Innoviva (INVA) FY2023 results: revenue $310 million, down 6.3% on the year

Innoviva, Inc. (INVA) reported revenue of $310 million for fiscal 2023, the year ended 31 December 2023, down 6.3% on the year before. Net income was $180 million, down 16.0%, and diluted earnings per share $2.20. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$310 million

-6.3% on the year

FY2016FY2023

Operating margin

36.7%

86.6% a year earlier

FY2016FY2023

Net income

$180 million

-16.0% on the year

FY2016FY2023

Diluted EPS

$2.20

-7.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	310	331	392	-6.3%
Gross profit	246	n/a	n/a
Gross margin	79.2%	n/a	n/a
Research and development	33.9	41.4	0.6	-18.1%
Selling, general and administrative	98.2	63.5	16.2	+54.6%
Operating income	114	287	375	-60.3%
Operating margin	36.7%	86.6%	95.7%
Interest expense	19.2	15.8	19.1	+21.3%
Pre-tax income	194	287	445	-32.4%
Income tax	14.4	66.7	76.4	-78.4%
Effective tax rate	7.4%	23.2%	17.2%
Net income	180	214	266	-16.0%
Net margin	57.9%	64.6%	67.8%
Diluted EPS	$2.20	$2.37	$2.87	-7.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	141	202	364	-30.1%
Capital expenditure	0.4	0.1	0.0	+513.4%
Free cash flow	141	202	364	-30.3%
Free cash flow margin	45.3%	60.9%	92.8%
Cash from investing	-66.8	-56.6	43.7
Cash from financing	-172	-55.6	-452
Depreciation and amortisation	n/a	n/a	13.8
Share-based compensation	5.8	7.3	2.0	-20.6%
Buybacks	75.7	8.5	394	+790.6%
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	87m	95m	94m	-8.8%
Shares outstanding at period end	63m	69m	70m	-8.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	675	566	415	+19.3%
Non-controlling interest	n/a	0.0	111
Debt	446	540	395	-17.4%
Operating lease liabilities	1.6	2.4	0.0	-31.2%
Other liabilities	121	123	5.8	-1.9%
Total liabilities and equity	1,244	1,231	926	+1.0%
Fixed assets	0.5	0.2	0.0	+184.1%
Goodwill	17.9	26.7	0.0	-33.0%
Intangible assets	230	253	0.0	-8.9%
Investments	444	364	484	+22.1%
Cash and equivalents	194	291	202	-33.5%
Inventory	40.7	55.9	0.0	-27.1%
Other assets	316	241	241	+31.2%
Total assets	1,244	1,231	926	+1.0%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.