Innoviva, Inc., a diversified biopharmaceutical company, reported total revenue of $411.3 million for the year ended December 31, 2025, a 15% increase compared to $358.7 million in 2024. This growth was primarily driven by a significant increase in net product sales, which more than doubled to $59.1 million in the fourth quarter of 2025, and reached $172.1 million for the full year, a 77% increase from the previous year. However, royalty revenue from GSK decreased slightly to $250.3 million for the full year 2025, compared to $255.6 million in 2024, due to pricing pressures in the United States.
The company's income from operations for 2025 was $163.7 million, slightly lower than the $166.9 million reported in 2024, reflecting continued investments in research and development. Net income for 2025 reached $271.2 million, or $4.02 per basic share, significantly higher than the $23.4 million reported in 2024. This increase was primarily attributed to higher revenue and a positive impact from changes in the fair values of equity and long-term investments, particularly a $161.6 million net favorable change driven by share price appreciation of Armata Pharmaceuticals.
Key operational developments for Innoviva in 2025 included the FDA approval of NUZOLVENCE® for the treatment of uncomplicated urogenital gonorrhea, with plans for commercialization in the second half of 2026. The company also commercially launched ZEVTERA® in the U.S. in the third quarter of 2025. In terms of capital allocation, Innoviva continued its share repurchase program, repurchasing 797,298 shares for $16.0 million since its inception, and invested $17.5 million in Beacon Biosignals, Inc.
Looking ahead, Innoviva anticipates that its cash and cash equivalents of $550.9 million will be sufficient to meet its anticipated debt service, operating needs, and ongoing share repurchase program for at least the next 12 months. The company's future performance will depend on factors such as the commercial success of its marketed products, the outcome of its strategic investments, and the continued performance of its royalty portfolio partnered with GSK. The company also expects to receive distributions from ISP Fund LP through April 2026, following its election to unwind the capital accounts in the Partnership in October 2024.
About Innoviva, Inc.
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