Filing Flows › Innoviva (INVA) › Q3 2026 › vs Q3 2025
Innoviva (INVA) Q3 2026 vs Q3 2025 (year over year)
Innoviva's revenue fell $1.7M (-2%) from $108M in Q3 2025 to $106M in Q3 2026. The biggest changes: Royalty −$5.2M (-9%); Product +$2.1M (+5%); License and Other Revenue +$1.4M (+231%).
Innoviva, Q3 2026: revenue $106M (-2% year over year), operating margin 39.7%, net loss $73.9M, operating cash flow $41.7M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 39.3% | 45.1% | -5.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Giapreza | $23.2M | $18.5M | $4.8M | +26% |
| Xacduro | $22.0M | $23.8M | −$1.8M | -8% |
| Xerava | $3.6M | $4.9M | −$1.3M | -27% |
| ZEVTERA | $624K | $113K | $511K | +452% |
| Product | $49.4M | $47.3M | $2.1M | +5% |
| Royalty | $54.7M | $59.9M | −$5.2M | -9% |
| License and Other Revenue | $2.0M | $610K | $1.4M | +231% |
| Revenue | $106M | $108M | −$1.7M | -2% |
| Income tax benefit | $23.7M | −$7.9M | $31.6M | — |
| Net loss | $73.9M | −$89.9M | $164M | — |
| Costs & expenses | $204M | $171M | $32.7M | +19% |
| Operating costs | $64.0M | $73.2M | −$9.3M | -13% |
| Interest & other, net | $140M | −$63.2M | $203M | — |
| Cost of revenue | $21.7M | $32.3M | −$10.5M | -33% |
| Research & development | $5.2M | $13.7M | −$8.5M | -62% |
| Sales & marketing | $12.8M | $8.6M | $4.2M | +49% |
| General & admin | $24.2M | $18.7M | $5.5M | +30% |
| Operating cash sources | $116M | −$40.2M | $156M | — |
| Share-based compensation | $3.7M | $2.4M | $1.3M | +54% |
| Working capital & other | $112M | −$42.6M | $154M | — |
| Net loss absorbed | $73.9M | −$89.9M | $164M | — |
| Operating cash flow | $41.7M | $49.7M | −$8.0M | -16% |
| Free cash flow (OCF − capex) | $41.7M | $48.6M | −$6.9M | -14% |
| Capital expenditures | $24K | $1.1M | −$1.1M | -98% |
Questions
How much did Innoviva's revenue grow year over year in Q3 2026?
Innoviva's revenue fell $1.7M (-2%) from $108M in Q3 2025 to $106M in Q3 2026.
What drove Innoviva's revenue change in Q3 2026?
Royalty −$5.2M (-9%); Product +$2.1M (+5%); License and Other Revenue +$1.4M (+231%).