Every material Form 8-K Innoviva has filed with the SEC since August 25, 2023, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Innoviva reported third-quarter 2026 results with total revenue of $106.1 million, down 1.6% from $107.8 million a year earlier, while U.S. net product sales rose 45% to $43.3 million. The company swung to a net loss of $73.9 million, or $1.03 per basic share, mainly because of unfavorable fair value changes in its equity and long-term investments, and it reaffirmed its 2026 guidance of at least $150 million in U.S. net product sales.
Total revenue was $106.1 million versus $107.8 million in Q3 2025; gross royalty revenue from GSK was stable at $58.1 million.
Net loss of $73.9 million, or $1.03 per basic share, compared with net income of $89.9 million in Q3 2025, driven by a $139.5 million net unfavorable fair value change in equity and long-term investments.
Income from operations rose 21.9% to $42.2 million, and cash and cash equivalents totaled $581.4 million as of September 30, 2026.
During Q3 2026 the company repurchased 1,226,948 shares for $26.3 million under its $125 million buyback program.
Innoviva reported second-quarter 2026 results for the period ended June 30, 2026. Total revenue grew 19% from a year earlier, led by 46% growth in net product sales, but the company posted a net loss of $83.4 million, or $1.14 per basic share, compared with net income of $63.7 million a year earlier. The loss was driven mainly by unfavorable changes in the fair value of its equity and long-term investments, primarily from a lower share price of Armata Pharmaceuticals.
Total revenue was $119.6 million, up from $100.3 million in the second quarter of 2025.
Net product sales were $51.8 million, up 46%, with U.S. sales of $36.6 million.
Net loss was $83.4 million, or $1.14 per basic share, versus net income of $63.7 million in the prior-year quarter.
The company repurchased 1,403,247 shares for $31.4 million in the quarter under its $125 million program.
Innoviva directors Derek Small and Mark DiPaolo resigned on May 12, 2026, to focus on Syndeio BioSciences, where Small is CEO and DiPaolo is expected to take an executive role. On May 18, 2026, the board elected Josephine Linden as a director, and she is expected to serve on the Audit Committee. The filing describes the resignations as unrelated to any disagreement with the company, and the change is a board composition update rather than a financial result.
Derek Small and Mark DiPaolo resigned from the board on May 12, 2026, to focus on Syndeio BioSciences Inc.
Josephine Linden was elected to the board on May 18, 2026; the board has determined she is independent.
Linden is expected to serve on the Audit Committee and will receive a $125,000 initial RSU award plus prorated annual awards of $206,250 in RSUs and options on 9,166 shares.
Innoviva reported first-quarter 2026 total revenue of $98.0 million, up 11% from $88.6 million a year earlier, and net income of $186.6 million, or $2.52 per basic share, compared with a net loss of $46.6 million in the first quarter of 2025. The swing to profit was driven mainly by $191.2 million in net favorable fair value changes on investments, primarily Armata Pharmaceuticals, while income from operations fell to $38.2 million from $41.4 million.
Total revenue of $98.0 million, up 11% from $88.6 million in Q1 2025; net product sales rose 37% to $41.4 million.
Net income of $186.6 million ($2.52 basic EPS) versus a net loss of $46.6 million ($0.74 loss per share) in Q1 2025, driven mainly by $191.2 million in net favorable fair value changes, primarily Armata Pharmaceuticals.
Income from operations was $38.2 million, down from $41.4 million a year earlier.
Cash and cash equivalents totaled $603.1 million at March 31, 2026; the company repurchased 971,066 shares for $20.4 million in the quarter under its $125 million program.
Innoviva reported fourth-quarter and full-year 2025 results. Total revenue rose 25% in the quarter to $114.6 million and 15% for the year to $411.3 million, and net income rose sharply, helped mainly by fair value gains on its Armata Pharmaceuticals investments. Operating income fell slightly in both periods, and the company also disclosed a $125 million share repurchase program.
Q4 2025 total revenue was $114.6 million, up from $91.8 million in Q4 2024; full-year revenue was $411.3 million, up from $358.7 million.
Q4 2025 net income was $164.2 million ($2.19 basic per share), compared with $20.3 million in Q4 2024; full-year net income was $271.2 million.
Q4 2025 income from operations was $39.0 million, down from $43.1 million a year earlier, and gross royalty revenue from GSK fell to $58.4 million from $66.0 million.
Cash and cash equivalents were $550.9 million at December 31, 2025, and the company initiated a $125 million share repurchase program in the fourth quarter.
