Innoviva Reports Third Quarter 2022 Financial Results and Highlights Recent Company Progress Royalties at $65.6 million in the third quarter of 2022, compared to $65.7 million in the same quarter of 2021, for RELVAR /BRE

Innoviva Reports Third Quarter 2022

Financial Results and Highlights Recent Company Progress

BURLINGAME, Calif.-(BUSINESS

WIRE)- November 9, 2022-Innoviva, Inc. (NASDAQ: INVA) ("Innoviva" and "the Company"), a

diversified holding company with a portfolio of royalties and other healthcare assets, today reported financial results for the

third quarter ended September 30, 2022.

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

stated: "Our diversified core royalty business continues to perform well and deliver strong revenues despite challenging market

conditions. RELVAR /BREO ELLIPTA global net sales grew slightly compared to third quarter

2021 with U.S. net sales growth compensating for foreign currency changes and a slowdown in non-U.S. markets. ANORO ELLIPTA

global net sales decreased by 15% compared to third quarter of 2021 mainly due to pricing pressures and foreign currency changes."

Mr. Raifeld continued:

"Over the past quarter, we significantly advanced our strategy with the acquisitions of Entasis and La Jolla, giving us a strong

footprint in the hospital and infectious disease space with an attractive growth outlook rooted in a robust portfolio of marketed and

pipeline products. Our financials have started to reflect the growing complexity of our business given the newly acquired operating platform

which we believe has excellent value creation potential."

committed to a disciplined, thoughtful, and thorough approach to capital allocation. The new share repurchase program underscores our

confidence in Innoviva's prospects and value embedded within our business, supported by the strength of our balance sheet and cashflows,

as we seek to take advantage of market dislocations. We explore all avenues in our efforts to create shareholder value," concluded

Innoviva is a diversified

holding company with a portfolio of royalties and other healthcare assets. Innoviva's royalty portfolio includes respiratory assets

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

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

"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's other healthcare assets include infectious disease and hospital assets stemming from acquisitions

of Entasis Therapeutics, including its lead asset sulbactam-durlobactam, and La Jolla Pharmaceutical, including GIAPREZA (angiotensin

II), approved to increase blood pressure in adults with septic or other distributive shock and XERAVA (eravacycline) for the treatment

of complicated intra-abdominal infections in adults

and BREO are trademarks of the GSK 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 , GIAPREZA

and XERAVA 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); 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"); the timing, manner and amount of capital deployment, including potential capital returns

to stockholders; and risks related to the Company's growth strategy. 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, 2021 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.

Additional risk factors are presented on Form 8-K filed on August 23, 2022. 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)

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

Condensed Consolidated Balance Sheets