Comprehensive Stock Comparison
Compare Innoviva, Inc. (INVA) vs Royalty Pharma plc (RPRX) vs Ligand Pharmaceuticals Incorporated (LGND) vs BlackRock Technology and Private Equity Term Trust (BTX) vs XOMA Corporation (XOMAP) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth |  XOMAP | 498.7% revenue growth vs BTX's -81.1% |
| Value |  RPRX | Lower P/E (9.7x vs 39.1x) |
| Quality / Margins |  BTX | 87.7% net margin vs LGND's 19.3% |
| Stability / Safety |  INVA | Beta 0.07 vs BTX's 1.16 |
| Dividends | BTX | 13.1% yield, 1-year raise streak, vs XOMAP's 1.8% |
| Momentum (1Y) |  LGND | +75.3% vs BTX's +7.1% |
| Efficiency (ROA) | INVA | 16.6% ROA vs BTX's 1.8%, ROIC 16.8% vs 1.4% |
Who Each Stock Is For
Income & stability
BTXDividend streak 1 yrs, beta 1.16, yield 13.1%
Growth exposure
XOMAPRev growth 498.7%, EPS growth 59.2%, 3Y rev CAGR -9.3%
Long-term compounding (10Y)
INVA85.1% 10Y total return vs LGND's 102.2%
Sleep-well-at-night portfolio
INVALower volatility, beta 0.07, current ratio 14.64x
Defensive / Recession hedge
INVABeta 0.07, current ratio 14.64x
Business Model
What each company does and how it makes money
Innoviva is a biopharmaceutical company that develops and commercializes respiratory therapies for chronic obstructive pulmonary disease (COPD) and asthma. It generates revenue primarily through royalties and collaboration payments from its partnered respiratory drugs — including RELVAR/BREO ELLIPTA, ANORO ELLIPTA, and TRELEGY ELLIPTA — which are commercialized by GlaxoSmithKline. The company's key advantage lies in its long-term royalty streams from established respiratory products and its strategic partnership with a major pharmaceutical company for commercialization.
Royalty Pharma is a specialized investment firm that acquires royalty interests in approved and development-stage biopharmaceutical products. It generates revenue primarily from royalty payments on approximately 35 marketed therapies — with its largest assets including cystic fibrosis drug Trikafta and HIV treatment Biktarvy — which provide predictable cash flows. The company's competitive advantage lies in its deep expertise in valuing complex biopharmaceutical royalties and its extensive industry relationships that provide access to proprietary deal flow.
Ligand Pharmaceuticals is a biopharmaceutical company that develops and acquires drug discovery technologies and royalty-bearing assets for pharmaceutical partners. It generates revenue primarily through royalties from partnered drug sales — including blockbusters like Kyprolis and Veklury — supplemented by milestone payments and contract research services. Its key competitive advantage lies in its diversified portfolio of royalty streams and its Captisol drug formulation technology, which creates multiple revenue sources from single platform innovations.
BlackRock Technology and Private Equity Term Trust is a closed-end investment fund that pools investor capital to invest primarily in mid- and small-capitalization growth companies in the technology and healthcare sectors. It generates returns through capital appreciation and dividend income from its equity portfolio, with performance tied to the success of its underlying investments. The fund's key advantage is BlackRock's extensive research capabilities and access to innovative companies that traditional investors might overlook.
XOMA Corporation is a biotechnology royalty aggregator that acquires future economic rights to pre-commercial therapeutic candidates licensed to pharmaceutical partners. It generates revenue primarily through milestone payments and royalties from its portfolio of approximately 70 early to mid-stage clinical assets — with no single asset dominating its income stream. The company's moat lies in its specialized expertise in evaluating and structuring royalty agreements for complex biotech assets, creating a diversified portfolio of potential future revenue streams.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
INVA 1LGND 1BTX 1RPRX 0XOMAP 0BTX4/6 metricsINVA6/9 metricsLGND4/6 metricsBTX leads in 1 of 6 categories (Financial Metrics). INVA leads in 1 (Profitability & Efficiency). 3 tied.
