Innoviva Inc Stock Research

Market Summary

USD12.68+0.26

Market Closed

2.09%

INVA Stock Price

INVA RSI Chart

INVA Valuation

Market Cap

884.8M

Price/Earnings (Trailing)

2.65

Price/Sales (Trailing)

2.34

EV/EBITDA

1.33

Price/Free Cashflow

3.04

INVA Price/Sales (Trailing)

INVA Profitability

EBT Margin

60.64%

Return on Equity

52.11%

Return on Assets

25.17%

Free Cashflow Yield

32.91%

INVA Fundamentals

INVA Revenue

Revenue Y/Y

-31.27%

Revenue Q/Q

-23.11%

INVA Earnings

Earnings (TTM)

334.2M

Earnings Y/Y

123.43%

Earnings Q/Q

973.17%

Price Action

52 Week Range

11.5720.71

(Low)(High)

Last 7 days

-2.8%

Last 30 days

-3.7%

Last 90 days

-6.6%

Trailing 12 Months

-18.6%

INVA Financial Health

Current Ratio

2.77

INVA Investor Care

Shares Dilution (1Y)

0.46%

Diluted EPS (TTM)

3.29

Peers (Alternatives to Innoviva)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JNJ	443.8B	96.0B	-4.81%	2.94%	23.17	4.62	5.02%	7.14%
LLY	313.5B	29.2B	-4.62%	48.31%	51.95	10.72	5.34%	1.02%
MRK	270.7B	59.0B	-4.68%	39.38%	17.74	4.59	27.84%	112.03%
PFE	248.1B	99.9B	-13.46%	-13.81%	8.33	2.48	45.01%	53.21%
BMY	155.2B	46.7B	0.52%	19.86%	23.24	3.32	2.79%	223.53%
MID-CAP
PRGO	4.9B	4.4B	7.51%	-2.25%	-45.96	1.12	1.80%	57.67%
SUPN	2.2B	659.0M	11.94%	39.90%	58.05	3.32	16.78%	-53.92%
SMALL-CAP
TLRY	1.8B	613.6M	16.73%	-44.78%	-3.63	3.01	37.73%	-7.19%
RETA	1.5B	3.1M	20.50%	54.60%	-4.79	474.09	-77.09%	-12.24%
CGC	1.3B	-	32.06%	-61.83%	-0.44	1.95	-4.11%	-144.36%
ACRS	1.1B	23.5M	11.91%	62.20%	-13.66	47.73	243.57%	-1.04%
CRON	919.4M	112.7M	-2.41%	-28.74%	-4.11	8.16	45.53%	40.26%
INVA	884.8M	-	-3.72%	-18.56%	2.65	2.34	10.49%	-16.07%
OCUL	299.6M	49.7M	47.35%	-29.01%	-5.05	6.02	28.95%	32.80%
ENDP	94.1M	2.6B	-43.99%	-88.43%	-0.03	0.04	-13.88%	-4855.92%

Financials for Innoviva

Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2021Q4	2021Q3	2021Q2
Revenue	NaN%	null	null	392	375	365
Operating Expenses	-144.6%	-59.81	134	17	-9.32	-
S&GA Expenses	102.9%	49	24	16	19	-
R&D Expenses	55.8%	31	20	1	1	-
EBITDA	60.1%	441	275	478	-	-
EBITDA Margin	-44.2%	0.68*	1.22*	-	-	-
Earnings Before Taxes	66.7%	408	245	445	480	-
EBT Margin	-46.6%	0.61*	1.14*	-	-	-
Interest Expenses	1.9%	17	16	19	19	-
Net Income	61.1%	334	208	369	398	-
Net Income Margin	-45.4%	0.51*	0.94*	-	-	-
Free Cahsflow	-21.8%	291	372	364	-	-

* denotes actual numbers (not divided by Millions)

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Assets	16.7%	1,328	1,138	1,107	926	887
Current Assets	13.6%	455	400	318	314	237
Cash Equivalents	6.1%	301	284	217	202	135
Inventory	Infinity%	71	-	-	-	-
Net PPE	-6.2%	0	0	0	0	0
Goodwill	188.6%	16	6	6	-	-
Current Liabilities	30.2%	164	126	109	6	3
LT Debt, Non Current	0.1%	444	443	443	395	392
Shareholder's Equity	13.4%	641	565	552	415	492
Retained Earnings	66.0%	-136.60	-402.20	-403.14	-456.15	-466.49
Additional Paid-In Capital	-1.1%	1,171	1,184	1,183	1,264	1,262
Shares Outstanding	0.1%	70	70	70	70	69
Minority Interest	-100.0%	-	177	166	111	89

* denotes actual numbers (not divided by Millions)

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Cashflow From Operations	-21.8%	291	372	378	364	351
Share Based Compensation	93.4%	7	3	3	2	2
Cashflow From Investing	59.0%	-67.86	-165.58	-73.04	44	-251.85
Cashflow From Financing	-271.2%	-57.63	34	-370.86	-452.50	-442.94
Dividend Payments	-	0	-	-	-	-
Buy Backs	NaN%	0	0	394	0	-

* denotes actual numbers (not divided by Millions)

Risks for INVA

What is the probability of a big loss on INVA?

