Innoviva (INVA) FY2021 results: revenue $392 million, up 16.4% on the year

Innoviva, Inc. (INVA) reported revenue of $392 million for fiscal 2021, the year ended 31 December 2021, up 16.4% on the year before. Net income was $266 million, up 18.5%, and diluted earnings per share $2.87. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$392 million

+16.4% on the year

FY2014FY2021

Operating margin

95.7%

95.3% a year earlier

FY2014FY2021

Net income

$266 million

+18.5% on the year

FY2014FY2021

Diluted EPS

$2.87

+42.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	392	337	261	+16.4%
Research and development	0.6	1.8	0.0	-67.8%
Selling, general and administrative	16.2	13.9	n/a	+16.6%
Operating income	375	321	246	+16.8%
Operating margin	95.7%	95.3%	94.4%
Interest expense	19.1	18.3	18.7	+4.0%
Pre-tax income	445	354	233	+25.7%
Income tax	76.4	60.4	41.9	+26.5%
Effective tax rate	17.2%	17.1%	18.0%
Net income	266	224	157	+18.5%
Net margin	67.8%	66.6%	60.3%
Diluted EPS	$2.87	$2.02	$1.43	+42.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	364	313	257	+16.2%
Capital expenditure	0.0	0.0	0.0
Free cash flow	364	313	257	+16.2%
Free cash flow margin	92.8%	93.0%	98.6%
Cash from investing	43.7	-315	-18.0
Cash from financing	-452	-29.8	-23.8
Depreciation and amortisation	13.8	13.8	13.9	-0.1%
Share-based compensation	2.0	1.7	2.1	+18.8%
Buybacks	394	0.0	0.0
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	94m	114m	113m	-16.9%
Shares outstanding at period end	70m	101m	101m	-31.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	415	540	313	-23.2%
Non-controlling interest	111	67.9	28.6	+63.7%
Debt	395	386	377	+2.4%
Operating lease liabilities	0.0	n/a	n/a
Other liabilities	5.8	6.2	5.6	-6.6%
Total liabilities and equity	926	1,000	725	-7.3%
Fixed assets	0.0	0.0	0.0	-57.1%
Goodwill	0.0	n/a	n/a
Intangible assets	0.0	n/a	n/a
Investments	484	438	72.7	+10.4%
Cash and equivalents	202	246	278	-18.2%
Inventory	0.0	n/a	n/a
Other assets	241	315	374	-23.4%
Total assets	926	1,000	725	-7.3%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.