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Travere Therapeutics (TVTX) investor relations material
Travere Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- FILSPARI achieved full FDA approval for IgAN in September 2024, with Q3 2025 U.S. net sales of $90.9 million, up 155% year-over-year, and 731 new patient start forms. 
- Total Q3 2025 revenue reached $164.9 million, including a $40 million EU market access milestone and $9.3 million in non-cash license revenue. 
- FDA accepted sNDA for FILSPARI in FSGS, with a PDUFA date of January 13, 2026, and launch readiness plans in place. 
- Pegtibatinase advanced as a potential first disease-modifying therapy for HCU, with commercial-scale manufacturing completed and HARMONY Study enrollment to restart in 2026. 
- Recognized significant milestone and license revenues from CSL Vifor and Renalys partnerships, and announced Chugai's acquisition of Renalys. 
Financial highlights
- U.S. net product sales for Q3 2025 were $113.2 million, with FILSPARI contributing $90.9 million and Thiola/Thiola EC $22.3 million. 
- Total Q3 2025 revenue was $164.9 million, up from $62.9 million in Q3 2024. 
- Net income for Q3 2025 was $25.7 million ($0.29 per share), compared to a net loss of $54.8 million in Q3 2024; non-GAAP net income was $52.8 million ($0.59 per share). 
- Cash, cash equivalents, and marketable securities were $254.5 million as of September 30, 2025, not yet reflecting the $40 million milestone payment. 
- Convertible notes outstanding total $316.3 million, due March 2029, after repaying $68.9 million in 2025 notes. 
Outlook and guidance
- Positioned for continued growth in IgAN and a potential FILSPARI launch in FSGS if approved. 
- Management expects available cash and investments to fund operations beyond the next 12 months. 
- Pegtibatinase HARMONY Study enrollment expected to restart in 2026. 
- Incremental increases in SG&A expected as commercial footprint expands for FSGS launch; R&D investment to increase with pegtibatinase ramp-up. 
- Anticipates additional FILSPARI milestones and future payments from CSL Vifor and Renalys partnerships. 
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