Innoviva posts Street-beating Q4, FY17 earnings

Shares in Innoviva (NSDQ:INVA) rose today after the company topped expectations on Wall Street with its fourth quarter and full-year financial results.

The Brisbane, Calif.-based company posted profits of $58.4 million, or 55¢ per share, on sales of $69.5 million for the 3 months ended Dec. 31, for bottom-line growth of 129% on sales growth of 59% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were 50¢, ahead of consensus on The Street, where analysts were looking for sales of $67.4 million.

For the full-year, Innoviva posted profits of $134.1 million, up 125% from 2016, on sales of $217.2 million, up 63% compared to the year before.

“We had a successful fourth quarter of 2017 that included strong commercial performance of Relvar/Breo Ellipta, Anoro Ellipta, the initiation of sales by GSK in the U.S. market of Trelegy Ellipta, the completion of our 2017 $150 million capital return plan with the successful execution of our ASR program, and the continued growth in our income from operations and adjusted EBITDA, which reached $183.6 million and $207.5 million in 2017, respectively,” Eric d’Esparbes, Innoviva’s interim principal executive officer, said in prepared remarks.

“We remain confident in the trajectory of our respiratory portfolio and our financial performance.”

INVA shares were trading at $14.99 apiece today in mid-morning activity, up 8.6%.

Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.