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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): August 2, 2023
INNOVIVA, INC.
(Exact Name of Registrant as Specified in its
Charter)
Delaware |
000-30319 |
94-3265960 |
(State or Other Jurisdiction of
Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification
Number) |
1350 Old Bayshore Highway,
Suite
400
Burlingame, California 94010
(650) 238-9600
(Addresses, including zip code, and telephone
numbers, including area code, of principal executive offices)
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
|
INVA |
|
The NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition
On August 2, 2023, Innoviva, Inc. (the “Company”) issued
a press release regarding its results of operations and financial condition for the quarter ended June 30, 2023. A copy of the press release
is furnished as Exhibit 99.1 to this Current Report.
The information in Item 2.02 of this Current Report on Form 8-K, including
Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth
by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: August 2, 2023 |
By: |
/s/ Pavel Raifeld |
|
|
Pavel Raifeld |
|
|
Chief Executive Officer |
Exhibit 99.1
Innoviva Reports Second Quarter 2023 Financial
Results and Highlights Recent Company Progress
Received GSK royalties of $65.7 million, net
product revenues of $15.7 million and license revenue of $3.0 million in the second quarter of 2023
Received
FDA approval for XACDURO® for treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia caused
by susceptible strains of Acinetobacter
Repurchased $9.2 million of common stock
BURLINGAME,
Calif. – August 2, 2023 – Innoviva, Inc. (NASDAQ: INVA) (“Innoviva” or the “Company”),
a diversified holding company with a portfolio of royalties and other healthcare assets, today
reported financial results for the second quarter ended June 30, 2023, highlighted select corporate achievements and provided
an overview of its key business initiatives.
·
Gross royalty revenue from Glaxo Group Limited (“GSK”) for the second quarter 2023 was $65.7 million, which included
royalties of $54.4 million from global net sales of RELVAR®/BREO® ELLIPTA® and royalties
of $11.3 million from global net sales of ANORO® ELLIPTA® compared to $111.7 million for the second quarter
of 2022, which included royalties of $59.3 million from global net
sales of RELVAR®/BREO® ELLIPTA®
and $9.6 million from global net sales of ANORO® ELLIPTA®,
respectively. The decrease was primarily due to the sale of our subsidiary, Theravance Respiratory Company, and its TRELEGY®
ELLIPTA® royalty stream in July 2022.
·
Net product sales and license revenue for the second quarter of 2023 was $18.7 million, which included $11.2 million from GIAPREZA®
net sales, $4.5 million from XERAVA® net sales and an $3.0 million milestone payment from our partner for FDA approval
of XACDURO®.
·
Net income was $1.3 million, or $0.02 basic per share, for the second quarter of 2023, compared to net income of $0.9 million,
or $0.01 basic per share, for the second quarter of 2022.
·
Cash and cash equivalents totaled $173.0 million. Royalty, product sales and milestone receivables totaled $81.0 million as of
June 30, 2023.
"The
second quarter of 2023 was marked by strong revenues stemming from our robust royalty portfolio and historically highest sales from our
internal product portfolio,” said Pavel Raifeld, Chief Executive Officer of Innoviva. “We ended the quarter on a strong note
with the approval of XACDURO® (sulbactam for injection; durlobactam for injection) for treatment of hospital-acquired
bacterial pneumonia and ventilator-associated bacterial pneumonia. This is the first pathogen-targeted therapy to be approved for these
life-threatening infections caused by Acinetobacter Baumannii-calcoaceticus complex, and we plan to bring this product to patients
later this year. We remained disciplined on costs and saw meaningful operational progress among our investees, market volatility
notwithstanding. We are excited about the prospects of our business and continue to pursue shareholder value accretive activities, such
as share repurchases.”
