Revenue growth remains inconsistent, peaking at 28.6% in 2025Q4, while the shift toward commercial operations has compressed gross margins to 77.4% as of 2026Q1.
| 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 | 424.12M | 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 % | 13.61% | 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 | 100.96M | 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 | 323.16M | 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 % | 76.2% | 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 | 260.19M | 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 | 118.33M | 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 | 31.45M | 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 | 2M | 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 | 62.97M | 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 % | 14.85% | 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 | 86.29M | 203.97M | 192.77M | 135.67M | 212.58M | 464.35M | 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 % | 20.35% | 47.98% | 53.74% | 43.7% | 64.16% | 118.5% | 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 % | -36.34% | 5.81% | 42.09% | -36.18% | -54.22% | 24.63% | 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) | 23.32M | 40.23M | 25.9M | 21.78M | 5.58M | 0 | 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 | 415.59M | 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 | 4.53M | 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 | 11.08M | 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 | 6.55M | 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 | 537.04M | 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 | 600.01M | 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 % | 141.47% | 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 | -266K | 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 % | -0.04% | 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 | 504.34M | 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 % | 118.91% | 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 % | 944.46% | 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) | 504.34M | 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) | 5.94 | 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 % | 683.1% | 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 | 84.85M | 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 | 74.16M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercialization execution uncertainty
As reported in recent financial statements, Innoviva's quarterly revenue growth has fluctuated significantly, reaching a peak of 28.6% in 2025Q4 before moderating, reflecting the inherent instability of integrating product sales alongside the company's historically predictable, high-margin royalty streams from the GSK respiratory franchise.
The top-line trajectory appears increasingly bifurcated between the legacy royalty business and the newer, more transactional infectious disease product segment. Investors should monitor whether the recent revenue volatility represents a temporary integration phase or a structural shift toward a less predictable, lower-growth operating model.
Based on reported figures, Innoviva's gross margin has experienced notable compression, falling from historical highs above 90% to 77.4% in 2026Q1, which suggests that the shift toward active commercialization of hospital-focused therapies is fundamentally altering the company's historically lean, royalty-driven cost structure.
The decline in gross margins appears to be a direct consequence of incorporating lower-margin product sales into the income statement. This trend warrants further investigation to determine if the company can achieve sufficient scale to offset the dilution of its high-margin royalty base.
According to recent SEC filings, Innoviva's operating income has shown significant inconsistency, with margins swinging from a 55.6% peak in 2024Q3 to negative territory in early 2025, indicating that the company's fixed-cost base is currently struggling to scale efficiently with its evolving revenue mix.
The erratic nature of operating margins suggests that management's pivot toward an operating company model has introduced substantial SG&A and R&D burdens. It remains unclear whether these expenses will eventually yield operating leverage or if they represent a permanent increase in the company's structural cost of doing business.
As indicated by the financial data, Innoviva's net income figures are frequently impacted by non-operating items, evidenced by the 190.4% net margin in 2026Q1, which suggests that headline EPS may not accurately reflect the underlying cash-generating capacity of the core respiratory royalty business.
The significant variance between operating income and net income implies that investors should prioritize cash flow metrics over GAAP earnings. The presence of non-cash adjustments and potential accounting nuances related to royalty rights may be masking the true economic performance of the firm's recent acquisitions.
Based on the provided income statement data, the aggressive shift toward hospital-based product commercialization introduces significant execution risk, as evidenced by the inconsistent profitability and margin volatility that could undermine the company's historical status as a high-margin, low-overhead royalty aggregator for institutional investors.
Short-term performance metrics suggest that the transition into the antibiotic market may be value-destructive if the company fails to achieve commercial scale. The market may be right to apply a conglomerate discount if the high-risk operating business continues to consume the capital generated by the stable respiratory royalty stream.
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.