Innoviva Reports Strong Third Quarter 2024 Financial Results; Highlights Recent Company Progress

Innoviva, Inc. (NASDAQ: INVA) recently announced its financial results for the third quarter that ended on September 30, 2024. The company showcased robust performance across its core royalty platform and highlighted significant achievements in its commercial products and strategic investments in healthcare assets.

CEO Pavel Raifeld mentioned, “For the third quarter of 2024, we continue to deliver strong revenue growth, with solid performance from our core GSK royalty assets, and accelerating sales from our IST commercial products.” He further noted advancements in product nominations, including XACDURO® being nominated for the Best Biotechnology Product by The Galien Foundation USA, recognizing its groundbreaking impact on patients.

Financially, key highlights from the quarter included $60.5 million in gross royalty revenue from Glaxo Group Limited (“GSK”), a 68% year-over-year growth in U.S. net product sales, and license revenue of $4.6 million. Innoviva also reported net income of $1.2 million for the third quarter of 2024.

The company continues to make significant progress in its research and development activities. Notably, the potential first-in-class, single dose, oral antibiotic, Zoliflodacin, is being developed in partnership with GARDP for the treatment of patients with uncomplicated gonorrhea. Innoviva presented additional findings on zoliflodacin at various conferences, showcasing promising results and paving the way for a New Drug Application submission to the U.S. FDA in early 2025.

Innoviva, a diversified holding company, focuses on its core royalty portfolio with GSK and its critical care and infectious disease platform called Innoviva Specialty Therapeutics (“IST”). The company’s commitment to innovation and strategic investments in healthcare assets underlie its growth strategy and shareholder value maximization.

Disclaimer: This article is based on information extracted from Innoviva’s Form 8-K filing with the Securities and Exchange Commission on November 6, 2024. For more details, refer to their official SEC filing and press release.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Innoviva’s 8K filing here.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.