Innoviva reported third-quarter 2025 total revenue of $107.8 million, up 20% from a year earlier, and net income of $89.9 million, or $1.30 basic per share, compared with $1.2 million in the prior-year quarter. Income from operations fell 20% to $34.6 million, which the company attributed mainly to a non-recurring research and development expense, while net favorable changes in investment fair values drove the higher net income. The company also announced a new share repurchase program of up to $125 million.
Total revenue was $107.8 million, up 20% from $89.5 million in Q3 2024.
Net income was $89.9 million, or $1.30 basic per share, versus $1.2 million, or $0.02 per share, a year earlier.
Income from operations was $34.6 million, down 20% from $43.2 million, mainly due to a non-recurring R&D expense.
Board authorized a new share repurchase program of up to $125.0 million, with no termination date.
Innoviva reported second quarter 2025 results on August 6, 2025. Total revenue was $100.3 million, up slightly from $99.9 million a year earlier, and the company swung to net income of $63.7 million, or $1.01 basic per share, from a net loss of $34.7 million. Income from operations fell 11% to $48.8 million, while favorable changes in investment fair values helped the bottom line.
Total revenue of $100.3 million, compared with $99.9 million in Q2 2024
Net income of $63.7 million, or $1.01 basic per share, versus a net loss of $34.7 million, or $(0.55) per share, a year earlier
Income from operations of $48.8 million, down 11% from $54.7 million, partly due to zoliflodacin R&D costs
U.S. net product sales of $29.0 million, up 54% from $18.8 million; zoliflodacin PDUFA date is December 15, 2025
Innoviva reported first-quarter 2025 total revenue of $88.6 million, up from $77.5 million a year earlier, and income from operations rose 61% to $41.4 million. Unfavorable fair value changes in equity and long-term investments of $78.8 million produced a net loss of $46.6 million, or $0.74 per basic share, compared with net income of $36.5 million, or $0.58 per share, in the first quarter of 2024. The results are mixed for shareholders: operating performance improved, but investment valuation losses turned the bottom line negative.
Total revenue was $88.6 million versus $77.5 million; income from operations was $41.4 million, up from $25.8 million.
U.S. net product sales were $26.4 million, a 52% increase year over year, led by $17.4 million from GIAPREZA.
Net loss was $46.6 million, or $0.74 per basic share, versus net income of $36.5 million, or $0.58 per share.
Gross royalty revenue from GSK was $61.3 million, compared with $61.9 million; cash and cash equivalents were $319.1 million at March 31, 2025.
Innoviva reported fourth quarter 2024 total revenue of $91.8 million, up from $85.8 million a year earlier, with U.S. net product sales of $24.9 million. Net income fell to $20.3 million, or $0.32 basic earnings per share, from $61.5 million, or $0.97, a year earlier, as the company cited changes in fair values of equity investments. The company said it expects U.S. net product sales to exceed $100 million in 2025.
Q4 2024 total revenue was $91.8 million, compared with $85.8 million in Q4 2023.
Q4 2024 net income was $20.3 million ($0.32 basic EPS), versus $61.5 million ($0.97) in Q4 2023.
Full year 2024 total revenue was $358.7 million and net income was $23.4 million ($0.37 basic EPS).
Company forecasts 2025 U.S. net product sales to exceed $100 million and plans a ZEVTERA launch in mid-2025.
Innoviva reported third quarter 2024 total revenue of $89.5 million, up from $67.3 million a year earlier, driven by higher net product sales and royalties. Net income fell to $1.2 million, or $0.02 per share, from $82.0 million, or $1.26 per share, mainly because of unfavorable fair value changes in its equity and long-term investments.
Total revenue was $89.5 million for the quarter ended September 30, 2024, compared with $67.3 million for the same quarter of 2023.
Net product sales were $27.8 million, including U.S. net product sales of $19.7 million, a 68% increase from $11.8 million.
Net change in fair value of equity and long-term investments was unfavorable by $35.2 million, primarily due to a lower share price of Armata Pharmaceuticals.
Cash and cash equivalents totaled $260.6 million as of September 30, 2024.
Innoviva reported second quarter 2024 results on July 31, 2024. Total revenue rose to $99.9 million from $81.0 million a year earlier, but the company posted a net loss of $34.7 million, or $(0.55) per share, compared with net income of $1.3 million, or $0.02 per share, in the second quarter of 2023. The company attributed the loss mainly to unfavorable changes in the fair value of its equity and long-term investments, primarily from a lower share price of Armata Pharmaceuticals.
