Revenue expanded from $88.6M in 2025Q1 to $106.1M in 2026Q3, but gross margin compressed from 92.2% in 2024Q4 to 79.5% and net income swung sharply, suggesting earnings quality warrants close monitoring.
Innoviva, Inc. (INVA) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 441.75M | 425.13M | 358.71M | 310.46M | 331.34M | 391.87M | 336.79M | 261.02M | 261M | 217.22M | 133.57M | 53.95M | 8.43M | 4.53M | 5.61M | 24.51M | 24.22M | 24.37M | 23.1M | 22M | 19.59M | 12.05M | 8.94M | 3.6M | 156K |
| Revenue Growth % | 13.7% | 18.52% | 15.54% | -6.3% | -15.45% | 16.35% | 29.03% | 0% | 20.16% | 62.63% | 147.58% | 539.74% | 86.08% | -19.26% | -77.1% | 1.19% | -0.62% | 5.53% | 4.97% | 12.33% | 62.49% | 34.83% | 147.99% | 2210.9% | - |
| Cost of Goods Sold | 115.31M | 117.61M | 36.6M | 42.64M | 13.79M | 0 | 0 | 0 | 0 | 1.35M | 1.39M | 2.62M | 7.5M | 9.04M | 8.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 27.67% | 10.2% | 13.73% | 4.16% | - | - | - | - | 0.62% | 1.04% | 4.85% | 88.91% | 199.43% | 145.25% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 326.44M | 307.52M | 322.11M | 267.82M | 317.55M | 391.87M | 336.79M | 261.02M | 261M | 215.86M | 132.18M | 51.33M | 935K | -4.51M | -2.54M | 24.51M | 24.22M | 24.37M | 23.1M | 22M | 19.59M | 12.05M | 8.94M | 3.6M | 156K |
| Gross Margin % | 73.9% | 72.33% | 89.8% | 86.27% | 95.84% | 100% | 100% | 100% | 100% | 99.38% | 98.96% | 95.15% | 11.09% | -99.43% | -45.25% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -4.53% | 20.27% | -15.66% | -18.97% | 16.35% | 29.03% | 0% | 20.91% | 63.31% | 157.5% | 5389.84% | 120.75% | -77.4% | -110.36% | 1.19% | -0.62% | 5.53% | 4.97% | 12.33% | 62.49% | 34.83% | 147.99% | 2210.9% | - |
| Operating Expenses | 156.29M | 143.77M | 155.25M | 153.94M | 110.55M | 16.76M | 15.67M | 14.66M | 22.75M | 32.26M | 23.19M | 22.37M | 34.86M | 24.29M | 22.61M | 134.25M | 102.55M | 104.59M | 110.88M | 190.57M | 198.76M | 161.61M | 112.33M | 76.07M | 83.24M |
| OpEx % of Revenue | - | 33.82% | 43.28% | 49.58% | 33.36% | 4.28% | 4.65% | 5.62% | 8.72% | 14.85% | 17.36% | 41.46% | 413.42% | 535.94% | 402.74% | 547.69% | 423.34% | 429.1% | 480.09% | 866.13% | 1014.74% | 1340.72% | 1256.54% | 2110.15% | 53358.33% |
| Selling, General & Admin | 136.09M | 113.17M | 115.69M | 98.23M | 63.54M | 16.19M | 13.88M | 14.66M | 17.05M | 32.26M | 23.19M | 19.75M | 34.86M | 24.29M | 30.86M | 30.68M | 27.48M | 27.07M | 28.86M | 35.31M | 32.19M | 26.93M | 28.34M | 14.37M | 16.76M |
| SG&A % of Revenue | - | 26.62% | 32.25% | 31.64% | 19.18% | 4.13% | 4.12% | 5.62% | 6.53% | 14.85% | 17.36% | 36.61% | 413.42% | 535.94% | 549.78% | 125.17% | 113.43% | 111.04% | 124.96% | 160.5% | 164.36% | 223.44% | 316.99% | 398.53% | 10742.31% |
| Research & Development | 20.2M | 30.6M | 13.65M | 33.92M | 41.43M | 576K | 1.79M | 0 | 0 | 1.35M | 1.39M | 2.62M | 7.5M | 9.04M | 117.9M | 103.57M | 75.07M | 77.52M | 82.02M | 155.25M | 166.56M | 134.68M | 87M | 61.7M | 66.48M |
| R&D % of Revenue | - | 7.2% | 3.81% | 10.93% | 12.5% | 0.15% | 0.53% | - | - | 0.62% | 1.04% | 4.85% | 88.91% | 199.43% | 2100.45% | 422.52% | 309.91% | 318.06% | 355.13% | 705.64% | 850.38% | 1117.28% | 973.11% | 1711.62% | 42616.03% |
