Net Income Per Share (Tables)

6 Months Ended

Jun. 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 six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands except per share data)	2022		2021		2022		2021
Numerator:
Net income attributable to Innoviva stockholders, basic	$	939	$	88,948	$	16,712	$	183,071
Add: interest expense on 2023 Notes		570		1,163		1,591		2,367
Add: interest expense on 2025 Notes		1,375		—		2,539		—
Add: interest expense on 2028 Notes		1,709		—		2,093		—
Net income attributable to Innoviva stockholders, diluted	$	4,593	$	90,111	$	22,935	$	185,438
Denominator:
Weighted-average shares used to compute basic net income    per share attributable to Innoviva stockholders		69,643		88,423		69,594		94,858
Dilutive effect of 2023 Notes		4,866		12,189		7,511		12,189
Dilutive effect of 2025 Notes		11,150		—		11,150		—
Dilutive effect of 2028 Notes		9,955		—		6,360		—
Dilutive effect of options and awards granted under equity    incentive plan and employee stock purchase plan		39		27		77		49
Weighted-average shares used to compute diluted net income    per share attributable to Innoviva stockholders		95,653		100,639		94,692		107,096
Net income per share attributable to Innoviva stockholders
Basic	$	0.01	$	1.01	$	0.24	$	1.93
Diluted	$	0.05	$	0.90	$	0.24	$	1.73

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 June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Outstanding options and awards granted under equity incentive    plan and employee stock purchase plan		642		1,093		514		1,126