Travere Therapeutics (TVTX) Q4 2025 earnings summary

Executive summary

• Achieved record U.S. net product sales of $410.5M in FY25, up 81% year-over-year, driven by FILSPARI's strong adoption in IgA nephropathy and continued 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 and resumed global Phase 3 HARMONY study for pegtibatinase in classical homocystinuria.

• Entered 2026 with a focused strategy, expanded commercial team, and strong financial position.

Financial highlights

• Q4 2025 net product sales: $126.6M; full-year 2025: $410.5M, with FILSPARI Q4 sales at $103.3M and full-year at $322M, up 144% year-over-year.

• Net income Q4: $2.7M (GAAP), $33.3M (non-GAAP); full-year non-GAAP net income $81.1M; reversed prior year loss.

• Cash, equivalents, and marketable securities at year-end: $322.8M.

• Recognized $25M income from Mirum milestone and $10M from Renalys acquisition; received $57.5M in milestone payments through December 2025.

• Retired $69M in convertible notes; $316M in convertible notes remain due March 2029.

Outlook and guidance

• Expect continued strong FILSPARI sales growth in IgA nephropathy for 2026 and significant growth potential in FSGS, with PDUFA action date set for April 13, 2026.

• Anticipate modestly higher gross-to-net discounts (mid-20% range for FILSPARI in 2026).

• No near-term need for additional capital; moderate operating expense growth expected, mainly for HARMONY study and FSGS launch prep.

• Expects continued clinical evidence generation for FILSPARI in IgAN and potential regulatory milestones in Japan and Europe.

• Anticipates $25M milestone payment from Mirum Pharmaceuticals in H1 2026.