olivLaw · US equity research
Travere Therapeutics, Inc. TVTX
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Travere Therapeutics is a San Diego biopharmaceutical company focused on rare kidney and metabolic diseases. U.S. sales of FILSPARI rose sharply in the second quarter of 2026, helped by the FSGS launch and continued growth in IgAN. The company is widening its pipeline with pegtibatinase and civorebrutinib, which diversifies its long-term growth prospects.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Travere Therapeutics, Inc. (TVTX) stock was 52.42 USD (+6.09% on the day), with market capitalisation 5.0 bn USD, beta 1.27, 52-week range 26.79–67.52 USD. Latest reported quarter (Q3 2026): revenue of 224.6 m USD (+36.2% YoY), net income of -52.3 m USD (−303.6% YoY), diluted EPS -0.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.2
- neutral
- Bollinger (20, 2)
- 48.83 – 53.69
- in the upper half of the band · %B 0.74 · band width 9.5%
- SMA 50 / 200
- 58.12 / 46.95
- mixed trend
- MACD (12, 26, 9)
- -1.95 / -2.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.1% | −1.1% | −8.0 pp | — |
| 3 months | −16.5% | −0.5% | −16.0 pp | — |
| 6 months | +17.1% | +4.4% | +12.7 pp | — |
| Year to date | +37.2% | +12.3% | +24.9 pp | — |
| 1 year | +53.6% | +13.5% | +40.0 pp | +8.9% |
| 3 years | +652.1% | +76.4% | +575.7 pp | +15.7% |
| 5 years | +74.2% | +63.7% | +10.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74.8 m | 81.7 m | 114.4 m | 164.9 m | 129.7 m | 127.2 m | 169.6 m | 224.6 m |
| Cost of revenue | 2.6 m | 4.7 m | 1.5 m | 1.6 m | 2.6 m | 2.0 m | 2.2 m | 2.9 m |
| SG&A | 69.5 m | 60.4 m | 62.6 m | 71.0 m | 143.2 m | 80.3 m | 96.1 m | 98.4 m |
| Operating income | -60.7 m | -42.7 m | -12.7 m | 24.9 m | -32.4 m | -36.9 m | 4.0 m | -68.1 m |
| Depreciation & amortisation | 12.1 m | 12.8 m | 14.0 m ≈ | 15.8 m ≈ | 18.1 m | 25.2 m | 4.2 m ≈ | 5.2 m ≈ |
| Interest expense | 2.8 m | 2.9 m | 2.8 m | 2.8 m | 2.3 m | 2.3 m | 2.1 m | 2.1 m |
| Pre-tax income | -60.3 m | -41.2 m | -12.7 m | 25.7 m | -21.1 m | -36.7 m | -35.0 m | -66.9 m |
| Income tax | -72.0 k | 39.0 k | 20.0 k | 8.0 k | 921.0 k | -120.0 k | -204.0 k | -5.9 m |
| Net income | -60.3 m | -41.2 m | -12.8 m | 25.7 m | 2.7 m | -37.1 m | -34.8 m | -52.3 m |
| Diluted EPS | -0.73 ≈ | -0.47 | -0.14 | 0.28 | 0.03 ≈ | -0.40 | -0.37 | -0.55 |
| Operating cash flow | -35.7 m | -42.2 m | 5.0 m ≈ | 14.3 m ≈ | 60.7 m | -40.4 m | 58.1 m ≈ | 98.2 m ≈ |
| Capex | — | — | — | 140.0 k ≈ | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 164.2 m | 175.3 m | 198.3 m | 131.8 m | 109.5 m | 145.2 m | 233.2 m | 490.7 m |
| Revenue YoY | +6.0% | +6.8% | +13.1% | −33.5% | −17.0% | +32.7% | +60.5% | +110.5% |
| Net income | -102.7 m | -146.4 m | -169.4 m | -180.1 m | -278.5 m | -111.4 m | -321.5 m | -25.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.54 | -3.46 | -3.56 | -3.01 | -4.37 | -1.50 | -4.08 | -0.29 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -62.5% | -83.5% | -85.4% | -136.6% | -254.4% | -76.7% | -137.9% | -5.2% |
| Free cash flow | -25.7 m | -58.4 m | -49.5 m | -19.9 m | -186.5 m | -280.7 m | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 93.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 114.8 m USD
- Total assets
- 605.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.74x
- ROE
- -29.4%
- ROA
