Innoviva (INVA) FY2022 results: revenue $331 million, down 15.4% on the year

Innoviva, Inc. (INVA) reported revenue of $331 million for fiscal 2022, the year ended 31 December 2022, down 15.4% on the year before. Net income was $214 million, down 19.5%, and diluted earnings per share $2.37. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$331 million

-15.4% on the year

FY2015FY2022

Operating margin

86.6%

95.7% a year earlier

FY2015FY2022

Net income

$214 million

-19.5% on the year

FY2015FY2022

Diluted EPS

$2.37

-17.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	331	392	337	-15.4%
Research and development	41.4	0.6	1.8	+7,093.1%
Selling, general and administrative	63.5	16.2	13.9	+292.5%
Operating income	287	375	321	-23.5%
Operating margin	86.6%	95.7%	95.3%
Interest expense	15.8	19.1	18.3	-17.2%
Pre-tax income	287	445	354	-35.6%
Income tax	66.7	76.4	60.4	-12.8%
Effective tax rate	23.2%	17.2%	17.1%
Net income	214	266	224	-19.5%
Net margin	64.6%	67.8%	66.6%
Diluted EPS	$2.37	$2.87	$2.02	-17.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	202	364	313	-44.6%
Capital expenditure	0.1	0.0	0.0
Free cash flow	202	364	313	-44.6%
Free cash flow margin	60.9%	92.8%	93.0%
Cash from investing	-56.6	43.7	-315
Cash from financing	-55.6	-452	-29.8
Depreciation and amortisation	n/a	13.8	13.8
Share-based compensation	7.3	2.0	1.7	+264.3%
Buybacks	8.5	394	0.0	-97.8%
Dividends paid	n/a	0.0	0.0
Diluted shares, weighted	95m	94m	114m	+1.0%
Shares outstanding at period end	69m	70m	101m	-0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	566	415	540	+36.4%
Non-controlling interest	0.0	111	67.9
Debt	540	395	386	+36.9%
Operating lease liabilities	2.4	0.0	n/a
Other liabilities	123	5.8	6.2	+2,017.4%
Total liabilities and equity	1,231	926	1,000	+32.9%
Fixed assets	0.2	0.0	0.0	+1,316.7%
Goodwill	26.7	0.0	n/a
Intangible assets	253	0.0	n/a
Investments	364	484	438	-24.8%
Cash and equivalents	291	202	246	+44.4%
Inventory	55.9	0.0	n/a
Other assets	241	241	315	-0.1%
Total assets	1,231	926	1,000	+32.9%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.