Innoviva, Inc.
INVA · Pharmaceutical Preparations · 73.8M shares · -6%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $70M (gross $76M, SBC $6M)
Reference price $17.52 · est. market cap ~$1.3B — last insider sale, 2025-03-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Respiratory-royalty company (GSK royalties) plus specialty assets — elite margins and free cash flow.
Strengths
- Elite margins and FCF — operating margin 40% (96th), FCF margin 48% (98th), FCF $196M (91st)
- Cash-rich, good coverage — current ratio 14.6 (90th), interest coverage 9.8
Risks
- Royalty (GSK Trelegy/Anoro) concentration and decay — per 10-K
- Capital-allocation/M&A strategy execution — per 10-K
- Investment-portfolio volatility — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $955M cash & investments
- Buying back stockNet buyback — share count -6%/yr over 4y
- Revenue declineRevenue -14.5% YoY
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
74.8%
Operating margin
39.8%
Net margin
65.9%
Return on equity
23.1%
Return on assets
16.6%
ROIC
9.0%
Revenue growth (QoQ)
-14.5%
Debt / equity
0.2×
Interest coverage
9.8×
Current ratio
14.6×
Free cash flow
$196M
Tangible book value
$973M
Cash & investments
$955M
Stock comp / revenue
2.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | Raifeld Pavel | Tax withheld | 1.1K | $22.24 |
| 2026-05-20 | Basso Stephen | Tax withheld | 559 | $22.24 |
| 2026-05-20 | Zhen Marianne | Tax withheld | 1.1K | $22.24 |
| 2026-05-18 | Linden Josephine | Grant | 5.7K | — |
| 2026-05-18 | Linden Josephine | Grant | 9.5K | — |
| 2026-05-15 | Basso Stephen | Grant | 1.1K | — |
| 2026-05-15 | Raifeld Pavel | Grant | 1.1K | — |
| 2026-05-04 | Schlesinger Sarah J. | Grant | 9.8K | — |
| 2026-05-04 | DiPaolo Mark | Grant | 9.8K | — |
| 2026-05-04 | Raifeld Pavel | Grant | 127K | — |
| 2026-05-04 | Zhen Marianne | Grant | 13K | — |
| 2026-05-04 | Basso Stephen | Grant | 38K | — |
| 2026-05-04 | Small Derek A | Grant | 9.8K | — |
| 2026-05-04 | Haimovitz Jules | Grant | 9.8K | — |
| 2026-02-20 | Basso Stephen | Tax withheld | 1.2K | $23.39 |
| 2026-02-20 | Raifeld Pavel | Tax withheld | 3.0K | $23.39 |
| 2026-02-20 | Zhen Marianne | Tax withheld | 2.5K | $23.39 |
| 2025-11-20 | Basso Stephen | Tax withheld | 237 | $21.16 |
| 2025-11-20 | Zhen Marianne | Tax withheld | 992 | $21.16 |
| 2025-11-15 | Basso Stephen | Grant | 604 | — |
| 2025-11-03 | Basso Stephen | Grant | 28K | $18.11 |
| 2025-11-03 | Raifeld Pavel | Grant | 110K | $18.11 |
| 2025-08-20 | Basso Stephen | Tax withheld | 237 | $19.95 |
| 2025-08-20 | Zhen Marianne | Tax withheld | 991 | $19.95 |
| 2025-05-20 | Basso Stephen | Tax withheld | 237 | $18.78 |
| 2025-05-20 | Zhen Marianne | Tax withheld | 992 | $18.78 |
| 2025-05-19 | DiPaolo Mark | Grant | 12K | — |
| 2025-05-19 | Haimovitz Jules | Grant | 12K | — |
| 2025-05-19 | Small Derek A | Grant | 12K | — |
| 2025-05-19 | Schlesinger Sarah J. | Grant | 12K | — |
| 2025-05-15 | Raifeld Pavel | Grant | 1.9K | — |
| 2025-05-15 | Basso Stephen | Grant | 1.4K | — |
| 2025-03-14 | Raifeld Pavel | Grant | 37K | $17.39 |
| 2025-03-06 | DENNER ALEXANDER J | Sell | 1.2M | $17.52 |
| 2025-03-05 | DENNER ALEXANDER J | Sell | 270K | $17.63 |
| 2025-03-04 | DENNER ALEXANDER J | Sell | 151K | $17.63 |
| 2025-02-24 | Zhen Marianne | Grant | 8.9K | $18.08 |
| 2025-02-24 | Basso Stephen | Grant | 11K | $18.08 |
| 2025-02-20 | Zhen Marianne | Tax withheld | 2.6K | $18.07 |
| 2025-02-20 | Basso Stephen | Tax withheld | 1.1K | $18.07 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (2)
- Basilea Pharmaceutica Ltd
- The Global Antibiotic Research & Development Partnership (GARDP)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-18 | 2026-05-12 | 0001193125-26-228958 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001193125-26-209044 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001193125-26-209110 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-204243 ↗ |
| 10-K/A | 2026-03-27 | 2025-12-31 | 0001193125-26-128939 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001193125-26-071776 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001193125-26-071974 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001104659-25-107014 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-267040 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001104659-25-074730 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0000950170-25-104126 ↗ |
| 8-K | 2025-05-21 | 2025-05-19 | 0001104659-25-051614 ↗ |