Innoviva, Inc. (INVA) 10-Year Financial Performance & Capital Metrics

INVA • • Industrial / General

HealthcareBiotechnologyAutoimmune & Inflammatory DiseasesDermatology & Autoimmune

AboutInnoviva, 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.Show more

Revenue $359M +15.5%
EBITDA $193M +42.1%
Net Income $23M -87.0%
EPS (Diluted) 0.36 -83.6%
Gross Margin 89.8% +4.1%
EBITDA Margin 53.74% +23.0%
Operating Margin 46.52% +26.8%
Net Margin 6.52% -88.7%
ROE 3.42% -88.2%
ROIC 14.16% +45.0%
Debt/Equity 0.65 -1.9%
Interest Coverage 7.51 +26.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 52.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 14.6% through buybacks
✓Healthy 5Y average net margin of 52.7%

✗Weaknesses

✗Profits declining 31.7% over 5 years
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y45.5%

5Y6.57%

3Y-2.9%

TTM9.07%

Profit (Net Income) CAGR

10Y-

5Y-31.69%

3Y-55.52%

TTM97.15%

EPS CAGR

10Y-

5Y-24.11%

3Y-49.94%

TTM95.85%

ROCE

10Y Avg27.51%

5Y Avg19.52%

3Y Avg6.98%

Latest14.7%

Peer Comparison

Dermatology & Autoimmune

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AUPHAurinia Pharmaceuticals Inc.	1.96B	14.87	378.37	33.97%	29.28%	21.28%	2.25%	0.21
ARGXargenx SE	50.33B	813.24	63.63	78.6%	23.34%	15.14%		0.01
INVAInnoviva, Inc.	1.48B	19.76	54.89	15.54%	32.78%	12.61%	12.75%	0.65
GLPGGalapagos N.V.	2.24B	34.03	30.38	14.99%	-151.94%	-15.16%		0.00
PTGXProtagonist Therapeutics, Inc.	5.3B	84.75	20.04	6.24%	21.94%	7.11%	3.45%	0.02
ALMSAlumis Inc. Common Stock	2.84B	24.17	-2.33		-11.08%	-63.71%		0.12
PHATPhathom Pharmaceuticals, Inc.	1.17B	14.98	-2.83	80.01%	-186.53%
ORKAOruka Therapeutics, Inc.	1.57B	32.50	-6.51			-22.44%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	53.95M	133.57M	217.22M	261M	261.02M	336.79M	391.87M	331.34M	310.46M	358.71M
Revenue Growth %	5.4%	1.48%	0.63%	0.2%	0%	0.29%	0.16%	-0.15%	-0.06%	0.16%
Cost of Goods Sold+	2.62M	1.39M	1.35M	0	0	0	0	13.79M	42.64M	36.6M
COGS % of Revenue	0.05%	0.01%	0.01%	-	-	-	-	0.04%	0.14%	0.1%
Gross Profit+	51.33M	132.18M	215.86M	261M	261.02M	336.79M	391.87M	317.55M	267.82M	322.11M
Gross Margin %	0.95%	0.99%	0.99%	1%	1%	1%	1%	0.96%	0.86%	0.9%
Gross Profit Growth %	53.9%	1.58%	0.63%	0.21%	0%	0.29%	0.16%	-0.19%	-0.16%	0.2%
Operating Expenses+	22.37M	24.58M	25.5M	17.05M	14.66M	15.67M	16.76M	354.49M	153.94M	155.25M
OpEx % of Revenue	0.41%	0.18%	0.12%	0.07%	0.06%	0.05%	0.04%	1.07%	0.5%	0.43%
Selling, General & Admin	19.75M	23.19M	24.15M	17.05M	14.66M	13.88M	16.19M	63.54M	98.23M	115.69M
SG&A % of Revenue	0.37%	0.17%	0.11%	0.07%	0.06%	0.04%	0.04%	0.19%	0.32%	0.32%
Research & Development	2.62M	1.39M	1.35M	0	0	1.79M	576K	41.43M	33.92M	13.65M
R&D % of Revenue	0.05%	0.01%	0.01%	-	-	0.01%	0%	0.13%	0.11%	0.04%
Other Operating Expenses	1.12M	2.38M	-7.04M	0	0	0	0	249.52M	21.78M	25.9M
Operating Income+	31.58M	108.99M	183.6M	238.25M	246.36M	321.12M	375.1M	-36.95M	113.89M	166.87M
Operating Margin %	0.59%	0.82%	0.85%	0.91%	0.94%	0.95%	0.96%	-0.11%	0.37%	0.47%
Operating Income Growth %	1.93%	2.45%	0.68%	0.3%	0.03%	0.3%	0.17%	-1.1%	4.08%	0.47%
EBITDA+	45.51M	122.94M	197.59M	252.12M	260.23M	372.58M	464.35M	-31.36M	135.67M	192.77M
EBITDA Margin %	0.84%	0.92%	0.91%	0.97%	1%	1.11%	1.18%	-0.09%	0.44%	0.54%
EBITDA Growth %	3.09%	1.7%	0.61%	0.28%	0.03%	0.43%	0.25%	-1.07%	5.33%	0.42%
D&A (Non-Cash Add-back)	13.93M	13.95M	13.98M	13.87M	13.87M	0	0	5.58M	21.78M	25.9M
EBIT	31.58M	108.99M	183.6M	234.21M	246.36M	372.58M	464.35M	302.74M	213.25M	59.6M
Net Interest Income+	-51.46M	-51.83M	-42.29M	-22.29M	-13.12M	-16.81M	-17.23M	-9.42M	-3.34M	-3.07M
Interest Income	343K	582K	1.31M	1.66M	5.54M	1.52M	1.84M	6.37M	15.82M	19.14M
Interest Expense	51.8M	52.42M	43.6M	23.95M	18.66M	18.33M	19.07M	15.79M	19.16M	22.21M
Other Income/Expense	-50.34M	-49.45M	-49.33M	-28M	-13.46M	33.12M	70.17M	323.89M	80.21M	-129.48M
Pretax Income+	-18.76M	59.54M	134.27M	210.25M	232.9M	354.25M	445.28M	286.95M	194.1M	37.39M
