Business
Innoviva Reports First Quarter 2020 Financial Results
Total net revenue increased by 43% to $78.7 million in the first quarter of 2020, compared to the same quarter in 2019. Income before income taxes increased
About this update from Innoviva, Inc.
[{"type":"text","content":"\n\nTotal net revenue increased by 43% to $78.7 million in the first quarter of 2020, compared to the same quarter in 2019.\n\n\nIncome before income taxes increased by 96% to $94.9 million in the first quarter of 2020, compared to the same quarter in 2019.\n\n\n BURLINGAME, Calif.--(BUSINESS WIRE)--\nInnoviva, Inc. (NASDAQ:INVA) (\"Innoviva,\" or \"the Company\") today reported financial results for the first quarter ended March 31, 2020.\n\n\n\nGross royalty revenues of $82.1 million from Glaxo Group Limited (“GSK”) for the first quarter of 2020 included royalties of $56.1 million from global net sales of RELVAR®/BREO® ELLIPTA®, royalties of $9.9 million from global net sales of ANORO® ELLIPTA® and $16.1 million from global net sales of TRELEGY® ELLIPTA®.[1]\n\n\nTotal operating expenses for the first quarter of 2020 were $2.6 million, compared to $3.0 million in the first quarter of 2019. Stock-based compensation for the first quarter of 2020 was $0.4 million, compared to $0.6 million in the first quarter of 2019.\n\n\nChanges in fair values of equity investments in the amount of $21.9 million as of March 31, 2020 reflect the unrealized gains and fair value changes between the total estimated fair value of $46.9 million of our investment in both common stock and warrants of Armata Pharmaceuticals, Inc. (“Armata”) and the total purchase price of $25.0 million.\n\n\nNet cash and cash equivalents, short-term investments and marketable securities totaled $384.0 million, and royalties receivable from GSK totaled $82.1 million, as of March 31, 2020.\n\n\n\n“Global net sales of RELVAR®/BREO® ELLIPTA® increased 31% versus the first quarter of 2019. U.S. net sales increased by 47% as increased pricing discounts in the ICS/LABA sector were offset by a one-time significant positive prior period rebate adjustment and continued volume growth. Non-U.S. sales increased 23% versus the first quarter of 2019, driven by sales growth in certain European markets and in Japan. ANORO® ELLIPTA® global net sales increased 15% in the first quarter of 2020. U.S. net sales increased 8% as volume growth offset price pressure from increased amounts of sales through market segments with higher rebates. Non-U.S. ANORO® ELLIPTA® net sales grew 24% year over year in the quarter supported by growth in certain European markets. In addition, TRELEGY® ELLIPTA® gl...