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Travere Therapeutics, Inc.
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NASDAQ: TVTX Healthcare Pharma 🔎 Screen
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$5.0B
Market Cap
—
P/E
2.20
PEG
-6.3%
ROCE
N/M
ROE
25.16
D/E
-6.8%
OPM
-25.1%
% from 52W High
79
α RS
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Currency-adjusted total returns for TVTX including FX impact
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📈 Price History
Ratio Health
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About

Travere Therapeutics, Inc., a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases in the United States. The company’s products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones. Its clinical-stage programs consist of Sparsentan, a novel investigational product candidate, which has been granted Orphan Drug Designation for the treatment of focal segmental glomerulosclerosis in the U.S. and Europe; and Pegtibatinase, a novel investigational human enzyme replacement candidate being evaluated for the treatment of classical homocystinuria. It has a collaboration agreement with PharmaKrysto Limited for the pre-clinical activities associated with the cystinuria program. Travere Therapeutics, Inc. was formerly known as Retrophin, Inc. and changed its name to Travere Therapeutics, Inc. in November 2020. The company is headquartered in San Diego, California.

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⭐ Superinvestors Holding TVTX
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.97M $58.4M 0.09% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Travere Therapeutics: $105M FILSPARI revenue, FDA approval in FSGS, record demand in IgA nephropathy.
Revenue & Profitability
Total U.S. net product sales were $124.5 million in Q1 2026. FILSPARI revenue grew ~88% year-over-year to $105.2 million. Net loss was $37.1 million ($0.40 per basic share), compared to a net loss of $41.2 million ($0.47 per basic share) in Q1 2025. On a non-GAAP adjusted basis, net income was $4.1 million ($0.05 per share). Cash, equivalents, marketable securities, and receivables were approximately $352 million as of March 31, 2026.
Outlook
Management is optimistic about the FSGS launch, expecting faster uptake than the initial IgA nephropathy launch due to high unmet need and existing prescriber experience. They estimate over 100,000 eligible patients in the U.S. for FILSPARI across both indications, representing a $3 billion peak sales opportunity. The company expects the IgA nephropathy market to grow as more patients receive treatment, with FILSPARI positioned as a foundational nephroprotective therapy.
Growth Drivers
Key growth drivers include the FSGS launch, which adds over 30,000 eligible patients; continued record demand in IgA nephropathy (993 new patient start forms in Q1 2026); and the progression of pegtibatinase in Phase III HARMONY study. The company is also benefiting from early payer approvals and an expanded field team. Management anticipates a faster FSGS uptake compared to the initial IgA nephropathy launch.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Not directly discussed. Non-GAAP adjusted net income was positive $4.1 million in Q1 2026, compared to a non-GAAP adjusted net loss of $16.9 million in Q1 2025. R&D and SG&A expenses increased due to FSGS launch preparations and HARMONY study restart.
Key Risks
Risks flagged in the call relate to forward-looking statements, including known and unknown risks and uncertainties. Specific concerns raised by analysts included potential confusion around the FSGS label's exclusion of patients with active nephrotic syndrome, payer education, and competition. Management expressed confidence in overcoming these through education and payer relationships.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 2026 saw record FILSPARI revenue and strong launches in both IgA nephropathy and FSGS, with over 2,000 new patient starts and 96% year-over-year sales growth. The pipeline advanced with pegtibatinase and civorebrutinib, and the company ended the quarter with $489 million in cash.
Q1 2026 Q1 2026 2026-05-04
FILSPARI achieved first full FDA approval in FSGS, driving record demand and 88% year-over-year sales growth. The company reported $127.2 million in Q1 revenue and is advancing its pipeline, with strong cash reserves supporting continued expansion.
Q4 2025 Q4 2025 2026-02-19
Record 2025 revenue and patient growth driven by FILSPARI's strong adoption in IgA nephropathy, with continued momentum expected in 2026. Pipeline advanced with FSGS sNDA and pegtibatinase Phase 3, while financials strengthened by milestone payments and robust sales.
Q3 2025 Q3 2025 2025-10-30
Q3 saw robust revenue growth driven by FILSPARI's strong performance in IgA nephropathy, with net sales up over 155% year-over-year. The company is preparing for a potential FSGS launch, has strengthened its financial position, and continues to advance its pipeline.
Q2 2025 Q2 2025 2025-08-06
Q2 2025 saw record FILSPARI sales and strong year-over-year revenue growth, driven by expanding adoption in IgA nephropathy and progress toward FSGS approval. Robust financials, new clinical data, and anticipated regulatory milestones position the company for continued growth.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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