INVA
HealthcareInnoviva, Inc. · Biotechnology · $2B
What is Innoviva, Inc.?
Innoviva, Inc. is a small-cap healthcare company focused on developing and commercializing respiratory pharmaceuticals in the United States and internationally. Its revenue is closely tied to a long-standing collaboration with GlaxoSmithKline.
Innoviva earns royalties and milestone payments through its LABA collaboration agreement with Glaxo Group Limited, covering once-daily inhaled medicines for chronic obstructive pulmonary disease and asthma. Rather than operating large commercial infrastructure itself, the company leverages its partner's global sales network to generate revenue from approved products.
Incorporated in 1996 and headquartered in Burlingame, California, the company rebranded from Theravance, Inc. to Innoviva, Inc. in January 2016.
- RELVAR/BREO ELLIPTA — once-daily ICS/LABA combination for asthma and COPD
- ANORO ELLIPTA — once-daily LAMA/LABA combination for COPD
- TRELEGY ELLIPTA — once-daily triple-combination ICS/LAMA/LABA therapy
Is INVA a Good Stock to Buy?
UQS Score rates INVA as Good overall, reflecting a balanced but nuanced profile across its five quality pillars.
The Risk pillar stands out as the clearest strength, suggesting the company carries a relatively conservative financial structure for its size. Valuation is rated Attractive, meaning the stock does not appear richly priced relative to its fundamentals — a meaningful consideration for value-oriented investors.
The Moat pillar is rated Weak, indicating limited competitive insulation beyond its existing partnership agreements. Quality and Growth are both Neutral, pointing to a business without a strong upward trajectory at this stage.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does INVA pay dividends?
No — Innoviva, Inc. does not currently pay a dividend.
Innoviva does not currently pay a dividend. Given its royalty-driven business model and strategic focus on portfolio management and partnerships, the company appears to prioritize capital allocation toward its investment activities rather than returning cash to shareholders through distributions.
When does INVA report earnings?
Innoviva reports earnings on a quarterly cadence, typical for US-listed equities.
As a royalty-focused company, Innoviva's quarterly results are heavily influenced by the commercial performance of its partnered respiratory products. Revenue trends tend to reflect prescription volumes for BREO, ANORO, and TRELEGY rather than operational expansion.
For the most recent quarter's results, see Innoviva's investor relations page at innoviva.com.
INVA Price History
+75.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Innoviva, Inc.?
Based on Innoviva, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
INVA Long-term Outlook
With Neutral Growth and a Strong Risk profile, Innoviva's near-term trajectory appears steady rather than expansionary. The business is not positioned as a high-growth vehicle, but its risk characteristics suggest relative stability. An Attractive Valuation label indicates the market may not be fully pricing in the durability of its royalty streams.
Growth drivers
- Continued prescription growth for TRELEGY ELLIPTA in the COPD and asthma market
- Potential milestone payments or portfolio additions through strategic partnerships
- Stable royalty income tied to a well-established GSK commercial infrastructure
Key risks
- Heavy revenue dependence on a single partner relationship with Glaxo Group Limited
- Weak Moat rating signals limited ability to defend revenue if partnership terms shift or competition intensifies
- Lack of internal pipeline diversification constrains long-term growth optionality
INVA vs Peers
Innoviva operates in a niche corner of the healthcare sector, and its royalty-based model distinguishes it from more operationally intensive peers.
MindMed is a clinical-stage company focused on psychedelic-derived therapeutics, representing a far earlier and higher-risk development profile than Innoviva's commercialized royalty model.
Oculis targets ophthalmic diseases with a pipeline-stage approach, contrasting with Innoviva's established respiratory product royalties.
Ardelyx focuses on cardiorenal diseases and has its own commercial-stage products, giving it a different revenue structure and therapeutic focus compared to Innoviva.
Frequently Asked Questions
What does Innoviva do?
Innoviva develops and commercializes respiratory pharmaceuticals, primarily through a royalty and collaboration agreement with Glaxo Group Limited. Its approved products — BREO ELLIPTA, ANORO ELLIPTA, and TRELEGY ELLIPTA — target chronic obstructive pulmonary disease and asthma. The company earns revenue based on the commercial performance of these medicines rather than running its own large sales force.
