Innoviva Reports Second Quarter 2021 Financial Results Royalties increased by 44% to $104.3 million in the second quarter of 2021, compared to the same quarter in 2020. Repurchased GSK's full 32% equity stake in Innoviva

Innoviva Reports Second Quarter 2021 Financial

BURLINGAME, Calif., July 28, 2021 -

Innoviva, Inc. (NASDAQ: INVA) ("Innoviva" and "the Company") today reported financial results

for the second quarter ended June 30, 2021.

Pavel Raifeld, Chief Executive Officer of Innoviva, Inc., stated:

"Our royalty revenues grew 44% year over year, demonstrating continued strength and resilience in the face of the pandemic."

ELLIPTA global net sales increased meaningfully compared to the second quarter of 2020. U.S. net sales increased

significantly, driven in part by a favorable adjustment. Non-U.S. sales increased by 13% as the ICS/LABA class growth decline

was more than offset by beneficial adherence trends among existing patients. ANORO ELLIPTA global

net sales increased by 7% in the second quarter of 2021. U.S. net sales decreased by 3% due to negative volume dynamics. Non-U.S.

sales increased by 25% as the environment normalized. TRELEGY ELLIPTA global

net sales increased by 69% in the second quarter of 2021, driven by strong volume growth and a favorable adjustment in the U.S. as

well as strong launches in non-U.S. markets."

Mr. Raifeld concluded, "Over the past quarter, we continued

to execute on our strategy of creating shareholder value through operational excellence and strategic investments, deploying in excess

of $400 million. We are pleased with the superior performance across all key aspects of our business, and we believe GSK equity stake

repurchase to be a strategically and economically attractive transaction that ushered a new chapter in our story and strongly positioned

us for continued success."

1 For TRELEGY ELLIPTA ,

the amount represents 100% of royalty payments made by GSK to Theravance Respiratory Company, LLC ("TRC"). Innoviva owns 15%

of the economic interest in TRC.

Innoviva, Inc. (referred to as "Innoviva", the "Company",

or "we" and other similar pronouns), is a company with a portfolio of royalties that include respiratory assets partnered

with Glaxo Group Limited ("GSK"), including RELVAR /BREO ELLIPTA (fluticasone

furoate/ vilanterol, "FF/VI"), ANORO ELLIPTA (umeclidinium bromide/ vilanterol, "UMEC/VI")

and TRELEGY ELLIPTA (the combination FF/UMEC/VI). Under the Long-Acting Beta2 Agonist ("LABA")

Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR /BREO

ELLIPTA and ANORO ELLIPTA . Innoviva is also entitled to 15% of royalty payments made by

GSK under its agreements originally entered into with us, and since assigned to Theravance Respiratory Company, LLC ("TRC"),

relating to TRELEGY ELLIPTA and any other product or combination of products that may be discovered and

developed in the future under the LABA Collaboration Agreement and the Strategic Alliance Agreement with GSK (referred to herein as the

"GSK Agreements"), which have been assigned to TRC other than RELVAR /BREO ELLIPTA

ANORO , RELVAR , BREO ,

TRELEGY and ELLIPTA are trademarks of the GlaxoSmithKline group of companies.

Forward Looking Statements

This press release contains certain "forward-looking" statements

as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to

goals, plans, objectives and future events. Innoviva intends such forward-looking statements to be covered by the safe harbor provisions

for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation

Reform Act of 1995. The words "anticipate", "expect", "goal", "intend", "objective",

"opportunity", "plan", "potential", "target" and similar expressions are intended to identify

such forward-looking statements. Such forward-looking statements involve substantial risks, uncertainties and assumptions. These statements

are based on the current estimates and assumptions of the management of Innoviva as of the date of this press release and are subject

to known and unknown risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of

Innoviva to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual

results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: expected

cost savings; lower than expected future royalty revenue from respiratory products partnered with GSK; the commercialization of RELVAR /BREO

ELLIPTA , ANORO ELLIPTA and TRELEGY ELLIPTA in the jurisdictions

in which these products have been approved; the strategies, plans and objectives of Innoviva (including Innoviva's growth strategy

and corporate development initiatives beyond the existing respiratory portfolio); the timing, manner, and amount of potential capital

returns to shareholders; the status and timing of clinical studies, data analysis and communication of results; the potential benefits

and mechanisms of action of product candidates; expectations for product candidates through development and commercialization; the timing

of regulatory approval of product candidates; and projections of revenue, expenses and other financial items; the impact of the novel

coronavirus ("COVID-19"). Other risks affecting Innoviva are described under the headings "Risk Factors" and "Management's

Discussion and Analysis of Financial Condition and Results of Operations" contained in Innoviva's Annual Report on Form 10-K

for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q, which are on file with the Securities and Exchange

Commission ("SEC") and available on the SEC's website at www.sec.gov. Past performance is not necessarily indicative

of future results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given

these uncertainties, you should not place undue reliance on these forward-looking statements. The information in this press release is

provided only as of the date hereof, and Innoviva assumes no obligation to update its forward-looking statements on account of new information,

future events or otherwise, except as required by law.

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(1) Total net revenue from a related party is comprised of the following (in thousands):

Condensed Consolidated Balance Sheets

selected consolidated balance sheet amounts at December 31, 2020 are derived from audited financial statements.

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