Business
Innoviva Reports Fourth Quarter 2022 Financial Results and Highlights Recent Company Progress
Royalties of $54.7 million in the fourth quarter of 2022 for RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA® Net product sales of $14.6 million in the fourth
About this update from Innoviva, Inc.
[{"type":"text","content":"\n\nRoyalties of $54.7 million in the fourth quarter of 2022 for RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®\n\n\nNet product sales of $14.6 million in the fourth quarter of 2022 for GIAPREZA® and XERAVA®\n\n\n$100 million share repurchase program initiated in the fourth quarter of 2022\n\n\nSapna Srivastava, Ph.D., appointed to the Company’s Board of Directors\n\n\n \n\n BURLINGAME, Calif.--(BUSINESS WIRE)--\nInnoviva, Inc. (NASDAQ: INVA) (“Innoviva” or “the Company”), a diversified holding company with a portfolio of royalties and other healthcare assets, today reported financial results for the fourth quarter ended December 31, 2022.\n\n\nGross royalty revenues of $54.7 million from Glaxo Group Limited (“GSK”) for the fourth quarter of 2022 included royalties of $44.3 million from global net sales of RELVAR®/BREO® ELLIPTA® and royalties of $10.4 million from global net sales of ANORO® ELLIPTA®.\n\n\nIncome before income taxes decreased to a loss of $64.7 million, compared to income of $56.5 million in the same quarter of 2021, driven primarily by reduced royalty revenue contribution following Theravance Respiratory Company LLC (“TRC”) divestiture partially offset by GIAPREZA® and XERAVA® revenues, incremental operating expenses related to recent acquisitions, and adverse contribution from net changes in fair value of equity and long-term investments.\n\n\nDecrease in fair values of equity and long-term investments of $85.4 million in the fourth quarter of 2022 was driven mainly by a $117.3 million unrealized loss related to share price decline for Armata Pharmaceuticals Inc. (“Armata”) over the time period, much of which has since been recouped due to favorable year to date share price performance in 2023.\n\n\nNet cash provided by operating activities was $201.7 million in 2022, compared to $363.8 million in 2021, driven primarily by reduced revenues following TRC divestiture as well as additional incremental operating expenses, including one-time costs, following recent acquisitions.\n\n\nNet cash and cash equivalents totaled $291.0 million, and royalty and product sale receivables totaled $64.1 million as of December 31, 2022.\n\n\nPavel Raifeld, Chief Executive Officer of Innoviva, stated: “Our diversified core royalty business remains solid. RELVAR®/BREO® ELLIPTA® global net sales decreased in the fourth quarter of 2022 p...