INVAInnoviva, Inc.
Pharmaceutical Preparations
- Revenue
- $411M
- 15% YoY
- Operating margin
- 39.8%
- 14% YoY
- EBITDA
- $164M
- 1.9% YoY
- Market cap
- $1.5B
- Employees
- 159
- $3M revenue each
- Net debt / EBITDA
- -1.9×
- −$313M net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo2% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo85% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$3M · 93rd pctBottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 48th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.9× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $392M | $331M | $310M | $359M | $411M | 15% |
| Operating income | $375M | — | $114M | $167M | $164M | 1.9% |
| Operating cash flow | $364M | $202M | $141M | $189M | $197M | 4.4% |
| Capex | $0 | $67K | $411K | $270K | $1M | 319% |
| Stock-based comp | $2M | $7M | $6M | $6M | $9M | 48% |
| Buybacks | $394M | $9M | $76M | $15M | $5M | 69% |
| Dividends | $0 | — | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 17, 2025 | Sarissa Capital Management LP | SCHEDULE 13D/A | 4.7% | Passive |
| Mar 7, 2025 | Sarissa Capital Management LP | SCHEDULE 13D/A | 8.4% | Passive |
| May 15, 2023 | Sarissa Capital Management LP | SC 13D/A | 10.5% | Passive |
| May 25, 2021 | Sarissa Capital Management LP | SC 13D/A | 9.2% | Passive |
| May 25, 2021 | GLAXOSMITHKLINE PLC | SC 13D/A | 0.0% | Passive |
| Feb 12, 2021 | GLAXOSMITHKLINE PLC | SC 13D/A | 31.6% | Active |
| Dec 14, 2020 | Sarissa Capital Management LP | SC 13D/A | 6.3% | Passive |
| Feb 25, 2019 | Sarissa Capital Management LP | SC 13D | 5.7% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.