Intrinsic value of Innoviva - INVA

Previous Close

$14.19

  Intrinsic Value

$58.11

stock screener

  Rating & Target

str. buy

+310%

Previous close

$14.19

 
Intrinsic value

$58.11

 
Up/down potential

+310%

 
Rating

str. buy

We calculate the intrinsic value of INVA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  347
  536
  802
  1,164
  1,642
  2,258
  3,030
  3,979
  5,120
  6,467
  8,031
  9,819
  11,835
  14,081
  16,557
  19,259
  22,185
  25,329
  28,687
  32,252
  36,022
  39,990
  44,156
  48,516
  53,070
  57,819
  62,765
  67,911
  73,261
  78,822
Variable operating expenses, $m
  37
  57
  85
  123
  174
  239
  321
  422
  543
  686
  851
  1,041
  1,254
  1,493
  1,755
  2,041
  2,352
  2,685
  3,041
  3,419
  3,818
  4,239
  4,681
  5,143
  5,625
  6,129
  6,653
  7,199
  7,766
  8,355
Fixed operating expenses, $m
  11
  11
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
Total operating expenses, $m
  48
  68
  97
  135
  186
  252
  334
  435
  556
  700
  865
  1,055
  1,269
  1,508
  1,770
  2,057
  2,368
  2,701
  3,058
  3,436
  3,835
  4,257
  4,699
  5,162
  5,644
  6,148
  6,673
  7,219
  7,787
  8,376
Operating income, $m
  299
  468
  705
  1,029
  1,456
  2,006
  2,696
  3,544
  4,564
  5,768
  7,166
  8,763
  10,566
  12,573
  14,786
  17,202
  19,818
  22,628
  25,629
  28,817
  32,186
  35,734
  39,457
  43,355
  47,426
  51,671
  56,092
  60,692
  65,475
  70,446
EBITDA, $m
  299
  468
  706
  1,029
  1,456
  2,006
  2,697
  3,545
  4,565
  5,769
  7,166
  8,764
  10,567
  12,575
  14,788
  17,204
  19,820
  22,631
  25,632
  28,820
  32,189
  35,738
  39,462
  43,360
  47,431
  51,677
  56,098
  60,699
  65,482
  70,453
Interest expense (income), $m
  49
  38
  25
  39
  59
  86
  122
  168
  225
  296
  381
  482
  599
  732
  882
  1,050
  1,235
  1,436
  1,655
  1,889
  2,140
  2,406
  2,687
  2,983
  3,294
  3,620
  3,960
  4,314
  4,683
  5,067
  5,466
Earnings before tax, $m
  261
  443
  666
  969
  1,370
  1,884
  2,529
  3,319
  4,268
  5,387
  6,684
  8,165
  9,834
  11,691
  13,736
  15,967
  18,381
  20,973
  23,740
  26,677
  29,780
  33,046
  36,474
  40,061
  43,806
  47,712
  51,778
  56,009
  60,408
  64,979
Tax expense, $m
  71
  120
  180
  262
  370
  509
  683
  896
  1,152
  1,454
  1,805
  2,205
  2,655
  3,157
  3,709
  4,311
  4,963
  5,663
  6,410
  7,203
  8,041
  8,923
  9,848
  10,816
  11,828
  12,882
  13,980
  15,122
  16,310
  17,544
Net income, $m
  191
  323
  486
  708
  1,000
  1,375
  1,846
  2,423
  3,116
  3,932
  4,879
  5,960
  7,179
  8,534
  10,027
  11,656
  13,418
  15,310
  17,330
  19,474
  21,739
  24,124
  26,626
  29,244
  31,979
  34,829
  37,798
  40,886
  44,098
  47,435

