Innoviva reported second quarter 2026 financial results with total revenue of $119.6 million, a 19% increase year-over-year. Royalty revenue remained stable at $59.8 million, while net product sales grew 46% to $51.8 million, driven by GIAPREZA, XACDURO, and XERAVA. The company reported a net loss of $83.4 million ($1.14 basic loss per share), primarily due to a $161.0 million unfavorable change in the fair value of equity investments, notably Armata Pharmaceuticals. Innoviva repurchased 1.4 million shares for $31.4 million under its existing buyback program and advanced its strategic healthcare assets by launching Nortiva Bio and securing an exclusive licensing agreement with Dr. Reddy’s Laboratories for XACDURO in emerging markets. The company operates as a diversified biopharmaceutical firm focused on critical care, infectious disease therapies, and royalty investments.