Second Quarter 2023
and Recent Highlights
GSK Net Sales
| · | Second
quarter 2023 net sales of RELVAR®/BREO® ELLIPTA®
by GSK were $363.0 million with $149.8 million in net sales from the U.S. market and $213.2
million from non-U.S. markets. |
| · | Second
quarter 2023 net sales of ANORO® ELLIPTA® by GSK were $173.3
million with $85.5 million net sales from the U.S. market and $87.8 million from non-U.S.
markets. |
Corporate Updates
| · | During
the second quarter of 2023, Innoviva repurchased 775,504 shares of its outstanding common
stock for $9.2 million. |
| · | On
July 11, 2023, Innoviva’s wholly owned subsidiary, Innoviva Strategic
Opportunities, entered into a credit and security agreement with Armata Pharmaceuticals, Inc.
(NYSE: ARMP) (“Armata”) and invested $25.0 million to advance Armata’s
pipeline of therapeutic phage candidates and support the build-out of its state-of-the art
cGMP manufacturing facility. |
| | |
| · | On July 11, 2023, Innoviva director,
Deborah Birx, resigned from Innoviva Board and joined Armata as Chief Executive Officer. |
Clinical Updates
| · | On
May 23, 2023, Innoviva’s wholly owned subsidiary, Innoviva Specialty
Therapeutics, received FDA’s approval of XACDURO® (sulbactam for injection;
durlobactam for injection), co-packaged for intravenous use in patients 18 years of age and
older for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated
bacterial pneumonia (HABP/VABP) caused by susceptible isolates of Acinetobacter baumannii-calcoaceticus complex
(Acinetobacter). The company is preparing to launch XACDURO® later
this year. |
| · | Recruitment
is now complete in the registrational Phase 3 Zoliflodacin study. Oral Zoliflodacin is a
novel oral antibiotic in development for the treatment of uncomplicated gonorrhea infection.
Top-line results for this ongoing Phase 3 trial are expected in late 2023. |
About Innoviva
Innoviva is a diversified
holding company with a portfolio of royalties and other healthcare assets. Innoviva’s royalty portfolio includes respiratory assets
partnered with Glaxo Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA®
(fluticasone furoate/ vilanterol, “FF/VI”) and ANORO® ELLIPTA® (umeclidinium bromide/ vilanterol,
“UMEC/VI”). Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to
receive royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® and ANORO®
ELLIPTA®. Innoviva’s other innovative healthcare assets include infectious disease and hospital assets stemming
from acquisitions of Entasis Therapeutics, including XACDURO® (sulbactam for injection; durlobactam for injection), co-packaged
for intravenous use approved for the treatment of adults with hospital-acquired bacterial pneumonia and ventilator-associated bacterial
pneumonia caused by susceptible strains of Acinetobacter baumannii-calcoaceticus complex (Acinetobacter) and the investigational
zoliflodacin currently being developed for the treatment of uncomplicated gonorrhea, and La Jolla Pharmaceutical Company, including GIAPREZA®
(angiotensin II), approved to increase blood pressure in adults with septic or other distributive shock and XERAVA® (eravacycline)
for the treatment of complicated intra-abdominal infections in adults.
ANORO®,
RELVAR® and BREO® are trademarks of the GSK group of companies.
Forward Looking Statements
This
press release contains certain “forward-looking” statements as that term is defined in the Private Securities Litigation
Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, and future events. Innoviva intends
such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E
of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. The words “anticipate”,
“expect”, “goal”, “intend”, “objective”, “opportunity”, “plan”,
“potential”, “target” and similar expressions are intended to identify such forward-looking statements. Such
forward-looking statements involve substantial risks, uncertainties, and assumptions. These statements are based on the current estimates
and assumptions of the management of Innoviva as of the date of this press release and are subject to known and unknown risks, uncertainties,
changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially different from
those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those
indicated by such forward-looking statements include, among others, risks related to: expected cost savings; lower than expected future
royalty revenue from respiratory products partnered with GSK; the commercialization of RELVAR®/BREO® ELLIPTA®,
ANORO® ELLIPTA®, GIAPREZA®, XERAVA® and XACDURO® in
the jurisdictions in which these products have been approved; the strategies, plans and objectives of Innoviva (including Innoviva’s
growth strategy and corporate development initiatives); the timing, manner, and amount of potential capital returns to shareholders;
the status and timing of clinical studies, data analysis and communication of results; the potential benefits and mechanisms of action
of product candidates; expectations for product candidates through development and commercialization; the timing of regulatory approval
of product candidates; and projections of revenue, expenses and other financial items; the impact of the novel coronavirus (“COVID-19”);
the timing, manner and amount of capital deployment, including potential capital returns to stockholders; and risks related to the Company’s
growth strategy. Other risks affecting Innoviva are described under the headings “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” contained in Innoviva’s Annual Report on Form 10-K
for the year ended December 31, 2022 and Quarterly Reports on Form 10-Q, which are on file with the Securities and Exchange
Commission (“SEC”) and available on the SEC’s website at www.sec.gov. Past performance is not necessarily indicative
of future results. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements. Given
these uncertainties, you should not place undue reliance on these forward-looking statements. The information in this press release is
provided only as of the date hereof, and Innoviva assumes no obligation to update its forward-looking statements on account of new information,
future events or otherwise, except as required by law.
