Business
Innoviva Reports Fourth Quarter 2019 Financial Results
Total net revenue decreased by 4.9% to $76.0 million in the fourth quarter of 2019, compared to the same quarter in 2018. Income before income taxes
About this update from Innoviva, Inc.
[{"type":"text","content":"\n\nTotal net revenue decreased by 4.9% to $76.0 million in the fourth quarter of 2019, compared to the same quarter in 2018.\n\n\nIncome before income taxes decreased by 3.9% to $70.3 million in the fourth quarter of 2019, compared to the same quarter in 2018.\n\n\n BURLINGAME, Calif.--(BUSINESS WIRE)--\nInnoviva, Inc. (NASDAQ: INVA) (the Company) today reported financial results for the fourth quarter ended December 31, 2019.\n\n\n\nGross royalty revenues of $79.4 million from Glaxo Group Limited (“GSK”) for the fourth quarter of 2019 included royalties of $53.1 million from global net sales of RELVAR®/BREO® ELLIPTA®, royalties of $11.9 million from global net sales of ANORO® ELLIPTA® and $14.4 million from global net sales of TRELEGY® ELLIPTA®.1\n\n\nTotal operating expenses for the fourth quarter of 2019 were $2.3 million, compared with $2.6 million in the fourth quarter of 2018. Stock-based compensation for the fourth quarter of 2019 and 2018 was $0.5 million.\n\n\nNet cash and cash equivalents, short-term investments and marketable securities totaled $350.8 million, and royalties receivable from GSK totaled $79.4 million, as of December 31, 2019.\n\n\n\n“Global net sales of RELVAR®/BREO® ELLIPTA® decreased 18% versus the fourth quarter of 2018. U.S. net sales declined 42% as increased pricing discounts in the ICS/LABA sector offset volume growth. Non-U.S. sales increased 11% versus the fourth quarter of 2018, driven by market share gains in certain European markets and continued growth in Japan. Non-U.S. sales growth was negatively impacted by foreign currency translation; in constant exchange rates (CER), RELVAR®/BREO® ELLIPTA® non-US net sales grew 16%.”\n\n\n“ANORO® ELLIPTA® global net sales declined 2% in the fourth quarter of 2019. U.S. net sales declined 7%, as increased amounts of sales through market segments with higher rebates and reduced channel inventories offset volume growth. Non-U.S. ANORO® ELLIPTA® net sales grew 9% year over year in the quarter. Non-U.S. sales growth was negatively impacted by foreign currency translation; in constant exchange rates (CER), ANORO® ELLIPTA® non-US net sales grew 13%. In addition, TRELEGY® ELLIPTA® global net sales were $221.4 million,” stated Geoffrey Hulme, Interim Principal Executive Officer.\n\n\nHulme continued, “Despite new generic entrants in the U.S. ICS/LABA class at...