Does INVA pay dividends?
Innoviva does not currently pay a dividend. The company's royalty-focused model means capital tends to be directed toward strategic investments and partnership activities rather than shareholder distributions. Income-focused investors should factor this into their assessment.
When does INVA report earnings?
Innoviva reports on a quarterly cadence, consistent with US-listed equities. Because our data source does not cover specific upcoming dates, investors should check Innoviva's official investor relations page for the most current earnings calendar.
Is INVA a good stock to buy?
UQS Score rates INVA as Good overall. The Attractive Valuation and Strong Risk pillar suggest a relatively stable, reasonably priced business. However, a Weak Moat and Neutral Growth profile indicate limited competitive insulation and modest expansion potential. The full pillar breakdown is available to Pro members.
Is INVA overvalued?
The UQS Valuation pillar rates INVA as Attractive, suggesting the stock is not considered expensive relative to its fundamentals. For a royalty-driven healthcare company with a stable but narrow revenue base, this may appeal to value-oriented investors. Full valuation metrics are accessible through a UQS Pro account.
How does INVA compare to its competitors?
Innoviva's royalty model — anchored by commercialized respiratory products — differs meaningfully from peers like MindMed, Oculis, and Ardelyx, which are either earlier-stage or focused on different therapeutic areas. This gives INVA a more predictable revenue profile, though with limited growth optionality compared to pipeline-driven peers.
What is INVA's market cap bracket?
Innoviva is classified as a small-cap stock. This places it in a segment of the market that can offer valuation opportunities but also carries liquidity and concentration risks that larger-cap healthcare companies typically do not face.
Who founded Innoviva?
The company was originally incorporated in 1996 as Theravance, Inc. before rebranding to Innoviva, Inc. in January 2016. Founding details are widely available through public corporate filings and the company's official history.
Is INVA a long-term quality investment?
As a long-term quality indicator, INVA's Good UQS Score reflects a mixed picture. The Strong Risk profile and Attractive Valuation support durability, but the Weak Moat and Neutral Growth suggest the business lacks the compounding characteristics typically associated with high-conviction long-term holdings. Pro members can view the complete analysis.
What is the main competitive advantage of Innoviva?
Innoviva's primary advantage lies in its established royalty agreements tied to three approved respiratory medicines distributed through GSK's global commercial network. However, the UQS Moat pillar rates this as Weak, reflecting the concentration risk and dependence on a single partner relationship rather than a broad, self-sustaining competitive position.
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Pro Analysis
INVA — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 7, 2026 | 59.9 | 57.9 | 36.0 | 46.0 | 82.4 | 99.3 | +0.1 |
| May 3, 2026 | 59.8 | 57.9 | 36.0 | 46.0 | 82.4 | 98.2 | +0.1 |
| Apr 26, 2026 | 59.7 | 57.9 | 36.0 | 46.0 | 82.4 | 97.5 | +0.2 |
| Apr 19, 2026 | 59.5 | 57.9 | 36.0 | 46.0 | 82.4 | 96.5 | -0.1 |
| Apr 18, 2026 | 59.6 | 57.9 | 36.0 | 46.0 | 82.4 | 97.1 | +0.2 |
| Apr 14, 2026 | 59.4 | 57.9 | 36.0 | 46.0 | 82.4 | 96.1 | -0.1 |
| Apr 12, 2026 | 59.5 | 57.9 | 36.0 | 46.0 | 82.4 | 96.2 | -0.2 |
| Apr 5, 2026 | 59.7 | 57.9 | 36.0 | 46.0 | 82.4 | 97.9 | +0.1 |
| Apr 2, 2026 | 59.6 | 57.9 | 36.0 | 46.0 | 82.4 | 97.0 | — |
INVA — Pillar Breakdown
Quality
— 68.1/100 (25%)Innoviva, Inc. shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 46.1/100 (20%)Innoviva, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 93.2/100 (15%)Innoviva, Inc. carries minimal financial risk with conservative leverage and strong solvency.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 100.0/100 (15%)Innoviva, Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 36/100 (25%)Innoviva, Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for INVA.
Score Composition
Financial Data
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How is the INVA UQS Score Calculated?
The UQS (Unified Quality Score) for Innoviva, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Innoviva, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Innoviva, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.