Innoviva (INVA) Corporate presentation summary

Business overview and strategy

• Cashflow-positive core royalty business based on widely used respiratory products, providing durable revenue streams.

• Growth-oriented specialty therapeutics platform with a diversified portfolio in critical care and infectious diseases.

• Strategic healthcare assets valued at $483M, including equity stakes and investments in innovative companies.

• Focused on long-term capital deployment and value creation through acquisitions, asset monetization, and share repurchases.

• Demonstrated operational and investment track record with a low correlation to broader biotech indices.

Financial performance and resilience

• Over $400M in royalty and net product revenue generated in the last twelve months.

• Q3 2025 U.S. net product sales grew 48% year-over-year, with key products like GIAPREZA and XACDURO showing strong double-digit growth.

• Royalty revenue from Breo and Anoro remained stable, with a combined 5% YoY growth in Q3 2025.

• Cash and receivables totaled $570M as of September 30, 2025, with $261M in debt.

• Robust financials supported by diversified revenue streams and disciplined capital structure optimization.

Royalty assets

• Durable royalty streams from RELVAR/BREO ELLIPTA and ANORO ELLIPTA, marketed by GSK, with projected five-year royalties of ~$1.2B.

• Products protected by strong intellectual property, with key patents extending into the 2030s.

• RELVAR/BREO is the first once-daily ICS/LABA for asthma and COPD, showing resilience in competitive markets.

• ANORO is a class leader in COPD maintenance therapy, with superior lung function improvement.