$INVA
Innoviva, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019835 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $80.99M $76.37M $322.0K
YoY Change 11086.74% 23618.01% 973.33%
Cost Of Revenue $8.979M $10.35M
YoY Change
Gross Profit $72.01M $66.02M
YoY Change
Gross Profit Margin 88.91% 86.45%
Selling, General & Admin $23.54M $19.74M $6.492M
YoY Change 99.81% 203.99% 8.2%
% of Gross Profit 32.69% 29.89%
Research & Development $14.99M $12.59M $5.838M
YoY Change 7.96% 115.62% 11814.29%
% of Gross Profit 20.81% 19.07%
Depreciation & Amortization $8.433M $7.284M $3.501M
YoY Change 134.84% 108.05% 1.18%
% of Gross Profit 11.71% 11.03%
Operating Expenses $43.49M $32.32M $12.33M
YoY Change 69.44% 162.15% 104.31%
Operating Profit $28.52M $33.70M $77.73M
YoY Change -65.45% -56.64% -2.21%
Interest Expense -$20.82M $4.427M $3.010M
YoY Change -669.71% 47.08% -35.88%
% of Operating Profit -73.0% 13.14% 3.87%
Other Income/Expense, Net -$1.896M -$1.346M -$250.0K
YoY Change 259.09% 438.4% -42.26%
Pretax Income $5.805M $41.14M $44.72M
YoY Change -71.68% -8.0% -65.45%
Income Tax $4.525M $6.300M $6.900M
% Of Pretax Income 77.95% 15.31% 15.43%
Net Earnings $1.280M $34.87M $37.86M
YoY Change -94.01% -7.91% -65.49%
Net Earnings / Revenue 1.58% 45.65% 11757.14%
Basic Earnings Per Share $0.02 $0.51 $0.23
Diluted Earnings Per Share $0.02 $0.42 $0.20
COMMON SHARES
Basic Shares Outstanding 65.50M 68.13M 69.54M
Diluted Shares Outstanding 65.49M 89.79M 93.73M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.0M $144.0M $216.8M
YoY Change -38.99% -33.56% -23.36%
Cash & Equivalents $173.0M $144.0M $216.8M
Short-Term Investments
Other Short-Term Assets $22.67M $2.821M $1.930M
YoY Change 1926.01% 46.17% 75.45%
Inventory $46.85M $49.65M
Prepaid Expenses
Receivables $81.00M $75.80M $93.52M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $323.5M $296.4M $317.8M
YoY Change -19.18% -6.73% -14.78%
LONG-TERM ASSETS
Property, Plant & Equipment $2.880M $180.0K $191.0K
YoY Change 1536.36% -5.76% 695.83%
Goodwill $14.90M $27.90M $5.544M
YoY Change 168.76% 403.25%
Intangibles $243.4M $248.3M $105.0M
YoY Change 131.77% 136.49%
Long-Term Investments $433.0M $455.9M $544.4M
YoY Change -12.37% -16.27% 4.84%
Other Assets $9.889M $3.893M $313.0K
YoY Change 754.71% 1143.77% 66.49%
Total Long-Term Assets $794.7M $833.3M $789.7M
YoY Change 7.78% 5.53% 10.39%
TOTAL ASSETS
Total Short-Term Assets $323.5M $296.4M $317.8M
Total Long-Term Assets $794.7M $833.3M $789.7M
Total Assets $1.118B $1.130B $1.107B
YoY Change -1.71% 2.01% 1.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.592M $5.933M $1.808M
YoY Change 6.22% 228.15% 12814.29%
Accrued Expenses $31.40M $29.96M $11.40M
YoY Change 23.07% 162.7% 200.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $96.02M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $39.40M $38.14M $109.2M
YoY Change -68.71% -65.08% 2771.37%
LONG-TERM LIABILITIES
Long-Term Debt $445.2M $444.7M $442.7M
YoY Change 0.46% 0.44% 14.19%
Other Long-Term Liabilities $78.56M $70.13M $3.299M
YoY Change 2441.41% 2025.89% 4184.42%
Total Long-Term Liabilities $523.8M $514.8M $446.0M
YoY Change 17.36% 15.42% 15.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.40M $38.14M $109.2M
Total Long-Term Liabilities $523.8M $514.8M $446.0M
Total Liabilities $563.2M $553.0M $555.3M
YoY Change -1.58% -0.41% 41.79%
SHAREHOLDERS EQUITY
Retained Earnings -$168.8M -$170.0M -$403.1M
YoY Change -58.04% -57.82% -35.79%
Common Stock $1.118B $1.125B $1.184B
YoY Change -5.63% -4.92% -6.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $555.1M $561.5M $386.6M
YoY Change
Total Liabilities & Shareholders Equity $1.118B $1.130B $1.107B
YoY Change -1.71% 2.01% 1.76%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $1.280M $34.87M $37.86M
YoY Change -94.01% -7.91% -65.49%
Depreciation, Depletion And Amortization $8.433M $7.284M $3.501M
YoY Change 134.84% 108.05% 1.18%
Cash From Operating Activities $38.18M $25.68M $98.10M
YoY Change -51.69% -73.82% 16.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $33.00K $9.000K
YoY Change -100.0% 266.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$35.69M $2.015M
YoY Change -100.0% -1871.17% -98.21%
Cash From Investing Activities $0.00 -$35.72M -$143.2M
YoY Change -100.0% -75.05% 442.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $260.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.206M -137.0M 60.33M
YoY Change -5.43% -327.02% -383.11%
NET CHANGE
Cash From Operating Activities 38.18M 25.68M 98.10M
Cash From Investing Activities 0.000 -35.72M -143.2M
Cash From Financing Activities -9.206M -137.0M 60.33M
Net Change In Cash 28.98M -147.0M 15.28M
YoY Change -56.61% -1062.23% -58.03%
FREE CASH FLOW
Cash From Operating Activities $38.18M $25.68M $98.10M
Capital Expenditures $0.00 $33.00K $9.000K
Free Cash Flow $38.18M $25.65M $98.09M
YoY Change -51.7% -73.85% 16.63%

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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
552217000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
34865000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
37858000
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-812000
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6860000
CY2023Q1 inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
3479000
CY2022Q1 inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
3501000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3805000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2023Q1 inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
6842000
CY2022Q1 inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
0
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1598000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
954000
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
523000
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
377000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
15817000
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-11950000
CY2023Q1 inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
-2164000
CY2022Q1 inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
2539000
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-20662000
CY2023Q1 inva Accrued Interest Income Included In Long Term Investments
AccruedInterestIncomeIncludedInLongTermInvestments
-1482000
CY2022Q1 inva Accrued Interest Income Included In Long Term Investments
AccruedInterestIncomeIncludedInLongTermInvestments
0
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2062000
CY2022Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-280000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6089000
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
0
CY2023Q1 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
5642000
CY2022Q1 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-17196000
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
598000
CY2022Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
0
CY2023Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-5440000
CY2022Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1345000
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-518000
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-99000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2994000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
198000
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-565000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2116000