Financial Metrics (TTM)
RPRX is the larger business by revenue, generating $2.3B annually — 57.7x BTX's $41M. BTX is the more profitable business, keeping 87.7% of every revenue dollar as net income compared to LGND's 19.3%. On growth, LGND holds the edge at +122.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | INVAInnoviva, Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | BTXBlackRock Technol… | XOMAPXOMA Corporation |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $415M | $2.3B | $251M | $41M | $47M |
| EBITDAEarnings before interest/tax | $13M | $1.5B | $52M | — | $13M |
| Net IncomeAfter-tax profit | $271M | $765M | $49M | — | $22M |
| Free Cash FlowCash after capex | $195M | $2.4B | $31M | — | $5M |
| Gross MarginGross profit ÷ Revenue | +78.9% | +100.0% | +85.9% | +100.0% | +93.6% |
| Operating MarginEBIT ÷ Revenue | -4.0% | +65.2% | +7.0% | +87.7% | -15.0% |
| Net MarginNet income ÷ Revenue | +65.4% | +32.6% | +19.3% | +87.7% | +46.1% |
| FCF MarginFCF ÷ Revenue | +46.9% | +102.4% | +12.2% | +6.8% | +11.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +28.6% | +7.9% | +122.8% | — | +29.9% |
| EPS Growth (YoY)Latest quarter vs prior year | +7.1% | -44.8% | +15.6% | — | +144.0% |
Valuation Metrics
At 6.7x trailing earnings, INVA trades at a 83% valuation discount to BTX's 38.6x P/E. On an enterprise value basis, INVA's 5.4x EV/EBITDA is more attractive than LGND's 309.3x.
| Metric | INVAInnoviva, Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | BTXBlackRock Technol… | XOMAPXOMA Corporation |
|---|---|---|---|---|---|
| Market CapShares × price | $1.7B | $7.1B | $4.0B | $765M | $321M |
| Enterprise ValueMkt cap + debt − cash | $1.1B | $15.4B | $3.9B | $765M | $338M |
| Trailing P/EPrice ÷ TTM EPS | 6.74x | 26.55x | -918.58x | 38.56x | -15.79x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.30x | 9.72x | 23.80x | — | 39.12x |
| PEG RatioP/E ÷ EPS growth rate | 0.65x | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 5.44x | 9.89x | 309.27x | 21.43x | — |
| Price / SalesMarket cap ÷ Revenue | 3.91x | 2.98x | 23.77x | 18.80x | 11.26x |
| Price / BookPrice ÷ Book value/share | 1.61x | 2.73x | 4.45x | 0.79x | 3.72x |
| Price / FCFMarket cap ÷ FCF | 8.48x | 2.85x | 51.32x | 2.76x | — |
Profitability & Efficiency
INVA delivers a 23.1% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $2 for BTX. LGND carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to XOMAP's 1.46x. On the Piotroski fundamental quality scale (0–9), LGND scores 5/9 vs BTX's 3/9, reflecting solid financial health.
| Metric | INVAInnoviva, Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | BTXBlackRock Technol… | XOMAPXOMA Corporation |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +23.1% | +8.0% | +5.1% | +1.9% | +20.1% |
| ROA (TTM)Return on assets | +16.6% | +4.0% | +3.3% | +1.8% | +8.3% |
| ROICReturn on invested capital | +16.8% | +6.7% | -2.3% | +1.4% | -37.6% |
| ROCEReturn on capital employed | +12.4% | +8.7% | -2.7% | +1.8% | -19.4% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 4 | 5 | 3 | 4 |
| Debt / EquityFinancial leverage | — | 0.91x | 0.01x | — | 1.46x |
| Net DebtTotal debt minus cash | -$551M | $8.3B | -$65M | $0 | $18M |
| Cash & Equiv.Liquid assets | $551M | $619M | $72M | — | $102M |
| Total DebtShort + long-term debt | $0 | $9.0B | $7M | $0 | $119M |
| Interest CoverageEBIT ÷ Interest expense | 11.03x | 5.66x | 22.69x | 2313.25x | 2.20x |
Total Returns (with DRIP)
A $10,000 investment in INVA five years ago would be worth $20,115 today (with dividends reinvested), compared to $5,420 for BTX. Over the past 12 months, LGND leads with a +75.3% total return vs BTX's +7.1%. The 3-year compound annual growth rate (CAGR) favors LGND at 41.4% vs BTX's 5.5% — a key indicator of consistent wealth creation.
