Innoviva Reports First Quarter 2022 Financial Results – Benzinga – Press Release

• Royalties increased by 5% to $93.5 million in the first quarter of 2022, compared to the same quarter in 2021.
• Issued $261.0 million convertible senior notes due 2028 and repurchased a portion of the convertible subordinated notes due 2023.
• Invested $45.0 million into Armata Pharmaceuticals Inc. ARMP (“Armata”), an anti-infectives leader.
• Made a non-binding offer to acquire and provided $15.0 million convertible debt financing to Entasis Therapeutics Holdings Inc. ETTX (“Entasis”), an anti-infectives leader.

Innoviva, Inc. INVA (“Innoviva” and “the Company”) today reported financial results for the first quarter ended March 31, 2022.

• Gross royalty revenues of $93.5 million from Glaxo Group Limited (“GSK”) for the first quarter of 2022 included royalties of $55.8 million from global net sales of RELVAR^®/BREO^® ELLIPTA^®, royalties of $8.4 million from global net sales of ANORO^® ELLIPTA^® and royalties of $29.3 million from global net sales of TRELEGY^® ELLIPTA^®.¹
• Income from operations decreased by 2% to $77.7 million, compared to the same quarter in 2021, primarily due to the accounting consolidation of Entasis’ financials, including operating expenses, starting on February 17, 2022.
• Decrease in fair values of equity and long-term investments of $9.4 million in the first quarter of 2022 was mainly due to the volatility in the capital markets.
• Net cash and cash equivalents totaled $183.3 million, excluding $33.5 million of Entasis’ cash balance, and receivables from GSK totaled $93.5 million as of March 31, 2022.

Pavel Raifeld, Chief Executive Officer of Innoviva, Inc., stated: “Our royalty revenues in the first quarter grew 5% year over year, displaying strong positive momentum in a volatile, pandemic-influenced environment.”

“RELVAR^®/BREO^® ELLIPTA^® global net sales decreased slightly compared to first quarter 2021 with 4% U.S. net sales growth compensating for a slowdown in non-U.S. markets. U.S. sales were supported by favorable…

The post Innoviva Reports First Quarter 2022 Financial Results – Benzinga – Press Release appeared first on CaymanMama.com.

from CaymanMama.com https://ift.tt/32O7Wma