Innoviva (INVA) Oppenheimer 36th Annual Healthcare Life Sciences Conference summary

Business overview and recent performance

• Three main business components: royalty revenues from respiratory assets, specialty therapeutics (IST), and a diversified portfolio of strategic healthcare assets.

• Royalty portfolio generated $250 million in gross revenue last year; IST delivered nearly $120 million in U.S. sales, expected to reach at least $150 million this year.

• Strategic healthcare assets valued at over $600 million, with all business segments showing strong momentum into 2026.

• IST business achieved its best quarter ever with $34 million in U.S. sales, marking the third consecutive year of 50% annual growth.

• Major advances in strategic assets, notably Armata, which saw breakthrough clinical results and significant valuation increases.

Capital allocation and growth strategy

• Over $500 million in cash enables flexibility for investments, acquisitions, and shareholder returns.

• IST business offers opportunities for both organic and inorganic growth, with active evaluation of additional hospital channel assets.

• Ongoing support for strategic healthcare assets like Armata and Syndeio, with continued disciplined evaluation of new investments.

• $125 million share buyback program announced, reflecting commitment to shareholder value.

Pipeline and product updates

• ZEVTERA, acquired from Basilea, is progressing through hospital formulary reviews, with positive initial feedback and improved reimbursement status.

• NUZOLVENCE (zoliflodacin) approved for urogenital gonorrhea, with commercialization planned for the second half of the year; strategy focuses on targeted promotion and scaling as resistance to current treatments grows.

• IST platform expected to exceed $150 million in U.S. net product sales in 2026, with GIAPREZA and XACDURO as key growth drivers.

• GIAPREZA delivered $72 million in 2025 sales, with potential to surpass $100 million; XACDURO reached $33 million, with analyst expectations of $150–$200 million.

• XERAVA provides stable revenue, while ZEVTERA and NUZOLVENCE have significant future market potential.