Pretax Margin %	-0.35%	0.45%	0.62%	0.81%	0.89%	1.05%	1.14%	0.87%	0.63%	0.1%
Income Tax+	0	0	0	-196.07M	41.9M	60.43M	76.44M	66.69M	14.38M	14M
Effective Tax Rate %	1%	1%	1%	1.88%	0.68%	0.63%	0.6%	0.75%	0.93%	0.63%
Net Income+	-18.76M	59.54M	134.14M	395.06M	157.29M	224.4M	265.85M	213.92M	179.72M	23.39M
Net Margin %	-0.35%	0.45%	0.62%	1.51%	0.6%	0.67%	0.68%	0.65%	0.58%	0.07%
Net Income Growth %	0.89%	4.17%	1.25%	1.95%	-0.6%	0.43%	0.18%	-0.2%	-0.16%	-0.87%
Net Income (Continuing)	-18.76M	59.54M	134.27M	406.33M	190.99M	293.81M	368.84M	220.26M	179.72M	23.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	152K	5.47M	28.62M	67.92M	111.19M	0	0	0
EPS (Diluted)+	-0.16	0.53	1.17	3.48	1.43	2.02	2.87	2.37	2.20	0.36
EPS Growth %	0.89%	4.31%	1.21%	1.97%	-0.59%	0.41%	0.42%	-0.17%	-0.07%	-0.84%
EPS (Basic)	-0.16	0.54	1.25	3.53	1.56	2.21	3.24	3.07	2.92	0.37
Diluted Shares Outstanding	115.37M	123.23M	119.87M	113.41M	113.41M	113.55M	94.31M	95.25M	86.88M	74.19M
Basic Shares Outstanding	115.37M	110.28M	106.94M	100.85M	101.15M	101.32M	82.06M	69.64M	65.44M	62.73M
Dividend Payout Ratio	-	0.02%	0%	0%	0%	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	214.32M	198.05M	199.62M	199.04M	431.23M	342.06M	313.67M	443.51M	344.22M	554.31M
Cash & Short-Term Investments	187.28M	150.43M	129.07M	114.91M	350.85M	246.49M	201.53M	291.05M	193.51M	412.5M
Cash Only	159.18M	118.02M	73.34M	62.42M	278.1M	246.49M	201.53M	291.05M	193.51M	304.96M
Short-Term Investments	28.1M	32.42M	55.74M	52.49M	72.75M	0	0	0	0	107.53M
Accounts Receivable	26.23M	46.85M	70.54M	83.29M	79.43M	93.93M	110.71M	64.07M	84.08M	86.37M
Days Sales Outstanding	177.45	128.02	118.53	116.47	111.07	101.8	103.12	70.58	98.84	87.88
Inventory	-26.23M	-46.85M	-754K	-83.29M	0	0	0	55.9M	40.74M	33.73M
Days Inventory Outstanding	-	-	-	-	-	-	-	1.48K	348.71	336.35
Other Current Assets	0	0	0	0	0	0	70K	2.93M	4.26M	656K
Total Non-Current Assets+	209.75M	180.95M	167.72M	349.15M	293.59M	657.51M	612.72M	787.99M	899.29M	746.75M
Property, Plant & Equipment	221K	368K	209K	160K	33K	28K	109K	3.44M	3.02M	2.97M
Fixed Asset Turnover	244.11x	362.96x	1039.32x	1631.28x	7909.58x	12028.36x	3595.10x	96.46x	102.84x	120.90x
Goodwill	0	0	0	0	0	0	0	26.71M	17.91M	17.91M
Intangible Assets	0	0	0	0	0	0	0	252.92M	230.34M	208.43M
Long-Term Investments	0	0	0	0	0	438.26M	483.85M	403.01M	560.98M	393.96M
Other Non-Current Assets	209.53M	180.58M	167.51M	152.94M	139.39M	125.47M	128.77M	101.91M	87.05M	111.44M
Total Assets+	424.07M	379M	367.34M	548.19M	724.83M	999.57M	926.39M	1.23B	1.24B	1.3B
Asset Turnover	0.13x	0.35x	0.59x	0.48x	0.36x	0.34x	0.42x	0.27x	0.25x	0.28x
Asset Growth %	-0.19%	-0.11%	-0.03%	0.49%	0.32%	0.38%	-0.07%	0.33%	0.01%	0.05%
Total Current Liabilities+	12.61M	11.41M	9.74M	5.7M	5.37M	6.11M	5.81M	134.97M	38.13M	236.08M
Accounts Payable	818K	128K	601K	11K	10K	66K	27K	2.94M	6.72M	2.13M
Days Payables Outstanding	114	33.54	161.89	-	-	-	-	77.77	57.5	21.26
Short-Term Debt	0	7.75M	25M	0	0	0	0	96.19M	0	192.03M
Deferred Revenue (Current)	885K	885K	-1000K	0	0	0	0	1000K	1000K	1000K
Other Current Liabilities	0	0	0	5.22M	4.71M	0	0	2.64M	0	6.44M
Current Ratio	17.00x	17.35x	20.49x	34.92x	80.29x	55.98x	54.02x	3.29x	9.03x	2.35x
Quick Ratio	19.08x	21.46x	20.57x	49.53x	80.29x	55.98x	54.02x	2.87x	7.96x	2.21x
Cash Conversion Cycle	-	-	-	-	-	-	-	1.47K	390.06	402.96
Total Non-Current Liabilities+	754.11M	720.58M	600.3M	383.44M	377.34M	385.62M	394.65M	530.74M	530.42M	373.82M
Long-Term Debt	733.13M	708.34M	574.36M	382.86M	377.12M	385.52M	394.65M	444.18M	446.23M	256.32M
Capital Lease Obligations	0	0	0	0	0	0	0	2.38M	1.64M	1.18M
Deferred Tax Liabilities	0	0	0	0	0	0	0	5.77M	563K	0
Other Non-Current Liabilities	1.86M	1.38M	940K	586K	219K	106K	1	78.41M	81.99M	116.32M
Total Liabilities	766.72M	731.99M	610.04M	389.14M	382.71M	391.73M	400.46M	665.71M	568.55M	609.9M
Total Debt+	748.27M	716.09M	599.36M	382.86M	377.12M	385.52M	394.76M	544.07M	449.08M	451.1M
