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INNOVIVA Innoviva Reports First Quarter 2021 Financial Results April 28 , 2021 • Royalties increased by 8 % to $ 89.0 million in the first quarter of 2021 , compared to the same quarter in 2020 . • Invested an additional $ 20.0 million into Armata Pharmaceuticals Inc. ( NYSE : ARMP ) , an anti - infectives leader , in the first quarter of 2021 . • Deborah L. Birx , M.D. , appointed to the Company's Board of Directors . BURLINGAME , Calif .-- ( BUSINESS WIRE ) -- Apr . 28 , 2021-- Innoviva , Inc. ( NASDAQ : INVA ) ( " Innoviva " and " the Company " ) today reported financial results for the first quarter ended March 31 , 2021 . • Gross royalty revenues of $ 89.0 million from Glaxo Group Limited ( " GSK " ) for the first quarter of 2021 included royalties of $ 56.4 million from global net sales of RELVARⓇ / BREO® ELLIPTAⓇ , royalties of $ 10.5 million from global net sales of ANORO® ELLIPTAⓇ and royalties of $ 22.1 million from global net sales of TRELEGYⓇ ELLIPTAⓇ.1 • Increase in fair values of equity and long term investments of $ 55.0 million in the first quarter of 2021 was mainly due to higher net valuation of our various investments , including common stock and warrants , as of March 31 , 2021 . • Income before income taxes increased by 36 % to $ 129.4 million , compared to the same quarter in 2020 . • Net cash and cash equivalents , excluding $ 3.3 million cash balance attributable to a variable interest entity , totaled $ 279.6 million , and receivables from GSK totaled $ 89.0 million as of March 31 , 2021 . Pavel Raifeld , Chief Executive Officer of Innoviva , Inc. , stated : " Our royalty revenues grew 8 % year over year , meaningfully positively impacted by non - recurring items in the quarter , including prior - period adjustments and favorable foreign exchange rates . " " RELVAR Ⓡ / BREO® ELLIPTAⓇ global net sales increased modestly compared to the first quarter of 2020. U.S. net sales increased by 5 % as a decline in volume was more than offset by a favorable prior - period adjustment . Non - U.S . sales decreased by 2 % as the ICS / LABA class growth declined and the positive prior - year stockpiling impact was not repeated . ANORO® ELLIPTAⓇ global net sales increased by 7 % in the first quarter of 2021. U.S. net sales increased by 8 % due to a favorable prior - period adjustment and beneficial pricing trends , offsetting negative volume dynamics . Non - U.S . ANOROⓇ ELLIPTAⓇ net sales increased by 5 % , supported by a positive currency impact . TRELEGY® ELLIPTAⓇ global net sales increased by 37 % in the first quarter of 2021 , driven by strong volume growth and a favorable prior - period adjustment in the U.S. as well as ongoing launches in non - U.S . markets . " Mr. Raifeld continued , " We are pleased with our portfolio's performance this quarter in the face of intensifying competition from generic and novel therapies , especially in the ICS / LABA class , and uncertainty related to the ongoing pandemic . " Mr. Raifeld concluded , “ Over the past quarter we continued to strategically deploy capital in promising healthcare companies , successfully resolved our arbitration with Theravance BioPharma and strengthened our Board , positioning Innoviva for further value creation . " Recent Highlights • GSK Net Sales : • • First quarter 2021 net sales of RELVARⓇ / BREO® ELLIPTAⓇ by GSK were $ 375.9 million , up slightly from $ 374.3 million in the same quarter of 2020 , with $ 154.6 million in net sales from the U.S. market and $ 221.3 million from non - U.S . markets . • First quarter 2021 net sales of ANOROⓇ ELLIPTAⓇ by GSK were $ 161.5 million , up 7 % from $ 151.6 million in the same quarter of 2020 , with $ 88.4 million net sales from the U.S. market and $ 73.1 million from non - U.S . markets . • First quarter 2021 net sales of TRELEGY® ELLIPTAⓇ by GSK were $ 339.8 million , up 37 % from $ 248.2 million in the same quarter of 2020 , with $ 237.5 million in net sales from the U.S. market and $ 102.3 million in net sales from non - U.S . markets . Capital Allocation : • During the first quarter of 2021 , the Company's wholly owned subsidiary , Innoviva Strategic Opportunities LLC , invested $ 20.0 million to acquire 6.2 million shares of Armata common stock and an equal number of warrants exercisable at $ 3.25 per share , which resulted in Innoviva collectively owning approximately 60 % of Armata's outstanding stock ( without giving effect to our warrants ) . • New Director : o On March 9 , 2021 , the Company appointed Deborah L. Birx , M.D. , to its Board of Directors , where she serves as an independent director . Dr. Birx is a world renowned medical expert and leader who most recently served as the response coordinator of the White House Coronavirus Task Force . Dr. Birx's career highlights also include having served as Ambassador - at - Large , when she assumed the role of the Coordinator of the United States Government Activities to Combat HIV / AIDS and U.S. Special Representative for Global Health Diplomacy . Dr. Birx also served as the U.S. Global AIDS Coordinator where she oversaw the President's Emergency Plan for AIDS Relief