Business
Innoviva Reports Second Quarter 2022 Financial Results and Highlights Recent Company Progress
Royalties increased by 7% to $111.7 million in the second quarter of 2022, compared to the same quarter in 2021 Completed acquisition of the remaining
About this update from Innoviva, Inc.
[{"type":"text","content":"\n\nRoyalties increased by 7% to $111.7 million in the second quarter of 2022, compared to the same quarter in 2021\n\n\nCompleted acquisition of the remaining approximately 40% of Entasis Therapeutics at a price of $2.20 per share for a consideration of $42 million in July 2022\n\n\nEntered into definitive merger agreement to acquire all outstanding shares of La Jolla Pharmaceutical Company for $6.23 per share in cash at an implied enterprise value of $149 million in July 2022\n\n\nSold 15% economic stake in Theravance Respiratory Company (“TRC”) to Royalty Pharma for approximately $282 million and a potential $50 million milestone payment plus full ownership of existing equity investments TRC previously owned in July 2022\n\n\n BURLINGAME, Calif.--(BUSINESS WIRE)--\nInnoviva, Inc. (NASDAQ: INVA) (“Innoviva” and “the Company”), a diversified holding company with a portfolio of royalties and a growing portfolio of healthcare assets in infectious disease and other areas of high unmet need, today reported financial results for the second quarter ended June 30, 2022.\n\n\nGross royalty revenues of $111.7 million from Glaxo Group Limited (“GSK”) for the second quarter of 2022 included royalties of $59.3 million from global net sales of RELVAR®/BREO® ELLIPTA® and royalties of $9.6 million from global net sales of ANORO® ELLIPTA®.\n\n\nIncome from operations decreased by 14% to $82.6 million, compared to the same quarter in 2021, primarily due to the accounting consolidation of Entasis’ financials, including its $20.0 million operating expenses.\n\n\nDecrease in fair values of equity and long-term investments of $58.6 million in the second quarter of 2022 was mainly due to the volatility in the capital markets.\n\n\nNet cash provided by operating activities was $177.1 million in the first 6 months of 2022, compared to $168.7 million in the same period of 2021.\n\n\nNet cash and cash equivalents totaled $283.6 million, including $22.4 million of Entasis’ cash balance, and receivables from GSK totaled $111.7 million as of June 30, 2022.\n\n\nPavel Raifeld, Chief Executive Officer of Innoviva, Inc. stated: “This has been an exciting, transformative time for Innoviva as our core royalty business continued to deliver strong revenues, and we meaningfully advanced our strategy via key strategic and opportunistic transactions.”\n\nMr. Raifeld...