Filing Flows › Innoviva (INVA) › Q2 2025
Innoviva (INVA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Innoviva (INVA) reported revenue of $100M for the second quarter 2025 (Q2 2025), +0.4% from a year earlier and +13% from the quarter before. Operating margin was 48.6%, net earnings $63.7M (63.5% of revenue).
Innoviva, Q2 2025: revenue $100M (+0.4% year over year), operating margin 48.6%, net earnings $63.7M, operating cash flow $44.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $100M | +13% | +0.4% |
| Gross profit | $83.1M | +13% | -2% |
| Operating profit | $48.8M | +18% | -11% |
| Net earnings | $63.7M | — | — |
| Operating cash flow | $44.1M | -9% | +0.8% |
What changed
Revenue was $100.3M in Q2 2025, roughly flat year over year and up 13% from the previous quarter. Royalty was the largest line at 64% of revenue. Xacduro added $8.4M year over year (up 358%), 2178% of the total change. License and Other Revenue declined 94%.
Gross margin was 82.9%, down 2.2 points from a year earlier. Operating profit was $48.8M, a 48.6% margin (down 6.1 points year over year). Operating profit fell $5.9M even though revenue rose $385K versus a year earlier, so costs grew faster than sales. Operating expenses grew 14% against flat revenue. The fastest-growing cost line was Research & development (+212%). Net earnings were $63.7M. The effective tax rate was 12.3%. Non-operating items added $23.8M, 33% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $44.1M (up 1% year over year), 69% of net earnings. Non-cash charges added back $2.4M of share-based compensation. Working capital and other items used $22.0M.
Questions
What was Innoviva's revenue in the second quarter 2025?
Innoviva (INVA) reported revenue of $100M for the second quarter 2025 (Q2 2025), +0.4% from a year earlier and +13% from the quarter before.
Was Innoviva profitable in the second quarter 2025?
Operating profit was $48.8M (48.6% of revenue) and net earnings $63.7M.
Source: Innoviva 10-Q on SEC EDGAR.