Innoviva(INVA) - 2024 Q4 - Annual Results

Revenue and Sales Performance - GSK royalties for Q4 2024 were $66.0 million, with full year royalties totaling $255.6 million, reflecting a slight increase from $252.7 million in 2023[1][3] - Innoviva Specialty Therapeutics achieved U.S. net product sales of $24.9 million in Q4 2024, leading to full year sales of $80.9 million, a 47% increase year-over-year from $55.1 million in 2023[1][3] - U.S. net product sales for 2024 included $53.4 million from GIAPREZA, $12.8 million from XERAVA, and $14.7 million from XACDURO[1][3] - Total revenue for the three months ended December 31, 2024, was $91,806,000, an increase of 6% compared to $85,840,000 for the same period in 2023[13] - Net product sales increased significantly to $28,935,000 for the three months ended December 31, 2024, up 47% from $19,675,000 in the prior year[13] Income and Financial Performance - Fourth quarter 2024 net income was $20.3 million ($0.32 per share), while full year net income reached $23.4 million ($0.37 per share), driven by higher revenue[1][5] - The company reported a net income of $20,332,000 for the three months ended December 31, 2024, compared to $61,531,000 in the same period of 2023, reflecting a decrease of 67%[13] - The diluted net income per share attributable to Innoviva stockholders was $0.26 for the three months ended December 31, 2024, compared to $0.76 in the same period of 2023[13] Cash and Assets - Cash and cash equivalents totaled $305.0 million, with receivables from royalties and net product sales amounting to $86.4 million as of December 31, 2024[1][5] - Cash and cash equivalents increased to $304,964,000 as of December 31, 2024, up from $193,513,000 at the end of 2023[15] - Net cash provided by operating activities for the year ended December 31, 2024, was $188,690,000, an increase from $141,064,000 in 2023[17] - Total assets as of December 31, 2024, were $1,301,060,000, compared to $1,243,507,000 at the end of 2023, representing a growth of 5%[15] - The company reported a total of $64,275,000 in other long-term liabilities as of December 31, 2024, down from $71,870,000 in 2023[15] Expenses - The company’s selling, general and administrative expenses rose to $31,326,000 for the three months ended December 31, 2024, compared to $26,319,000 in the same period of 2023, an increase of 19%[13] - Research and development expenses decreased to $3,665,000 for the three months ended December 31, 2024, down from $2,356,000 in the prior year[13] Strategic Initiatives - The company licensed U.S. commercialization and distribution rights to ZEVTERA, anticipating its launch in mid-2025[1][5] - Innoviva plans to submit an NDA for zoliflodacin in early 2025, following positive Phase 3 data[1][5] - The strategic asset portfolio was valued at $501.5 million as of December 31, 2024, with a $10.9 million investment in Gate Neurosciences[1][6] - Innoviva's royalty portfolio includes respiratory assets partnered with GSK, contributing to its revenue growth strategy[1][7] - The company reported a license revenue of $0.4 million for Q4 2024 and $19.5 million for the full year, including an $8.0 million milestone payment[1][5]