Innoviva U.S. Product Sales Growth Accelerates

The Tip Desk · November 10, 2026 · 3 min read

U.S. net product sales rose 45% to $43.3 million in the third quarter, faster than the 26% year-over-year increase in the second quarter.

Innoviva, Inc. (INVA), a diversified biopharmaceutical company with a GSK royalty book and a critical-care and infectious-disease platform, reported U.S. net product sales of $43.3 million for the third quarter ended September 30, 2026, a 45% increase from $29.9 million a year earlier. That pace was faster than the 26% year-over-year U.S. growth recorded in the second quarter, when U.S. sales were $36.6 million, and the 29% increase in the first quarter, when they were $34.2 million.

Chief Executive Officer Pavel Raifeld said the specialty-therapeutics unit remained on track to reach at least $150 million in U.S. net product sales for 2026.

Total revenue was $106.1 million, down 1.6% from $107.8 million in the third quarter of 2025. The company said growth in U.S. product sales was partly offset by lower royalty revenue and fluctuations in the timing of inventory sales to ex-U.S. partners. That year-over-year decline reversed the 19% increase in second-quarter revenue of $119.6 million and the 11% increase in first-quarter revenue of $98.0 million.

Gross royalty revenue from Glaxo Group Limited was $58.1 million. Net royalty revenue was $54.7 million.

Net product sales overall were $49.4 million, including $6.1 million ex-U.S. U.S. sales consisted of $23.1 million from GIAPREZA, $16.1 million from XACDURO and $3.4 million from XERAVA.

Income from operations was $42.2 million, up 21.9% from $34.6 million a year earlier. The company attributed the increase primarily to higher U.S. net product sales, partly offset by higher operating expenses tied to expanded commercial activities.

The company recorded a net loss of $73.9 million, or $1.03 a share, compared with net income of $89.9 million, or $1.30 a share, in the third quarter of 2025. The loss was driven primarily by a $139.5 million net unfavorable change in the fair value of equity and long-term investments, which the company said was attributable mainly to a decline in Armata Pharmaceuticals’ stock price at quarter-end.

Strategic healthcare investments were valued at $535.5 million as of September 30, 2026, including $323.7 million in Armata, $179.9 million in other strategic equity and convertible debt, and $31.9 million held by ISP Fund. Cash and cash equivalents totaled $581.4 million. Royalty and net product sales receivables were $102.1 million.

NUZOLVENCE, a first-in-class single-dose oral antibiotic for uncomplicated urogenital gonorrhea, was commercially available in the United States as of the third-quarter report after FDA approval in December 2025. The company said initial commercial efforts are focused on market access, distribution and dispensing infrastructure.

Innoviva repurchased 1,226,948 shares for $26.3 million in the third quarter under its $125 million buyback program. Since inception through the end of the quarter, it had repurchased 3,829,116 shares for $82.7 million.