| Metric | INVAInnoviva, Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | BTXBlackRock Technol… | XOMAPXOMA Corporation |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +12.0% | +22.2% | +6.3% | -0.4% | -1.9% |
| 1-Year ReturnPast 12 months | +26.6% | +44.5% | +75.3% | +7.1% | +9.2% |
| 3-Year ReturnCumulative with dividends | +101.9% | +41.7% | +182.6% | +17.5% | +30.2% |
| 5-Year ReturnCumulative with dividends | +101.2% | +21.1% | +42.6% | -45.8% | +45.4% |
| 10-Year ReturnCumulative with dividends | +85.1% | +16.3% | +102.2% | -45.8% | +51.6% |
| CAGR (3Y)Annualised 3-year return | +26.4% | +12.3% | +41.4% | +5.5% | +9.2% |
Risk & Volatility
INVA is the less volatile stock with a 0.07 beta — it tends to amplify market swings less than BTX's 1.16 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. RPRX currently trades 99.8% from its 52-week high vs XOMAP's 86.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | INVAInnoviva, Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | BTXBlackRock Technol… | XOMAPXOMA Corporation |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.07x | 0.36x | 0.82x | 1.16x | 0.13x |
| 52-Week HighHighest price in past year | $25.00 | $47.34 | $212.49 | $7.50 | $30.00 |
| 52-Week LowLowest price in past year | $16.52 | $29.66 | $93.58 | $5.10 | $24.96 |
| % of 52W HighCurrent price vs 52-week peak | +89.0% | +99.8% | +95.1% | +87.4% | +86.9% |
| RSI (14)Momentum oscillator 0–100 | 59.8 | 75.1 | 58.9 | 47.5 | 42.2 |
| Avg Volume (50D)Average daily shares traded | 577K | 3.0M | 172K | 791K | 778 |
Analyst Outlook
Analyst consensus: INVA as "Buy", RPRX as "Buy", LGND as "Buy", XOMAP as "Buy". Consensus price targets imply 46.1% upside for INVA (target: $33) vs 4.5% for RPRX (target: $49). For income investors, BTX offers the higher dividend yield at 13.05% vs RPRX's 1.42%.
| Metric | INVAInnoviva, Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | BTXBlackRock Technol… | XOMAPXOMA Corporation |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy | — | Buy |
| Price TargetConsensus 12-month target | $32.50 | $49.40 | $248.00 | — | — |
| # AnalystsCovering analysts | 10 | 11 | 16 | — | 9 |
| Dividend YieldAnnual dividend ÷ price | — | +1.4% | — | +13.1% | +1.8% |
| Dividend StreakConsecutive years of raises | 0 | 2 | 1 | 1 | 0 |
| Dividend / ShareAnnual DPS | — | $0.67 | — | $0.86 | $0.47 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.3% | 0.0% | 0.0% | +12.1% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Apr 21 | Mar 26 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 100 | 186.02 | +86.0% |
| Royalty Pharma plc (RPRX) | 100 | 109.88 | +9.9% |
| Ligand Pharmaceutic… (LGND) | 100 | 130.72 | +30.7% |
| BlackRock Technolog… (BTX) | 102.65 | 32.74 | -68.1% |
| XOMA Corporation (XOMAP) | 100 | 103.77 | +3.8% |
Innoviva, Inc. (INVA) returned +101% over 5 years vs BlackRock Technolog… (BTX)'s -46%. A $10,000 investment in INVA 5 years ago would be worth $20,115 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | $134M | $425M | +218.3% |
| Royalty Pharma plc (RPRX) | $1.6B | $2.4B | +48.8% |
| Ligand Pharmaceutic… (LGND) | $109M | $167M | +53.4% |
| BlackRock Technolog… (BTX) | $-640M | $41M | +106.4% |
| XOMA Corporation (XOMAP) | $6M | $28M | +412.0% |
Innoviva, Inc.'s revenue grew from $134M (2016) to $425M (2025) — a 13.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 44.6% | 63.8% | +43.1% |
| Royalty Pharma plc (RPRX) | 75.7% | 32.4% | -57.2% |
| Ligand Pharmaceutic… (LGND) | -1.5% | -2.4% | -60.7% |
| BlackRock Technolog… (BTX) | 100.1% | 87.7% | -12.4% |
| XOMA Corporation (XOMAP) | -9.6% | -48.5% | -404.3% |
Innoviva, Inc.'s net margin went from 45% (2016) to 64% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 12.1 | 6.1 | -49.6% |
| Royalty Pharma plc (RPRX) | 19.3 | 21.7 | +12.4% |
| Ligand Pharmaceutic… (LGND) | 258.4 | 24.3 | -90.6% |
Innoviva, Inc. has traded in a 5x–48x P/E range over 9 years; current trailing P/E is ~7x. Royalty Pharma plc has traded in a 11x–404x P/E range over 6 years; current trailing P/E is ~27x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Innoviva, Inc. (INVA) | 0.53 | 3.3 | +522.6% |
| Royalty Pharma plc (RPRX) | 1.99 | 1.78 | -10.7% |
| Ligand Pharmaceutic… (LGND) | -0.08 | -0.22 | -180.3% |
| BlackRock Technolog… (BTX) | -2.58 | 0.17 | +106.6% |
| XOMA Corporation (XOMAP) | -4.72 | -1.65 | +65.0% |
Innoviva, Inc.'s EPS grew from $0.53 (2016) to $3.30 (2025) — a 23% CAGR.
