Innoviva, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 02, 2023 at 04:05 pm EDT
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Innoviva, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 80.99 million compared to USD 108.22 million a year ago. Net income was USD 1.28 million compared to USD 0.939 million a year ago. Basic earnings per share from continuing operations was USD 0.02 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.02.
For the six months, revenue was USD 157.36 million compared to USD 198.28 million a year ago. Net income was USD 36.15 million compared to USD 16.71 million a year ago. Basic earnings per share from continuing operations was USD 0.54 compared to USD 0.24 a year ago. Diluted earnings per share from continuing operations was USD 0.46 compared to USD 0.24 a year ago.
Innoviva, Inc. is a diversified holding company with a portfolio of royalties and other healthcare assets. The Company's royalty portfolio consists of respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol, FF/VI) and ANORO ELLIPTA (umeclidinium bromide/vilanterol, UMEC/VI). Under the Long-Acting Beta2 Agonist (LABA) Collaboration Agreement, the Company is entitled to receive royalties from GSK on sales of RELVAR/BREO ELLIPTA. The Company's products include GIAPREZA and XERAVA. GIAPREZA (angiotensin II) injection is approved by the United States Food and Drug Administration (FDA) as a vasoconstrictor indicated to increase blood pressure in adults with septic or other distributive shock. XERAV (eravacycline) for injection is approved by the United States FDA and Singapore Health Sciences Authority (HSA) as a tetracycline class antibacterial indicated for the treatment of complicated intra-abdominal infections (cIAI).