Innoviva(INVA) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $107.8 million, representing a 20% increase from $89.5 million in Q3 2024[4] - Net income for Q3 2025 was $89.9 million, or $1.30 per share, compared to $1.2 million, or $0.02 per share, in Q3 2024[8] - Total revenue for the three months ended September 30, 2025, was $107.8 million, a 20.5% increase from $89.5 million in the same period of 2024[15] - Net product sales reached $47.3 million for the three months ended September 30, 2025, compared to $27.8 million in the prior year, reflecting a 70% growth[15] - Gross profit for the three months ended September 30, 2025, was $75.5 million, up from $73.0 million in 2024, indicating a gross margin improvement[15] - Net income for the three months ended September 30, 2025, was $89.9 million, significantly higher than $1.2 million in the same period of 2024[15] Expenses and Cash Flow - Operating expenses increased to $41.0 million for the three months ended September 30, 2025, from $29.8 million in 2024, primarily due to higher research and development costs[15] - Cash and cash equivalents at the end of the period were $476.5 million, up from $260.6 million at the end of September 2024, representing an 83% increase[19] - The company reported net cash provided by operating activities of $142.4 million for the nine months ended September 30, 2025, compared to $129.5 million in 2024[19] Strategic Developments - The company announced a $125 million share repurchase program, highlighting confidence in its future prospects[3] - ZEVTERA was launched in the U.S. in July 2025, with initial market engagement focused on formulary committee and access programs[8] - Zoliflodacin is under Priority Review by the FDA, with a PDUFA target action date of December 15, 2025[8] - Innoviva invested $15.0 million in a term loan to Armata Pharmaceuticals, which recently reported positive Phase 2 data[12] - Innoviva acquired a proprietary long-acting oral drug delivery platform from Lyndra Therapeutics for $10.2 million, plus potential milestone payments[12] Asset and Equity Growth - The company's strategic assets were valued at $483.0 million as of September 30, 2025[7] - Total assets increased to $1.43 billion as of September 30, 2025, from $1.30 billion at the end of 2024, reflecting strong growth in the balance sheet[17] - The company’s equity increased to $1.01 billion as of September 30, 2025, compared to $691.2 million at the end of 2024, indicating a robust financial position[17] Research and Development - Research and development expenses surged to $13.7 million for the three months ended September 30, 2025, compared to $3.6 million in the same period of 2024, highlighting a focus on innovation[15]