Filing Flows

Filing Flows › Health Care › Innoviva (INVA)

Innoviva (INVA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Innoviva (INVA) Q3 2026 earnings results →

Q3 2026 Revenue down 2% year over year to $106M · 70¢ of every $1 of revenue lost · operating margin 39.7%

Innoviva made $106M in Q3 2026 (-2% Y/Y): Royalty $54.7M, Product $49.4M, License and Other Revenue $2.0M. Operating margin 39.7%, net loss $73.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$106M
Year over year-2%
Operating margin39.7%
Net earnings−$73.9M
Operating cash flow$41.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $106.1M in Q3 2026, down 2% year over year and down 11% from the previous quarter. Royalty was the largest line at 52% of revenue. Royalty lost $5.2M year over year (down 9%), 312% of the total change.

Gross margin was 79.5%, up 9.4 points from Q3 2025. Operating profit was $42.2M, a 39.7% margin (up 7.6 points year over year). Operating expenses grew 3% against a revenue fall of 2%. The fastest-growing cost line was Sales & marketing (+49%). The quarter ended with a net loss of $73.9M, narrower than the previous quarter's $83.4M loss. Net interest and other expense of $139.8M was the main reason.

Operating cash flow was $41.7M (down 16% year over year). Non-cash charges added back $3.7M of share-based compensation. Working capital and other items added $111.9M. Capital expenditures of $24K left free cash flow of $41.7M.

Quarterly history

Innoviva revenue by quarterInnoviva revenue by quarter$88.6MQ1 2025$100MQ2 2025$108MQ3 2025$115MQ4 2025$98.0MQ1 2026$120MQ2 2026$106MQ3 2026
Innoviva net earnings by quarterInnoviva net earnings by quarter−$46.6MQ1 2025$63.7MQ2 2025$89.9MQ3 2025$164MQ4 2025$187MQ1 2026−$83.4MQ2 2026−$73.9MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$106M-2%39.7%−$73.9M$41.7M
Q2 202610-QAug 5, 2026$120M+19%42.5%−$83.4M$52.0M
Q1 202610-QMay 6, 2026$98.0M+11%38.9%$187M$35.3M
Q4 202510-KFeb 25, 2026$115M+25%34.0%$164M$54.5M
Q3 202510-QNov 5, 2025$108M+20%32.1%$89.9M$49.7M
Q2 202510-QAug 6, 2025$100M+0.4%48.6%$63.7M$44.1M
Q1 202510-QMay 7, 2025$88.6M+14%46.7%−$46.6M$48.6M

Charts

Innoviva: revenue growth, year over year and quarter over quarterInnoviva: revenue growth, year over year and quarter over quarterY/YQ/Q+14%Q1 2025+0%+13%Q2 2025+20%+7%Q3 2025+25%+6%Q4 2025+11%-15%Q1 2026+19%+22%Q2 2026-2%-11%Q3 2026
Latest (Q3 2026): Y/Y -2%, Q/Q -11%.
Innoviva: where the cash came from (+) and went (−), TTM to Q3 2026Innoviva: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$183MCash drawn (+) / kept (−)−$105MBuybacks−$81.9MShares issued$3.7MCapital spending−$955KOther investing$684KTaxes on employees’ shares−$339KAsset & business sales$222K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Innoviva: profit against cash, quarter by quarterInnoviva: profit against cash, quarter by quarterNet incomeOperating cash flow$20.3M$59.2MQ4 2024−$46.6M$48.6MQ1 2025$63.7M$44.1MQ2 2025$89.9M$49.7MQ3 2025$164M$54.5MQ4 2025$187M$35.3MQ1 2026−$83.4M$52.0MQ2 2026−$73.9M$41.7MQ3 2026
Latest (Q3 2026): Net income −$73.9M, Operating cash flow $41.7M.
Innoviva: diluted shares by fiscal yearInnoviva: diluted shares by fiscal year114MFY202094MFY202195MFY202287MFY202374MFY202485MFY2025
-25.4% since FY2020: buybacks shrank the count.
Innoviva in its industry: growth against margin (225 companies, SIC 2834)Innoviva in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSCRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMINVA (-2%, 40%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Innoviva

Innoviva, Inc. (“Innoviva”, the “Company”, the “Registrant” or “we” and other similar pronouns) is a diversified biopharmaceutical company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics (“IST”), and a portfolio of strategic healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR ® /BREO ® ELLIPTA ® (fluticasone furoate/vilanterol, “FF/VI”) and ANORO ® ELLIPTA ® (umeclidinium bromide/vilanterol, “UMEC/VI”).

In its own words, from its 10-K, filed Feb 25, 2026.

Innoviva against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median +7%. Operating margin: 39.7% against the peers' median 30.7%.

CompanyQuarterRevenueY/YOp. margin
INVA InnovivaQ3 2026$106M-2%39.7%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Innoviva 10-Q on SEC EDGAR · CIK 1080014 · Pharmaceutical Preparations

Guidance and outlook

Innoviva: what its forward-looking statements are about (10-Q filed 2026-11-04)Innoviva: what its forward-looking statements are about (10-Q filed 2026-11-04)Demand2Products1Buybacks & dividends1Other1Financing1
6 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.

13F: who owns INVA and who is buying

Largest holders of INVA (13F)Largest holders of INVA (13F)BlackRock$262MVanguard Group$158MDimensional Fund Advisors LP$102MVanguard Portfolio Management LLC$95.8MRenaissance Technologies LLC$91.7MState Street$74.2MVanguard Capital Management LLC$71.7MMillennium Management LLC$57.7MGeode Capital Management, LLC$47.1MSystematic Financial Management LP$46.0M
Funds' net buying of INVA by quarter (13F)Funds' net buying of INVA by quarter (13F)−$10.6M2024-09−$37.7M2024-12−$62.8M2025-03$142M2025-06$13.7M2025-09$1.6M2025-12−$16.6M2026-03−$8.4M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on INVA

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare INVA with

中文版：Innoviva（INVA）财报

Español · Français