Innoviva, Inc.
INVA evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for INVA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · INVA
Innoviva, Inc. (INVA) is a diversified biopharmaceutical company with a wholly owned critical care and infectious disease platform, royalty interests in respiratory products partnered with GSK, and strategic equity investments in healthcare companies.
Key risk: Royalty revenue dependence
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 4 clinical trials · 5 catalysts for Innoviva, Inc..
Innoviva, Inc. (INVA) is a diversified biopharmaceutical company with a wholly owned critical care and infectious disease platform, royalty interests in respiratory products partnered with GSK, and strategic equity investments in healthcare companies.
- Wholly owned critical care and infectious disease platform anchored by four commercial products: GIAPREZA, XACDURO, XERAVA, and ZEVTERA, plus an FDA-approved product expected to launch in H2 2026 [sec_mda · as of 2026-08-05].
- Royalty revenue from respiratory products partnered with GSK, including ANORO ELLIPTA, with tiered royalties ranging from 6.5% to 10% [sec_mda · as of 2026-08-05].
- Cash and equivalents of $570.4M as of 2026-06-30 [sec].
- Total revenue of $119.6M as of 2026-06-30 [sec].
- Significant equity stake in Armata Pharmaceuticals, a leader in bacteriophage development for infectious diseases [sec_mda · as of 2026-02-25].
What works
- Diversified revenue streams from both royalty-based respiratory assets and wholly owned commercial infectious disease products reduce dependence on a single source [sec_mda · as of 2026-08-05].
- Strong cash position of $570.4M as of 2026-06-30 provides financial flexibility for operations and strategic investments [sec].
- Late-stage pipeline includes zoliflodacin, a potential first-in-class single oral dose treatment for uncomplicated gonorrhea, with NDA submission planned [sec_mda · as of 2025-02-26].
- Equity stake in Armata Pharmaceuticals offers exposure to innovative bacteriophage therapies with potential across serious infectious diseases [sec_mda · as of 2026-02-25].
What to weigh
- Royalty revenue from GSK-partnered respiratory products is subject to commercial performance and market risks, including lower-than-expected sales [sec_mda · as of 2026-08-05].
- Commercialization of multiple products (GIAPREZA, XACDURO, XERAVA, ZEVTERA, NUZOLVENCE) depends on successful market adoption and regulatory approvals in various jurisdictions [sec_mda · as of 2026-08-05].
- Significant equity investments, such as in Armata, expose the company to market volatility and valuation fluctuations, as seen in fair value changes [sec_mda · as of 2025-11-05].
- Patent expirations for key products (ANORO ELLIPTA in 2030, ZEVTERA in 2034, NUZOLVENCE in 2035) could erode future revenue exclusivity [catalyst].
From the filings
Quoted directly from source documents.
Wholly owned critical care and infectious disease platform with four commercial products and an FDA-approved product expected in H2 2026.
“Our wholly owned, critical care and infectious disease operating platform with a hospital focus, is anchored by a portfolio of four commercial and marketed products, as well as an FDA-approved product which is expected to be available to patients in the second half of 2026”
SEC MD&A · August 5, 2026
Royalties from ANORO ELLIPTA tier upward from 6.5% to 10%.
“royalties from the sales of ANORO ® ELLIPTA ® , which tier upward at a range from 6.5% to 10%”
SEC MD&A · August 5, 2026
Significant equity stake in Armata Pharmaceuticals.
“a significant stake in Armata Pharmaceuticals, Inc. ("Armata"), a leader in development of bacteriophages with potential use across a range of infectious and other serious diseases”
SEC MD&A · February 25, 2026
Zoliflodacin is an investigational first-in-class single oral dose antibiotic for uncomplicated gonorrhea.
“Zoliflodacin: an investigational, first-in-class, single oral dose, spiropyrimidinetrione antibiotic for the treatment of uncomplicated gonorrhea in adults and pediatric patients 12 years and older”
SEC MD&A · November 5, 2025
Catalyst timeline
- 2030-11-29 · Patent_Expiry · ANORO ELLIPTA — Patent/exclusivity expiry for ANORO ELLIPTA, a key respiratory product partnered with GSK, could affect future royalty revenue.
