Travere Therapeutics (TVTX) Q4 2025 earnings summary

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.