$INVA
Innoviva, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023037296 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $67.26M $80.99M
YoY Change 0.0% 11086.74%
Cost Of Revenue $10.20M $8.979M
YoY Change 177.17%
Gross Profit $57.10M $72.01M
YoY Change -10.19%
Gross Profit Margin 84.9% 88.91%
Selling, General & Admin $28.64M $23.54M
YoY Change 2.97% 99.81%
% of Gross Profit 50.15% 32.69%
Research & Development $3.989M $14.99M
YoY Change -65.98% 7.96%
% of Gross Profit 6.99% 20.81%
Depreciation & Amortization $9.900M $8.433M
YoY Change 82.83% 134.84%
% of Gross Profit 17.34% 11.71%
Operating Expenses $32.63M $43.49M
YoY Change -114.89% 69.44%
Operating Profit $24.48M $28.52M
YoY Change -91.34% -65.45%
Interest Expense $4.396M -$20.82M
YoY Change -13.74% -669.71%
% of Operating Profit 17.96% -73.0%
Other Income/Expense, Net $1.047M -$1.896M
YoY Change 3639.29% 259.09%
Pretax Income $85.95M $5.805M
YoY Change -69.99% -71.68%
Income Tax $3.900M $4.525M
% Of Pretax Income 4.54% 77.95%
Net Earnings $82.05M $1.280M
YoY Change -64.23% -94.01%
Net Earnings / Revenue 121.99% 1.58%
Basic Earnings Per Share $1.26 $0.02
Diluted Earnings Per Share $0.98 $0.02
COMMON SHARES
Basic Shares Outstanding 65.10M 65.50M
Diluted Shares Outstanding 86.16M 65.49M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.0M $173.0M
YoY Change -40.21% -38.99%
Cash & Equivalents $180.0M $173.0M
Short-Term Investments
Other Short-Term Assets $1.992M $22.67M
YoY Change -18.09% 1926.01%
Inventory $40.52M $46.85M
Prepaid Expenses
Receivables $67.80M $81.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $305.0M $323.5M
YoY Change -32.91% -19.18%
LONG-TERM ASSETS
Property, Plant & Equipment $361.0K $2.880M
YoY Change 118.79% 1536.36%
Goodwill $17.90M $14.90M
YoY Change 11.88% 168.76%
Intangibles $236.8M $243.4M
YoY Change -8.37% 131.77%
Long-Term Investments $529.5M $433.0M
YoY Change 8.26% -12.37%
Other Assets $3.444M $9.889M
YoY Change -25.45% 754.71%
Total Long-Term Assets $883.1M $794.7M
YoY Change 1.14% 7.78%
TOTAL ASSETS
Total Short-Term Assets $305.0M $323.5M
Total Long-Term Assets $883.1M $794.7M
Total Assets $1.188B $1.118B
YoY Change -10.51% -1.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.783M $4.592M
YoY Change -0.58% 6.22%
Accrued Expenses $30.70M $31.40M
YoY Change 12.47% 23.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $36.18M $39.40M
YoY Change -77.92% -68.71%
LONG-TERM LIABILITIES
Long-Term Debt $445.7M $445.2M
YoY Change 0.46% 0.46%
Other Long-Term Liabilities $68.69M $78.56M
YoY Change -12.41% 2441.41%
Total Long-Term Liabilities $514.4M $523.8M
YoY Change -1.47% 17.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.18M $39.40M
Total Long-Term Liabilities $514.4M $523.8M
Total Liabilities $550.6M $563.2M
YoY Change -19.74% -1.58%
SHAREHOLDERS EQUITY
Retained Earnings -$86.72M -$168.8M
YoY Change -36.51% -58.04%
Common Stock $1.108B $1.118B
YoY Change -5.44% -5.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $627.5M $555.1M
YoY Change
Total Liabilities & Shareholders Equity $1.188B $1.118B
YoY Change -10.51% -1.71%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $82.05M $1.280M
YoY Change -64.23% -94.01%
Depreciation, Depletion And Amortization $9.900M $8.433M
YoY Change 82.83% 134.84%
Cash From Operating Activities $43.90M $38.18M
YoY Change 179.8% -51.69%
INVESTING ACTIVITIES
Capital Expenditures $300.0K $0.00
YoY Change -2827.27% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$25.70M $0.00
YoY Change -126.3% -100.0%
Cash From Investing Activities -$25.90M $0.00
YoY Change -126.5% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.10M -9.206M
YoY Change -88.46% -5.43%
NET CHANGE
Cash From Operating Activities 43.90M 38.18M
Cash From Investing Activities -25.90M 0.000
Cash From Financing Activities -11.10M -9.206M
Net Change In Cash 6.900M 28.98M
YoY Change -60.0% -56.61%
FREE CASH FLOW
Cash From Operating Activities $43.90M $38.18M
Capital Expenditures $300.0K $0.00
Free Cash Flow $43.60M $38.18M
YoY Change 177.69% -51.7%