| Other Operating Expenses | 0 | 0 | 25.9M | 21.78M | 5.58M | 0 | 0 | 0 | 5.7M | -1.35M | -1.39M | 0 | -7.5M | -9.04M | -126.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | 0 | 0 |
| Operating Income | 170.15M | 163.75M | 166.87M | 113.89M | 207M | 375.1M | 321.12M | 246.36M | 238.25M | 183.6M | 108.99M | 31.58M | -33.93M | -28.8M | -13M | -109.74M | -78.32M | -80.22M | -87.78M | -168.56M | -179.17M | -149.56M | -102.39M | -72.47M | -83.08M |
| Operating Margin % | 38.52% | 38.52% | 46.52% | 36.68% | 62.47% | 95.72% | 95.35% | 94.38% | 91.28% | 84.53% | 81.6% | 58.54% | -402.34% | -635.37% | -231.59% | -447.69% | -323.34% | -329.1% | -380.09% | -766.13% | -914.74% | -1240.72% | -1145.36% | -2010.15% | -53258.33% |
| Operating Income Growth % | - | -1.87% | 46.52% | -44.98% | -44.82% | 16.81% | 30.35% | 3.4% | 29.76% | 68.46% | 245.12% | 193.08% | -17.83% | -121.52% | 88.15% | -40.11% | 2.36% | 8.62% | 47.92% | 5.92% | -19.8% | -46.06% | -41.3% | 12.78% | - |
| EBITDA | 210.7M | 203.97M | 206.72M | 149.59M | 226.51M | 388.94M | 372.58M | 260.23M | 252.12M | 197.59M | 122.94M | 45.51M | -21.75M | -20.59M | -9.75M | -102.15M | -71.99M | -74.67M | -80.82M | -164.51M | -174.97M | -145.45M | -97.58M | -67.26M | -77.96M |
| EBITDA Margin % | 47.7% | 47.98% | 57.63% | 48.18% | 68.36% | 99.25% | 110.62% | 99.7% | 96.6% | 90.96% | 92.04% | 84.36% | -257.96% | -454.37% | -173.67% | -416.75% | -297.18% | -306.37% | -349.94% | -747.69% | -893.31% | -1206.65% | -1091.53% | -1865.66% | -49973.72% |
| EBITDA Growth % | 1439.18% | -1.33% | 38.19% | -33.96% | -41.76% | 4.39% | 43.17% | 3.22% | 27.6% | 60.71% | 170.13% | 309.22% | -5.64% | -111.24% | 90.46% | -41.91% | 3.6% | 7.61% | 50.87% | 5.98% | -20.3% | -49.05% | -45.09% | 13.73% | - |
| D&A (Non-Cash Add-back) | 40.55M | 40.23M | 39.85M | 35.7M | 19.51M | 13.83M | 0 | 13.87M | 13.87M | 13.98M | 13.95M | 13.93M | 12.18M | 8.2M | 3.25M | 7.58M | 6.34M | 5.54M | 6.96M | 4.06M | 4.2M | 4.11M | 4.81M | 5.21M | 5.12M |
| EBIT | 539.59M | 343.56M | 59.6M | 213.25M | 302.74M | 464.35M | 372.58M | 246.36M | 234.21M | 183.6M | 108.99M | 31.58M | -36.64M | -157.86M | -13M | -109.32M | -77.82M | -80.22M | -87.78M | -168.56M | -179.17M | -149.56M | -101.83M | -72.47M | -83.08M |
| Net Interest Income | 10.36M | 4.39M | -3.07M | -3.34M | -9.42M | -17.23M | -16.81M | -13.12M | -22.29M | -42.29M | -51.83M | -51.46M | -36.33M | -8.57M | -5.54M | -5.61M | -5.54M | -3.94M | -439K | 0 | 13.13M | 0 | 3.74M | 0 | 0 |
| Interest Income | 30.05M | 21.09M | 19.14M | 15.82M | 6.37M | 1.84M | 1.52M | 5.54M | 1.66M | 1.31M | 582K | 343K | 563K | 778K | 460K | 415K | 505K | 2.11M | 5.24M | 0 | 13.65M | 0 | 4.56M | 0 | 0 |
| Interest Expense | 19.69M | 16.7M | 22.21M | 19.16M | 15.79M | 19.07M | 18.33M | 18.66M | 23.95M | 43.6M | 52.42M | 51.8M | 36.89M | 9.35M | 6M | 6.02M | 6.04M | 6.05M | 5.68M | 0 | 523K | 0 | 823K | 0 | 0 |
| Other Income/Expense | 53.82M | 163.12M | -129.48M | 80.21M | 79.95M | 70.17M | 33.12M | -13.46M | -28M | -49.33M | -49.45M | -50.34M | -39.6M | -1.84M | -5.54M | -5.61M | -5.54M | -5.09M | -5.86M | 8.57M | 13.13M | 6.39M | -259K | 0 | 0 |
| Pretax Income | 223.97M | 326.86M | 37.39M | 194.1M | 286.95M | 445.28M | 354.25M | 232.9M | 210.25M | 134.27M | 59.54M | -18.76M | -73.53M | -30.63M | -30.69M | -115.34M | -83.86M | -85.3M | -93.64M | -160M | -166.04M | -143.16M | -102.65M | 0 | 0 |
