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INNOVIVA Innoviva Reports Third Quarter 2021 Financial Results October 27 , 2021 • Royalties increased by 10 % to $ 101.3 million in the third quarter of 2021 , compared to the same quarter in 2020 . BURLINGAME , Calif -- ( BUSINESS WIRE ) -- Oct . 27 , 2021-- Innoviva , Inc. ( NASDAQ : INVA ) ( " Innoviva " and " the Company " ) today reported financial results for the third quarter ended September 30 , 2021 . • Gross royalty revenues of $ 101.3 million from Glaxo Group Limited ( " GSK " ) for the third quarter of 2021 included royalties of $ 54.1 million from global net sales of RELVARⓇ / BREO® ELLIPTAⓇ , royalties of $ 11.6 million from global net sales of ANOROⓇ ELLIPTAⓇ and royalties of $ 35.6 million from global net sales of TRELEGY® ELLIPTAⓇ . [ 1 ] • Increase in fair values of strategic equity and long term investments of $ 33.6 million in the third quarter of 2021 was mainly due to higher net valuation as of September 30 , 2021 . • Income from operations increased by 12 % to $ 94.6 million , compared to the same quarter in 2020 . • Basic and diluted net income per share attributable to Innoviva stockholders increased 3.7 and 3.5 times to $ 1.04 and $ 0.90 from $ 0.28 and $ 0.26 , respectively , compared to the same quarter in 2020 , • Net cash and cash equivalents totaled $ 135.1 million , and receivables from GSK totaled $ 101.3 million as of September 30 , 2021 . Pavel Raifeld , Chief Executive Officer of Innoviva , Inc. , stated , “ Our royalty revenues grew 10 % year over year , displaying strong positive momentum in a volatile environment . " " RELVAR Ⓡ / BREOⓇ ELLIPTAⓇ global net sales decreased 15 % compared to the third quarter of 2020 mainly because the significant favorable prior period adjustment in the U.S. in 2020 was not repeated . Non - U.S . sales increased 4 % with strong growth in Japan and the EU despite generic competition and class - wide pressures . ANOROⓇ ELLIPTAⓇ global net sales decreased by 2 % in the third quarter of 2021 due to pandemic - driven LABA / LAMA class weakness . U.S. net sales decreased with slower new patient growth . Non - U.S . ANORO® ELLIPTAⓇ net sales increased 8 % because of meaningful growth in select markets despite class challenges . TRELEGYⓇ ELLIPTAⓇ global net sales increased 77 % in the third quarter of 2021 , driven by excellent U.S. growth for the triple therapy class and favorable prior period adjustment . Non - US TRELEGYⓇ ELLIPTAⓇ sales also grew as Trelegy continues to launch in new markets . " Mr. Raifeld concluded , " We are pleased with the growth and resilience in our core royalty business . In addition , we are excited by strong progress across our asset portfolio , including recent pivotal clinical data read out at Entasis Therapeutics . Our financial performance remains robust , with basic net income per share exceeding $ 1 for the quarter , a nearly four - fold increase over the third quarter of 2020 , supported by the recently completed equity repurchase , as we continue to focus on shareholder value creation through thoughtful capital deployment and operational excellence . " Recent Highlights • GSK Net Sales : • Third quarter 2021 net sales of RELVARⓇ / BREO® ELLIPTAⓇ by GSK were $ 360.6 million , down 15 % from $ 426.0 million in the same quarter of 2020 , with $ 146.0 million in net sales from the U.S. market and $ 214.6 million from non - U.S . markets . • Third quarter 2021 net sales of ANOROⓇ ELLIPTAⓇ by GSK were $ 179.1 million , down 2 % from $ 182.8 million in the same quarter of 2020 , with $ 102.0 million net sales from the U.S. market and $ 77.1 million from non - U.S . markets . • Third quarter 2021 net sales of TRELEGYⓇ ELLIPTAⓇ by GSK were $ 445.6 million , up 77 % from $ 251.9 million in the same quarter of 2020 , with $ 314.8 million in net sales from the U.S. market and $ 130.8 million in net sales from non - U.S . markets . 1 For TRELEGY Ⓡ ELLIPTAⓇ , the amount represents 100 % of royalty payments made by GSK to Theravance Respiratory Company , LLC ( " TRC ” ) . Innoviva owns 15 % of the economic interest in TRC . About Innoviva Innoviva , Inc. ( referred to as " Innoviva " , the " Company " , or " we " and other similar pronouns ) , is a company with a portfolio of royalties that include respiratory assets partnered with Glaxo Group Limited ( " GSK " ) , including RELVAR Ⓡ / BREO® ELLIPTA® ( fluticasone furoate / vilanterol , " FF / VI " ) , ANOROⓇ ELLIPTAⓇ ( umeclidinium bromide / vilanterol , “ UMEC / VI " ) and TRELEGY ® ELLIPTAⓇ ( the combination FF / 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 is also entitled to 15 % of royalty payments made by GSK under its agreements originally entered into with us , and since assigned to Theravance Respiratory Company , LLC ( " TRC " ) , relating to TRELEGY ® ELLIPTAⓇ and any other product or combination of products that may be discovered and developed in the future under the LABA Collaboration Agreement and the Strategic Alliance Agreement with GSK ( referred to herein as the " GSK Agreements " ) , which have been assigned to TRC other than RELVAR Ⓡ / BREO® ELLIPTAⓇ and ANOROⓇ ELLIPTAⓇ .