Filing Flows › Innoviva (INVA) › Q1 2026
Innoviva (INVA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Innoviva (INVA) reported revenue of $98.0M for the first quarter 2026 (Q1 2026), +11% from a year earlier and -15% from the quarter before. Operating margin was 38.9%, net earnings $187M (190.4% of revenue).
Innoviva, Q1 2026: revenue $98.0M (+11% year over year), operating margin 38.9%, net earnings $187M, operating cash flow $35.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $98.0M | -15% | +11% |
| Gross profit | $75.8M | +0.2% | +3% |
| Operating profit | $38.2M | -2% | -8% |
| Net earnings | $187M | +14% | — |
| Operating cash flow | $35.3M | -35% | -27% |
| Free cash flow | $34.8M | -36% | -28% |
What changed
Revenue was $98.0M in Q1 2026, up 11% year over year and down 15% from the previous quarter. Royalty was the largest line at 56% of revenue. Xacduro added $10.3M year over year (up 132%), 110% of the total change. Xerava declined 38%.
Gross margin was 77.4%, down 5.3 points from Q1 2025. Operating profit was $38.2M, a 38.9% margin (down 7.8 points year over year). Operating profit fell $3.3M even though revenue rose $9.4M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 18% against revenue growth of 11%. The fastest-growing cost line was Research & development (+19%). Net earnings were $186.6M. The effective tax rate was 20.4%. Non-operating items added $196.4M, 84% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $35.3M (down 27% year over year), 19% of net earnings. Non-cash charges added back $2.6M of share-based compensation. Working capital and other items used $153.9M. Capital expenditures of $492K left free cash flow of $34.8M.
Questions
What was Innoviva's revenue in the first quarter 2026?
Innoviva (INVA) reported revenue of $98.0M for the first quarter 2026 (Q1 2026), +11% from a year earlier and -15% from the quarter before.
Was Innoviva profitable in the first quarter 2026?
Operating profit was $38.2M (38.9% of revenue) and net earnings $187M.
Source: Innoviva 10-Q on SEC EDGAR.