Innoviva Inc

INVA

Healthcare|Biotechnology|USA

$22.23

+0.04 (+0.20%)

DCF (FCF)

$42.29

Tangible Book

$15.56

Graham Number

$41.06

Earnings Power

$26.78

Financials

Financial Snapshot

Market Cap

$1.64B

Enterprise Value

$342.5M

Revenue (TTM)

$420.7M

Net Income (TTM)

$504.3M

Cash & Equivalents

—

Net Cash/Share

$1.59

Free Cash Flow (TTM)

$183.1M

Operating CF (TTM)

$183.6M

Debt/Equity

0.2

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$150.4M	$129.1M	$114.9M	$350.8M	$246.5M	$201.5M	$291.0M	$193.5M	$412.5M	$566.7M	$611.9M
Operating Cash Flow	$61.0M	$141.7M	$223.5M	$257.5M	$313.1M	$363.8M	$201.7M	$141.1M	$188.7M	$196.9M	$183.6M
Free Cash Flow	$60.7M	$141.7M	$223.5M	$257.4M	$313.1M	$363.8M	$201.7M	$140.7M	$184.4M	$186.4M	$183.1M
Capital Expenditure	$-278.0K	$0.00	$0.00	$-12.0K	$-13.0K	$0.00	$-67.0K	$-411.0K	$-4.3M	$-10.5M	$-502.0K
Financing Cash Flow	$-97.6M	$-163.2M	$-238.0M	$-23.8M	$-29.8M	$-452.5M	$-55.6M	$-171.8M	$-13.5M	$8.6M	$-11.8M

R&D Spending

R&D (TTM)

$31.4M

R&D Intensity

7.5%

R&D Growth YoY

+2.8%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$133.6M	$217.2M	$261.0M	$261.0M	$336.8M	$391.9M	$331.3M	$310.5M	$358.7M	$411.3M	$420.7M
R&D Expense	$1.4M	$1.4M	$0.00	$0.00	$1.8M	$576.0K	$41.4M	$33.9M	$13.7M	$30.6M	$31.4M
R&D % of Revenue	1.0%	0.6%	0.0%	0.0%	0.5%	0.1%	12.5%	10.9%	3.8%	7.4%	7.5%
SG&A	$23.2M	$32.3M	$22.8M	$14.7M	$13.9M	$16.2M	$63.5M	$98.2M	$115.7M	$113.3M	$118.3M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$133.6M	$217.2M	$261.0M	$261.0M	$336.8M	$391.9M	$331.3M	$310.5M	$358.7M	$411.3M	$420.7M
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.8M	$42.6M	$36.6M	$77.4M	$71.1M
Gross Profit	$133.6M	$217.2M	$261.0M	$261.0M	$336.8M	$391.9M	$317.5M	$267.8M	$322.1M	$333.9M	$349.6M
R&D	$1.4M	$1.4M	$0.00	$0.00	$1.8M	$576.0K	$41.4M	$33.9M	$13.7M	$30.6M	$31.4M
SG&A	$23.2M	$32.3M	$22.8M	$14.7M	$13.9M	$16.2M	$63.5M	$98.2M	$115.7M	$113.3M	$118.3M
Operating Income	$109.0M	$183.6M	$238.3M	$246.4M	$321.1M	$375.1M	$207.0M	$113.9M	$166.9M	$163.7M	$160.5M
Interest Expense	$-52.4M	$-43.6M	$-24.0M	$-18.7M	$-18.3M	$-19.1M	$-15.8M	$-19.2M	$-22.2M	$-16.7M	$-17.4M
Pretax Income	$59.6M	$134.3M	$210.3M	$232.9M	$354.2M	$445.3M	$286.9M	$194.1M	$37.4M	$326.9M	$600.0M
Net Income	$59.5M	$134.1M	$395.1M	$157.3M	$224.4M	$265.9M	$213.9M	$179.7M	$23.4M	$271.2M	$504.3M
EPS (Diluted)	0.53	1.17	3.53	1.43	2.02	2.87	2.37	2.20	0.36	3.30	6.01
EBITDA	$126.0M	$191.9M	$248.1M	$265.4M	$372.6M	$464.3M	$308.3M	$235.0M	$85.5M	$369.8M	$643.8M
Shares Out. (M)	123.23	119.87	113.41	113.41	113.55	94.31	95.25	86.88	74.19	84.76	84.85

