Business
Innoviva Reports Third Quarter 2022 Financial Results and Highlights Recent Company Progress
Royalties at $65.6 million in the third quarter of 2022, compared to $65.7 million in the same quarter of 2021, for RELVAR®/BREO® ELLIPTA® and ANORO®
About this update from Innoviva, Inc.
[{"type":"text","content":"\n\nRoyalties at $65.6 million in the third quarter of 2022, compared to $65.7 million in the same quarter of 2021, for RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®\n\n\nAnnounced new $100.0 million share repurchase program\n\n\nCompleted the sale of 15% ownership interest in Theravance Respiratory Company (“TRC”) to Royalty Pharma\n\n\nCompleted acquisition of the remaining approximately 40% equity of Entasis Therapeutics Holdings Inc. (“Entasis”)\n\n\nCompleted acquisition of La Jolla Pharmaceutical Company (“La Jolla”) \n\n\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 other healthcare assets, today reported financial results for the third quarter ended September 30, 2022.\n\n\nGross royalty revenues of $65.6 million from Glaxo Group Limited (“GSK”) for the third quarter of 2022 included royalties of $55.7 million from global net sales of RELVAR®/BREO® ELLIPTA® and royalties of $9.9 million from global net sales of ANORO® ELLIPTA®.\n\n\nIncome before income taxes increased to $286.4 million, compared to $123.2 million the same quarter in 2021, primarily due to the gain from the sale of 15% ownership interest in TRC.\n\n\nIncrease in fair values of equity and long-term investments of $0.1 million in the third quarter of 2022 was mainly due to the volatility in the capital markets.\n\n\nNet cash provided by operating activities was $192.8 million in the first nine months of 2022, compared to $265.4 million in the same period of 2021.\n\n\nNet cash and cash equivalents totaled $300.8 million, and royalty and product sale receivables totaled $72.3 million as of September 30, 2022.\n\n\nPavel Raifeld, Chief Executive Officer of Innoviva, Inc., stated: “Our diversified core royalty business continues to perform well and deliver strong revenues despite challenging market conditions. RELVAR®/BREO® ELLIPTA® global net sales grew slightly compared to third quarter 2021 with U.S. net sales growth compensating for foreign currency changes and a slowdown in non-U.S. markets. ANORO® ELLIPTA® global net sales decreased by 15% compared to third quarter of 2021 mainly due to pricing pressures and foreign currency changes.\"\n\nMr. Raifeld continued: “Over the past quarter, we significantly advanced our strategy with the ...