INNOVIVA, INC.
Condensed
Consolidated Statements of Income
(in
thousands, except per share data)
(Unaudited)
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Royalty revenue, net (1) | |
$ | 62,265 | | |
$ | 108,220 | | |
$ | 119,123 | | |
$ | 198,279 | |
Net product sales | |
| 15,727 | | |
| - | | |
| 27,241 | | |
| - | |
License revenue | |
| 3,000 | | |
| - | | |
| 11,000 | | |
| - | |
Total revenue | |
| 80,992 | | |
| 108,220 | | |
| 157,364 | | |
| 198,279 | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of products sold (inclusive of
amortization of inventory fair value adjustments, excluding depreciation and amortization of intangible assets) | |
| 8,979 | | |
| - | | |
| 17,728 | | |
| - | |
Cost of license revenue | |
| - | | |
| - | | |
| 1,600 | | |
| - | |
Selling, general and administrative | |
| 23,542 | | |
| 11,782 | | |
| 43,277 | | |
| 18,274 | |
Research and development | |
| 14,989 | | |
| 13,884 | | |
| 27,577 | | |
| 19,722 | |
Amortization of acquired intangible
assets | |
| 4,958 | | |
| - | | |
| 8,763 | | |
| - | |
Loss on debt extinguishment | |
| - | | |
| - | | |
| - | | |
| 20,662 | |
Changes in fair values of equity method
investments, net | |
| 19,911 | | |
| 42,823 | | |
| 4,094 | | |
| 54,773 | |
Changes in fair values of equity and
long-term investments, net | |
| 83 | | |
| 15,777 | | |
| 2,247 | | |
| 13,238 | |
Interest and dividend income | |
| (3,553 | ) | |
| (724 | ) | |
| (6,918 | ) | |
| (1,046 | ) |
Interest expense | |
| 4,382 | | |
| 3,655 | | |
| 8,809 | | |
| 6,665 | |
Other expense,
net | |
| 1,896 | | |
| 528 | | |
| 3,242 | | |
| 778 | |
Total expenses | |
| 75,187 | | |
| 87,725 | | |
| 110,419 | | |
| 133,066 | |
Income before income taxes | |
| 5,805 | | |
| 20,495 | | |
| 46,945 | | |
| 65,213 | |
Income tax expense | |
| 4,525 | | |
| (876 | ) | |
| 10,800 | | |
| 5,984 | |
Net income | |
| 1,280 | | |
| 21,371 | | |
| 36,145 | | |
| 59,229 | |
Net income attributable
to noncontrolling interest | |
| - | | |
| 20,432 | | |
| - | | |
| 42,517 | |
Net income attributable
to Innoviva stockholders | |
$ | 1,280 | | |
$ | 939 | | |
$ | 36,145 | | |
$ | 16,712 | |
| |
| | | |
| | | |
| | | |
| | |
Basic net income per share attributable
to Innoviva stockholders | |
$ | 0.02 | | |
$ | 0.01 | | |
$ | 0.54 | | |
$ | 0.24 | |
Diluted net income per share attributable
to Innoviva stockholders | |
$ | 0.02 | | |
$ | 0.05 | | |
$ | 0.46 | | |
$ | 0.24 | |
| |
| | | |
| | | |
| | | |
| | |
Shares used to compute basic net income
per share | |
| 65,341 | | |
| 69,643 | | |
| 66,557 | | |
| 69,594 | |
Shares used to compute diluted net income
per share | |
| 65,489 | | |
| 95,653 | | |
| 88,175 | | |
| 94,692 | |
(1) Total
net revenue is comprised of the following (in thousands):
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
June 30, | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
| |
(unaudited) | | |
(unaudited) | |
Royalties | |
$ | 65,721 | | |
$ | 111,676 | | |
$ | 126,035 | | |
$ | 205,191 | |
Amortization of capitalized fees | |
| (3,456 | ) | |
| (3,456 | ) | |
| (6,912 | ) | |
| (6,912 | ) |
Royalty revenue, net | |
$ | 62,265 | | |
$ | 108,220 | | |
$ | 119,123 | | |
$ | 198,279 | |
INNOVIVA, INC.
