Innoviva (INVA) FY2024 results: revenue $359 million, up 15.5% on the year

Innoviva, Inc. (INVA) reported revenue of $359 million for fiscal 2024, the year ended 31 December 2024, up 15.5% on the year before. Net income was $23 million, down 87.0%, and diluted earnings per share $0.36. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$359 million

+15.5% on the year

FY2017FY2024

Operating margin

46.5%

36.7% a year earlier

FY2017FY2024

Net income

$23 million

-87.0% on the year

FY2017FY2024

Diluted EPS

$0.36

-83.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	359	310	331	+15.5%
Gross profit	296	246	n/a	+20.4%
Gross margin	82.6%	79.2%	n/a
Research and development	13.7	33.9	41.4	-59.7%
Selling, general and administrative	116	98.2	63.5	+17.8%
Operating income	167	114	287	+46.5%
Operating margin	46.5%	36.7%	86.6%
Interest expense	22.2	19.2	15.8	+15.9%
Pre-tax income	37.4	194	287	-80.7%
Income tax	14.0	14.4	66.7	-2.6%
Effective tax rate	37.4%	7.4%	23.2%
Net income	23.4	180	214	-87.0%
Net margin	6.5%	57.9%	64.6%
Diluted EPS	$0.36	$2.20	$2.37	-83.6%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	189	141	202	+33.8%
Capital expenditure	0.3	0.4	0.1	-34.3%
Free cash flow	188	141	202	+34.0%
Free cash flow margin	52.5%	45.3%	60.9%
Cash from investing	-63.8	-66.8	-56.6
Cash from financing	-13.5	-172	-55.6
Share-based compensation	6.4	5.8	7.3	+9.2%
Buybacks	14.8	75.7	8.5	-80.5%
Diluted shares, weighted	74m	87m	95m	-14.6%
Shares outstanding at period end	63m	63m	69m	-1.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	691	675	566	+2.4%
Non-controlling interest	n/a	n/a	0.0
Debt	448	446	540	+0.5%
Operating lease liabilities	1.2	1.6	2.4	-27.9%
Other liabilities	160	121	123	+32.9%
Total liabilities and equity	1,301	1,244	1,231	+4.6%
Fixed assets	0.5	0.5	0.2	+6.4%
Goodwill	17.9	17.9	26.7	0.0%
Intangible assets	208	230	253	-9.5%
Investments	342	444	364	-23.1%
Cash and equivalents	305	194	291	+57.6%
Inventory	33.7	40.7	55.9	-17.2%
Other assets	394	316	241	+24.6%
Total assets	1,301	1,244	1,231	+4.6%

10-K for the year ended 31 December 2024, filed 26 February 2025: the filing.