| Pretax Margin % | 50.7% | 76.89% | 10.42% | 62.52% | 86.6% | 113.63% | 105.18% | 89.23% | 80.56% | 61.81% | 44.57% | -34.77% | -871.93% | -675.93% | -546.75% | -470.56% | -346.21% | -349.97% | -405.45% | -727.19% | -847.73% | -1187.69% | -1148.25% | - | - |
| Income Tax | 30.53M | 55.7M | 14M | 14.38M | 66.69M | 76.44M | 60.43M | 41.9M | -196.07M | 4K | 95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -741K | -1.88M | -3.86M |
| Effective Tax Rate % | 13.63% | 17.04% | 37.43% | 7.41% | 23.24% | 17.17% | 17.06% | 17.99% | -93.25% | 0% | 0.16% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.72% | - | - |
| Net Income | 193.44M | 271.17M | 23.39M | 179.72M | 213.92M | 265.85M | 224.4M | 157.29M | 395.06M | 134.14M | 59.54M | -18.76M | -168.46M | -170.7M | -18.54M | -115.34M | -83.86M | -85.3M | -93.64M | -160M | -166.04M | -143.16M | -102.65M | -70.58M | -79.23M |
| Net Margin % | 43.79% | 63.78% | 6.52% | 57.89% | 64.56% | 67.84% | 66.63% | 60.26% | 151.36% | 61.76% | 44.57% | -34.77% | -1997.68% | -3766.57% | -330.34% | -470.56% | -346.21% | -349.97% | -405.45% | -727.19% | -847.73% | -1187.69% | -1148.25% | -1957.92% | -50786.54% |
| Net Income Growth % | 51.9% | 1059.22% | -86.98% | -15.99% | -19.53% | 18.47% | 42.67% | -60.19% | 194.5% | 125.31% | 417.36% | 88.86% | 1.31% | -820.62% | 83.92% | -37.54% | 1.69% | 8.91% | 41.47% | 3.64% | -15.98% | -39.46% | -45.44% | 10.91% | - |
| Net Income (Continuing) | 193.44M | 271.17M | 23.39M | 179.72M | 220.26M | 368.84M | 293.81M | 190.99M | 406.33M | 134.27M | 59.54M | -18.76M | -73.53M | -30.63M | -18.54M | -115.34M | -83.86M | -85.3M | -93.64M | -160M | -166.04M | -143.16M | -102.65M | -70.58M | -79.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -94.93M | -140.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 111.19M | 67.92M | 28.62M | 5.47M | 152K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.68 | 3.30 | 0.36 | 2.20 | 2.37 | 2.87 | 2.02 | 1.43 | 3.53 | 1.17 | 0.53 | -0.16 | -1.50 | -1.67 | -0.20 | -1.41 | -1.16 | -1.35 | -1.53 | -2.64 | -2.81 | -2.69 | -3.08 | -10.37 | -12.50 |
| EPS Growth % | 47.41% | 816.67% | -83.64% | -7.17% | -17.42% | 42.08% | 41.26% | -59.49% | 201.71% | 120.75% | 431.25% | 89.33% | 10.18% | -735% | 85.82% | -21.55% | 14.07% | 11.76% | 42.05% | 6.05% | -4.46% | 12.66% | 70.3% | 17.04% | - |
| EPS (Basic) | - | 4.02 | 0.37 | 2.92 | 3.07 | 3.24 | 2.21 | 1.56 | 3.92 | 1.25 | 0.54 | -0.16 | -1.50 | -1.67 | -0.20 | -1.41 | -1.16 | -1.35 | -1.53 | -2.64 | -2.81 | -2.69 | -3.08 | -10.37 | -12.50 |
| Diluted Shares Outstanding | 72.07M | 84.76M | 74.19M | 86.88M | 95.25M | 94.31M | 113.55M | 113.41M | 113.41M | 119.87M | 123.23M | 115.37M | 112.06M | 102.42M | 90.91M | 82.05M | 72.07M | 63.03M | 61.39M | 60.5M | 59.01M | 53.27M | 33.28M | 6.81M | 6.34M |
| Basic Shares Outstanding | 72.07M | 67.39M | 62.73M | 65.44M | 69.64M | 82.06M | 101.32M | 101.15M | 100.85M | 106.94M | 110.28M | 115.37M | 112.06M | 102.42M | 90.91M | 82.05M | 72.07M | 63.03M | 61.39M | 60.5M | 59.01M | 53.27M | 33.28M | 6.81M | 6.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 0.01% | 0.02% | 0.21% | 1.61% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying INVA stock.
