Innoviva, Inc. 8-K

Summary

Q2 2026 results with 2026 IST U.S. sales guidance. Revenue grew 19% Y/Y, while a $161.0M net unfavorable fair-value change in equity and long-term investments—primarily from Armata’s lower share price—drove a net loss. IST net product sales grew 46% Y/Y, and Innoviva said it remains on track to reach at least $150M in 2026 U.S. net product sales.

Key Figures

• Gross royalty revenue was $59.8M, up 2% Q/Q. U.S. net product sales were $36.6M, up 26% Y/Y; ex-U.S. sales were $15.2M.
• Six-month operating cash flow was $87.3M vs $92.7M in 2025. Cash and cash equivalents were $570.4M at 6/30/2026; royalty and product-sale receivables were $110.6M, up 25% Y/Y. Convertible senior notes due 2028 were $258.5M, net.
• Innoviva repurchased 1,403,247 shares for $31.4M during the quarter under its $125M program. Basic weighted-average shares were 73.4M vs 62.9M Y/Y. The company also reported $55.0M in aggregate capital commitments supporting strategic healthcare portfolio companies.

Guidance

• 2026 IST U.S. net product sales: at least $150M; the company said it remains on track.

Investor Takeaways

• Track 2026 IST U.S. net product sales against the at-least-$150M target.
• Watch execution of the XACDURO licensing and commercialization agreement across the named international territories, and development progress for Nortiva Bio’s lead once-monthly oral therapy.