Innoviva Inc. Reports First Quarter 2016 Financial Results
SOUTH SAN FRANCISCO, CA--(Marketwired - Apr 28, 2016) - Innoviva, Inc. (NASDAQ: INVA)
Including:
Royalty Revenues of $27.4 Million, a 171% Increase Compared to Q1 2015
37% Quarter Over Quarter Growth in U.S. Prescriptions for RELVAR/BREO ELLIPTA
Net Income of $4.4 Million, or $0.04 per Share, and Adjusted Cash EPS of $0.09 per Share
Management Will Host a Conference Call and Webcast Today at 5:00 p.m. EDT Innoviva, Inc. (NASDAQ: INVA) today reported financial results for the first quarter ended March 31, 2016. Royalties earned on net sales of RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA® from Glaxo Group Limited (GSK) during the first quarter of 2016 reached $27.4 million, up from $10.1 million in the first quarter 2015.
Income from operations for the first quarter of 2016 was $17.5 million, compared to $0.7 million in the same period in 2015 and to $17.3 million in the fourth quarter 2015. Adjusted EBITDA was $22.9 million, compared with $6.2 million in the first quarter of 2015 and with $22.4 million in the fourth quarter 2015. Net cash and cash equivalents, short-term investments, and marketable securities totaled $168.2 million and reflected the repurchase of $25.4 million in Innoviva stock during the quarter. Royalties receivable from GSK totaled $27.4 million at March 31, 2016.
Including:
Royalty Revenues of $27.4 Million, a 171% Increase Compared to Q1 2015
37% Quarter Over Quarter Growth in U.S. Prescriptions for RELVAR/BREO ELLIPTA
Net Income of $4.4 Million, or $0.04 per Share, and Adjusted Cash EPS of $0.09 per Share
Management Will Host a Conference Call and Webcast Today at 5:00 p.m. EDT Innoviva, Inc. (NASDAQ: INVA) today reported financial results for the first quarter ended March 31, 2016. Royalties earned on net sales of RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA® from Glaxo Group Limited (GSK) during the first quarter of 2016 reached $27.4 million, up from $10.1 million in the first quarter 2015.
Income from operations for the first quarter of 2016 was $17.5 million, compared to $0.7 million in the same period in 2015 and to $17.3 million in the fourth quarter 2015. Adjusted EBITDA was $22.9 million, compared with $6.2 million in the first quarter of 2015 and with $22.4 million in the fourth quarter 2015. Net cash and cash equivalents, short-term investments, and marketable securities totaled $168.2 million and reflected the repurchase of $25.4 million in Innoviva stock during the quarter. Royalties receivable from GSK totaled $27.4 million at March 31, 2016.