- -4.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 198.3 m | 131.8 m | 109.5 m | 145.2 m | 233.2 m | 490.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 6.1 m | 3.8 m | 4.4 m | 11.5 m | 7.7 m | 10.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 192.2 m ≈ | 128.0 m ≈ | 105.0 m ≈ | 133.8 m ≈ | 225.4 m ≈ | 480.4 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Research & development | — | — | 7.5 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| SG&A | 135.8 m | 126.3 m | 197.5 m | 265.5 m | 264.1 m | 337.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -176.2 m | -199.4 m | -319.8 m | -388.1 m | -323.8 m | -62.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 24.6 m | 12.7 m | 20.7 m | 38.5 m | 43.6 m | 60.7 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | -151.6 m ≈ | -186.7 m ≈ | -299.1 m ≈ | -349.6 m ≈ | -280.3 m ≈ | -2.1 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 19.1 m | 19.7 m | 11.0 m | 11.3 m | 11.2 m | 10.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -188.8 m | -216.9 m | -331.2 m | -376.1 m | -320.5 m | -49.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | -19.4 m | 409.0 k | 313.0 k | 223.0 k | 120.0 k | 988.0 k | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -169.4 m | -180.1 m | -278.5 m | -111.4 m | -321.5 m | -25.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -3.56 | -3.01 | -4.37 | -1.50 | -4.08 | -0.29 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 47.5 m | 59.8 m | 63.8 m | 74.3 m | 78.9 m | 89.2 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 84.8 m | 165.8 m | 61.7 m | 58.2 m | 58.5 m | 93.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 15.9 m | 15.9 m | 16.6 m | 21.2 m | 27.1 m | 80.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 7.6 m | 7.3 m | 4.5 m | 9.4 m | 41.9 m | 36.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 410.4 m | 582.8 m | 486.4 m | 616.8 m | 416.7 m | 437.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 9.4 m | 11.1 m | 9.0 m | 7.5 m | 5.3 m | 4.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 900.0 k | 900.0 k | 800.0 k | 800.0 k | 800.0 k | — | SEC (XBRL)· 21 Feb 2025verified |
| Intangibles (excl. goodwill) | 154.1 m | 148.4 m | 97.1 m | 104.4 m | 104.0 m | 113.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 607.4 m | 776.6 m | 672.6 m | 788.9 m | 594.1 m | 605.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 12.1 m | 15.1 m | 17.3 m | 41.7 m | 23.5 m | 24.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 92.7 m | 124.1 m | 142.2 m | 177.9 m | 200.8 m | 159.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 396.2 m | 474.5 m | 629.7 m | 588.1 m | 535.0 m | 490.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 211.2 m † | 302.1 m † | 42.9 m † | 200.8 m † | 59.1 m † | 114.8 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -42.7 m | -14.8 m | -186.3 m | -280.0 m | -237.5 m | 37.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 6.8 m | 5.1 m | 191.0 k | 668.0 k | — | — | SEC (XBRL)· 20 Feb 2024verified |
| Free cash flow | -49.5 m ≈ | -19.9 m ≈ | -186.5 m ≈ | -280.7 m ≈ | — | — | SEC (XBRL)· 20 Feb 2024derived |
| Investing cash flow | -61.3 m | -137.6 m | -32.6 m | 55.8 m | 99.3 m | 27.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 127.7 m | 231.7 m | 117.6 m | 218.8 m | 139.4 m | -33.5 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.0 bn USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -18.7% | 34 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 64.9% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -15.1x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial34/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRAVERE THERAPEUTICS, INC. (TVTX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 490.7 m USD in 2025; YoY growth 110.5%; net margin -18.7%; ROE -252.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 64.9%
- Current ratio: 3.0x
