Innoviva (INVA) FY2025 results: revenue $411 million, up 14.7% on the year
Innoviva, Inc. (INVA) reported revenue of $411 million for fiscal 2025, the year ended 31 December 2025, up 14.7% on the year before. Net income was $271 million, up 1059.2%, and diluted earnings per share $3.30. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$411 million
+14.7% on the year
FY2018FY2025
Operating margin
39.8%
46.5% a year earlier
FY2018FY2025
Net income
$271 million
+1,059.2% on the year
FY2018FY2025
Diluted EPS
$3.30
+816.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
Total revenue grew 25% in quarter: The company reported fourth quarter 2025 total revenue of $114.6 million, up 25% from $91.8 million, and full year 2025 total revenue of $411.3 million, up 15% from $358.7 million.
NUZOLVENCE approved as fifth product: The FDA approved NUZOLVENCE (zoliflodacin), a single-dose oral treatment for uncomplicated urogenital gonorrhea, in December 2025, based on a Phase 3 trial across five countries.
GIAPREZA led U.S. product sales: Fourth quarter U.S. sales were $19.3 million from GIAPREZA, $10.7 million from XACDURO and $3.8 million from XERAVA. Full year U.S. sales were $71.8 million, $33.4 million and $13.3 million respectively.
R&D spend rose for the year: Research and development expense was $30.6 million for the full year, versus $13.7 million in 2024, and $4.6 million in the fourth quarter, versus $3.7 million a year earlier.
Cash balance rose to $550.9 million: Cash and cash equivalents were $550.9 million at December 31, 2025, versus $305.0 million a year earlier. Operating cash flow for the full year was $196.9 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
197
189
141
+4.4%
Capital expenditure
1.1
0.3
0.4
+318.9%
Free cash flow
196
188
141
+3.9%
Free cash flow margin
47.6%
52.5%
45.3%
Cash from investing
40.5
-63.8
-66.8
Cash from financing
8.6
-13.5
-172
Share-based compensation
9.5
6.4
5.8
+48.3%
Buybacks
4.5
14.8
75.7
-69.3%
Diluted shares, weighted
85m
74m
87m
+14.3%
Shares outstanding at period end
75m
63m
63m
+19.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,173
691
675
+69.7%
Debt
258
448
446
-42.5%
Operating lease liabilities
10.9
1.2
1.6
+821.8%
Other liabilities
194
160
121
+20.8%
Total liabilities and equity
1,635
1,301
1,244
+25.7%
Fixed assets
1.6
0.5
0.5
+202.5%
Goodwill
17.9
17.9
17.9
0.0%
Intangible assets
182
208
230
-12.6%
Investments
404
342
444
+18.4%
Cash and equivalents
551
305
194
+80.7%
Inventory
39.2
33.7
40.7
+16.2%
Other assets
439
394
316
+11.4%
Total assets
1,635
1,301
1,244
+25.7%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.