Filing Flows › Innoviva (INVA) › Q2 2026
Innoviva (INVA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Innoviva (INVA) reported revenue of $120M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +22% from the quarter before. Operating margin was 42.5%, net loss $83.4M (69.8% of revenue).
Innoviva, Q2 2026: revenue $120M (+19% year over year), operating margin 42.5%, net loss $83.4M, operating cash flow $52.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $120M | +22% | +19% |
| Operating profit | $50.9M | +33% | +4% |
| Net earnings | −$83.4M | -145% | -231% |
| Operating cash flow | $52.0M | +47% | +18% |
| Free cash flow | $51.5M | +48% | +17% |
What changed
Revenue was $119.6M in Q2 2026, up 19% year over year and up 22% from the previous quarter. Royalty was the largest line at 47% of revenue. Xacduro added $11.7M year over year (up 109%), 60% of the total change. Royalty declined 12%.
Gross margin was 75.8%, down 7.1 points from Q2 2025. Operating profit was $50.9M, a 42.5% margin (down 6.1 points year over year). Of the extra revenue versus Q2 2025, 11% reached operating profit, below the 49% margin then. Operating expenses grew 16% against revenue growth of 19%. The fastest-growing cost line was SG&A (+31%). The quarter ended with a net loss of $83.4M, after a profit of $186.6M the previous quarter. Net interest and other expense of $158.9M was the main reason.
Operating cash flow was $52.0M (up 18% year over year). Non-cash charges added back $4.7M of share-based compensation. Working capital and other items added $130.6M. Capital expenditures of $429K left free cash flow of $51.5M.
Questions
What was Innoviva's revenue in the second quarter 2026?
Innoviva (INVA) reported revenue of $120M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +22% from the quarter before.
Was Innoviva profitable in the second quarter 2026?
Operating profit was $50.9M (42.5% of revenue) and net loss $83.4M.
Source: Innoviva 10-Q on SEC EDGAR.