Innoviva (INVA) financial statements
Innoviva reported revenue of $411M in fiscal 2025, up 13.3% a year over 9 years.
Net income was $271M and the operating margin 39.8%, against 81.6% in 2016.
Free cash flow was $196M, and the company returned $5M in net buybacks.
The diluted share count fell 31% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Innoviva's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134M | $217M | $261M | $261M | $337M | $392M | $331M | $310M | $359M | $411M |
| Gross profit | — | — | — | — | — | — | — | $246M | $296M | $308M |
| Research and development | $1M | $1M | $0 | $0 | $2M | $576,000 | $41M | $34M | $14M | $31M |
| Selling, general and admin | $23M | $32M | $20M | $15M | $14M | $16M | $64M | $98M | $116M | $113M |
| Operating income | $109M | $184M | $238M | $246M | $321M | $375M | $287M | $114M | $167M | $164M |
| Interest expense | $52M | $44M | $24M | $19M | $18M | $19M | $16M | $19M | $22M | $17M |
| Pre-tax income | $60M | $134M | $210M | $233M | $354M | $445M | $287M | $194M | $37M | $327M |
| Income tax | $95,000 | $4,000 | -$196M | $42M | $60M | $76M | $67M | $14M | $14M | $56M |
| Net income | $60M | $134M | $395M | $157M | $224M | $266M | $214M | $180M | $23M | $271M |
| EPS (diluted) | $0.53 | $1.17 | $3.53 | $1.43 | $2.02 | $2.87 | $2.37 | $2.20 | $0.36 | $3.30 |
| Diluted shares | 123M | 120M | 113M | 113M | 114M | 94M | 95M | 87M | 74M | 85M |
| Gross margin | — | — | — | — | — | — | — | 79.2% | 82.6% | 74.8% |
| Operating margin | 81.6% | 84.5% | 91.3% | 94.4% | 95.3% | 95.7% | 86.6% | 36.7% | 46.5% | 39.8% |
| Net margin | 44.6% | 61.8% | 151.4% | 60.3% | 66.6% | 67.8% | 64.6% | 57.9% | 6.5% | 65.9% |
Balance sheet
Fiscal years, from Innoviva's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $150M | $129M | $115M | $351M | $246M | $202M | $291M | $194M | $305M | $551M |
| Inventory | — | — | — | — | — | $0 | $56M | $41M | $34M | $39M |
| Total current assets | $198M | $200M | $199M | $431M | $342M | $314M | $444M | $344M | $554M | $728M |
| Property, plant and equipment | $368,000 | $209,000 | $160,000 | $33,000 | $28,000 | $12,000 | $170,000 | $483,000 | $514,000 | $2M |
| Goodwill | — | — | — | — | — | $0 | $27M | $18M | $18M | $18M |
| Total assets | $379M | $367M | $548M | $725M | $1000M | $926M | $1.2B | $1.2B | $1.3B | $1.6B |
| Total current liabilities | $20M | $35M | $6M | $5M | $6M | $6M | $135M | $38M | $236M | $50M |
| Long-term debt | $708M | $574M | $383M | $377M | $386M | $395M | $444M | $446M | $256M | $258M |
| Total liabilities | $732M | $610M | $389M | $383M | $392M | $400M | $666M | $569M | $610M | $462M |
| Shareholders' equity | -$353M | -$243M | $154M | $313M | $540M | $415M | $566M | $675M | $691M | $1.2B |
| Net debt | $598M | $501M | $320M | $99M | $139M | $193M | $249M | $253M | $143M | -$293M |
Cash flow
Fiscal years, from Innoviva's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $61M | $142M | $224M | $257M | $313M | $364M | $202M | $141M | $189M | $197M |
| Capital spending | $278,000 | $0 | $0 | $12,000 | $13,000 | $0 | $67,000 | $411,000 | $270,000 | $1M |
| Free cash flow | $61M | $142M | $224M | $257M | $313M | $364M | $202M | $141M | $188M | $196M |
| Stock-based compensation | $8M | $10M | $3M | $2M | $2M | $2M | $7M | $6M | $6M | $9M |
| Dividends paid | $960,000 | $281,000 | $80,000 | $11,000 | $0 | $0 | — | — | — | — |
| Share buybacks (net) | -$78M | -$98M | $0 | $0 | $0 | -$394M | -$9M | -$76M | -$15M | -$5M |
| Net borrowing | — | — | — | — | $0 | $0 | $253M | $0 | $0 | — |
| Free cash flow margin | 45.4% | 65.3% | 85.6% | 98.6% | 93.0% | 92.8% | 60.9% | 45.3% | 52.5% | 47.6% |
| Dividends per share | $0.01 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — |
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Open INVA in InvestinglyQuestions
What was Innoviva's revenue in 2025?
$411M in fiscal 2025, from its 10-K filing.
How much free cash flow does Innoviva generate?
$196M in fiscal 2025 (operating cash flow minus capital spending).
From Innoviva's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.