Filing Flows › Innoviva (INVA) › Q3 2025
Innoviva (INVA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Innoviva (INVA) reported revenue of $108M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +7% from the quarter before. Operating margin was 32.1%, net earnings $89.9M (83.4% of revenue).
Innoviva, Q3 2025: revenue $108M (+20% year over year), operating margin 32.1%, net earnings $89.9M, operating cash flow $49.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $108M | +7% | +20% |
| Gross profit | $75.5M | -9% | +3% |
| Operating profit | $34.6M | -29% | -20% |
| Net earnings | $89.9M | +41% | 74× |
| Operating cash flow | $49.7M | +13% | +2% |
| Free cash flow | $48.6M | +10% | +0.4% |
What changed
Revenue was $107.8M in Q3 2025, up 20% year over year and up 7% from the previous quarter. Royalty was the largest line at 56% of revenue. Xacduro added $14.0M year over year (up 143%), 77% of the total change. License and Other Revenue declined 87%.
Gross margin was 70.1%, down 11.5 points from a year earlier. Operating profit was $34.6M, a 32.1% margin (down 16.2 points year over year). Operating profit fell $8.7M even though revenue rose $18.3M versus a year earlier, so costs grew faster than sales. Operating expenses grew 38% against revenue growth of 20%. The fastest-growing cost line was Research & development (+285%). Net earnings were $89.9M, up 7312% year over year. The effective tax rate was 8.1%. Non-operating items added $63.2M, 65% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $49.7M (up 2% year over year), 55% of net earnings. Non-cash charges added back $2.4M of share-based compensation. Working capital and other items used $42.6M. Capital expenditures of $1.1M left free cash flow of $48.6M.
Questions
What was Innoviva's revenue in the third quarter 2025?
Innoviva (INVA) reported revenue of $108M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +7% from the quarter before.
Was Innoviva profitable in the third quarter 2025?
Operating profit was $34.6M (32.1% of revenue) and net earnings $89.9M.
Source: Innoviva 10-Q on SEC EDGAR.