Every material Form 8-K Innoviva filed with the SEC in 2024, 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 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.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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