Innoviva Stock Price, News & Analysis

Innoviva reported a 5% increase in first-quarter royalties, totaling $93.5 million compared to Q1 2021. Notable earnings included $55.8 million from RELVAR®/BREO® ELLIPTA® and $29.3 million from TRELEGY® ELLIPTA®. However, income from operations saw a 2% decrease to $77.7 million due to the accounting consolidation of Entasis. Innoviva made a strategic investment of $45.0 million in Armata Pharmaceuticals and a $15.0 million offer to acquire Entasis, amidst a $9.4 million decline in asset fair values.

Armata Pharmaceuticals has successfully closed the second tranche of a $45 million private placement with Innoviva, raising approximately $26.9 million through the issuance of over 5.3 million common shares and 2.7 million warrants. This follows an initial tranche completed in February 2022 that raised $18.1 million. As of March 31, 2022, Armata has 36.1 million shares outstanding. Furthermore, their Form 10-K filed on March 17, 2022, includes a going concern note. Approximately 99% of shareholders voted in favor of the transaction, indicating strong support for the company's direction.

Innoviva, Inc. (NASDAQ: INVA) has priced a $225 million offering of 2.125% convertible senior notes due 2028, increasing from a previously announced $200 million. The offering will close on March 7, 2022. Net proceeds of approximately $216.8 million will fund the repurchase of 2023 notes, capped call transactions, and general corporate purposes. The notes are convertible into cash or stock at a conversion rate of 38.1432 shares per $1,000 principal, with a 35% premium to the last reported stock price. The company expects market activity related to the notes to affect its stock price.

Innoviva, Inc. (NASDAQ: INVA) plans to offer $200 million in convertible senior notes due 2028, with an option for an additional $40 million. Proceeds will be used to repurchase a portion of its 2023 Convertible Subordinated Notes, fund capped call transactions, and for general corporate purposes. The offering is subject to market conditions. The Company may engage in repurchase transactions that could influence the market price of its common stock. The offering is not registered under the Securities Act.

Innoviva reported substantial financial results for Q4 and full year 2021, with royalties rising by 18% to $111.1 million for Q4 and 19% to $405.7 million for the full year. Income from operations increased by 23% to $104.5 million in Q4 and 17% to $375.1 million for the year. Despite a $42.9 million decline in fair values of investments due to market volatility, the overall position remained strong with $201.5 million in cash and equivalents. A strategic investment of $45.0 million in Armata Pharmaceuticals is also highlighted.

Armata Pharmaceuticals announced a securities purchase agreement to sell common stock and warrants to Innoviva, raising $45 million before expenses. The funding will support Armata's clinical pipeline, particularly for AP-PA02 and AP-SA02, which target chronic Pseudomonas aeruginosa infections and complicated Staphylococcus aureus bacteremia, respectively. Innoviva will purchase 9 million shares at $5.00 each, with transactions occurring in two tranches. The second tranche is contingent on shareholder approval and is expected by the end of Q1 2022.

Innoviva, Inc. (NASDAQ: INVA) reported a 10% increase in royalties, totaling $101.3 million for Q3 2021, driven by strong sales from TRELEGY® ELLIPTA® and ANORO® ELLIPTA®. Gross revenue from RELVAR®/BREO® dropped 15%, but net income per share surged nearly four times to $1.04. Despite a 2% decline in ANORO® sales, international markets showed resilience. The company's income from operations rose 12% to $94.6 million, reflecting robust financial performance and a solid cash position of $135.1 million. CEO Pavel Raifeld highlighted the strong growth momentum and the recent equity repurchase for shareholder value.

Innoviva, Inc. (NASDAQ: INVA) announced its second-quarter financial results for 2021, reporting gross royalty revenues of $104.3 million, a 44% year-over-year increase. Key contributors included RELVAR®/BREO® ELLIPTA® with $65.9 million and TRELEGY® ELLIPTA®, which saw a 69% increase in global net sales. Income before taxes rose 15% to $136.2 million. The company successfully repurchased 32% of its equity from GSK for $394.1 million. Cash and receivables totaled $140.4 million as of June 30, 2021. CEO Pavel Raifeld highlighted the company's strategic investments and operational excellence.

Innoviva, Inc. (NASDAQ: INVA) announced a definitive agreement to purchase GSK's 32% equity stake, constituting approximately 32 million shares, for $12.25 each, totaling $392 million. This transaction represents a 3% discount to the recent average stock price. CEO Pavel Raifeld emphasized that the buyback enhances shareholder alignment and supports the company's strategic goals. Innoviva remains confident in its collaboration with GSK for respiratory products, anticipating continued significant value creation for shareholders.