What contradicts it
- Interest coverage: -15.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| ORKAOruka Therapeutics, Inc. | 6.7 bn | — | -18.2% | — | unavailable | +237% / +364% |
| TVTXTravere Therapeutics, Inc. | 5.0 bn | — | -252.7% | -18.7% | +110.5% | +54% / +652% |
| HRMYHarmony Biosciences Holdings, Inc. | 2.0 bn | 11.4 | 18.7% | 18.1% | +21.5% | −2% / +18% |
| OMEROmeros Corp | 1.3 bn | 10.5 | — | — | −34.0% | +88% / +730% |
| VSTMVerastem, Inc. | 892.0 m | — | -471.2% | -231.6% | +209.1% | −7% / +43% |
| COLLCollegium Pharmaceutical, Inc. | 770.6 m | 19.1 | 17.6% | 5.9% | +23.6% | −49% / −8% |
| IBOImpact BioMedical, INC. | 442.1 m | 560.3 | 371.3% | 2,254.3% | unavailable | −27% / unavailable |
| KMDAKamada Ltd | 428.0 m | 21.2 | 7.6% | 11.2% | +12.1% | +11% / +57% |
1- and 3-year price returns: for TVTX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Travere Therapeutics is a San Diego biopharmaceutical company focused on rare kidney and metabolic diseases. U.S. sales of FILSPARI rose sharply in the second quarter of 2026, helped by the FSGS launch and continued growth in IgAN 3. The company is widening its pipeline with pegtibatinase and civorebrutinib, which diversifies its long-term growth prospects 3.
SWOT
Strengths
- Rapid growth in FILSPARI sales and approvals in IgAN and FSGS provide a solid commercial base.
- A commercial team with more than a decade of experience in rare diseases supports new product launches.
- A diversified portfolio of late-stage programs and licenses across several territories.
Weaknesses
- Net losses persist, and commercial and research spending remain high.
- Dependence on one main product, FILSPARI, exposes the company to concentrated risk.
- Convertible debt issuance and repurchase costs weigh on financial flexibility.
Opportunities
- The FSGS launch could significantly widen the base of patients treated in the U.S.
- HARMONY results could open a disease-modifying therapy for HCU.
- Civorebrutinib could bring new indications across several immune-mediated kidney diseases.
Threats
- Generic entry for Thiola and possibly FILSPARI could reduce revenue.
- Ownership changes at licensing partners could reduce resources devoted to commercialization.
- Access and reimbursement pressure could limit physician and patient adoption of FILSPARI.
Risks
- Dependence on FILSPARIhigh
Revenue depends heavily on the commercial success of FILSPARI, and a weak launch could affect the whole company.
- Generic competitionhigh
Generic versions of Thiola or FILSPARI, after exclusivity ends, could reduce sales.
- Partner dependencemedium
Commercialization outside the U.S. relies on licensing partners, which could devote fewer resources or discontinue efforts.
- Execution risk in HCUmedium
The pegtibatinase program paused enrollment and depends on manufacturing optimization, which could delay results.
- Financial obligationsmedium
Convertible note issuance and related repurchases could affect liquidity and capital structure.
Investment thesis
What would need to be true (bull case)
- If FILSPARI sales keep growing after the FSGS launch, the company could build a steadier revenue base.
- Success in the HARMONY study could make pegtibatinase a reference therapy for HCU.
- Diversification through civorebrutinib could extend the portfolio into several rare kidney diseases.
What would break the thesis
- If commercial spending keeps rising faster than revenue, losses could persist.
- Generic entry could significantly reduce sales, especially after exclusivity ends.
- Delays in clinical studies or manufacturing could postpone long-term growth sources.