Facts In Submission

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36145000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
59229000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
0
CY2022Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
20432000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
0
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
42517000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1280000
CY2022Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
939000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
36145000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
16712000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
565788000
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
40735000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1598000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
34865000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
561493000
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1520000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
1280000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
555087000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
525935000
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
6507000
CY2022Q1 inva Changes To Noncontrolling Interest From A Consolidated Variable Interest Entity
ChangesToNoncontrollingInterestFromAConsolidatedVariableInterestEntity
38471000
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
214000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
954000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
-16585000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
37858000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
552217000
CY2022Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
9545000
CY2022Q2 inva Changes To Noncontrolling Interest From A Consolidated Variable Interest Entity
ChangesToNoncontrollingInterestFromAConsolidatedVariableInterestEntity
-2000
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
68000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
3000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1350000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
21371000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
565462000
us-gaap Profit Loss
ProfitLoss
36145000
us-gaap Profit Loss
ProfitLoss
59229000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
533000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5984000
inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
6954000
inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
7092000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8763000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
13750000
inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
0
us-gaap Share Based Compensation
ShareBasedCompensation
3118000
us-gaap Share Based Compensation
ShareBasedCompensation
2304000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1032000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
931000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-4094000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-54773000
inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
-2247000
inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
-13238000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-0
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-20662000
inva Accrued Interest Income Included In Long Term Investments
AccruedInterestIncomeIncludedInLongTermInvestments
-1482000
inva Accrued Interest Income Included In Long Term Investments
AccruedInterestIncomeIncludedInLongTermInvestments
0
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1061000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-857000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5874000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
0
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
11049000
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
965000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4699000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
0
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-9024000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-2968000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1534000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-66000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1653000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2713000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3260000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
6939000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-937000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
346000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
99000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1160000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
63866000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
177137000
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
45000000
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
35689000
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
13726000
inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
17784000
inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
38026000
inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
2482000
inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
24281000
inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
-15302000
inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
96255000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22000
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
23070000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35722000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-145678000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
16054000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50021000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
54000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
59000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
111000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
341000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
96204000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
165131000
inva Purchases Of Capped Call Options Associated With Convertible Senior Notes
PurchasesOfCappedCallOptionsAssociatedWithConvertibleSeniorNotes
0
inva Purchases Of Capped Call Options Associated With Convertible Senior Notes
PurchasesOfCappedCallOptionsAssociatedWithConvertibleSeniorNotes
21037000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
252536000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-146168000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
50596000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-118024000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
82055000
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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
173025000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
283580000
us-gaap Interest Paid Net
InterestPaidNet
6202000
us-gaap Interest Paid Net
InterestPaidNet
5411000
inva Non Cash Activity
NonCashActivity
0
inva Non Cash Activity
NonCashActivity
28123000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3289000
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>
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;">37</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;">29</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;">27</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 </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;">June 30, 2023</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;">35</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;">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;">% 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;">29</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, for the six months ended </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;">June 30, 2023</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;">. 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;">37</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;">34</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;">26</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 </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;">June 30, 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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0
CY2023Q2 inva Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
261000000
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
453500000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
362000
us-gaap Operating Lease Expense
OperatingLeaseExpense
719000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
47000
us-gaap Variable Lease Cost
VariableLeaseCost
95000
CY2023Q2 us-gaap Lease Cost
LeaseCost
409000
us-gaap Lease Cost
LeaseCost
814000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.084
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
769000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1280000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1300000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
25000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3374000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
290000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3084000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10800000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.043

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