Innoviva reported second quarter 2026 total revenue of $119.6 million, a 19% increase year-over-year. While the core royalty portfolio provided stable cash flow of $59.8 million, growth was primarily driven by the Innoviva Specialty Therapeutics (IST) platform. Despite generating $50.9 million in operating income, the company realized a net loss of $83.4 million, or $1.14 per share, due to a $161.0 million non-cash decline in the fair value of strategic equity investments.
Key Highlights
- IST U.S. net product sales grew 26% year-over-year to $36.6 million, led by GIAPREZA at $21.0 million and XACDURO at $12.0 million.
- The royalty portfolio remains anchored by GSK assets, which generated $59.8 million in gross revenue, reflecting a 2% sequential increase from the first quarter of 2026.
- Innoviva launched Nortiva Bio, a wholly-owned subsidiary dedicated to developing the LYNX long-acting oral drug delivery platform for weekly or monthly dosing.
- The company repurchased 1.4 million shares for $31.4 million during the quarter, with $68.6 million remaining under its current authorization.