66.2%

Probability that Innoviva stock will be more than 20% underwater in next one year

55.8%

Probability that Innoviva stock will be more than 30% underwater in next one year.

35.8%

Probability that Innoviva stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does INVA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Innoviva was unfortunately bought at previous high price.

Drawdowns

Returns for INVA

Cumulative Returns on INVA

4.7%

7-Year Cumulative Returns

-3.8%

5-Year Cumulative Returns

-3.1%

3-Year Cumulative Returns

What are the long-term rolling returns for INVA?

FIve years rolling returns for Innoviva.

Annualized Returns

Which funds bought or sold INVA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-01-25	Lindbrook Capital, LLC	reduced	-90.03	-9,715	1,285	-%
2023-01-25	GRIMES & COMPANY, INC.	reduced	-0.9	17,526	147,526	0.01%
2023-01-25	WHITTIER TRUST CO	unchanged	-	818	9,818	-%
2023-01-24	Louisiana State Employees Retirement System	reduced	-0.67	47,000	395,000	0.01%
2023-01-23	Allspring Global Investments Holdings, LLC	added	438.68	3,007,440	3,591,440	0.01%
2023-01-20	Prairiewood Capital, LLC	reduced	-1.12	117,068	1,028,070	0.76%
2023-01-20	Diligent Investors, LLC	sold off	-100	-134,000	-	-%
2023-01-19	RITHOLTZ WEALTH MANAGEMENT	reduced	-43.66	-160,633	289,367	0.02%
2023-01-18	Maryland State Retirement & Pension System	new	-	340,446	340,446	0.01%
2023-01-18	Verition Fund Management LLC	added	199.88	293,000	508,000	-%

Latest Funds Activity

Are funds buying INVA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own INVA

No. of Funds

Innoviva News

Schedule 13G FIlings of Innoviva

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Jan 20, 2023	blackrock inc.	10.6%	5,671,100	SC 13G
Jul 11, 2022	vanguard group inc	10.00%	6,970,950	SC 13G/A
Feb 11, 2022	renaissance technologies llc	7.62%	5,295,133	SC 13G/A
Feb 01, 2022	westfield capital management co lp	5.3%	3,683,485	SC 13G
Jan 28, 2022	blackrock inc.	13.0%	9,008,758	SC 13G/A
Jun 07, 2021	renaissance technologies llc	10.79%	7,491,342	SC 13G/A
May 25, 2021	sarissa capital management lp	9.24%	6,414,000	SC 13D/A
May 25, 2021	glaxosmithkline plc	0%	0	SC 13D/A
Feb 12, 2021	glaxosmithkline plc	31.6%	32,005,260	SC 13D/A
Feb 11, 2021	renaissance technologies llc	7.77%	7,881,802	SC 13G/A

INVA Fair Value

Recent SEC filings of Innoviva

View All Filings

Date Filed	Form Type	Document
Jan 20, 2023	SC 13G	Major Ownership Report
Jan 12, 2023	4	Insider Trading
Jan 10, 2023	SC 13D/A	13D - Major Acquisition
Jan 06, 2023	3	Insider Trading
Jan 04, 2023	8-K	Current Report
Nov 22, 2022	4	Insider Trading
Nov 09, 2022	8-K	Current Report
Nov 09, 2022	10-Q	Quarterly Report
Oct 28, 2022	8-K/A	Current Report

Latest Insider Trading transactions for INVA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-11-18	Zhen Marianne	sold (taxes)	-11,219.4	13.55	-828	chief accounting officer
2022-11-15	Zhen Marianne	acquired	-	-	433	chief accounting officer
2022-08-19	Zhen Marianne	sold (taxes)	-11,719.6	14.12	-830	chief accounting officer
2022-05-20	Zhen Marianne	sold (taxes)	-13,488.1	16.29	-828	chief accounting officer
2022-05-13	Zhen Marianne	acquired	-	-	1,834	chief accounting officer
2022-04-25	Haimovitz Jules	acquired	-	-	12,647	-
2022-04-25	Birx Deborah	acquired	-	-	12,647	-
2022-04-25	Odysseas Kostas D	acquired	-	-	12,647	-
2022-04-25	DiPaolo Mark	acquired	-	-	12,647	-
2022-04-25	Schlesinger Sarah J.	acquired	-	-	12,647	-

About Innoviva

Pavel Raifeld

www.inva.com

Innoviva, Inc. engages in the development and commercialization of pharmaceuticals in the United States and internationally. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA, and LABA. Innoviva, Inc. has a strategic partnership with Sarissa Capital Management LP. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. The company was formerly known as Theravance, Inc. and changed its name to Innoviva, Inc. in January 2016. Innoviva, Inc. was incorporated in 1996 and is headquartered in Burlingame, California.

