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Travere Therapeutics
Travere Therapeutics (TVTX) investor relations material
Travere Therapeutics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record U.S. net product sales of $410.5M in 2025, up 81% year-over-year, driven by FILSPARI's strong performance in IgAN and robust commercial execution.
FILSPARI established as a foundational, non-immunosuppressive treatment for IgAN, with best-in-class efficacy and safety, and is positioned for first-in-class approval in FSGS.
Advanced pipeline with sNDA for FILSPARI in FSGS accepted and pivotal Phase 3 HARMONY study for pegtibatinase in HCU resumed after manufacturing optimizations.
Entered 2026 focused on solidifying FILSPARI's role in IgAN, preparing for potential FSGS approval, and progressing late-stage development programs.
FILSPARI launched in several European countries by CSL Limited; Chugai to submit NDA in Japan in 2026.
Financial highlights
Q4 2025 U.S. net product sales: $126.6M; full-year 2025: $410.5M, up 81% year-over-year.
FILSPARI Q4 2025 sales: $103.3M (108% YoY growth); full-year: $322M (144% YoY growth).
Q4 2025 net income: $2.7M ($0.03/share) vs. net loss of $60.3M in Q4 2024; adjusted Q4 net income: $33.3M ($0.37/share).
Cash, cash equivalents, and marketable securities at year-end: $322.8M.
Retired $69M in convertible notes; $316M in convertible notes remain due March 2029.
Outlook and guidance
Expect continued strong net product sales growth for FILSPARI in 2026, with robust demand trends persisting into Q1.
Anticipate modestly higher gross-to-net discounts (mid-20% range for 2026, up from ~20% in 2025).
Moderate operating expense growth expected, driven by HARMONY study restart, pegtibatinase supply, and FSGS launch preparations.
No near-term need for additional capital; strong balance sheet supports current priorities.
Anticipates $25M milestone payment from Mirum Pharmaceuticals in H1 2026 and further regulatory milestones in Japan and Europe.
Beyond IgAN, what is FILSPARI's next growth catalyst?
What are HARMONY study's key enrollment criteria?
How do SG&A investments support FSGS launch?
What drives confidence in FSGS approval?
How does FILSPARI adapt to new IgAN competition?
Pegtibatinase: What defines study success?
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Next Travere Therapeutics earnings date
Q1 202630 Apr, 2026
Travere Therapeutics
Next Travere Therapeutics earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Travere Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases. The company’s research and commercial efforts target conditions related to nephrology, hepatology, and metabolic disorders. It serves patients through both approved treatments and investigational programs. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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