Innoviva Q1 2024 Financial Results and Company Progress Highlights

Innoviva Inc., a diversified holding company with a core royalties portfolio and a leading platform in critical care and infectious diseases, announced its financial results for the first quarter ending March 31, 2024. The company, which trades on NASDAQ under the ticker INVA, also highlighted some key corporate achievements.

For the first quarter of 2024, Innoviva's royalty revenue from Glaxo Group Limited (GSK) amounted to $61.9 million, slightly up from $60.3 million in the same period the previous year. Net product sales reached $19.1 million, a significant increase from $11.5 million in the first quarter of 2023. This growth was primarily driven by sales of GIAPREZA®, contributing $12.1 million, XERAVA® at $4.8 million, and the newly launched XACDURO® at $2.2 million.

The company recorded a net income of $36.5 million for the first quarter of 2024, translating to $0.58 per basic share, compared to $34.9 million or $0.51 per basic share in the same period last year. Innoviva also repurchased 0.6 million shares of its common stock for $9.7 million during this period. By April 25, 2024, the company completed its share repurchase program by buying an additional 0.4 million shares, totaling around $5.3 million.

Innoviva's cash and cash equivalents stood at $178.4 million, with total receivables for royalties and product sales amounting to $76.0 million as of March 31, 2024.

In terms of product performance, XACDURO® continues to gain traction since its launch in September 2023, with a growing number of health systems incorporating it into their protocols for treating hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter. GIAPREZA® and XERAVA® also showed robust growth, attributed to rising awareness and the efficacy of these products.

Innoviva's pipeline also made significant strides, particularly with zoliflodacin, an investigational oral antibiotic for uncomplicated gonorrhea. The Phase 3 clinical trial results for zoliflodacin were presented at the ESCMID Global 2024, showing a microbiological cure rate of 90.9% compared to 96.2% for the current standard of care. The company plans to submit a New Drug Application (NDA) for zoliflodacin to the U.S. FDA in early 2025.

In the area of strategic investments, Innoviva's portfolio was valued at $628.4 million as of March 31, 2024, up from $561.0 million at the end of 2023. The company made several key investments in the first quarter, including an additional $35.0 million in Armata Pharmaceuticals to advance its therapeutic phage candidates and $5.8 million in Gate Neurosciences to support the development of next-generation CNS therapies. An investment of $2.7 million was also made in ImaginAb Inc. to bolster its radiopharmaceutical platform.

On the corporate front, Derek Small, a seasoned biopharmaceutical entrepreneur, joined Innoviva's Board of Directors in April 2024. The company's management will be participating in the upcoming Bank of America Securities Health Care Conference on May 15, 2024, in Las Vegas.

Innoviva remains committed to driving shareholder value by leveraging its strong financial position, exercising cost discipline, and making prudent investments in strategic healthcare assets. The company's diversified portfolio includes key assets like RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®, from which it receives royalties from GSK, as well as critical care and infectious disease products acquired from Entasis Therapeutics and La Jolla Pharmaceutical Company.