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Collects royalties from GSK respiratory drugs and owns infectious-disease drugs including Xacduro for pneumonia.
Collects royalties from GSK respiratory drugs and owns infectious-disease drugs including Xacduro for pneumonia.
Receives a share of GSK's sales of its respiratory inhalers with none of the selling costs, since GSK sells the medicines; the rights stem from Innoviva's origin as Theravance, which developed them with GSK. Xacduro, an infection medicine, came with its 2022 purchase of Entasis.
Moat: narrow (IP / patents). Long-dated royalty contracts on GSK blockbuster respiratory drugs provide durable cash flow.
Headquarters: Waltham, Massachusetts, US · Founded: 1994 · Employees: 159
Size Innoviva (INVA) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $1.38B, the 2053rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $19.10 on 6 Nov 2026.
Performance Over six months the shares fell 16.6%, against -21.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 18.2% over the last twelve months (peer median +10.7%); the operating margin is 35.8% (peer median 1.8%).
Valuation It trades at 9.4× forward earnings against a peer median of 21.4× (4th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.4 points above its cost of capital (6.5% WACC).
Short interest Short interest is 10.1% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $454M | $425M | $373M | $324M | $345M |
| Revenue growth | — | +14% | +15% | -6% | — |
| Gross profit | $318M | $308M | $296M | $246M | $312M |
| EBITDA | $203M | $204M | $207M | $150M | $227M |
| Net income | $357M | $271M | $23.4M | $180M | $214M |
| Free cash flow | $189M | $196M | $188M | $141M | $202M |
| Capital expenditure | $2.05M | $1.13M | $4.27M | $411,000 | $67,000 |
| Total debt | $270M | $269M | $451M | $449M | $615M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Innoviva INVA | $1.38B | -17% | +18% | 36% | 9.4× | -15.4% |
| Royalty Pharma RPRX | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% |
| GSK GSK.L | $102B | 0% | +4% | 25% | 10.6× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INVA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | -6.4% | 9th lowest of 21 |
| 6-month return | -16.6% | -21.1% | 10th highest of 21 |
| Distance from 52-week high | -24.0% | -43.7% | 6th highest of 21 |
| Revenue growth (TTM) | +18.2% | +10.7% | 8th highest of 19 |
| Operating margin | 35.8% | 1.8% | highest of 19 |
| Forward P/E | 9.4× | 21.4× | 4th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -15.4% | -1.1% | 2nd least demanding of 7 |
| Growth delivered (Del g) | +3.9% | +9.9% | 3rd lowest of 7 |
| Hurdle (Req g minus delivered) | -19.3 pp | -7.3 pp | 3rd least demanding of 7 |
| ROIC minus cost of capital | +7.4 pp | -5.0 pp | 2nd highest of 17 |
| EV / EBITDA | 5.3× | 9.4× | 2nd cheapest of 5 |
| Net debt / EBITDA | -1.5× | 2.7× | 2nd least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Innoviva INVA | United States | $1.38B | -17% | +18% | 36% | 9.4× | -15.4% | +3.9% |
| Mabwell (Shanghai) Bioscience 2493.HK | Hong Kong | $1.37B | -32% | +21% | -127% | n/a | n/a | n/a |
| Ascentage Pharma Group International 6855.HK | Hong Kong | $1.39B | -33% | +70% | -220% | n/a | n/a | n/a |
| Zhejiang Hisoar Pharmaceutical 002099.SZ | China | $1.39B | -9% | +9% | -13% | n/a | n/a | n/a |
| Shenzhen Chipscreen Biosciences 688321.SS | China | $1.40B | -33% | +27% | 12% | 71.6× | n/a | n/a |
| Anupam Rasayan India ANURAS.NS | India | $1.40B | -15% | +52% | 16% | 45.8× | n/a | n/a |
| LB Pharmaceuticals LBRX | United States | $1.36B | +31% | n/a | n/a | n/a | n/a | n/a |
| Staidson (Beijing) Biopharmaceuticals 300204.SZ | China | $1.41B | -36% | -24% | -51% | 585.0× | n/a | n/a |
| Shanghai OPM Biosciences 688293.SS | China | $1.35B | +26% | +133% | 11% | 50.3× | 26.1% | +23.1% |
| Phibro Animal Health PAHC | United States | $1.34B | -18% | +17% | 13% | 9.1× | -7.4% | +12.7% |
| Mezzion Pharma 140410.KS | South Korea | $1.42B | -29% | +7% | -223% | n/a | n/a | n/a |
| Chongqing Genrix Biopharmaceutical 688443.SS | China | $1.34B | -10% | +256% | -27% | n/a | n/a | n/a |
| Zhejiang Xianju Pharmaceutical 002332.SZ | China | $1.34B | +2% | +8% | 11% | 18.6× | 0.3% | -1.3% |
| Idorsia IDIA.SW | Switzerland | $1.34B | -5% | -5% | -70% | n/a | n/a | n/a |
| Lotus Pharmaceutical 1795.TW | Taiwan | $1.34B | -26% | +49% | 24% | 8.4× | -2.4% | +13.8% |
| Hanall Biopharma 009420.KS | South Korea | $1.34B | -25% | +5% | 3% | n/a | n/a | n/a |
| Nippon Shinyaku 4516.T | Japan | $1.43B | -30% | +12% | 19% | 7.7× | -17.5% | +7.0% |
| Tianjin Chase Sun Pharmaceutical 300026.SZ | China | $1.32B | -6% | -29% | 3% | 23.0× | 8.5% | -5.3% |
| C.Q. Pharmaceutical 000950.SZ | China | $1.32B | -12% | -3% | 1% | 19.7× | n/a | n/a |
| Ocular Therapeutix OCUL | United States | $1.45B | -32% | -8% | -603% | n/a | n/a | n/a |
| Structure Therapeutics, Inc. Sponsored ADR GPCR | United States | $1.45B | -48% | n/a | n/a | n/a | n/a | n/a |