Net Debt	589.09M	598.08M	526.03M	320.44M	99.02M	139.03M	193.23M	253.02M	255.56M	146.13M
Debt / Equity	-	-	-	2.41x	1.10x	0.63x	0.75x	0.96x	0.67x	0.65x
Debt / EBITDA	16.44x	5.82x	3.03x	1.52x	1.45x	1.03x	0.85x	-	3.31x	2.34x
Net Debt / EBITDA	12.94x	4.86x	2.66x	1.27x	0.38x	0.37x	0.42x	-	1.88x	0.76x
Interest Coverage	0.61x	2.08x	4.21x	9.95x	13.20x	17.52x	19.67x	-2.34x	5.94x	7.51x
Total Equity+	-342.64M	-352.99M	-242.71M	159.05M	342.12M	607.84M	525.93M	565.79M	674.96M	691.16M
Equity Growth %	-0.53%	-0.03%	0.31%	1.66%	1.15%	0.78%	-0.13%	0.08%	0.19%	0.02%
Book Value per Share	-2.97	-2.86	-2.02	1.40	3.02	5.35	5.58	5.94	7.77	9.32
Total Shareholders' Equity	-342.64M	-352.99M	-242.86M	153.58M	313.5M	539.91M	414.74M	565.79M	674.96M	691.16M
Common Stock	1.15M	1.08M	1.02M	1.01M	1.01M	1.01M	696K	692K	633K	627K
Retained Earnings	-1.69B	-1.63B	-1.5B	-1.1B	-946.4M	-722M	-456.15M	-204.91M	-25.19M	-1.8M
Treasury Stock	-3.26M	-3.26M	-3.26M	0	0	0	-393.83M	-393.83M	-393.83M	0
Accumulated OCI	-2K	1K	-18K	-3K	27K	0	0	0	0	0
Minority Interest	0	0	152K	5.47M	28.62M	67.92M	111.19M	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	10.13M	60.98M	141.75M	223.53M	257.46M	313.11M	363.81M	201.73M	141.06M	188.69M
Operating CF Margin %	0.19%	0.46%	0.65%	0.86%	0.99%	0.93%	0.93%	0.61%	0.45%	0.53%
Operating CF Growth %	1.08%	5.02%	1.32%	0.58%	0.15%	0.22%	0.16%	-0.45%	-0.3%	0.34%
Net Income	-18.76M	59.54M	134.27M	406.33M	190.99M	293.81M	368.84M	220.26M	179.72M	23.39M
Depreciation & Amortization	13.93M	13.95M	13.98M	13.87M	13.87M	0	13.83M	19.51M	35.7M	39.85M
Stock-Based Compensation	6.87M	8.3M	9.83M	3.23M	2.06M	1.7M	2.02M	7.35M	5.84M	6.37M
Deferred Taxes	-637K	-2.35M	7.15M	-196.05M	41.88M	60.42M	76.43M	25.01M	4.4M	-12.62M
Other Non-Cash Items	24.94M	1.16M	11.94M	12.91M	5.57M	-28.5M	-80.43M	-77.27M	-59.81M	138.62M
Working Capital Changes	-16.85M	-21.96M	-28.28M	-16.76M	3.1M	-14.32M	-16.87M	6.87M	-24.79M	-6.93M
Change in Receivables	-15.68M	-20.62M	-23.69M	-12.75M	3.86M	-14.5M	-16.78M	9.79M	-20M	-2.29M
Change in Inventory	-1.11M	230K	-1.96M	-3.43M	-664K	0	0	280K	-12M	-6.81M
Change in Payables	818K	-690K	473K	-590K	-1K	56K	-39K	92K	3.78M	-4.58M
Cash from Investing+	159.17M	-4.58M	-23.24M	3.52M	-18M	-314.94M	43.72M	-56.63M	-66.76M	-63.79M
Capital Expenditures	-7K	-278K	0	0	-12K	-13K	-1.3M	-67K	-411K	-270K
CapEx % of Revenue	0%	0%	-	-	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	159.18M	-4.3M	-23.24M	3.52M	-17.99M	0	-20.98M	-56.63M	0	-3.9M
Cash from Financing+	-106.92M	-97.57M	-163.19M	-237.97M	-23.78M	-29.79M	-452.5M	-55.57M	-171.84M	-13.45M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-87.33M	-960K	-281K	-80K	-11K	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8.24M	0	458K	-5.96M	-10.55M	-30.13M	-59.46M	-113.35M	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	10.12M	60.71M	141.75M	223.53M	257.45M	313.1M	362.51M	201.66M	140.65M	188.42M
FCF Margin %	0.19%	0.45%	0.65%	0.86%	0.99%	0.93%	0.93%	0.61%	0.45%	0.53%
FCF Growth %	1.08%	5%	1.33%	0.58%	0.15%	0.22%	0.16%	-0.44%	-0.3%	0.34%
FCF per Share	0.09	0.49	1.18	1.97	2.27	2.76	3.84	2.12	1.62	2.54
FCF Conversion (FCF/Net Income)	-0.54x	1.02x	1.06x	0.57x	1.64x	1.40x	1.37x	0.94x	0.78x	8.07x
Interest Paid	0	0	0	0	0	9.93M	0	11.74M	0	10.36M
Taxes Paid	0	0	0	0	0	0	0	53.85M	0	11.79M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	248.38%	62.77%	47.24%	46.9%	39.19%	28.97%	3.42%
Return on Invested Capital (ROIC)	7.27%	33.26%	52.12%	46.85%	40.14%	40.55%	38.38%	-3.6%	9.77%	14.16%
Gross Margin	95.15%	98.96%	99.38%	100%	100%	100%	100%	95.84%	86.27%	89.8%
Net Margin	-34.77%	44.57%	61.76%	151.36%	60.26%	66.63%	67.84%	64.56%	57.89%	6.52%
Debt / Equity	-	-	-	2.41x	1.10x	0.63x	0.75x	0.96x	0.67x	0.65x
Interest Coverage	0.61x	2.08x	4.21x	9.95x	13.20x	17.52x	19.67x	-2.34x	5.94x	7.51x
FCF Conversion	-0.54x	1.02x	1.06x	0.57x	1.64x	1.40x	1.37x	0.94x	0.78x	8.07x
Revenue Growth	539.74%	147.58%	62.63%	20.16%	0%	29.03%	16.35%	-15.45%	-6.3%	15.54%

