Innoviva is a diversified biopharmaceutical company with two core businesses: a passive royalty portfolio tied to GSK respiratory drugs, and an active commercial critical care and infectious disease platform called Innoviva Specialty Therapeutics (IST). On the royalty side, Innoviva earns tiered royalties on two GSK-marketed inhaled respiratory drugs — BREO/RELVAR ELLIPTA for COPD and asthma, and ANORO ELLIPTA for COPD — bearing no manufacturing, sales, or R&D costs. These royalties are the historical foundation of the business and fund Innoviva's broader diversification efforts. IST is a hospital-focused commercial operation built through acquisitions of Entasis Therapeutics and La Jolla Pharmaceutical in 2022, plus licensing deals. IST markets five specialty drugs to ICU physicians and infectious disease specialists: GIAPREZA (a vasoconstrictor for septic shock), XACDURO (an IV antibiotic for carbapenem-resistant Acinetobacter pneumonia), XERAVA (an IV antibiotic for complicated intra-abdominal infections), ZEVTERA (a cephalosporin antibiotic for Staph aureus infections, launched 2025), and NUZOLVENCE (an oral treatment for gonorrhea, FDA-approved December 2025). The primary challenge for IST is driving physician adoption of novel, higher-cost drugs in hospital settings where cost pressure is acute. Innoviva also holds strategic investments in healthcare companies, including a stake in Armata Pharmaceuticals. Innoviva's stated strategy is to transition from a pure-play royalty company into a fully diversified biopharmaceutical business, deploying royalty cash flows into M&A and licensing to expand the IST portfolio.