Innoviva Q3 net income falls to $82.0 million from $265.5 million, revenue flat
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.
Key points
- 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.
The filing
Written by AI on Nov 8, 2026, 6:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 01, 2023.
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