Innoviva, Inc.

Innoviva, Inc. is a U.S.-based diversified biopharmaceutical company built around two main engines: royalty income from respiratory drugs partnered with GSK and a hospital-focused specialty therapeutics business. It also holds strategic healthcare investments, using capital allocation and acquisitions to expand beyond its legacy royalty model.

74,8 %

65,9 %

+14,7 %

14.64

13.85

— Innoviva, Inc.
%
Royalty portfolio66% Contractual royalties from GSK sales of RELVAR/BREO ELLIPTA and ANORO ELLIPTA.
Critical care products18% Hospital-use therapies such as GIAPREZA for shock and XACDURO for severe pneumonia.
Infectious disease antibiotics12% Anti-infective products including XERAVA, ZEVTERA and NUZOLVENCE.
License and other revenue1% Milestones, supply arrangements and other collaboration-related revenue.
Strategic healthcare investments3% Equity stakes, loans and acquired assets that may create future optionality.

Innoviva's royalty customers are ultimately patients treated through GSK's global respiratory franchise, while Innoviva...

  • GSK partnership royaltiesprimary

    GSK commercializes RELVAR/BREO and ANORO globally and pays Innoviva royalties on sales.

  • Hospitals and health systemsprimary

    Buy GIAPREZA, XACDURO, XERAVA, ZEVTERA and NUZOLVENCE for inpatient care.

  • Distributors and GPOssecondary

    Purchase and channel Innoviva products into hospital and institutional settings.

  • International commercialization partnerssecondary

    Partners such as Zai Lab support ex-U.S. supply, licensing and market access.

  • Strategic healthcare investeesemerging

    Portfolio companies and funds that receive capital, loans or equity support.

Innoviva is headquartered in Burlingame, California and operates as a U.S.-based company with global exposure through...

  • •Headquartered in Burlingame, California
  • •Royalty exposure is global through GSK's worldwide sales
  • •U.S. hospital sales are a major driver of product revenue
  • •Ex-U.S. product sales include collaboration-driven international markets
  • •China-linked licensing and supply arrangements add partner exposure

Innoviva is focused on maximizing value from its GSK royalty stream while scaling its specialty therapeutics platform...

01
Grow the specialty therapeutics platformshort-term

Product sales can diversify revenue beyond royalties and improve long-term growth.

02
Maximize GSK royalty valuemedium-term

Royalty cash flow remains the core economic engine and funds portfolio expansion.

03
Acquire and invest in healthcare assetsmedium-term

New assets can create optionality and reduce concentration risk.

Innoviva remains exposed to concentration in GSK-partnered royalties, so competitive pressure or weaker...

high

Dependence on GSK royalty performance

A large share of value comes from partnered respiratory products sold by GSK.

Scope
RELVAR/BREO ELLIPTA and ANORO ELLIPTA
Materiality
high
high

Competitive pressure in respiratory markets

Competing therapies can reduce sales of the underlying products and royalty base.

Scope
Global COPD and asthma markets
Materiality
high
medium

Hospital demand and launch execution

Product sales depend on formulary access, adoption and procurement timing.

Scope
GIAPREZA, XACDURO, XERAVA, ZEVTERA, NUZOLVENCE
Materiality
medium
medium

Fair value volatility in strategic investments

Equity and fund investments can swing earnings through unrealized gains/losses.

Scope
Armata and other healthcare investments
Materiality
medium
medium

Cybersecurity and data integrity

Multiple IT platforms and third-party systems increase breach and disruption risk.

Scope
Corporate systems and confidential data
Materiality
medium
Variable consideration on product sales
Affects GIAPREZA, XACDURO, XERAVA, ZEVTERA and NUZOLVENCE sales
Royalty accounting and partner reporting
Impacts BREO/RELVAR and ANORO royalty revenue
Fair value measurement of investments
Can create large unrealized gains or losses in earnings
Amortization of capitalized collaboration fees
Reduces net royalty revenue each period

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: 28/04/2026