CY2023Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3526000
CY2022Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-2755000
CY2023Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
49000
CY2022Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
25684000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
98102000
CY2023Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0
CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
45000000
CY2023Q1 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
35689000
CY2022Q1 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
11217000
CY2023Q1 inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
3891000
CY2022Q1 inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
2015000
CY2023Q1 inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
1289000
CY2022Q1 inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
24281000
CY2023Q1 inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
-2602000
CY2022Q1 inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
132266000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9000
CY2023Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0
CY2022Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
23070000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35722000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-143156000
CY2023Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
6507000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40735000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
23000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
46000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
260000
CY2023Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
96204000
CY2022Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
165131000
CY2023Q1 inva Purchases Of Capped Call Options Associated With Convertible Senior Notes
PurchasesOfCappedCallOptionsAssociatedWithConvertibleSeniorNotes
0
CY2022Q1 inva Purchases Of Capped Call Options Associated With Convertible Senior Notes
PurchasesOfCappedCallOptionsAssociatedWithConvertibleSeniorNotes
21037000
CY2023Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
252792000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-136962000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
60331000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-147000000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15277000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
291049000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
201525000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
144049000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
216802000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
6202000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
5411000
CY2023Q1 inva Non Cash Activity
NonCashActivity
0
CY2022Q1 inva Non Cash Activity
NonCashActivity
28123000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3289000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Management’s Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Management evaluates its significant accounting policies and estimates on an ongoing basis. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. These estimates also form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources.</span></p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and of Significant Suppliers and Partner</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and equity and long-term investments. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed federally insured limits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We are dependent on third-party manufacturers to supply active pharmaceutical ingredients (“API”) and drug products for research and development and commercial programs. These programs could be adversely affected by significant interruption in the supply of API or drug products.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Currently, we derive most of our revenues from GSK and our near-term success depends in large part on GSK’s ability to successfully develop and commercialize the products in the respiratory programs partnered with GSK. Our near-term success depends in large part upon the performance by GSK of its commercial obligations under the GSK Agreements and the commercial success of RELVAR</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">/BREO</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> ELLIPTA</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> and ANORO</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> ELLIPTA</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. If GSK does not devote sufficient resources to the commercialization or development of these products, is unsuccessful in its efforts, or chooses to reprioritize its commercial programs, our business would be materially harmed. GSK is responsible for all clinical and other product development, regulatory, manufacturing and commercialization activities for products developed under the GSK Agreements, including RELVAR</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">/BREO</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> ELLIPTA</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> and ANORO</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> ELLIPTA</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. Our quarterly royalty revenues may fluctuate due to a variety of factors, many of which are outside of our control. Our royalty revenues under the GSK Agreements may not meet our analysts’ or investors’ expectations due to a number of important factors.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We also started recognizing revenue from product sales as a result of our acquisition of La Jolla. Hospitals and other healthcare organizations generally purchase our products through a network of specialty distributors. These specialty distributors, which are located in the U.S., are considered our customers for accounting purposes. We do not believe that the loss of one of these distributors would significantly impact our ability to distribute our products, as we expect that sales volume would be absorbed by new or remaining distributors. </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Three</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> of our customers each account for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">32</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%, </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">31</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">30</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%, respectively, of our net product sales for the three months ended March 31, 2023. These same customers account for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">38</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%, </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">23</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">36</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%, respectively, of our receivables from net product sales, which are included in “Accounts receivables, net” in our unaudited consolidated balance sheet as of March 31, 2023.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Refer to Item 1A. “Risk Factors” disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.</span></p>
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