Total revenue was $99.9 million versus $81.0 million in Q2 2023; net product sales were $21.7 million, up from $15.7 million.
Net loss was $34.7 million, or $(0.55) per share, versus net income of $1.3 million, or $0.02 per share, a year earlier.
Unfavorable fair value change in equity and long-term investments was $90.7 million, mainly from lower Armata Pharmaceuticals share price.
Gross royalty revenue from GSK was $67.2 million, and the company completed its $100 million share repurchase program during the quarter.
Innoviva reported first quarter 2024 results for the period ended March 31, 2024. Total revenue rose to $77.5 million from $76.4 million, and net income increased to $36.5 million, or $0.58 basic per share, from $34.9 million, or $0.51 basic per share, a year earlier. Net product sales grew 66% to $19.1 million, while the company's share buyback program was completed by April 25, 2024.
Total revenue was $77.5 million versus $76.4 million in Q1 2023; the prior year included $8.0 million of license revenue, and none was reported in Q1 2024.
Net product sales were $19.1 million, up 66% from $11.5 million, led by XACDURO and GIAPREZA.
Diluted earnings per share were $0.46 versus $0.42 in the prior year period.
Share repurchases totaled $9.7 million in Q1 2024, and the program was completed through April 25, 2024 with a further approximately $5.3 million of repurchases.
Innoviva, Inc. appointed Derek Small as a director effective April 29, 2024. The board has determined he is independent under SEC and Nasdaq rules, and he will receive director compensation including a $125,000 initial RSU award and a $50,000 annual cash retainer.
Derek Small appointed to the Board effective April 29, 2024; he is a Managing Director at Luson Bioventures and former CEO of Assembly Biosciences.
Initial RSU award valued at $125,000, vesting in equal annual installments over two years.
Annual cash retainer of $50,000 for board service, plus a prorated annual RSU award of $18,750 and options to purchase 833 shares.
Innoviva reported fourth-quarter 2023 total revenue of $85.8 million, up from $65.8 million a year earlier, and net income of $61.5 million, compared with a net loss of $68.3 million in the fourth quarter of 2022. For the full year, total revenue fell to $310.5 million from $331.3 million and net income fell to $179.7 million from $213.9 million, so shareholders see a strong quarter within a weaker year.
Q4 2023 total revenue was $85.8 million, versus $65.8 million in Q4 2022.
Q4 2023 net income was $61.5 million, or $0.97 basic per share, versus a net loss of $68.3 million, or $(0.98) per share, a year earlier.
Full-year 2023 net income was $179.7 million, or $2.75 basic per share, versus $213.9 million, or $3.07 per share, in 2022.
In Q4 2023 Innoviva repurchased 1,121,835 shares for $15.4 million.
Innoviva reported third-quarter 2023 results, furnished in a press release as Exhibit 99.1. Total revenue of $67.3 million was essentially unchanged from a year earlier, but net income fell to $82.0 million from $265.5 million, mainly because a 2022 gain on the sale of a subsidiary did not recur. Basic earnings per share were $1.26 versus $3.81, and the company repurchased $11.0 million of common stock during the quarter.
Total revenue was $67.3 million in Q3 2023, compared with $67.3 million in Q3 2022.
Net income was $82.0 million, or $1.26 basic per share, versus $265.5 million, or $3.81 basic per share, in Q3 2022.
The decline was primarily driven by a non-repeated gain on the sale of Theravance Respiratory Company and its TRELEGY ELLIPTA royalty stream in July 2022.
Innoviva repurchased $11.0 million of common stock; cash and cash equivalents totaled $180.0 million as of September 30, 2023.
Innoviva, Inc. announced that Stephen Basso has been appointed Chief Financial Officer, effective August 21, 2023. Basso previously served as CFO and Chief Operating Officer at Cybrexa Therapeutics and has more than 30 years of financial services and pharmaceutical industry experience, and the filing discloses his offer terms, including a $450,000 base salary, a 40% target bonus and an initial option grant of 150,000 shares subject to board approval.
Effective date of August 21, 2023; appointment announced August 25, 2023 in an 8-K and press release
Base salary of $450,000 and annual discretionary bonus with a 40% target of base salary
Initial grant of options to purchase 150,000 shares, subject to Board or Compensation Committee approval, plus a one-time $100,000 signing bonus
If terminated without cause or for good reason, 12 months of base salary continuation and accelerated vesting of unvested options if within 12 months after a change in control
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