$INVA
Innoviva, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023057530 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $85.84M $67.26M
YoY Change 30.45% 0.0%
Cost Of Revenue $13.13M $10.20M
YoY Change 29.83% 177.17%
Gross Profit $72.71M $57.10M
YoY Change 30.56% -10.19%
Gross Profit Margin 84.7% 84.9%
Selling, General & Admin $26.32M $28.64M
YoY Change 50.79% 2.97%
% of Gross Profit 36.2% 50.15%
Research & Development $2.356M $3.989M
YoY Change -76.4% -65.98%
% of Gross Profit 3.24% 6.99%
Depreciation & Amortization $10.00M $9.900M
YoY Change 42.83% 82.83%
% of Gross Profit 13.76% 17.34%
Operating Expenses $35.18M $32.63M
YoY Change 11.67% -114.89%
Operating Profit $37.53M $24.48M
YoY Change 55.18% -91.34%
Interest Expense $24.36M $4.396M
YoY Change -128.24% -13.74%
% of Operating Profit 64.91% 17.96%
Other Income/Expense, Net -$680.0K $1.047M
YoY Change -74.08% 3639.29%
Pretax Income $61.20M $85.95M
YoY Change -194.61% -69.99%
Income Tax -$330.0K $3.900M
% Of Pretax Income -0.54% 4.54%
Net Earnings $61.53M $82.05M
YoY Change -190.07% -64.23%
Net Earnings / Revenue 71.68% 121.99%
Basic Earnings Per Share $1.26
Diluted Earnings Per Share $0.72 $0.98
COMMON SHARES
Basic Shares Outstanding 64.09M 65.10M
Diluted Shares Outstanding 86.16M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $193.5M $180.0M
YoY Change -33.51% -40.21%
Cash & Equivalents $193.5M $180.0M
Short-Term Investments
Other Short-Term Assets $4.264M $1.992M
YoY Change 45.38% -18.09%
Inventory $40.74M $40.52M
Prepaid Expenses
Receivables $84.08M $67.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $344.2M $305.0M
YoY Change -22.39% -32.91%
LONG-TERM ASSETS
Property, Plant & Equipment $483.0K $361.0K
YoY Change 184.12% 118.79%
Goodwill $17.90M $17.90M
YoY Change -32.96% 11.88%
Intangibles $230.3M $236.8M
YoY Change -8.93% -8.37%
Long-Term Investments $561.0M $529.5M
YoY Change 39.2% 8.26%
Other Assets $3.267M $3.444M
YoY Change -24.01% -25.45%
Total Long-Term Assets $899.3M $883.1M
YoY Change 14.12% 1.14%
TOTAL ASSETS
Total Short-Term Assets $344.2M $305.0M
Total Long-Term Assets $899.3M $883.1M
Total Assets $1.244B $1.188B
YoY Change 0.98% -10.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.717M $3.783M
YoY Change 128.55% -0.58%
Accrued Expenses $30.14M $30.70M
YoY Change -10.27% 12.47%
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 $38.13M $36.18M
YoY Change -71.75% -77.92%
LONG-TERM LIABILITIES
Long-Term Debt $446.2M $445.7M
YoY Change 0.46% 0.46%
Other Long-Term Liabilities $71.87M $68.69M
YoY Change 1.34% -12.41%
Total Long-Term Liabilities $518.1M $514.4M
YoY Change 0.58% -1.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.13M $36.18M
Total Long-Term Liabilities $518.1M $514.4M
Total Liabilities $556.2M $550.6M
YoY Change -14.43% -19.74%
SHAREHOLDERS EQUITY
Retained Earnings -$25.19M -$86.72M
YoY Change -87.71% -36.51%
Common Stock $1.094B $1.108B
YoY Change -6.06% -5.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $675.0M $627.5M
YoY Change
Total Liabilities & Shareholders Equity $1.244B $1.188B
YoY Change 0.98% -10.51%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $61.53M $82.05M
YoY Change -190.07% -64.23%
Depreciation, Depletion And Amortization $10.00M $9.900M
YoY Change 42.83% 82.83%
Cash From Operating Activities $33.26M $43.90M
YoY Change 273.79% 179.8%
INVESTING ACTIVITIES
Capital Expenditures $111.0K $300.0K
YoY Change 226.47% -2827.27%
Acquisitions
YoY Change
Other Investing Activities -$4.950M -$25.70M
YoY Change -42.73% -126.3%
Cash From Investing Activities -$5.161M -$25.90M
YoY Change -40.53% -126.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.54M -11.10M
YoY Change 45.38% -88.46%
NET CHANGE
Cash From Operating Activities 33.26M 43.90M
Cash From Investing Activities -5.161M -25.90M
Cash From Financing Activities -14.54M -11.10M
Net Change In Cash 13.56M 6.900M
YoY Change -238.69% -60.0%
FREE CASH FLOW
Cash From Operating Activities $33.26M $43.90M
Capital Expenditures $111.0K $300.0K
Free Cash Flow $33.15M $43.60M
YoY Change 273.98% 177.69%

Facts In Submission

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inva Accrued Interest Income Included In Long Term Investments
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us-gaap Increase Decrease In Due From Related Parties Current
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Interest Payable Net
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Minority Shareholders
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inva Purchase Of Entasis Noncontrolling Interest
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inva Purchase Of Entasis Noncontrolling Interest
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Repayments Of Unsecured Debt
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inva Purchases Of Capped Call Options Associated With Convertible Senior Notes
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q3 us-gaap Restricted Cash
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Earnings Per Share Basic
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CY2023Q3 us-gaap Earnings Per Share Diluted
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CY2022Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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3.07
us-gaap Use Of Estimates
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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Management’s Estimates</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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
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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and of Significant Suppliers and Partner</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">/BREO</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and ANORO</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">/BREO</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and ANORO</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">We also started recognizing revenue from product sales of GIAPREZA</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and XERAVA</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as a result of our acquisition of La Jolla and XACDURO</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, which was commercially launched in September 2023. 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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Three</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of our customers each account for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">27</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">28</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">26</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, of our net product sales for the three months ended </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">32</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">28</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">27</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, for the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">nine months ended September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. These same customers account for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">29</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">28</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">14</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, of our receivables from net product sales, which are included in “Accounts receivables, net” in our unaudited condensed consolidated balance sheet as of </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2023.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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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