accounts Payable Turnover	10.44	8.83	14.57	12.90	10.70	8.27	12.34	9.90	10.08	29.21	19.70
Days Sales Outstanding (DSO)	52.22	14.02	17.35	23.22	21.37	17.73	15.20	23.52	28.52	24.56	21.98
Days Inventory Outstanding (DIO)	512.74	413.60	319.78	356.46	320.51	371.31	417.41	425.63	252.42	128.34	132.65
Days Payable Outstanding (DPO)	34.95	41.33	25.05	28.30	34.10	44.13	29.57	36.87	36.21	12.50	18.53
Cash Conversion Cycle (CCC)	530.01	386.29	312.09	351.38	307.78	344.92	403.04	412.27	244.73	140.40	136.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	472	370	344	363	349	336	320	320	308	267	224
Invested Capital Turnover	0.67	0.79	0.83	0.83	0.86	1.02	1.11	1.08	1.18	1.36	1.55
Increase / (Decrease) in Invested Capital	75	-46	-63	-70	-123	-34	-25	-42	-41	-69	-96
Enterprise Value (EV)	689	720	604	718	888	728	808	863	448	587	608
Market Capitalization	846	1,028	964	1,024	1,208	1,086	1,136	1,261	1,150	1,495	1,726
Book Value per Share	$9.64	$10.53	$11.14	$10.66	$10.69	$11.04	$10.32	$11.39	$16.03	$15.69	$18.09
Tangible Book Value per Share	$5.73	$6.66	$7.31	$6.89	$7.03	$7.43	$6.81	$7.99	$12.75	$13.01	$15.48
Total Capital	1,073	1,121	1,150	1,113	1,116	1,140	1,096	1,164	1,267	1,431	1,600
Total Debt	446	446	447	447	448	448	449	449	257	258	258
Total Long-Term Debt	446	446	447	447	256	256	257	257	257	258	258
Net Debt	-157	-308	-360	-306	-321	-358	-328	-398	-702	-907	-1,118
Capital Expenditures (CapEx)	0.23	0.15	-0.10	0.00	0.27	-0.00	0.00	0.00	0.00	-0.00	0.49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	89	113	103	113	108	98	93	99	103	111	124
Debt-free Net Working Capital (DFNWC)	269	306	281	330	369	510	539	597	636	678	736
Net Working Capital (NWC)	269	306	281	330	177	318	347	405	636	678	736
Net Nonoperating Expense (NNE)	1.27	1.86	-16	9.50	0.22	-0.94	76	-21	-58	-131	-156
Net Nonoperating Obligations (NNO)	-156	-305	-359	-303	-320	-355	-327	-395	-702	-906	-1,118
Total Depreciation and Amortization (D&A)	11	11	10	10	11	11	11	11	11	10	10
Debt-free, Cash-free Net Working Capital to Revenue	30.58%	36.26%	33.09%	34.21%	30.64%	27.25%	25.04%	26.85%	26.51%	27.02%	29.51%
Debt-free Net Working Capital to Revenue	92.56%	98.59%	90.33%	99.87%	104.53%	142.25%	145.87%	161.28%	163.72%	164.79%	174.97%
Net Working Capital to Revenue	92.56%	98.59%	90.33%	99.87%	50.14%	88.71%	93.90%	109.45%	163.72%	164.79%	174.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.26	$0.96	$0.58	($0.55)	$0.02	$0.32	($0.74)	$1.01	$1.30	$2.45	$2.52
Adjusted Weighted Average Basic Shares Outstanding	64.95M	65.44M	63.19M	62.53M	62.57M	62.73M	62.71M	62.87M	69.06M	67.40M	74.16M
Adjusted Diluted Earnings per Share	$0.98	$0.78	$0.46	($0.55)	$0.02	$0.43	($0.74)	$0.77	$1.08	$2.19	$2.22
Adjusted Weighted Average Diluted Shares Outstanding	86.16M	86.88M	84.53M	62.53M	62.95M	74.19M	62.71M	84.45M	84.96M	84.76M	84.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.09M	63.23M	62.44M	62.56M	62.60M	62.68M	62.78M	63.02M	74.77M	74.07M	73.81M
Normalized Net Operating Profit after Tax (NOPAT)	83	44	21	-25	5.65	19	29	43	32	33	30
Normalized NOPAT Margin	123.87%	51.41%	26.96%	-25.21%	6.31%	21.12%	32.72%	42.65%	29.48%	28.63%	30.97%
Pre Tax Income Margin	127.79%	71.30%	58.23%	-39.32%	7.65%	26.90%	-43.54%	72.39%	90.74%	170.17%	239.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.62	10.48	1.92	-6.37	1.23	4.99	-5.28	12.71	16.34	24.49	13.13
NOPAT to Interest Expense	18.95	10.65	3.57	-4.34	0.25	4.08	6.16	9.17	7.92	9.92	5.58
EBIT Less CapEx to Interest Expense	19.56	10.45	1.94	-6.37	1.19	4.99	-5.28	12.71	16.34	24.49	13.03
NOPAT Less CapEx to Interest Expense	18.90	10.62	3.59	-4.34	0.20	4.08	6.16	9.17	7.92	9.92	5.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	139.53%	42.14%	24.57%	27.84%	45.54%	63.17%	-8.72%	0.00%	0.00%	1.67%	4.91%