Revenue by Segment

	2011	2012	2013	2020	2021	2022	2023	2024
Royalty	-	-	-	73.09M	391.87M	311.64M	238.85M	241.73M
Royalty Growth	-	-	-	-	436.15%	-20.47%	-23.36%	1.21%
Product	-	-	-	-	-	19.69M	60.62M	97.49M
Product Growth	-	-	-	-	-	-	207.79%	60.83%
License And Other Revenue	-	-	-	-	-	-	-	19.49M
License And Other Revenue Growth	-	-	-	-	-	-	-	-
License Revenue	-	-	-	-	-	-	11M	-
License Revenue Growth	-	-	-	-	-	-	-	-
License	-	-	-	-	-	-	1.6M	-
License Growth	-	-	-	-	-	-	-	-
Collaborative Arrangements	-	-	-	10M	-	-	-	-
Collaborative Arrangements Growth	-	-	-	-	-	-	-	-
VIBATIV Product	-	-	900K	-	-	-	-	-
VIBATIV Product Growth	-	-	-	-	-	-	-	-
MABA Containing Compound 081	250M	250M	-	-	-	-	-	-
MABA Containing Compound 081 Growth	-	0.00%	-	-	-	-	-	-
MABA Containing Compound 081 Single-agent	-	125M	-	-	-	-	-	-
MABA Containing Compound 081 Single-agent Growth	-	-	-	-	-	-	-	-
Long Acting Beta 2 Agonist RELOVAIR Combination	-	3.63M	-	-	-	-	-	-
Long Acting Beta 2 Agonist RELOVAIR Combination Growth	-	-	-	-	-	-	-	-
Bifunctional Muscarinic Antagonist Beta 2 Agonist	3.08M	1.98M	-	-	-	-	-	-
Bifunctional Muscarinic Antagonist Beta 2 Agonist Growth	-	-35.63%	-	-	-	-	-	-
MABA Containing Compound 081 Single Agent	125M	-	-	-	-	-	-	-
MABA Containing Compound 081 Single Agent Growth	-	-	-	-	-	-	-	-
Long Acting Beta2 Agonist RELOVAIR Combination	4.72M	-	-	-	-	-	-	-
Long Acting Beta2 Agonist RELOVAIR Combination Growth	-	-	-	-	-	-	-	-
Non-license Specific	1.86M	-	-	-	-	-	-	-
Non-license Specific Growth	-	-	-	-	-	-	-	-
MABA Containing Additional MABA	936K	-	-	-	-	-	-	-
MABA Containing Additional MABA Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Innoviva, Inc. (INVA) has a price-to-earnings (P/E) ratio of 54.9x. This suggests investors expect higher future growth.

Growth & Financials

Innoviva, Inc. (INVA) reported $388.5M in revenue for fiscal year 2024. This represents a 1485% increase from $24.5M in 2011.

Innoviva, Inc. (INVA) grew revenue by 15.5% over the past year. This is strong growth.

Yes, Innoviva, Inc. (INVA) is profitable, generating $127.3M in net income for fiscal year 2024 (6.5% net margin).

Dividend & Returns

Innoviva, Inc. (INVA) has a return on equity (ROE) of 3.4%. This is below average, suggesting room for improvement.