Condensed
Consolidated Balance Sheets
(in
thousands)
(unaudited)
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 173,025 | | |
$ | 291,049 | |
Royalty and product sale receivables | |
| 80,996 | | |
| 64,073 | |
Inventory, net | |
| 46,846 | | |
| 55,897 | |
Prepaid expense and other current assets | |
| 22,671 | | |
| 32,492 | |
Property and equipment, net | |
| 161 | | |
| 170 | |
Equity and long-term investments | |
| 433,001 | | |
| 403,013 | |
Capitalized fees | |
| 90,695 | | |
| 97,607 | |
Right-of-use assets | |
| 2,719 | | |
| 3,265 | |
Goodwill | |
| 14,882 | | |
| 26,713 | |
Intangible assets | |
| 243,356 | | |
| 252,919 | |
Deferred tax assets | |
| 6,327 | | |
| - | |
Other assets | |
| 3,562 | | |
| 4,299 | |
Total assets | |
$ | 1,118,241 | | |
$ | 1,231,497 | |
| |
| | | |
| | |
| |
| | | |
| | |
Liabilities and stockholders’ equity | |
| | | |
| | |
Other current liabilities | |
$ | 32,722 | | |
$ | 32,322 | |
Accrued interest payable | |
| 3,422 | | |
| 4,359 | |
Deferred revenue | |
| 3,254 | | |
| 2,094 | |
Convertible subordinated notes, due
2023, net | |
| - | | |
| 96,193 | |
Convertible senior notes, due 2025,
net | |
| 190,937 | | |
| 190,583 | |
Convertible senior notes, due 2028,
net | |
| 254,264 | | |
| 253,597 | |
Other long term liabilities | |
| 68,584 | | |
| 70,918 | |
Deferred tax liabilities | |
| - | | |
| 5,771 | |
Income tax payable - long term | |
| 9,971 | | |
| 9,872 | |
Innoviva stockholders’ equity | |
| 555,087 | | |
| 565,788 | |
Total liabilities and stockholders’
equity | |
$ | 1,118,241 | | |
$ | 1,231,497 | |
INNOVIVA, INC.
Cash
Flows Summary
(in
thousands)
(unaudited)
| |
Six Months Ended
June 30, | |
| |
2023 | | |
2022 | |
Net cash provided by operating activities | |
$ | 63,866 | | |
$ | 177,137 | |
Net cash used in investing activities | |
| (35,722 | ) | |
| (145,678 | ) |
Net cash (used in) provided by financing
activities | |
| (146,168 | ) | |
| 50,596 | |
Net change | |
$ | (118,024 | ) | |
$ | 82,055 | |
Cash and cash equivalents at beginning
of period | |
| 291,049 | | |
| 201,525 | |
Cash, cash equivalents and restricted
cash at end of period | |
$ | 173,025 | | |
$ | 283,580 | |
Investors
and Media Contact:
Argot Partners
(212) 600-1902
innoviva@argotpartners.com
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