For fiscal year 2025, Innoviva, Inc. (INVA) reported total revenue of $425.1M. This represents a 272417.9% increase compared to $0.2M in 2002.
Innoviva, Inc. (INVA) is profitable, generating $271.2M in net income for the fiscal year ending 2025 with a net profit margin of 63.8%.
Innoviva, Inc. (INVA) reported an operating income of $163.7M, resulting in an operating profit margin of 38.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Innoviva, Inc. (INVA) generated $307.5M in gross profit for the year, representing a gross profit margin of 72.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings volatility and GSK royalty overhang
Metrics are mathematically derived from official filings.
Top-Line Growth Masks Earnings Instability
Based on reported figures, INVA's quarterly revenue rose from $88.6M in 2025Q1 to $118.0M in 2025Q4 and reached $106.1M in 2026Q3, showing expansion, though sequential growth has been uneven since mid-2025.
Revenue appears to be expanding on the back of the newer infectious disease product franchise, which the reported 45% year-over-year increase in U.S. IST net product sales supports. The trajectory is less clean than headline growth suggests, since revenue dipped from $119.6M in 2026Q2 to $106.1M in 2026Q3, which may indicate lumpy hospital procurement rather than durable momentum. Investors should monitor whether the product segment can sustain growth without relying on royalty stability alone.
Gross Margin Dilution From Product Mix Shift
As reported in financial statements, INVA's gross margin compressed from roughly 92% in 2024Q4 to 79.5% in 2026Q3, reflecting a growing share of lower-margin physical product sales.
The decline is consistent with the blending of near-100% margin royalty income with the lower-margin product sales from the La Jolla and Entasis acquisitions. This suggests a structural rather than purely cyclical reset in gross profitability, since the mix shift is unlikely to reverse while the company remains committed to commercializing its own antibiotics. Investors should treat the pre-2025 margin profile as a poor baseline for future earnings power.
Operating Deleverage Under Rising Commercial Costs
According to recent SEC filings, INVA's operating margin fell from 55.6% in 2024Q3 to negative territory in 2025Q1 and 2025Q2 before recovering to 39.7% in 2026Q3, while SG&A remained near $32M to $37M per quarter.
The pattern points to negative operating leverage: gross profit moved within a narrower band than the cost base expanded, and fixed sales and overhead costs absorbed a larger share of revenue. Recovery in operating margin during 2026 is encouraging but still well below the royalty-driven levels of 2024, which may indicate the cost base has not yet reached scale efficiency. Analysts should assess whether SG&A growth slows relative to product revenue in coming periods.
Volatile Net Income Driven by Non-Operating Items
Based on INVA's reported figures, net income swung from $186.6M in 2026Q1 to -$83.4M in 2026Q2 and -$73.9M in 2026Q3, while operating income remained positive, suggesting large non-operating or non-cash drivers.
The disconnect between positive operating income and sharply negative net income implies that interest, amortization, fair-value, or other non-operating items are dominating the bottom line. Reported EPS misses of -1.03 and -1.14 against consensus estimates of roughly $0.50 suggest the market is not reconciling these items cleanly, which warrants further investigation of the underlying charges. Because the cause of the shortfall is not identified in the available data, the earnings base should be treated with caution.
Consecutive Misses Challenge Growth Narrative
Two consecutive large negative EPS deviations, with actuals of -$1.14 and -$1.03 versus estimates of $0.46 and $0.52, challenge the view that recent losses are non-recurring.
If the losses reflect integration costs, impairments, or fixed-cost drag from acquired operations, the strategy of pivoting from buybacks to M&A may be consuming capital faster than it generates earnings. The Trelegy Medicare price negotiation overhang remains unresolved and could materially reduce the most important royalty cash stream, which would compound the risk. Investors should weigh these possibilities against the reaffirmed 2026 U.S. product sales guidance of at least $150M.