Innoviva, Inc. (INVA) generated $196.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Innoviva, Inc. (INVA) 10-Year Financial Performance & Capital Metrics

INVA • • Industrial / General

HealthcareBiotechnologyAutoimmune & Inflammatory DiseasesDermatology & Autoimmune

Revenue $359M +15.5%
EBITDA $193M +42.1%
Net Income $23M -87.0%
EPS (Diluted) 0.36 -83.6%
Gross Margin 89.8% +4.1%
EBITDA Margin 53.74% +23.0%
Operating Margin 46.52% +26.8%
Net Margin 6.52% -88.7%
ROE 3.42% -88.2%
ROIC 14.16% +45.0%
Debt/Equity 0.65 -1.9%
Interest Coverage 7.51 +26.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 52.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 14.6% through buybacks
✓Healthy 5Y average net margin of 52.7%

✗Weaknesses

✗Profits declining 31.7% over 5 years
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y45.5%

5Y6.57%

3Y-2.9%

TTM9.07%

Profit (Net Income) CAGR

10Y-

5Y-31.69%

3Y-55.52%

TTM97.15%

EPS CAGR

10Y-

5Y-24.11%

3Y-49.94%

TTM95.85%

ROCE

10Y Avg27.51%

5Y Avg19.52%

3Y Avg6.98%

Latest14.7%

Peer Comparison

Dermatology & Autoimmune

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AUPHAurinia Pharmaceuticals Inc.	1.96B	14.87	378.37	33.97%	29.28%	21.28%	2.25%	0.21
ARGXargenx SE	50.33B	813.24	63.63	78.6%	23.34%	15.14%		0.01
INVAInnoviva, Inc.	1.48B	19.76	54.89	15.54%	32.78%	12.61%	12.75%	0.65
GLPGGalapagos N.V.	2.24B	34.03	30.38	14.99%	-151.94%	-15.16%		0.00
PTGXProtagonist Therapeutics, Inc.	5.3B	84.75	20.04	6.24%	21.94%	7.11%	3.45%	0.02
ALMSAlumis Inc. Common Stock	2.84B	24.17	-2.33		-11.08%	-63.71%		0.12
PHATPhathom Pharmaceuticals, Inc.	1.17B	14.98	-2.83	80.01%	-186.53%
ORKAOruka Therapeutics, Inc.	1.57B	32.50	-6.51			-22.44%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	53.95M	133.57M	217.22M	261M	261.02M	336.79M	391.87M	331.34M	310.46M	358.71M
Revenue Growth %	5.4%	1.48%	0.63%	0.2%	0%	0.29%	0.16%	-0.15%	-0.06%	0.16%
Cost of Goods Sold+	2.62M	1.39M	1.35M	0	0	0	0	13.79M	42.64M	36.6M
COGS % of Revenue	0.05%	0.01%	0.01%	-	-	-	-	0.04%	0.14%	0.1%
Gross Profit+	51.33M	132.18M	215.86M	261M	261.02M	336.79M	391.87M	317.55M	267.82M	322.11M
Gross Margin %	0.95%	0.99%	0.99%	1%	1%	1%	1%	0.96%	0.86%	0.9%
Gross Profit Growth %	53.9%	1.58%	0.63%	0.21%	0%	0.29%	0.16%	-0.19%	-0.16%	0.2%
Operating Expenses+	22.37M	24.58M	25.5M	17.05M	14.66M	15.67M	16.76M	354.49M	153.94M	155.25M
OpEx % of Revenue	0.41%	0.18%	0.12%	0.07%	0.06%	0.05%	0.04%	1.07%	0.5%	0.43%
Selling, General & Admin	19.75M	23.19M	24.15M	17.05M	14.66M	13.88M	16.19M	63.54M	98.23M	115.69M
SG&A % of Revenue	0.37%	0.17%	0.11%	0.07%	0.06%	0.04%	0.04%	0.19%	0.32%	0.32%
Research & Development	2.62M	1.39M	1.35M	0	0	1.79M	576K	41.43M	33.92M	13.65M
R&D % of Revenue	0.05%	0.01%	0.01%	-	-	0.01%	0%	0.13%	0.11%	0.04%
Other Operating Expenses	1.12M	2.38M	-7.04M	0	0	0	0	249.52M	21.78M	25.9M
Operating Income+	31.58M	108.99M	183.6M	238.25M	246.36M	321.12M	375.1M	-36.95M	113.89M	166.87M
Operating Margin %	0.59%	0.82%	0.85%	0.91%	0.94%	0.95%	0.96%	-0.11%	0.37%	0.47%
Operating Income Growth %	1.93%	2.45%	0.68%	0.3%	0.03%	0.3%	0.17%	-1.1%	4.08%	0.47%
EBITDA+	45.51M	122.94M	197.59M	252.12M	260.23M	372.58M	464.35M	-31.36M	135.67M	192.77M
EBITDA Margin %	0.84%	0.92%	0.91%	0.97%	1%	1.11%	1.18%	-0.09%	0.44%	0.54%
EBITDA Growth %	3.09%	1.7%	0.61%	0.28%	0.03%	0.43%	0.25%	-1.07%	5.33%	0.42%
D&A (Non-Cash Add-back)	13.93M	13.95M	13.98M	13.87M	13.87M	0	0	5.58M	21.78M	25.9M
EBIT	31.58M	108.99M	183.6M	234.21M	246.36M	372.58M	464.35M	302.74M	213.25M	59.6M
Net Interest Income+	-51.46M	-51.83M	-42.29M	-22.29M	-13.12M	-16.81M	-17.23M	-9.42M	-3.34M	-3.07M
Interest Income	343K	582K	1.31M	1.66M	5.54M	1.52M	1.84M	6.37M	15.82M	19.14M
Interest Expense	51.8M	52.42M	43.6M	23.95M	18.66M	18.33M	19.07M	15.79M	19.16M	22.21M
Other Income/Expense	-50.34M	-49.45M	-49.33M	-28M	-13.46M	33.12M	70.17M	323.89M	80.21M	-129.48M
Pretax Income+	-18.76M	59.54M	134.27M	210.25M	232.9M	354.25M	445.28M	286.95M	194.1M	37.39M