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  436
  674
  1,008
  1,462
  2,063
  2,836
  3,807
  4,999
  6,432
  8,125
  10,089
  12,335
  14,868
  17,689
  20,800
  24,195
  27,871
  31,821
  36,038
  40,518
  45,253
  50,239
  55,472
  60,950
  66,671
  72,637
  78,851
  85,315
  92,036
  99,022
Adjusted assets (=assets-cash), $m
  436
  674
  1,008
  1,462
  2,063
  2,836
  3,807
  4,999
  6,432
  8,125
  10,089
  12,335
  14,868
  17,689
  20,800
  24,195
  27,871
  31,821
  36,038
  40,518
  45,253
  50,239
  55,472
  60,950
  66,671
  72,637
  78,851
  85,315
  92,036
  99,022
Revenue / Adjusted assets
  0.796
  0.795
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
Average production assets, $m
  0
  1
  1
  1
  2
  2
  3
  4
  5
  6
  8
  10
  12
  14
  17
  19
  22
  25
  29
  32
  36
  40
  44
  49
  53
  58
  63
  68
  73
  79
Working capital, $m
  -1
  -2
  -2
  -3
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -36
  -42
  -50
  -58
  -67
  -76
  -86
  -97
  -108
  -120
  -132
  -146
  -159
  -173
  -188
  -204
  -220
  -236
Total debt, $m
  382
  596
  896
  1,305
  1,846
  2,542
  3,415
  4,488
  5,778
  7,301
  9,069
  11,090
  13,370
  15,910
  18,709
  21,765
  25,073
  28,628
  32,424
  36,455
  40,717
  45,204
  49,914
  54,844
  59,993
  65,363
  70,955
  76,772
  82,822
  89,109
Total liabilities, $m
  393
  607
  907
  1,316
  1,857
  2,553
  3,426
  4,499
  5,789
  7,312
  9,080
  11,101
  13,381
  15,921
  18,720
  21,776
  25,084
  28,639
  32,435
  36,466
  40,728
  45,215
  49,925
  54,855
  60,004
  65,374
  70,965
  76,783
  82,833
  89,120
Total equity, $m
  44
  67
  101
  146
  206
  284
  381
  500
  643
  812
  1,009
  1,233
  1,487
  1,769
  2,080
  2,420
  2,787
  3,182
  3,604
  4,052
  4,525
  5,024
  5,547
  6,095
  6,667
  7,264
  7,885
  8,531
  9,204
  9,902
Total liabilities and equity, $m
  437
  674
  1,008
  1,462
  2,063
  2,837
  3,807
  4,999
  6,432
  8,124
  10,089
  12,334
  14,868
  17,690
  20,800
  24,196
  27,871
  31,821
  36,039
  40,518
  45,253
  50,239
  55,472
  60,950
  66,671
  72,638
  78,850
  85,314
  92,037
  99,022
Debt-to-equity ratio
  8.750
  8.840
  8.890
  8.920
  8.950
  8.960
  8.970
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  191
  323
  486
  708
  1,000
  1,375
  1,846
  2,423
  3,116
  3,932
  4,879
  5,960
  7,179
  8,534
  10,027
  11,656
  13,418
  15,310
  17,330
  19,474
  21,739
  24,124
  26,626
  29,244
  31,979
  34,829
  37,798
  40,886
  44,098
  47,435
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
Funds from operations, $m
  191
  323
  486
  708
  1,000
  1,376
  1,846
  2,423
  3,116
  3,933
  4,880
  5,961
  7,180
  8,536
  10,029
  11,658
  13,420
  15,313
  17,333
  19,477
  21,743
  24,128
  26,630
  29,249
  31,984
  34,835
  37,804
  40,893
  44,105
  47,443
Change in working capital, $m
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
Cash from operations, $m
  191
  324
  487
  709
  1,002
  1,377
  1,849
  2,426
  3,119
  3,937
  4,885
  5,967
  7,186
  8,543
  10,037
  11,666
  13,429
  15,322
  17,343
  19,488
  21,754
  24,140
  26,643
  29,262
  31,998
  34,850
  37,819
  40,909
  44,121
  47,460