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$118.0M	$73.3M	$62.4M	$278.1M	$246.5M	$201.5M	$291.0M	$193.5M	$305.0M	$550.9M	$603.1M
Marketable Securities	$32.4M	$55.7M	$52.5M	$72.7M	$0.00	$0.00	$0.00	$0.00	$107.5M	$15.7M	$8.8M
Total Current Assets	$198.0M	$200.4M	$199.0M	$431.2M	$342.1M	$313.7M	$443.5M	$344.2M	$554.3M	$727.5M	$772.6M
Total Assets	$379.0M	$367.3M	$548.2M	$724.8M	$999.6M	$926.4M	$1.23B	$1.24B	$1.30B	$1.64B	$1.84B
Total Current Liabilities	$20.0M	$34.7M	$5.7M	$5.4M	$6.1M	$5.8M	$135.0M	$38.1M	$236.1M	$49.7M	$36.6M
Long-Term Debt	$708.3M	$574.4M	$382.9M	$377.1M	$385.5M	$394.7M	$444.2M	$446.2M	$256.3M	$257.7M	$258.1M
Total Liabilities	$732.0M	$610.0M	$389.1M	$382.7M	$391.7M	$400.5M	$665.7M	$568.6M	$609.9M	$462.3M	$494.9M
Stockholders' Equity	$-353.0M	$-242.9M	$153.6M	$313.5M	$539.9M	$414.7M	$565.8M	$675.0M	$691.2M	$1.17B	$1.34B
Retained Earnings	$-1.63B	$-1.50B	$-1.10B	$-946.4M	$-722.0M	$-456.1M	$-204.9M	$-25.2M	$-1.8M	$269.4M	$456.0M

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$61.0M	$141.7M	$223.5M	$257.5M	$313.1M	$363.8M	$201.7M	$141.1M	$188.7M	$196.9M	$183.6M
Capital Expenditure	$-278.0K	$0.00	$0.00	$-12.0K	$-13.0K	$0.00	$-67.0K	$-411.0K	$-4.3M	$-10.5M	$-502.0K
Free Cash Flow	$60.7M	$141.7M	$223.5M	$257.4M	$313.1M	$363.8M	$201.7M	$140.7M	$184.4M	$186.4M	$183.1M
Investing Cash Flow	$-4.6M	$-23.2M	$3.5M	$-18.0M	$-314.9M	$43.7M	$-56.6M	$-66.8M	$-63.8M	$40.5M	$112.2M
Financing Cash Flow	$-97.6M	$-163.2M	$-238.0M	$-23.8M	$-29.8M	$-452.5M	$-55.6M	$-171.8M	$-13.5M	$8.6M	$-11.8M
Issuance of Stock	$385.0K	$435.0K	$1.1M	$627.0K	$436.0K	$1.2M	$370.0K	$170.0K	$1.5M	$2.6M	$2.6M
Repurchase of Stock	$-79.2M	$-99.6M	$-3.1M	$-89.0K	$-92.0K	$-394.2M	$-8.6M	$-75.8M	$-14.9M	$-4.7M	$-25.0M
Issuance of Debt	$0.00	$442.5M	$0.00	$0.00	$0.00	$0.00	$252.5M	$0.00	$0.00	$0.00	$0.00
Payments of Debt	$-18.4M	$-493.4M	$-230.0M	$-13.8M	$0.00	$0.00	$-165.1M	$-96.2M	$0.00	$0.00	$25.0K
Stock Based Comp.	$8.3M	$9.8M	$3.2M	$2.1M	$1.7M	$2.0M	$7.3M	$5.8M	$6.4M	$9.5M	$9.9M
Net Change in Cash	$-41.2M	$-44.7M	$-10.9M	$215.7M	$-31.6M	$-45.0M	$89.5M	$-97.5M	$111.5M	$246.0M	$284.0M

Dilution Tracker

Shares Outstanding

85M

5-Year Share Growth

-10.0%

Stock Issuance (TTM)

