Innoviva (INVA) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business overview and strategy

• Transitioned from a royalty management company to a commercial-stage platform focused on critical care and infectious disease, with three main business segments: royalties, marketed hospital products, and strategic assets valued over $600 million.

• Royalty revenues exceed $200 million annually from Breo and Anoro, with a history of stable, resilient performance and expectations for continued durability.

• Monetized Trelegy royalties in a strategic, accretive transaction to fund expansion into commercial operations and asset acquisitions.

• Built a robust operating platform through targeted M&A, integrating expertise across regulatory, medical, and commercial functions.

• Focused on identifying differentiated assets in hospital and infectious disease markets, leveraging a long-term, investor-driven approach.

Product portfolio and commercialization

• Three commercial products: XACDURO (antibiotic for carbapenem-resistant Acinetobacter in HAP/VAP), XERAVA (broad-spectrum for intra-abdominal infections), and GIAPREZA (critical care for septic shock).

• XACDURO launched in September, showing strong early uptake, with IP protection into the late 2030s and recent approval in China through Zai Lab partnership.

• XERAVA and GIAPREZA benefit from improved market access and sales resources, with Q1 revenues up 66% year-over-year for the portfolio.

• Sales force of about 30, targeting over 1,000 hospitals, leveraging synergies across products and institutional call points.

• International expansion underway, with milestone and royalty payments from partners in ex-US markets.

Pipeline and growth drivers

• Zoliflodacin, an oral treatment for gonorrhea, expected to file NDA in early 2025, with potential peak US sales of $500 million and global opportunity due to rising resistance.

• Pipeline assets and commercial products positioned for scale, with the platform ready to integrate additional assets as opportunities arise.

• Growth driven by differentiated product profiles, efficient cost management, and synergies in commercialization.