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
New CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
Cash from investing activities, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -3
  -3
  -3
  -3
  -3
  -5
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -8
  -10
  -10
  -11
  -11
  -12
  -13
Free cash flow, $m
  191
  324
  487
  708
  1,001
  1,377
  1,848
  2,425
  3,118
  3,935
  4,882
  5,964
  7,183
  8,539
  10,033
  11,662
  13,424
  15,317
  17,337
  19,481
  21,747
  24,132
  26,635
  29,253
  31,988
  34,839
  37,808
  40,897
  44,109
  47,447
Issuance/(repayment) of debt, $m
  -193
  214
  301
  409
  541
  696
  874
  1,073
  1,290
  1,523
  1,768
  2,021
  2,280
  2,540
  2,799
  3,056
  3,308
  3,555
  3,796
  4,032
  4,262
  4,487
  4,710
  4,930
  5,149
  5,369
  5,592
  5,818
  6,049
  6,287
Issuance/(repurchase) of shares, $m
  165
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -28
  214
  301
  409
  541
  696
  874
  1,073
  1,290
  1,523
  1,768
  2,021
  2,280
  2,540
  2,799
  3,056
  3,308
  3,555
  3,796
  4,032
  4,262
  4,487
  4,710
  4,930
  5,149
  5,369
  5,592
  5,818
  6,049
  6,287
Total cash flow (excl. dividends), $m
  164
  538
  787
  1,117
  1,542
  2,072
  2,721
  3,497
  4,408
  5,458
  6,650
  7,985
  9,462
  11,079
  12,832
  14,718
  16,732
  18,872
  21,133
  23,513
  26,009
  28,620
  31,344
  34,183
  37,137
  40,209
  43,400
  46,715
  50,158
  53,734
Retained Cash Flow (-), $m
  -356
  -24
  -33
  -45
  -60
  -77
  -97
  -119
  -143
  -169
  -196
  -225
  -253
  -282
  -311
  -340
  -368
  -395
  -422
  -448
  -474
  -499
  -523
  -548
  -572
  -597
  -621
  -646
  -672
  -699
Prev. year cash balance distribution, $m
  69
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  10
  16
  24
  36
  52
  74
  102
  136
  179
  230
  291
  361
  442
  533
  634
  745
  867
  998
  1,140
  1,291
  1,451
  1,621
  1,800
  1,987
  2,183
  2,388
  2,602
  2,824
  3,056
  3,297
Cash available for distribution, $m
  -123
  514
  754
  1,072
  1,482
  1,995
  2,624
  3,378
  4,265
  5,289
  6,454
  7,761
  9,209
  10,797
  12,521
  14,378
  16,365
  18,477
  20,711
  23,065
  25,535
  28,121
  30,821
  33,635
  36,565
  39,612
  42,779
  46,069
  49,486
  53,035
Discount rate, %
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
  -110
  408
  524
  645
  762
  866
  947
  998
  1,015
  998
  947
  869
  772
  662
  550
  441
  342
  257
  186
  130
  87
  57
  35
  21
  12
  7
  4
  2
  1
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Innoviva, Inc., formerly Theravance, Inc., is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)). Under the Long-Acting Beta2 Agonist (LABA) Collaboration Agreement and the Strategic Alliance Agreement with GSK, the Company is eligible to receive the annual royalties from GSK on sales of RELVAR/BREO ELLIPTA. For other products combined with a LABA from the LABA collaboration, such as ANORO ELLIPTA, royalties are upward tiering and range from 6.5% to 10%. RELVAR/BREO is a once-a-day combination inhaled respiratory medicine consisting of a LABA (VI) and an inhaled corticosteroid (ICS), FF. ANORO ELLIPTA a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA.

