Innoviva (INVA) H.C. Wainwright 28th Annual Global Investment Conference summary

Business evolution and strategic pillars

• Transitioned from a royalty-focused model to a diversified healthcare company with three pillars: royalty portfolio, specialty therapeutics, and strategic healthcare assets.

• Royalty business remains a stable cash generator, anchored by two mature respiratory products with strong ex-U.S. sales and regulatory barriers to generic entry.

• Specialty therapeutics (IST) platform established through acquisitions, now includes five approved products targeting critical care and infectious diseases.

• Strategic healthcare assets portfolio includes investments in innovative companies with high growth potential and asymmetric risk-reward profiles.

• Non-royalty revenue now exceeds legacy royalty income, reflecting successful diversification.

Royalty portfolio insights

• Two leading respiratory products provide durable, predictable cash flows, protected by maintenance therapy dynamics and regulatory complexity.

• Over two-thirds of sales are ex-U.S., reducing exposure to U.S. pricing pressures.

• Analyst consensus projects over $1 billion in revenue from these royalties over the next five years.

Specialty therapeutics (IST) growth and product highlights

• IST formed by integrating Entasis and La Jolla, now a commercial platform with five approved products.

• NUZOLVENCE approved for gonorrhea, with commercial launch expected by year-end.

• XACDURO, launched in 2023, is the first and only U.S. antibiotic for Acinetobacter, now preferred first-line agent by IDSA.

• XACDURO expanding globally via partnerships in Asia and emerging markets.

• GIAPREZA addresses critical care shock, offering a mechanistically distinct alternative for patients unresponsive to standard therapies.

• IST portfolio generated $212 million in LTM net product sales and licensed revenue, growing 46% year-over-year.