Travere Therapeutics, Inc. (TVTX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$591.3M

Revenue growth

77.1%

Net income, last twelve months

-$43.5M

Earnings per share

-$0.46

Gross margin

98.6%

Operating margin

-6.8%

Net margin

-7.4%

Return on equity

-177.2%

Market value

$4.8B

Cash

$117.7M

Debt

$602.8M

Debt to equity

24.58

Shares outstanding

94.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Second-quarter U.S. net product sales rose. Total revenue was $169.6 million against $114.4 million a year earlier. U.S. net product sales were $161.4 million, up from $94.8 million; license and collaboration revenue was $8.2 million.
• FILSPARI sales grew 96%. FILSPARI accounted for $141.1 million of second-quarter U.S. net product sales, representing 96% year-over-year growth.
• Six-month sales reached $285.8 million. Six-month U.S. net product sales were $285.8 million, against $170.7 million; FILSPARI six-month sales were $246.2 million, up 93%.
• Net loss rose on inducement charge. Net loss was $34.8 million, or $0.37 per basic share, against $12.8 million a year earlier. Non-GAAP net loss was $9.0 million, or $0.10 per share.
• Non-GAAP operating income rose. GAAP operating income was $4.0 million, against a loss of $12.7 million a year earlier. Non-GAAP operating income was $30.0 million, against $12.0 million.
• New patient start forms reached 2,012. Second-quarter new patient start forms totaled 2,012, compared with 993 IgAN PSFs in the first quarter. The release does not split the second-quarter figure by indication.
• FSGS approval opens new population. FDA approved FILSPARI for FSGS without nephrotic syndrome in April 2026. The company estimates more than 30,000 addressable U.S. patients.
• Tiopronin sales declined. Tiopronin product sales were $20.3 million in the second quarter, down from $23.0 million a year earlier. The release gives no reason for the change.
• R&D rose on HARMONY and manufacturing. R&D expense was $60.3 million, up from $49.4 million; non-GAAP R&D was $53.4 million. Pegtibatinase manufacturing for classical HCU also contributed to the increase.
• SG&A rose on FSGS and IgAN launches. SG&A was $96.1 million, up from $62.6 million; non-GAAP SG&A was $80.8 million, up from $55.5 million.
• Royalty expense fell year on year. Royalty expense was $7.1 million, against $13.6 million. The reconciliation shows $3.8 million of amortization and $3.2 million of non-GAAP royalty expense.
• Cash rose to $489.2 million. Cash, cash equivalents and marketable securities totaled $489.2 million at June 30, 2026, up from $264.7 million at March 31, 2026.
• Net proceeds from May note deal. The May 2026 convertible note transactions produced about $158 million of net cash proceeds after the 2032 issuance and 2029 repurchases.
• Convertible debt rose, equity fell. Convertible debt was $602.8 million at June 30, against $311.7 million at December 31, 2025. Total stockholders' equity was $24.5 million, down from $114.8 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 216 held.

Every filing

The newest filings with the SEC of 424 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

348 funds held it at 30 Jun 2026: 199 added and 86 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Travere Therapeutics is a biopharmaceutical company headquartered in San Diego, California, focused on therapies for people living with rare kidney and metabolic diseases. As of 31 January 2026 it had 497 full-time employees.

What it sells

FILSPARI received full FDA approval on 5 September 2024 to slow kidney function decline in adults with primary IgAN who are at risk of disease progression. It had received accelerated approval in February 2023. The company describes it as the only oral, once-daily, non-immunosuppressive medication that targets glomerular injury by blocking two pathways, endothelin-1 and angiotensin II. It is available only through a risk evaluation and mitigation strategy for liver monitoring, and since August 2025 that monitoring is required every three months. The company estimates more than 70,000 patients in the United States are addressable under the full approval indication.