- 2034-04-03 · Patent_Expiry · ZEVTERA — Patent/exclusivity expiry for ZEVTERA, a wholly owned antibiotic, may impact market exclusivity.
- 2035-12-12 · Patent_Expiry · NUZOLVENCE — Patent/exclusivity expiry for NUZOLVENCE, a wholly owned product, could reduce competitive barriers.
- 2037-01-06 · Patent_Expiry · GIAPREZA — Patent/exclusivity expiry for GIAPREZA, a critical care product, may affect revenue stream.
- 2037-10-19 · Patent_Expiry · XERAVA — Patent/exclusivity expiry for XERAVA, an infectious disease product, could open market to generics.
Risks & what to watch (4)›
Key risks
- Royalty revenue dependence — Lower-than-expected future royalty revenue from respiratory products partnered with GSK could impact financial performance [sec_mda · as of 2026-08-05].
- Commercialization risks — Commercial success of GIAPREZA, XACDURO, XERAVA, ZEVTERA, and NUZOLVENCE depends on market adoption and regulatory approvals [sec_mda · as of 2026-08-05].
- Equity investment volatility — Fair value of equity investments, including Armata, is subject to market fluctuations, as seen in prior periods [sec_mda · as of 2025-11-05].
- Patent expirations — Patent expirations for ANORO ELLIPTA (2030), ZEVTERA (2034), and others may reduce exclusivity and revenue [catalyst].
What to watch
- FDA approval and launch of zoliflodacin for uncomplicated gonorrhea, with NDA submission planned [sec_mda · as of 2025-02-26].
- Commercial performance of GIAPREZA, XACDURO, XERAVA, ZEVTERA, and NUZOLVENCE in approved markets [sec_mda · as of 2026-08-05].
- Royalty revenue trends from GSK-partnered respiratory products, including ANORO ELLIPTA [sec_mda · as of 2026-08-05].
- Valuation changes in equity investments, particularly Armata Pharmaceuticals [sec_mda · as of 2025-11-05].
Sources: Catalysts · SEC MD&A · Generated August 23, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.38 · 0% dilution
Lead: Approved
1 candidate
5 upcoming, next in ~1552d
No insider transactions in the last 180 days
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
284
Total value held
$1.80B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 11,307,845 | $263.5M |
| vanguard capital management llc | 6,283,162 | $146.4M |
| dimensional fund advisors lp | 4,436,427 | $103.4M |
| vanguard portfolio management llc | 4,224,951 | $98.4M |
| renaissance technologies llc | 4,055,632 | $94.5M |
| state street corp | 3,060,377 | $71.3M |
| millennium management llc | 2,279,451 | $53.1M |
| sarissa capital management lp | 2,130,950 | $49.7M |
| systematic financial management lp | 2,024,082 | $47.2M |
| geode capital management, llc | 1,929,718 | $45.0M |
Showing top 10 of 284 institutional holders of Innoviva, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 11.5%
- Days to cover
- 9.7
- Shares short
- 6,282,273
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
INVA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Innoviva, Inc.?
Innoviva, Inc. (INVA) is a diversified biopharmaceutical company with a wholly owned critical care and infectious disease platform, royalty interests in respiratory products partnered with GSK, and strategic equity investments in healthcare companies.
What is Innoviva, Inc.'s lead drug candidate?
Innoviva, Inc.'s most advanced tracked candidate is XACDURO (Approved) for hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter.
What is Innoviva, Inc.'s next catalyst?
Innoviva, Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent/Exclusivity Expiry: ANORO ELLIPTA" — expected November 29, 2030.
Who is the CEO of Innoviva, Inc.?
Mr. Pavel Raifeld C.F.A. is the chief executive officer of Innoviva, Inc. (INVA).
Where is Innoviva, Inc. headquartered?
Innoviva, Inc. (INVA) is headquartered in Burlingame, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.