TacticScaleWhat Innoviva Does & How It Makes Money (INVA)
Updated October 2026 · reflects Innoviva's latest reported financials
Royalty-backed biopharma selling hospital critical-care and antibiotic drugs. It earns royalty income from GSK's sales of the ELLIPTA respiratory inhalers under its LABA collaboration with Glaxo, and adds product revenue from its own critical-care and anti-infective drugs.
How Innoviva makes money
It earns royalty income from GSK's sales of the ELLIPTA respiratory inhalers under its LABA collaboration with Glaxo, and adds product revenue from its own critical-care and anti-infective drugs.
What Innoviva does
Innoviva, formerly Theravance, is a Burlingame, California biopharmaceutical company founded in 1996. Its main asset is a royalty portfolio tied to GSK's once-daily ELLIPTA inhalers for COPD and asthma: RELVAR/BREO ELLIPTA (fluticasone furoate plus vilanterol) and ANORO ELLIPTA (umeclidinium plus vilanterol). These came out of its LABA Collaboration Agreement with Glaxo Group. It has also built a commercial business in hospital critical care and infectious disease. Its marketed drugs are GIAPREZA for shock, XACDURO for Acinetobacter pneumonia, XERAVA for complicated intra-abdominal infections, ZEVTERA for Staphylococcus aureus bacteremia and other infections, and NUZOLVENCE for uncomplicated gonorrhea. It is also developing bacteriophage therapies and has a strategic partnership with Sarissa Capital Management.
Products & services
- RELVAR/BREO ELLIPTA (royalty)
- ANORO ELLIPTA (royalty)
- GIAPREZA
- XACDURO
- XERAVA
- ZEVTERA
What is Innoviva worth?
On an owner-earnings DCF, Innoviva's most-likely value is about $45 versus a recent price near $21 (114% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$27) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $21 is below even the no-growth floor ($27); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -2.4%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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