GICS Sector : Healthcare
Travere Therapeutics, Inc., a biopharmaceutical company, focuses on the identification, development, commercialization, and delivering of therapies for the treatment of rare diseases.Its marketed products include Chenodal, a synthetic oral form of chenodeoxycholic acid for the treatment of radiolucent stones in gallbladders; Cholbam, a cholic acid capsule to treat pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects, as well as for adjunctive treatment of patients with peroxisomal disorders; and Thiola and Thiola EC, a tiopronin tablet for the treatment of homozygous cystinuria.The company's product candidates also consist of Sparsentan, which is in Phase III clinical trial for the treatment of focal segmental glomerulosclerosis and immunoglobulin A nephropathy; and TVT-058, a novel investigational human enzyme replacement candidate, which is in Phase I/II clinical trials for the treatment of classical homocystinuria.
Travere Therapeutics reported a robust fourth quarter and full year 2025, driven by record demand for FILSPARI, its medicine for IgA nephropathy. FILSPARI generated $103.3 million in U.S. net product sales for the fourth quarter and $322 million for the full year 2025, representing 144% year-over-year growth. The company's net income for the fourth quarter was $2.7 million or $0.03 per basic share, in line with analyst estimates. U.S. net product sales were $126.6 million, with research and development expenses at $57.9 million and selling, general, and administrative expenses at $101.7 million.
Publication Date: Mar -08
The company is confident in FILSPARI's potential to be a foundational therapy in IgA nephropathy, with growing physician adoption and robust demand. FILSPARI has a strong position in payer formularies, with over 96% of the patient population having a pathway to reimbursement. The company expects meaningful net product sales growth from FILSPARI in IgA nephropathy in 2026, driven by strong demand, and potentially further growth if FILSPARI is approved for FSGS. Analysts estimate next year's revenue growth at 33.8%, indicating a strong trajectory.
Travere Therapeutics is advancing FILSPARI for FSGS, with a new FDA PDUFA target action date of April 13, 2026. If approved, FSGS could be a larger opportunity with rapid uptake. The company is engaged with the FDA and has provided additional information on clinical benefit, with no change in their receptivity to proteinuria as an endpoint. The company remains confident in FILSPARI's profile as a potential treatment for FSGS, citing data from the PROTECT study. As the company awaits the FDA's decision, it will enter a quiet period before the FSGS PDUFA decision.
With a current P/S Ratio of 5.12 and EV/EBITDA of 124.19, the market appears to be pricing in significant growth prospects. Travere Therapeutics had cash, cash equivalents, and marketable securities totaling approximately $322.8 million as of December 31, 2025, providing a strong balance sheet to support its growth plans. The company expects no near-term need for additional capital, with anticipated revenue growth and a robust financial position. The peak potential for FILSPARI in IgA nephropathy is expected to be well above $1 billion, indicating substantial upside.
Travere Therapeutics: FILSPARI Drives Revenue, FSGS PDUFA Looms
Feb -24
Travere Therapeutics (NASDAQ:TVTX) Stock Price Down 5.4% – Here’s What Happened
Feb -22
Travere Therapeutics, Inc. (TVTX) Q4 2025 Earnings Call Transcript
Feb -20
Travere (TVTX) Reports Q4 Earnings: What Key Metrics Have to Say
Feb -19
Travere Therapeutics (TVTX) Matches Q4 Earnings Estimates
Feb -19
Travere Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results
Feb -19
Travere Therapeutics Targets April FSGS FILSPARI Decision as IgAN Sales Accelerate, HCU Trial Restarts
Feb -17
Travere Therapeutics to Report Fourth Quarter and Full Year 2025 Financial Results
Feb -12
Travere Therapeutics' Tiopronin Products' 9.27% growth is driven by increasing adoption in cystinuria treatment, expanded distribution channels, and growing awareness of the product's benefits in reducing kidney stone recurrence. Additionally, strategic partnerships and investments in R&D have enhanced the product's efficacy and patient outcomes, contributing to its rapid growth.
FILSPARI's 11.3% growth is driven by increasing adoption in rare kidney diseases, strong commercial execution, and expanding label indications. Additionally, Travere's strategic partnerships and investments in research and development are expected to fuel further growth.
An oral, selective JAK1 inhibitor for the treatment of rheumatoid arthritis and other inflammatory diseases
A dual endothelin receptor antagonist for the treatment of focal segmental glomerulosclerosis (FSGS) and IgA nephropathy
A novel, orally available, non-absorbed, polymer-based treatment for chronic kidney disease (CKD) patients with metabolic acidosis
Travere Therapeutics, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and therapies for kidney diseases.
Patients and healthcare providers have limited bargaining power due to the specialized nature of Travere Therapeutics, Inc.'s products and services.
Travere Therapeutics, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and services.
The biotechnology industry is highly competitive, and new entrants can easily disrupt the market with innovative products and services.
The biotechnology industry is highly competitive, and Travere Therapeutics, Inc. faces intense rivalry from established players and new entrants.
| Value | |
|---|---|
| Debt Weight | 65.55% |
| Debt Cost | 3.95% |
| Equity Weight | 34.45% |
| Equity Cost | 7.38% |
| WACC | 5.13% |
| Leverage | 190.32% |
Value: 7.5
Growth: 5.9
Quality: 4.8
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