Thiola and Thiola EC are approved by the FDA for cystinuria, a genetic disorder that causes recurring kidney stones. The company estimates the United States prevalence at 10,000 to 12,000. Generic versions of both formulations are on the market.

What is in development

The company submitted a supplemental new drug application for FILSPARI in FSGS in March 2025. The FDA set an action date of 13 April 2026. The filing says no FDA-approved pharmacologic treatment exists for FSGS. The company estimates more than 40,000 FSGS patients in the United States, with up to 30,000 potentially addressable with FILSPARI.

Pegtibatinase is an investigational enzyme replacement therapy for classical HCU, for which the company estimates 7,000 to 10,000 addressable patients globally. It holds Rare Pediatric Disease, Fast Track and Breakthrough Therapy designations from the FDA. The company paused enrollment in the Phase 3 HARMONY Study in September 2024 to fix manufacturing scale-up, and restarted enrollment in the first quarter of 2026. It came from the November 2020 acquisition of Orphan Technologies Limited.

Where it operates and with whom

In the United States the company sells directly.

- CSL Vifor covers Europe, Australia, New Zealand, the Gulf Cooperation Council countries, Brazil, Chile and Israel. The European Commission granted a standard marketing authorization in April 2025 covering the European Union, Iceland, Liechtenstein and Norway. Launch began in Germany and Austria in August 2024. - Chugai Pharmaceutical Co., Ltd. holds rights in Japan, South Korea and Taiwan, gained when it acquired Renalys Pharma. Chugai is responsible for development, regulatory matters and commercialization there. - Travere keeps rights in the United States and the rest of the world outside these territories.

How it sells and makes its products

A specialty sales force markets the products in the United States. Nephrologists are the primary call point for FILSPARI, and urologists and nephrologists for Thiola. FILSPARI goes through direct-to-patient pharmacies, supported by the Travere TotalCare program for insurance and prescription help. Thiola goes through its own direct-to-patient pharmacy with patient support services. Medical Affairs teams in the United States and Europe handle scientific exchange and evidence generation.

The company owns no manufacturing facilities. STA Pharmaceutical Hong Kong Limited makes the active ingredient for FILSPARI. Catalent Pharma Solutions makes the finished product and does primary packaging, and PCI Pharma Services does secondary packaging. Mission Pharmacal makes Thiola and Thiola EC.

Licences, patents and exclusivity

Sparsentan is sublicensed worldwide from Ligand Pharmaceuticals, and the company pays Ligand and Bristol-Myers Squibb Company an escalating royalty of between 15% and 17% of net sales. Thiola is licensed from Mission Pharmacal for the United States and Canada under an agreement running through May 2029, with payments of 20% of Thiola net sales or a guaranteed minimum, whichever is greater. In 2023 the company sold its Chenodal and Cholbam bile acid products to Mirum Pharmaceuticals, with further payments tied to Mirum's annual net sales.

The FILSPARI patent portfolio had six patent families at 31 December 2025. The Ligand family has a stated expiration in March 2030. FILSPARI has two separate seven-year periods of Orphan Drug Exclusivity in the United States for IgAN. Pegtibatinase has six patent families, mostly tied to the University of Colorado. Thiola has no regulatory exclusivity in the United States.

Competition

The filing says many competitors are larger and have greater resources. In IgAN, kidney-targeted rivals include Novartis's atrasentan (Vanrafia). Immune-targeted therapies include Calliditas's Tarpeyo, Otsuka's sibeprenlimab (Voyxact) and Novartis's iptacopan (Fabhalta). SGLT2 inhibitors are positioned as possible background therapy. For HCU, current options are a protein-restricted diet, vitamin B6 and betaine. Thiola competes with generics and with penicillamine agents.

Its people

Most of the 497 full-time employees are in the United States, with a small number elsewhere. None of the United States employees are covered by collective bargaining agreements. The September 2025 employee engagement survey had an 86% response rate.

*From Travere's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000014/tvtx-20251231.htm)*

From the company's 10-K.