Financials Breakdown Chart

Key Financial Trends

Here’s MarketBeat’s quick, retail-investor-friendly read on Innoviva (INVA) based on the company’s quarterly results across 2022–2025. The focus is on trends in income, cash flow, and the balance sheet over the last four years.

Strong liquidity position: as of Q3 2025, cash & equivalents were about $476.5 million with long‑term debt around $257.4 million, suggesting ample liquidity and a favorable cash cushion relative to debt.
Solid and growing operating cash flow: quarterly net cash from continuing operating activities has been positive and trending higher in 2025 (Q4 $54.5M, Q3 $49.7M, Q2 $44.1M, Q1 $48.6M).
Healthy gross margin: Q4 2025 gross margin about 66% (Total Gross Profit of $75.7M on Revenue of $114.6M), indicating strong core profitability.
Revenue growth through 2025: quarterly operating revenue rose from about $88.6M in Q1 2025 to $114.6M in Q4 2025, signaling improving top-line momentum.
Earnings per share improving with scale: Q4 2025 Basic EPS 2.45 and Diluted EPS 2.19, marking a meaningful improvement in per-share profitability versus earlier quarters.
Solid balance-sheet equity base: Total Common/Shareholders’ Equity around $1.01B in mid‑2025, supporting a strong equity cushion alongside asset growth.
Manageable leverage: Long‑term debt around $256–$257M across 2025 with relatively modest current liabilities, contributing to a reasonable debt profile given the cash position.

Q4 2025 net income benefited from non-operating items: net income for the quarter was strongly aided by non-operating income (e.g., Interest & Investment Income of about $117.3M and Other Income, net of $42.1M), which may not be sustainable for ongoing profitability.
Investing cash outflows persist: investing activities remain a cash outflow (purchase of investments, capex, etc.), which is typical for growth/portfolio activity but reduces near-term cash flow flexibility.

Quarterly earnings volatility: 2025 showed a mix of gains and a loss driver—Q1 2025 saw negative net income from continuing operations, highlighting sensitivity to quarterly shifts and non-operating items.

05/11/26 04:10 PM ETAI Generated. May Contain Errors.

Innoviva Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Innoviva's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Innoviva's net income appears to be on an upward trend, with a most recent value of $271.17 million in 2025, falling from -$18.76 million in 2015. The previous period was $23.39 million in 2024. See Innoviva's forecast for analyst expectations on what's next for the company.

Innoviva's total operating income in 2025 was $163.75 million, based on the following breakdown:

Total Gross Profit: $307.67 million
Total Operating Expenses: $143.92 million

Over the last 10 years, Innoviva's total revenue changed from $53.95 million in 2015 to $411.33 million in 2025, a change of 662.4%.

Innoviva's total liabilities were at $462.32 million at the end of 2025, a 24.2% decrease from 2024, and a 38.5% decrease since 2015.

In the past 10 years, Innoviva's cash and equivalents has ranged from $62.42 million in 2018 to $550.94 million in 2025, and is currently $550.94 million as of their latest financial filing in 2025.

Over the last 10 years, Innoviva's book value per share changed from -2.92 in 2015 to 15.69 in 2025, a change of -637.6%.

Related Companies

Financial statements for NASDAQ:INVA last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Innoviva (INVA) Financials

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How has Innoviva's revenue changed over the last 10 years?

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