Innoviva, Inc.: Update to credit analysis
Our credit view of Innoviva, reflecting strong cash flow but significant revenue concentration.Innoviva is a company with a portfolio of royalties that include respiratory assets. The company's Long-Acting Beta2 Agonist (LABA) collaboration has developed the combination products: RELVAR? /BREO? ELLIPTA?, a once-daily combination medicine consisting of a LABA, vilanterol (VI), and an inhaled corticosteroid (ICS), fluticasone furoate (FF); ANORO? ELLIPTA?, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, VI; and RELEGY? ELLIPTA? (the combination FF/UMEC/VI), a once-daily combination medicine consisting of an ICS, LAMA and LABA.
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