Innoviva (INVA)
Funds hospital critical-care and infectious-disease drugs with GSK respiratory royalties.
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Combines GSK-partnered respiratory royalties with Innoviva Specialty Therapeutics products for hospital critical care and infectious disease. Revenue comes from royalties and product sales, while execution depends on GSK commercialization, hospital adoption, and regulated antibiotic launches.
Pairs GSK-partnered RELVAR/BREO ELLIPTA and ANORO ELLIPTA royalties with Innoviva Specialty Therapeutics, a hospital-focused portfolio that includes GIAPREZA, XACDURO, XERAVA, ZEVTERA, and NUZOLVENCE.
Product sales are concentrated in the United States, while the respiratory royalty stream is tied to GSK's global commercialization. The operating model is compact: one reportable segment, a small employee base, and capital allocation aimed at turning royalty cash flow into owned or licensed critical-care assets.
Execution depends on hospital formulary uptake, FDA-regulated launches, partner performance from GSK, and antibacterial markets shaped by stewardship and resistance patterns.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 7, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $32 | Target: $34 |
| May 7, 2026 | BTIG | Reiterate | Rating: —Target: $35 | Target: $42 |
| Feb 26, 2026 | Cantor Fitzgerald | Target | Target: — | Target: $32 |
| Feb 17, 2026 | BTIG | Target | Target: — | Target: $35 |
| Dec 16, 2025 | H.C. Wainwright | Target | Target: — | Target: $46 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $579.1M · Total debt $269.7M · Total assets $1.70B · Shareholders' equity $1.23B
- Revenue
- $119.6M
- Operating income
- $50.9M
- Net income
- −$83.4M
No dividends on record.
| Institutions | 104.89% | 75.78M shares | |
|---|---|---|---|
| 310 holders · as of Jun 30, 2026 | |||
| Insiders | 9.11% | 6.58M shares | |
| 9 holders · as of Aug 24, 2026 | |||
| Adds to | 114.00% | ||
72.25M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 114.00%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.99% | 11.56M | as of Jun 30, 2026 |
Alexander J. DennerInsider10 percent owner | 7.83% | 5.66M | filed Mar 6, 2025 |
Dimensional Fund Advisors LPInstitution | 6.22% | 4.49M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.84% | 4.22M | as of Jun 30, 2026 |
Renaissance Technologies LLCInstitution | 5.59% | 4.04M | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- AstraZeneca (ADR)
Major COPD/asthma inhaler franchise and severe-asthma biologics
- Merck
Hospital antibiotics and legacy asthma brands overlap multiple lines
- Viatris
Wixela, Breyna, and YUPELRI pressure respiratory maintenance therapy
- Teva (ADR)
Authorized generic asthma inhalers pressure the ICS/LABA class
- AbbVie
AVYCAZ and anti-infective brands overlap serious hospital infections
- Pfizer
Tigecycline and critical-care injectables overlap cIAI and shock care
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Innoviva | $21.00 | +0.10% | $1.55B | 5.1 | 9.8 | 3.5 | +19.3% |
| AstraZeneca (ADR) | $165.34 | −1.80% | $261.12B | 25.3 | 15.6 | 4.3 | +6.4% |
| Merck | $148.15 | −1.84% | $372.73B | 120.7 | 17.2 | 5.6 | +5.1% |
| Viatris | $17.11 | −0.44% | $20.01B | — | 6.7 | 1.4 | +4.9% |
| Teva (ADR) | $39.46 | −0.15% | $46.03B | 65.9 | 14.1 | 2.7 | −0.8% |
| AbbVie | $266.11 | +0.34% | $468.77B | 74.8 | 17.5 | 7.3 | +10.2% |
| Pfizer | $27.93 | −0.02% | $159.19B | 36.9 | 10.0 | 2.5 | +2.6% |
| Median | 65.9 | 14.8 | 3.5 | +5.0% |