Innoviva, Inc. reported a total revenue of $98.0 million for the first quarter of 2026, reflecting an 11% increase from $88.6 million in the same period last year. The revenue growth was primarily driven by a 37% rise in net product sales, which reached $41.4 million, compared to $30.3 million in the first quarter of 2025. This increase in product sales was attributed to strong performances from GIAPREZA®, XACDURO®, and the recent launch of ZEVTERA®. However, royalty revenue from GlaxoSmithKline (GSK) decreased to $55.2 million, down from $57.8 million, mainly due to pricing pressures in the U.S. market.
The company’s net income for the quarter was $186.6 million, or $2.52 per share, a significant turnaround from a net loss of $46.6 million, or $(0.74) per share, in the prior year. This improvement was largely due to favorable changes in the fair values of equity and long-term investments, which totaled $191.2 million, primarily driven by the appreciation of Armata Pharmaceuticals' stock. Innoviva's cash and cash equivalents stood at $603.1 million as of March 31, 2026, with receivables from royalties and product sales amounting to $92.6 million.
In terms of operational developments, Innoviva has made strategic advancements in its product portfolio. The company is preparing to launch NUZOLVENCE®, a first-in-class treatment for uncomplicated urogenital gonorrhea, which received FDA approval in December 2025 and is expected to be available to patients in the second half of 2026. Additionally, Innoviva's strategic healthcare investments, including a significant stake in Armata, have shown substantial growth, with the total value of these investments reaching $773.3 million.
The company has also been active in its capital allocation strategy, repurchasing 971,066 shares for approximately $20.4 million under its $125 million share repurchase program. Since the program's inception, Innoviva has repurchased a total of 1,198,921 shares for $25.0 million, reflecting its confidence in the company's long-term value. Looking ahead, Innoviva remains focused on maximizing the value of its respiratory royalty portfolio and expanding its critical care and infectious disease platform, while also managing its investments in innovative healthcare assets.
About Innoviva, Inc.
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