Innoviva, Inc.

Health Care
Biotechnology: Pharmaceutical Preparations
www.inva.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.19B
PE 18
Debt $645.34M
Cash $260.63M
EV $1.58B
FCF $162.29M

Earnings

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Sales & Net Margins

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Earnings	$64.59M
EBIT	$73.90M
ROE	10%
ROA	6%
FCF	$162.29M
Equity	$668.54M
Growth Stability	77%
PE	18.45
PEG	-1.38
PB	1.78
P/FCF	7.34
P/S	3.38
Price/Cash	0.22
Debt/Equity	0.97
Debt/FCF	3.98
Net Margins	1%
Op. Margins	21%
Earnings CAGR	9%
Sales Growth YoY	33%
Sales Growth QoQ	-10%
Sales CAGR	16%
FCF CAGR	12%
Equity CAGR	11%
Earnings Stability	0.1
Earnings Growth YoY	-99%
Earnings Growth QoQ	-103%

Earnings CAGR 5Y	-13%
Sales CAGR 5Y	1%
FCF CAGR 5Y	-19%
Equity CAGR 5Y	10%
Earnings CAGR 3Y	-8%
Sales CAGR 3Y	-8%
FCF CAGR 3Y	-33%
Equity CAGR 3Y	9%
Market Cap	$1.19B
Revenue	$352.75M
Assets	$1.23B
Total Debt	$645.34M
Cash	$260.63M
Shares Outstanding	62.57M
EV	1.58B
Earnings Score	8%
Moat Score	71%
Safety Score	85%
Final Score	54%
Working Capital	176.87M
Current Ratio	1.79
Shares Growth 3y	-5%
Equity Growth QoQ	0%
Equity Growth YoY	7%

Assets & ROA

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Stockholders Equity & ROE

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Innoviva Inc develops biopharmaceutical drugs in the antibiotic, respiratory, and digestive realms. Theravance's respiratory compounds are in late-stage trials for asthma and chronic obstructive pulmonary disease. Its product offering includes Relvar/Breo/Ellipta, Anoro, Ellipta, Trelegy, Ellipta and others. The firm collaborates with and receives funding from GlaxoSmithKline.

SEC Filings

Direct access to Innoviva, Inc. (INVA) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Innoviva, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Innoviva, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 9%

Stability 10%

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Innoviva, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Innoviva, Inc..

Years

Calculation mode

= $3.7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$162M	$182M	$203M	$227M	$254M	$285M	$318M	$356M	$399M	$446M	$499M	$5B
DCF		$165M	$168M	$171M	$174M	$177M	$180M	$183M	$186M	$189M	$192M	$1.9B
Value	$3.7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-35%	45%	62%	151%	60%	67%	68%	65%	58%	1%
ROA	-	29%	50%	43%	34%	35%	48%	23%	16%	6%
ROE	-	-17%	-55%	248%	46%	37%	51%	38%	27%	10%

Bad Net Margins (1.15%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	12.12	4.78	2	1.68	1.38	1.19	3.2	3.22	3.98
Debt over Equity	-2.18	-2.08	-2.79	2.81	1.27	0.71	0.82	1.14	0.67	0.97
Growth Stability	-	-	-	100%	80%	98%	100%	99%	77%	77%

Neutral Debt/FCF ratio (3.98)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.97)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (77%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	148%	63%	20%	0%	29%	16%	-15%	-6%	1%
Earnings YoY growth	-	-417%	125%	195%	-60%	43%	18%	-20%	-16%	-13%
Equity YoY growth	-	3%	-31%	-166%	115%	78%	-13%	8%	19%	10%
FCF YoY growth	-	500%	134%	58%	15%	22%	16%	-45%	-30%	-19%