INVA Income Statement

2022-09-30

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Total revenue	$ 67,257	$ 97,862	$ 265,536	$ 284,186
Expenses:
Selling, general and administrative	27,810	2,860	46,084	13,074
Research and development	11,725	449	31,447	536
Amortization of intangible assets	1,511	0	1,511	0
Gain on sale of Theravance Respiratory Company, LLC ("TRC")	(266,696)	0	(266,696)	0
Loss on extinguishment of debt	0	0	20,662	0
Changes in fair values of equity and long-term investments, net	(130)	(33,613)	67,881	(133,973)
Interest and dividend income	(2,135)	(453)	(3,181)	(503)
Interest expense	5,096	4,790	11,761	14,229
Other expense (income), net	(28)	652	750	2,036
Total expenses	(219,167)	(25,315)	(86,101)	(104,601)
Income before income taxes	286,424	123,177	351,637	388,787
Income tax expense net	57,077	20,531	63,061	65,600
Net income (loss)	229,347	102,646	288,576	323,187
Net income (loss) attributable to noncontrolling interests	(36,176)	30,208	6,341	67,678
Net income attributable to Innoviva stockholders	$ 265,523	$ 72,438	$ 282,235	$ 255,509
Basic net income per share attributable to Innoviva stockholders	$ 3.81	$ 1.04	$ 4.05	$ 2.96
Diluted net income per share attributable to Innoviva stockholders	$ 2.80	$ 0.90	$ 3.07	$ 2.63
Shares used to compute Innoviva basic and diluted net income per share:
Shares used to compute basic net income per share	69,731	69,458	69,640	86,298
Shares used to compute diluted net income per share	95,830	81,699	95,072	98,536
Royalty revenue from a related party
Revenue:
Total revenue	$ 62,150	$ 97,862	$ 260,429	$ 284,186
Net product sales
Revenue:
Total revenue	5,107	0	5,107	0
Expenses:
Cost of products sold (inclusive of amortization of inventory fair value adjustments, excluding depreciation and amortization of intangible assets)	$ 3,680	$ 0	$ 3,680	$ 0

INVA Balance Sheet

2022-09-30

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 300,789	$ 201,525
Short-term marketable securities	282	0
Accounts receivable	6,743	0
Receivables from collaboration arrangement	65,606	110,711
Inventory	70,807	0
Prepaid expenses	7,932	1,367
Other current assets	2,432	70
Total current assets	454,591	313,673
Property and equipment, net	165	12
Equity and long-term investments	489,111	483,845
Capitalized fees paid to a related party, net	101,062	111,430
Right-of-use assets	3,679	97
Goodwill	15,995	0
Intangible assets	258,489	0
Deferred tax assets, net	0	17,327
Other assets	4,620	11
Total assets	1,327,712	926,395
Current liabilities:
Accounts payable	3,805	27
Accrued personnel-related expenses	6,473	619
Accrued interest payable	5,702	4,152
Deferred revenue	2,849	0
Convertible subordinated notes due 2023, net of issuance costs	96,131	0
Income tax payable	33,804	0
Other accrued liabilities	15,120	1,009
Total current liabilities	163,884	5,807
Long-term debt, net of discount and issuance costs	443,679	394,653
Other long-term liabilities	78,421	0
Deferred tax liabilities	360	0
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock: $0.01 par value, 230 shares authorized, no shares issued and outstanding	0	0
Common stock: $0.01 par value, 200,000 shares authorized, 69,776 and 69,566 issued and outstanding as of September 30, 2022 and December 31, 2021 respectively	698	696
Treasury stock: at cost, 32,005 shares as of September 30, 2022 and December 31, 2021, respectively	(393,829)	(393,829)
Additional paid-in capital	1,171,096	1,264,024
Accumulated deficit	(136,597)	(456,148)
Total Innoviva stockholders' equity	641,368	414,743
Noncontrolling interest	0	111,192
Total stockholders' equity	641,368	525,935
Total liabilities and stockholders' equity	$ 1,327,712	$ 926,395