Business
Innoviva Reports Third Quarter 2021 Financial Results
Royalties increased by 10% to $101.3 million in the third quarter of 2021, compared to the same quarter in 2020. BURLINGAME, Calif--(BUSINESS WIRE)--
About this update from Innoviva, Inc.
[{"type":"text","content":"\n\nRoyalties increased by 10% to $101.3 million in the third quarter of 2021, compared to the same quarter in 2020.\n\n\n BURLINGAME, Calif--(BUSINESS WIRE)--\nInnoviva, Inc. (NASDAQ: INVA) (“Innoviva” and “the Company”) today reported financial results for the third quarter ended September 30, 2021.\n\n\nGross royalty revenues of $101.3 million from Glaxo Group Limited (“GSK”) for the third quarter of 2021 included royalties of $54.1 million from global net sales of RELVAR®/BREO® ELLIPTA®, royalties of $11.6 million from global net sales of ANORO® ELLIPTA® and royalties of $35.6 million from global net sales of TRELEGY® ELLIPTA®.[1]\n\n\nIncrease in fair values of strategic equity and long term investments of $33.6 million in the third quarter of 2021 was mainly due to higher net valuation as of September 30, 2021.\n\n\nIncome from operations increased by 12% to $94.6 million, compared to the same quarter in 2020.\n\n\nBasic and diluted net income per share attributable to Innoviva stockholders increased 3.7 and 3.5 times to $1.04 and $0.90 from $0.28 and $0.26, respectively, compared to the same quarter in 2020,\n\n\nNet cash and cash equivalents totaled $135.1 million, and receivables from GSK totaled $101.3 million as of September 30, 2021.\n\n\nPavel Raifeld, Chief Executive Officer of Innoviva, Inc., stated, “Our royalty revenues grew 10% year over year, displaying strong positive momentum in a volatile environment.”\n\n“RELVAR®/BREO® ELLIPTA® global net sales decreased 15% compared to the third quarter of 2020 mainly because the significant favorable prior period adjustment in the U.S. in 2020 was not repeated. Non-U.S. sales increased 4% with strong growth in Japan and the EU despite generic competition and class-wide pressures. ANORO® ELLIPTA® global net sales decreased by 2% in the third quarter of 2021 due to pandemic-driven LABA/LAMA class weakness. U.S. net sales decreased with slower new patient growth. Non-U.S. ANORO® ELLIPTA® net sales increased 8% because of meaningful growth in select markets despite class challenges. TRELEGY® ELLIPTA® global net sales increased 77% in the third quarter of 2021, driven by excellent U.S. growth for the triple therapy class and favorable prior period adjustment. Non-US TRELEGY® ELLIPTA® sales also grew as Trelegy continues to launch in new markets.”\n\nMr. Raifeld concluded, “We...