Chart 6Free Cash Flow — 5 Years
Innoviva, Inc. generated $196M FCF in 2025 (-46% vs 2021). Royalty Pharma plc generated $2B FCF in 2025 (+23% vs 2021).
INVA vs RPRX vs LGND vs BTX vs XOMAP: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is INVA or RPRX or LGND or BTX or XOMAP a better buy right now?
Innoviva, Inc. (INVA) offers the better valuation at 6.7x trailing P/E (11.3x forward), making it the more compelling value choice. Analysts rate Innoviva, Inc. (INVA) a "Buy" — based on 10 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — INVA or RPRX or LGND or BTX or XOMAP?
On trailing P/E, Innoviva, Inc. (INVA) is the cheapest at 6.7x versus BlackRock Technology and Private Equity Term Trust at 38.6x. On forward P/E, Royalty Pharma plc is actually cheaper at 9.7x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — INVA or RPRX or LGND or BTX or XOMAP?
Over the past 5 years, Innoviva, Inc. (INVA) delivered a total return of +101.2%, compared to -45.8% for BlackRock Technology and Private Equity Term Trust (BTX). A $10,000 investment in INVA five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LGND returned +102.2% versus BTX's -45.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — INVA or RPRX or LGND or BTX or XOMAP?
By beta (market sensitivity over 5 years), Innoviva, Inc. (INVA) is the lower-risk stock at 0.07β versus BlackRock Technology and Private Equity Term Trust's 1.16β — meaning BTX is approximately 1552% more volatile than INVA relative to the S&P 500. On balance sheet safety, Ligand Pharmaceuticals Incorporated (LGND) carries a lower debt/equity ratio of 1% versus 146% for XOMA Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — INVA or RPRX or LGND or BTX or XOMAP?
BlackRock Technology and Private Equity Term Trust (BTX) is the more profitable company, earning 87.7% net margin versus -48.5% for XOMA Corporation — meaning it keeps 87.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BTX leads at 87.7% versus -140.3% for XOMAP. At the gross margin level — before operating expenses — RPRX leads at 100.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is INVA or RPRX or LGND or BTX or XOMAP more undervalued right now?
On forward earnings alone, Royalty Pharma plc (RPRX) trades at 9.7x forward P/E versus 39.1x for XOMA Corporation — 29.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for INVA: 46.1% to $32.50.
07Which pays a better dividend — INVA or RPRX or LGND or BTX or XOMAP?
In this comparison, BTX (13.1% yield), XOMAP (1.8% yield), RPRX (1.4% yield) pay a dividend. INVA, LGND do not pay a meaningful dividend and should not be held primarily for income.
08Is INVA or RPRX or LGND or BTX or XOMAP better for a retirement portfolio?
For long-horizon retirement investors, XOMA Corporation (XOMAP) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.13), 1.8% yield). Both have compounded well over 10 years (XOMAP: +51.6%, LGND: +102.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between INVA and RPRX and LGND and BTX and XOMAP?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: INVA is a small-cap deep-value stock; RPRX is a small-cap quality compounder stock; LGND is a small-cap quality compounder stock; BTX is a small-cap income-oriented stock; XOMAP is a small-cap quality compounder stock. RPRX, BTX, XOMAP pay a dividend while INVA, LGND do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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