Innoviva, Inc. (INVA) has reported a 492.19 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $25.47 million, or $0.22 a share in the quarter, compared with $4.30 million, or $0.04 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $30.84 million, or $0.26 a share compared with $9.44 million or $0.08 a share, a year ago.
Revenue during the quarter surged 90.98 percent to $43.61 million from $22.84 million in the previous year period. Total expenses were 13.65 percent of quarterly revenues, down from 24.27 percent for the same period last year. This has led to an improvement of 1063 basis points in operating margin to 86.35 percent.
Operating income for the quarter was $37.66 million, compared with $17.29 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $43.67 million compared with $22.43 million in the prior year period.
"We are very pleased with the continued progress that was made during the fourth quarter in the ongoing global commercialization of RELVAR/BREO ELLIPTA and ANORO ELLIPTA. According to IMS, U.S. TRx market share for BREO and ANORO achieved all-time highs of 13.8% and 10.7% respectively, for the week ended January 27, 2017," said Michael W. Aguiar, president and chief executive officer of Innoviva. Our 2017 capital return plan will be focused on the redemption of our 2029 Notes and we project the plan to return up to $150 million. Our plan also maintains the flexibility to make opportunistic purchases of company stock and Convertible Notes based upon market conditions. Looking forward, we remain optimistic about the significant growth prospects for our respiratory portfolio and for the company."
Operating cash flow improves significantly
Innoviva, Inc. has generated cash of $60.98 million from operating activities during the year, up 501.95 percent or $50.85 million, when compared with the last year.
The company has spent $4.58 million cash to meet investing activities during the year as against cash inflow of $159.17 million in the last year.
The company has spent $97.57 million cash to carry out financing activities during the year as against cash outgo of $106.92 million in the last year period.
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