Innoviva, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $88.6 million, a 14.3% increase from $77.5 million in the same period last year. The revenue comprised $57.8 million in net royalty revenue from GlaxoSmithKline (GSK) and $30.3 million in net product sales, which saw a significant rise from $19.1 million in the prior year. The increase in product sales was primarily driven by strong performances from GIAPREZA®, XACDURO®, and XERAVA®, with GIAPREZA® alone generating $17.4 million in U.S. sales, a 45% increase year-over-year.
Despite the revenue growth, Innoviva reported a net loss of $46.6 million, or $(0.74) per share, compared to a net income of $36.5 million, or $0.58 per share, in the first quarter of 2024. The loss was attributed to unfavorable changes in the fair values of equity and long-term investments, which totaled $78.8 million, compared to favorable changes of $22 million in the previous year. The company’s operating income, however, increased by 61% to $41.4 million, up from $25.8 million in the prior year, reflecting improved operational efficiency.
In terms of strategic developments, Innoviva continues to advance its product pipeline, including zoliflodacin, which is on track for a New Drug Application (NDA) filing with the U.S. FDA in the first half of 2025. The company also anticipates launching ZEVTERA® in the U.S. in mid-2025 following an exclusive distribution agreement with Basilea Pharmaceutica. Additionally, Innoviva has made significant investments in various healthcare assets, including a $15 million convertible note to Gate Neurosciences and a $10 million term loan to Armata Pharmaceuticals.
Operationally, Innoviva's cash and cash equivalents stood at $319.1 million as of March 31, 2025, with receivables from royalty and product sales totaling $77.9 million. The company reported a net cash provided by operating activities of $48.6 million, an increase from $37 million in the same quarter last year. The increase in cash flow was primarily due to adjustments for non-cash items, including changes in fair value of investments and amortization of intangible assets. Looking ahead, Innoviva remains focused on maximizing the value of its respiratory assets and pursuing strategic acquisitions to enhance its portfolio, while maintaining sufficient liquidity to support its operational and investment needs.
About Innoviva, Inc.
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