Pretax Margin %	-0.35%	0.45%	0.62%	0.81%	0.89%	1.05%	1.14%	0.87%	0.63%	0.1%
Income Tax+	0	0	0	-196.07M	41.9M	60.43M	76.44M	66.69M	14.38M	14M
Effective Tax Rate %	1%	1%	1%	1.88%	0.68%	0.63%	0.6%	0.75%	0.93%	0.63%
Net Income+	-18.76M	59.54M	134.14M	395.06M	157.29M	224.4M	265.85M	213.92M	179.72M	23.39M
Net Margin %	-0.35%	0.45%	0.62%	1.51%	0.6%	0.67%	0.68%	0.65%	0.58%	0.07%
Net Income Growth %	0.89%	4.17%	1.25%	1.95%	-0.6%	0.43%	0.18%	-0.2%	-0.16%	-0.87%
Net Income (Continuing)	-18.76M	59.54M	134.27M	406.33M	190.99M	293.81M	368.84M	220.26M	179.72M	23.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	152K	5.47M	28.62M	67.92M	111.19M	0	0	0
EPS (Diluted)+	-0.16	0.53	1.17	3.48	1.43	2.02	2.87	2.37	2.20	0.36
EPS Growth %	0.89%	4.31%	1.21%	1.97%	-0.59%	0.41%	0.42%	-0.17%	-0.07%	-0.84%
EPS (Basic)	-0.16	0.54	1.25	3.53	1.56	2.21	3.24	3.07	2.92	0.37
Diluted Shares Outstanding	115.37M	123.23M	119.87M	113.41M	113.41M	113.55M	94.31M	95.25M	86.88M	74.19M
Basic Shares Outstanding	115.37M	110.28M	106.94M	100.85M	101.15M	101.32M	82.06M	69.64M	65.44M	62.73M
Dividend Payout Ratio	-	0.02%	0%	0%	0%	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	214.32M	198.05M	199.62M	199.04M	431.23M	342.06M	313.67M	443.51M	344.22M	554.31M
Cash & Short-Term Investments	187.28M	150.43M	129.07M	114.91M	350.85M	246.49M	201.53M	291.05M	193.51M	412.5M
Cash Only	159.18M	118.02M	73.34M	62.42M	278.1M	246.49M	201.53M	291.05M	193.51M	304.96M
Short-Term Investments	28.1M	32.42M	55.74M	52.49M	72.75M	0	0	0	0	107.53M
Accounts Receivable	26.23M	46.85M	70.54M	83.29M	79.43M	93.93M	110.71M	64.07M	84.08M	86.37M
Days Sales Outstanding	177.45	128.02	118.53	116.47	111.07	101.8	103.12	70.58	98.84	87.88
Inventory	-26.23M	-46.85M	-754K	-83.29M	0	0	0	55.9M	40.74M	33.73M
Days Inventory Outstanding	-	-	-	-	-	-	-	1.48K	348.71	336.35
Other Current Assets	0	0	0	0	0	0	70K	2.93M	4.26M	656K
Total Non-Current Assets+	209.75M	180.95M	167.72M	349.15M	293.59M	657.51M	612.72M	787.99M	899.29M	746.75M
Property, Plant & Equipment	221K	368K	209K	160K	33K	28K	109K	3.44M	3.02M	2.97M
Fixed Asset Turnover	244.11x	362.96x	1039.32x	1631.28x	7909.58x	12028.36x	3595.10x	96.46x	102.84x	120.90x
Goodwill	0	0	0	0	0	0	0	26.71M	17.91M	17.91M
Intangible Assets	0	0	0	0	0	0	0	252.92M	230.34M	208.43M
Long-Term Investments	0	0	0	0	0	438.26M	483.85M	403.01M	560.98M	393.96M
Other Non-Current Assets	209.53M	180.58M	167.51M	152.94M	139.39M	125.47M	128.77M	101.91M	87.05M	111.44M
Total Assets+	424.07M	379M	367.34M	548.19M	724.83M	999.57M	926.39M	1.23B	1.24B	1.3B
Asset Turnover	0.13x	0.35x	0.59x	0.48x	0.36x	0.34x	0.42x	0.27x	0.25x	0.28x
Asset Growth %	-0.19%	-0.11%	-0.03%	0.49%	0.32%	0.38%	-0.07%	0.33%	0.01%	0.05%
Total Current Liabilities+	12.61M	11.41M	9.74M	5.7M	5.37M	6.11M	5.81M	134.97M	38.13M	236.08M
Accounts Payable	818K	128K	601K	11K	10K	66K	27K	2.94M	6.72M	2.13M
Days Payables Outstanding	114	33.54	161.89	-	-	-	-	77.77	57.5	21.26
Short-Term Debt	0	7.75M	25M	0	0	0	0	96.19M	0	192.03M
Deferred Revenue (Current)	885K	885K	-1000K	0	0	0	0	1000K	1000K	1000K
Other Current Liabilities	0	0	0	5.22M	4.71M	0	0	2.64M	0	6.44M
Current Ratio	17.00x	17.35x	20.49x	34.92x	80.29x	55.98x	54.02x	3.29x	9.03x	2.35x
Quick Ratio	19.08x	21.46x	20.57x	49.53x	80.29x	55.98x	54.02x	2.87x	7.96x	2.21x
Cash Conversion Cycle	-	-	-	-	-	-	-	1.47K	390.06	402.96
Total Non-Current Liabilities+	754.11M	720.58M	600.3M	383.44M	377.34M	385.62M	394.65M	530.74M	530.42M	373.82M
Long-Term Debt	733.13M	708.34M	574.36M	382.86M	377.12M	385.52M	394.65M	444.18M	446.23M	256.32M
Capital Lease Obligations	0	0	0	0	0	0	0	2.38M	1.64M	1.18M
Deferred Tax Liabilities	0	0	0	0	0	0	0	5.77M	563K	0
Other Non-Current Liabilities	1.86M	1.38M	940K	586K	219K	106K	1	78.41M	81.99M	116.32M
Total Liabilities	766.72M	731.99M	610.04M	389.14M	382.71M	391.73M	400.46M	665.71M	568.55M	609.9M
Total Debt+	748.27M	716.09M	599.36M	382.86M	377.12M	385.52M	394.76M	544.07M	449.08M	451.1M