FINANCIAL RATIOS  of  Innoviva (INVA)

Valuation Ratios
P/E Ratio 25.6
Price to Sales 11.5
Price to Book -4.4
Price to Tangible Book
Price to Cash Flow 25.2
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate 148.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity -200.6%
Total Debt to Equity -202.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 27.7%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 15.9%
Ret/ On T. Cap. - 3 Yr. Avg. -6.4%
Return On Equity -17.2%
Return On Equity - 3 Yr. Avg. -150.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 91.8%
EBITDA Margin - 3 Yr. Avg. -177.3%
Operating Margin 81.3%
Oper. Margin - 3 Yr. Avg. -94.8%
Pre-Tax Margin 44.8%
Pre-Tax Margin - 3 Yr. Avg. -305.1%
Net Profit Margin 44.8%
Net Profit Margin - 3 Yr. Avg. -696.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 1.7%

INVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INVA stock intrinsic value calculation we used $217 million for the last fiscal year's total revenue generated by Innoviva. The default revenue input number comes from 2017 income statement of Innoviva. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our INVA stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.7%, whose default value for INVA is calculated based on our internal credit rating of Innoviva, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Innoviva.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of INVA stock the variable cost ratio is equal to 10.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for INVA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.6% for Innoviva.

Corporate tax rate of 27% is the nominal tax rate for Innoviva. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the INVA stock is equal to 4.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for INVA are equal to 0.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Innoviva operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for INVA is equal to -0.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-243 million for Innoviva - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 107 million for Innoviva is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Innoviva at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ GlaxoSmithKline Is More Than Just a 5% Dividend Income Play   [Jul-17-18 12:33PM  InvestorPlace]
▶ Innoviva And Other Great Growth Stocks   [Jun-26-18 12:02PM  Simply Wall St.]
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▶ Top Cheap Stocks To Buy   [May-14-18 10:02AM  Simply Wall St.]
▶ Innoviva: 1Q Earnings Snapshot   [Apr-26-18 08:23AM  Associated Press]
▶ Flavor Of The Month: Innoviva And More   [Mar-29-18 10:02AM  Simply Wall St.]
▶ March Growth Stock Opportunities   [Mar-28-18 12:02PM  Simply Wall St.]
▶ Have Investors Priced In Innoviva Incs (NASDAQ:INVA) Growth?   [Mar-09-18 06:02PM  Simply Wall St.]
▶ New Strong Sell Stocks for February 21st   [Feb-21-18 08:27AM  Zacks]
▶ Why Innoviva Inc. Stock Jumped Tuesday   [Feb-13-18 04:05PM  Motley Fool]
▶ Innoviva beats Street 4Q forecasts   [Feb-08-18 07:07PM  Associated Press]
▶ Innoviva, Inc. to Host Earnings Call   [01:40PM  ACCESSWIRE]
▶ Does Innoviva Incs (NASDAQ:INVA) PE Ratio Warrant A Buy?   [Dec-30-17 05:45PM  Simply Wall St.]
▶ Innoviva Sees RS Rating Rise To 74   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ Innoviva Earns Relative Strength Rating Upgrade   [Dec-22-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Innoviva, Inc. : December 21, 2017   [Dec-21-17 11:32AM  Capital Cube]
▶ Innoviva and Sarissa Implement Court Order   [Dec-19-17 04:05PM  Business Wire]
▶ ETFs with exposure to Innoviva, Inc. : December 1, 2017   [Dec-01-17 10:39AM  Capital Cube]
▶ Largest Shareholders of GlaxcoSmithKline   [Nov-08-17 03:00PM  Investopedia]
▶ Innoviva misses 3Q profit forecasts   [Oct-25-17 05:51PM  Associated Press]
▶ Innoviva, Inc. to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ ETFs with exposure to Innoviva, Inc. : October 20, 2017   [Oct-20-17 10:16AM  Capital Cube]
▶ ETFs with exposure to Innoviva, Inc. : October 9, 2017   [Oct-09-17 11:40AM  Capital Cube]
▶ Stocks With Rising Relative Price Strength: Innoviva   [Oct-06-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: Innoviva   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Innoviva, Inc. : September 28, 2017   [Sep-28-17 10:14AM  Capital Cube]
▶ Stocks Flashing Renewed Technical Strength: Innoviva   [03:00AM  Investor's Business Daily]
▶ FDA OKs Glaxo's inhaler, first one to combine 3 medicines   [Sep-19-17 04:40PM  Associated Press]
▶ Stocks Showing Improving Market Leadership: Innoviva Earns 84 RS Rating   [Aug-29-17 11:08AM  Investor's Business Daily]
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