Travere Therapeutics (TVTX) Q3 2026 earnings summary

Executive summary

• FILSPARI U.S. net sales reached $200.2 million in Q3, up 120% YoY, supported by IgAN and FSGS demand and 1,932 new patient start forms.

• Commercial growth and pipeline advancement were offset in GAAP results by a $113.1 million civorebrutinib IPR&D charge; Q3 net loss was $52.3 million.

Financial highlights

• Q3 revenue was $224.6 million vs. $164.9 million YoY; net product sales were $220.2 million vs. $113.2 million, and licensing and collaboration revenue was $4.4 million vs. $51.7 million.

• FILSPARI sales were $200.2 million vs. $90.9 million; THIOLA/THIOLA EC sales were $20.0 million vs. $22.3 million.

• Q3 operating loss was $68.1 million vs. operating income of $24.9 million; net loss was $52.3 million vs. net income of $25.7 million, and diluted loss per share was $0.55.

• Q3 R&D expense was $70.3 million and SG&A was $98.4 million; adjusted net loss was $29.6 million, or $0.31 per basic share.

• Nine-month revenue was $521.3 million vs. $361.0 million; GAAP net loss was $124.2 million vs. $28.3 million, including $113.1 million of IPR&D and $40.0 million of inducement expense.

Outlook and guidance

• Management reiterated confidence in achieving or exceeding $3 billion in annual FILSPARI sales by 2033, across more than 100,000 addressable IgAN and FSGS patients.

• Q4 FILSPARI sales are expected to be reduced by $8 million as specialty pharmacy inventory normalizes; full-year gross-to-net discounts are expected in the mid-20% range.

• Pegtibatinase HARMONY Phase 3 enrollment is progressing, with topline results expected in H2 2027; civorebrutinib U.S. IND submission is planned by year-end 2026.

• SPARLIGHT Phase 4 start-up is underway, with first patient anticipated by year-end; SPARX enrollment is complete, with data expected in 2027.