Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net income per share

The following table shows the computation of basic and diluted net income per share for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands except per share data)	2022		2021		2022		2021
Numerator:
Net income attributable to Innoviva stockholders, basic	$	265,523	$	72,438	$	282,235	$	255,509
Add: interest expense on 2023 Notes		412		1,186		2,003		3,553
Add: interest expense on 2025 Notes		994		—		3,533		—
Add: interest expense on 2028 Notes		1,769		—		3,862		—
Net income attributable to Innoviva stockholders, diluted	$	268,698	$	73,624	$	291,633	$	259,062
Denominator:
Weighted-average shares used to compute basic net income    per share attributable to Innoviva stockholders		69,731		69,458		69,640		86,298
Dilutive effect of 2023 Notes		4,866		12,189		6,629		12,189
Dilutive effect of 2025 Notes		11,150		—		11,150		—
Dilutive effect of 2028 Notes		9,955		—		7,559		—
Dilutive effect of options and awards granted under equity    incentive plan and employee stock purchase plan		128		52		94		49
Weighted-average shares used to compute diluted net income    per share attributable to Innoviva stockholders		95,830		81,699		95,072		98,536
Net income per share attributable to Innoviva stockholders
Basic	$	3.81	$	1.04	$	4.05	$	2.96
Diluted	$	2.80	$	0.90	$	3.07	$	2.63

Schedule of anti-dilutive securities

The following common stock equivalents were not included in the computation of diluted net income per share because their effect was anti-dilutive for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Outstanding options and awards granted under equity incentive    plan and employee stock purchase plan		705		891		577		1,048
Outstanding stock warrant		526		—		177		—
Total		1,231		891		754		1,048