Net Debt	589.09M	598.08M	526.03M	320.44M	99.02M	139.03M	193.23M	253.02M	255.56M	146.13M
Debt / Equity	-	-	-	2.41x	1.10x	0.63x	0.75x	0.96x	0.67x	0.65x
Debt / EBITDA	16.44x	5.82x	3.03x	1.52x	1.45x	1.03x	0.85x	-	3.31x	2.34x
Net Debt / EBITDA	12.94x	4.86x	2.66x	1.27x	0.38x	0.37x	0.42x	-	1.88x	0.76x
Interest Coverage	0.61x	2.08x	4.21x	9.95x	13.20x	17.52x	19.67x	-2.34x	5.94x	7.51x
Total Equity+	-342.64M	-352.99M	-242.71M	159.05M	342.12M	607.84M	525.93M	565.79M	674.96M	691.16M
Equity Growth %	-0.53%	-0.03%	0.31%	1.66%	1.15%	0.78%	-0.13%	0.08%	0.19%	0.02%
Book Value per Share	-2.97	-2.86	-2.02	1.40	3.02	5.35	5.58	5.94	7.77	9.32
Total Shareholders' Equity	-342.64M	-352.99M	-242.86M	153.58M	313.5M	539.91M	414.74M	565.79M	674.96M	691.16M
Common Stock	1.15M	1.08M	1.02M	1.01M	1.01M	1.01M	696K	692K	633K	627K
Retained Earnings	-1.69B	-1.63B	-1.5B	-1.1B	-946.4M	-722M	-456.15M	-204.91M	-25.19M	-1.8M
Treasury Stock	-3.26M	-3.26M	-3.26M	0	0	0	-393.83M	-393.83M	-393.83M	0
Accumulated OCI	-2K	1K	-18K	-3K	27K	0	0	0	0	0
Minority Interest	0	0	152K	5.47M	28.62M	67.92M	111.19M	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	10.13M	60.98M	141.75M	223.53M	257.46M	313.11M	363.81M	201.73M	141.06M	188.69M
Operating CF Margin %	0.19%	0.46%	0.65%	0.86%	0.99%	0.93%	0.93%	0.61%	0.45%	0.53%
Operating CF Growth %	1.08%	5.02%	1.32%	0.58%	0.15%	0.22%	0.16%	-0.45%	-0.3%	0.34%
Net Income	-18.76M	59.54M	134.27M	406.33M	190.99M	293.81M	368.84M	220.26M	179.72M	23.39M
Depreciation & Amortization	13.93M	13.95M	13.98M	13.87M	13.87M	0	13.83M	19.51M	35.7M	39.85M
Stock-Based Compensation	6.87M	8.3M	9.83M	3.23M	2.06M	1.7M	2.02M	7.35M	5.84M	6.37M
Deferred Taxes	-637K	-2.35M	7.15M	-196.05M	41.88M	60.42M	76.43M	25.01M	4.4M	-12.62M
Other Non-Cash Items	24.94M	1.16M	11.94M	12.91M	5.57M	-28.5M	-80.43M	-77.27M	-59.81M	138.62M
Working Capital Changes	-16.85M	-21.96M	-28.28M	-16.76M	3.1M	-14.32M	-16.87M	6.87M	-24.79M	-6.93M
Change in Receivables	-15.68M	-20.62M	-23.69M	-12.75M	3.86M	-14.5M	-16.78M	9.79M	-20M	-2.29M
Change in Inventory	-1.11M	230K	-1.96M	-3.43M	-664K	0	0	280K	-12M	-6.81M
Change in Payables	818K	-690K	473K	-590K	-1K	56K	-39K	92K	3.78M	-4.58M
Cash from Investing+	159.17M	-4.58M	-23.24M	3.52M	-18M	-314.94M	43.72M	-56.63M	-66.76M	-63.79M
Capital Expenditures	-7K	-278K	0	0	-12K	-13K	-1.3M	-67K	-411K	-270K
CapEx % of Revenue	0%	0%	-	-	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	159.18M	-4.3M	-23.24M	3.52M	-17.99M	0	-20.98M	-56.63M	0	-3.9M
Cash from Financing+	-106.92M	-97.57M	-163.19M	-237.97M	-23.78M	-29.79M	-452.5M	-55.57M	-171.84M	-13.45M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-87.33M	-960K	-281K	-80K	-11K	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8.24M	0	458K	-5.96M	-10.55M	-30.13M	-59.46M	-113.35M	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	10.12M	60.71M	141.75M	223.53M	257.45M	313.1M	362.51M	201.66M	140.65M	188.42M
FCF Margin %	0.19%	0.45%	0.65%	0.86%	0.99%	0.93%	0.93%	0.61%	0.45%	0.53%
FCF Growth %	1.08%	5%	1.33%	0.58%	0.15%	0.22%	0.16%	-0.44%	-0.3%	0.34%
FCF per Share	0.09	0.49	1.18	1.97	2.27	2.76	3.84	2.12	1.62	2.54
FCF Conversion (FCF/Net Income)	-0.54x	1.02x	1.06x	0.57x	1.64x	1.40x	1.37x	0.94x	0.78x	8.07x
Interest Paid	0	0	0	0	0	9.93M	0	11.74M	0	10.36M
Taxes Paid	0	0	0	0	0	0	0	53.85M	0	11.79M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	248.38%	62.77%	47.24%	46.9%	39.19%	28.97%	3.42%
Return on Invested Capital (ROIC)	7.27%	33.26%	52.12%	46.85%	40.14%	40.55%	38.38%	-3.6%	9.77%	14.16%
Gross Margin	95.15%	98.96%	99.38%	100%	100%	100%	100%	95.84%	86.27%	89.8%
Net Margin	-34.77%	44.57%	61.76%	151.36%	60.26%	66.63%	67.84%	64.56%	57.89%	6.52%
Debt / Equity	-	-	-	2.41x	1.10x	0.63x	0.75x	0.96x	0.67x	0.65x
Interest Coverage	0.61x	2.08x	4.21x	9.95x	13.20x	17.52x	19.67x	-2.34x	5.94x	7.51x
FCF Conversion	-0.54x	1.02x	1.06x	0.57x	1.64x	1.40x	1.37x	0.94x	0.78x	8.07x
Revenue Growth	539.74%	147.58%	62.63%	20.16%	0%	29.03%	16.35%	-15.45%	-6.3%	15.54%