What to watch
- HARMONY Phase 3 topline data for pegtibatinase2027
- FILSPARI sales trajectory in FSGS and IgANQ3 2026
- SPARX study data in post-transplant patients2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Travere Therapeutics is a biopharmaceutical company headquartered in San Diego, California, focused on identifying, developing and delivering life-changing therapies for people with rare kidney and metabolic diseases 1. Its lead product, FILSPARI (sparsentan), received full FDA approval in September 2024 to slow kidney function decline in adults with IgAN at risk of progression 1. The company later obtained traditional approval for FSGS in April 2026, according to its second quarter results 23.
Segments
FILSPARI for IgAN and FSGS
FILSPARI is described as the only oral, once-daily, non-immunosuppressive medicine that directly targets glomerular injury by blocking two critical pathways, endothelin-1 and angiotensin II 1. In the second quarter of 2026, U.S. FILSPARI sales reached 141.1 million USD, up 96% year-over-year 3. The FSGS launch, approved in April 2026, adds an estimated addressable population of more than 30,000 patients in the U.S. 3.
Pegtibatinase for HCU
Pegtibatinase is an investigational enzyme replacement therapy for classical homocystinuria, a rare genetic disorder 13. The pivotal Phase 3 HARMONY Study is designed to assess change in plasma tHcy levels, with topline data expected in the second half of 2027 3. Enrollment restarted in the first quarter of 2026 1.
Civorebrutinib
Civorebrutinib, also known as EVER001, is an oral BTK inhibitor in-licensed from Everest Medicines in July 2026 3. The company plans to study it in primary membranous nephropathy, immune-mediated FSGS and minimal change disease 3. The company describes it as a strategic and complementary addition to its rare kidney portfolio 3.
Market context
Trends
- FILSPARI sales growthtailwind
U.S. FILSPARI sales rose 96% in the second quarter of 2026, and new patient start forms reached 2,012 3. If this trend holds after the FSGS launch, it could support revenue growth.
- High commercial spendingheadwind
SG&A expenses rose substantially from the prior year, reflecting the FSGS launch and IgAN commercial activity 3. If revenue does not grow at a similar pace, operating margins could remain under pressure.
- Generic and price competitionheadwind
Thiola faces generic competition, and approval of additional versions could reduce its sales 1. Future generic entry for FILSPARI after exclusivity ends would also be a risk 1.
- Pipeline expansionmixed
The civorebrutinib in-licensing and the HARMONY enrollment restart open new indications for the company 23. Results from these programs could materially change the long-term outlook, but remain uncertain.
Competitive position
Competition includes generic tiopronin products for Thiola and Thiola EC, and possible generics of FILSPARI after patent expiry 1. The company notes that no other non-immunosuppressive drug had been approved for IgAN, while off-label ACE/ARB and steroid treatments remain in use for FSGS 1.
The company relies on partners to commercialize outside the U.S., and ownership changes at CSL Vifor and Chugai could affect the resources devoted to these territories 1. Competition for civorebrutinib and pegtibatinase could come from other programs in the same indications 3.
- CSL Vifor
Licensing partner for FILSPARI in Europe and other territories, which has generated milestone payments for the company 1.
- Chugai Pharmaceutical
Acquired Renalys and holds development and commercial rights for sparsentan in Japan, South Korea and Taiwan 13.
- Everest Medicines
Licensor of civorebrutinib to Travere, with rights retained in Greater China and certain East and Southeast Asian countries 3.
- Generic manufacturers
Companies that obtained approval for generic tiopronin versions and could compete for Thiola demand 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Travere Therapeutics' Outlook Brightens As Turnaround LoomsYahoo Finance — News · 08 Sept 2026 · EN
The latest news item in our archive is from 08 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report21 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report09 Jul 2026Departure or appointment of officers
- Current report16 Jun 2026Departure or appointment of officers
- Current report02 Jun 2026Material agreement · Financial statements and exhibits
- Current report21 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report11 May 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Travere Therapeutics, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Travere Therapeutics, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Travere Therapeutics, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.