Innoviva, Inc. Common Stock 12th Annual Cantor Fitzgerald Global Healthcare Conference
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Good morning, everyone. Welcome to everyone in the room and on the webcast to day 2 of the 12th Annual Cantor Fitzgerald Global Healthcare Conference. It's my privilege to kick the day off in our first session with Innoviva. First of all, welcome. Thank you for being at the conference. Gentlemen, it would be great if you could introduce yourselves to start. I would also love to start with an update really just on the performance of the growing specialty therapeutics business, IST, which really has been impressive growth, I think, lurking underneath the rest of the stable business. If you could articulate some of the recent success you've had in building that program, I think that would be a good tipping-off point for the conversation, and we can take it from there.
Mm-hmm. Perfect. Thank you very much, Steve. It's a pleasure to be here. My name is Pavel Raifeld. I'm the CEO of Innoviva, and I'm also joined here by Austin Hackett, who is involved in a number of business development and other initiatives. I think we're very proud of the success we have had with Innoviva Specialty Therapeutics, or IST. For the last 12 months ending Q2, we generated over $200 million of revenue in that.
Just one moment. We're having some microphone issues.
Should they just go on?
Go ahead. Yeah. Okay, Pavel, yeah, if you could start over.
Would love for you to give a broad update just on the recent success of the Innoviva Specialty Therapeutics business. I think my question was caught, but yeah, take it away.
Yeah, perfect, and this does sound much better. We are very proud of the successes we have had with Innoviva Specialty Therapeutics. This is a business that delivered over $200 million of revenue in the last four quarters, ending Q2 of this year. In particular, we delivered about $37 million of U.S. sales, which is a metric we watch quite closely in Q2. This is a business that has been growing at 40%-50% a year for the last couple of years. A lot of our success has been driven by strong commercial execution. I think we have been quite successful across a number of our products, and all of them are in a fairly early commercial stage. On top of that, we have also been successful in introducing and launching new products. We believe the portfolio has very meaningful runway.
Mm-hmm. How has specifically the third quarter, I guess, been for some of the key products, and what are the growth drivers you are hoping will continue to drive this growth forward in the fourth quarter?
Would you highlight any of the products in particular in that portfolio that have been particularly strong in 2026?
Sure. I think that a lot of the trends that have driven our growth over the last year will continue over the next couple of quarters and beyond. While I would not want to. We're still in the middle of the third quarter.
Sure. I might not want to necessarily preview specific numbers.
But in general, we think that the key growth drivers for our portfolio remain the same. The two largest products are XACDURO and GIAPREZA. They're the two biggest growth drivers, and I think that the drivers there are somewhat similar. With XACDURO, a lot of it is about penetrating new accounts and medical education. For GIAPREZA, a lot of the value drivers have to do with generating additional data, which would allow us to support appropriate use of the product in certain early line or specific critical care settings. Then also work closely on market access.
Based on the experience that you've had with those two products in particular, XACDURO and GIAPREZA, maybe we can focus on that. First of all, what is the competitive landscape like out there as you're building the business for these products? Do you have enough experience with them to get a sense of what you think peak sales opportunities could be for these two products?
Sure. The competitive landscape is actually, neither of these products are really competing against any actively marketed branded therapeutics. They have similar drivers, as Pavel Raifeld said. But, for GIAPREZA in particular, it's really about broadening the overall addressable patient population with new data and finding settings of care where it can be used earlier in the line. Then for XACDURO, there really is no competition. Before the launch of XACDURO, carbapenem-resistant Acinetobacter had no approved treatment.
You basically threw everything you could at it and hoped for the best, and there was like a 50% mortality rate, even with the best care. That really entered into the market as the only solution with clinical data. Really, the competitive driver is just getting the word out, getting education, and getting utilization in appropriate settings and ensuring the hospitals can identify and treat those infections as quickly as possible.
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