Revenue by Segment

	2011	2012	2013	2020	2021	2022	2023	2024
Royalty	-	-	-	73.09M	391.87M	311.64M	238.85M	241.73M
Royalty Growth	-	-	-	-	436.15%	-20.47%	-23.36%	1.21%
Product	-	-	-	-	-	19.69M	60.62M	97.49M
Product Growth	-	-	-	-	-	-	207.79%	60.83%
License And Other Revenue	-	-	-	-	-	-	-	19.49M
License And Other Revenue Growth	-	-	-	-	-	-	-	-
License Revenue	-	-	-	-	-	-	11M	-
License Revenue Growth	-	-	-	-	-	-	-	-
License	-	-	-	-	-	-	1.6M	-
License Growth	-	-	-	-	-	-	-	-
Collaborative Arrangements	-	-	-	10M	-	-	-	-
Collaborative Arrangements Growth	-	-	-	-	-	-	-	-
VIBATIV Product	-	-	900K	-	-	-	-	-
VIBATIV Product Growth	-	-	-	-	-	-	-	-
MABA Containing Compound 081	250M	250M	-	-	-	-	-	-
MABA Containing Compound 081 Growth	-	0.00%	-	-	-	-	-	-
MABA Containing Compound 081 Single-agent	-	125M	-	-	-	-	-	-
MABA Containing Compound 081 Single-agent Growth	-	-	-	-	-	-	-	-
Long Acting Beta 2 Agonist RELOVAIR Combination	-	3.63M	-	-	-	-	-	-
Long Acting Beta 2 Agonist RELOVAIR Combination Growth	-	-	-	-	-	-	-	-
Bifunctional Muscarinic Antagonist Beta 2 Agonist	3.08M	1.98M	-	-	-	-	-	-
Bifunctional Muscarinic Antagonist Beta 2 Agonist Growth	-	-35.63%	-	-	-	-	-	-
MABA Containing Compound 081 Single Agent	125M	-	-	-	-	-	-	-
MABA Containing Compound 081 Single Agent Growth	-	-	-	-	-	-	-	-
Long Acting Beta2 Agonist RELOVAIR Combination	4.72M	-	-	-	-	-	-	-
Long Acting Beta2 Agonist RELOVAIR Combination Growth	-	-	-	-	-	-	-	-
Non-license Specific	1.86M	-	-	-	-	-	-	-
Non-license Specific Growth	-	-	-	-	-	-	-	-
MABA Containing Additional MABA	936K	-	-	-	-	-	-	-
MABA Containing Additional MABA Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Innoviva, Inc. (INVA) has a price-to-earnings (P/E) ratio of 54.9x. This suggests investors expect higher future growth.

Growth & Financials

Innoviva, Inc. (INVA) reported $388.5M in revenue for fiscal year 2024. This represents a 1485% increase from $24.5M in 2011.

Innoviva, Inc. (INVA) grew revenue by 15.5% over the past year. This is strong growth.

Yes, Innoviva, Inc. (INVA) is profitable, generating $127.3M in net income for fiscal year 2024 (6.5% net margin).

Dividend & Returns

Innoviva, Inc. (INVA) has a return on equity (ROE) of 3.4%. This is below average, suggesting room for improvement.

Innoviva, Inc. (INVA) generated $196.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.