$2.6M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	123.23	119.87	113.41	113.41	113.55	94.31	95.25	86.88	74.19	84.76	84.85
YoY Change %	—	-2.7%	-5.4%	0.0%	0.1%	-16.9%	1.0%	-8.8%	-14.6%	14.3%	0.1%
Stock Issuance	$385.0K	$435.0K	$1.1M	$627.0K	$436.0K	$1.2M	$370.0K	$170.0K	$1.5M	$2.6M	$2.6M
Stock Repurchase	$-79.2M	$-99.6M	$-3.1M	$-89.0K	$-92.0K	$-394.2M	$-8.6M	$-75.8M	$-14.9M	$-4.7M	$-25.0M
Stock Based Comp.	$8.3M	$9.8M	$3.2M	$2.1M	$1.7M	$2.0M	$7.3M	$5.8M	$6.4M	$9.5M	$9.9M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	95.8%	86.3%	89.8%	81.2%	83.1%
Operating Margin %	81.6%	84.5%	91.3%	94.4%	95.3%	95.7%	62.5%	36.7%	46.5%	39.8%	38.1%
Net Margin %	44.6%	61.8%	151.4%	60.3%	66.6%	67.8%	64.6%	57.9%	6.5%	65.9%	119.9%
EBITDA Margin %	94.3%	88.3%	95.0%	101.7%	110.6%	118.5%	93.1%	75.7%	23.8%	89.9%	153.0%
FCF Margin %	45.4%	65.3%	85.6%	98.6%	93.0%	92.8%	60.9%	45.3%	51.4%	45.3%	43.5%
ROE %	Negative Equity	Negative Equity	Negative Equity	67.3%	52.6%	55.7%	43.6%	29.0%	3.4%	29.1%	51.6%
ROA %	15.1%	35.9%	86.3%	24.7%	26.0%	27.6%	19.8%	14.5%	1.8%	18.5%	33.7%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)3.70

Historical3.01 / 7.51 / 98.42

Industry Med.27.41

P/S4.49

Historical2.56 / 4.44 / 16.29

Industry Med.9.51

P/B1.22

Historical1.18 / 1.89 / 13.05

Industry Med.2.93

EV/EBITDA2.02

Historical2.02 / 6.65 / 2003.72

Industry Med.13.14

EV/Revenue3.09

Historical2.98 / 5.00 / 23.34

Industry Med.8.71

P/FCF10.31

Historical2.77 / 7.77 / 52.11

Industry Med.27.54

Intrinsic Value Models

DCF (FCF Based)

$42.29

Tangible Book

$15.56

Net Current Assets

$3.760

Graham Number

$41.06

Median P/S Value

$22.69

Net-Net Working Capital

$2.19

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	20.19	12.13	4.94	9.90	6.13	6.01	5.59	7.29	48.19	6.06	3.70
PS Ratio	9.87	7.83	7.58	6.15	4.18	4.15	3.81	4.49	3.59	4.12	4.49
PB Ratio	0.00	0.00	11.49	4.58	2.33	2.89	1.62	1.50	1.57	1.27	1.22
EV/EBITDA	13.70	9.99	8.21	5.61	3.93	3.24	3.79	5.41	13.17	3.23	2.02
EV/Revenue	12.92	8.82	7.81	5.71	4.34	3.84	3.53	4.09	3.14	2.90	3.09

Analyst Estimates & Quality

Altman Z-Score

4.16

Safe

Piotroski F-Score

Moderate

Beneish M-Score

-2.25

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$440.6M	$484.0M	$511.6M
Net Income	$317.2M	$178.1M	$184.1M
EPS	3.87	2.26	1.79
Book Value per Share	0.00	0.00	0.00
Operating Cash Flow per Share	0.00	0.00	0.00
Operating CF	$0.00M	$0.00M	$0.00M

Dividends

Yield 10Y Median

2.18%

Recent Payments

Ex-Date	Pay Date	Amount	Type
2015-09-08	2015-09-30	$0.25	Cash Div.
2015-06-10	2015-06-30	$0.25	Cash Div.
2015-03-10	2015-03-31	$0.25	Cash Div.
2014-11-21	2014-12-23	$0.25	Cash Div.
2014-08-26	2014-09-18	$0.25	Cash Div.

Revenue Segments

By Business

Segment	2025
Royalty revenue	$236.5M
GIAPREZA	$73.6M
License and other revenue	$2.7M
XACDURO	$23.5M
XERAVA	$74.4M
ZEVTERA	$610.0K

By Geography

Segment	2025
Royalty revenue	$236.5M
License and other revenue	$2.7M
Rest of the world	$53.4M
United States	$118.8M