Travere Therapeutics, Inc.
- Open
- 53.96
- Day high
- 57.30
- Day low
- 53.00
- Prev close
- 55.28
- Volume
- 1.4M
- Mkt cap
- $5.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 53.4
- P/S
- 9.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.7M over the last 3 months (0 open-market buys, 18 sales)
- 🏛Institutions mixed (13F)
Travere Therapeutics, Inc. (TVTX) is a Healthcare company listed on NASDAQ. The stock is up 252% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 18 sales (SEC Form 4).
Travere Therapeutics, Inc. (TVTX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TVTX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $-0.30 | $-0.39 | -30.0% | $127M | -6.6% |
| Feb 19, 2026 | $0.03 | $0.03 | +0.0% | $130M | -2.3% |
| Oct 30, 2025 | $-0.31 | $0.28 | +190.3% | $165M | +12.2% |
| May 1, 2025 | $-0.55 | $-0.47 | +14.5% | $82M | -8.0% |
| Feb 20, 2025 | $-0.58 | $-0.73 | -25.9% | $75M | +3.3% |
| Oct 31, 2024 | $-0.70 | $-0.70 | +0.0% | $63M | -12.0% |
| Aug 1, 2024 | $-0.87 | $-0.90 | -3.4% | $54M | -6.3% |
| Feb 15, 2024 | $-1.27 | $-1.16 | +8.7% | $45M | +8.5% |
| Aug 3, 2023 | $-1.16 | $-1.13 | +2.6% | $60M | +11.1% |
| May 4, 2023 | $-1.18 | $-1.27 | -7.6% | $57M | +12.6% |
| Feb 23, 2023 | $-1.04 | $-1.03 | +1.0% | $56M | +5.4% |
| Oct 27, 2022 | $-0.97 | $-1.09 | -12.4% | $53M | -1.2% |
TVTX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Baynes Roy D.director | Option | 4,500 | $21.38 |
| Jun 16, 2026 | Coughlin Timothydirector | Sell | 10,000 | $50.07 |
| Jun 16, 2026 | Baynes Roy D.director | Sell | 4,500 | $50.00 |
| Jun 16, 2026 | Coughlin Timothydirector | Option | 10,000 | $26.52 |
| May 21, 2026 | Bruhn Suzanne Louisedirector | Grant | 12,000 | $42.26 |
| May 21, 2026 | Orwin John Adirector | Grant | 12,000 | $42.26 |
| May 21, 2026 | Coughlin Timothydirector | Grant | 4,000 | — |
| May 21, 2026 | Coughlin Timothydirector | Grant | 12,000 | $42.26 |
| May 21, 2026 | Meckler Jeffrey Adirector | Grant | 12,000 | $42.26 |
| May 21, 2026 | Bruhn Suzanne Louisedirector | Grant | 4,000 | — |
| May 21, 2026 | Poole Sandradirector | Grant | 12,000 | $42.26 |
| May 21, 2026 | Williams Brinkley Ruthdirector | Grant | 12,000 | $42.26 |
| May 21, 2026 | Williams Brinkley Ruthdirector | Grant | 4,000 | — |
| May 21, 2026 | Meckler Jeffrey Adirector | Grant | 4,000 | — |
| May 21, 2026 | LYONS GARY Adirector | Grant | 4,000 | — |
Source: TVTX SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full TVTX insider & 13F page →Travere Therapeutics, Inc. company profile
Overview
Travere Therapeutics, Inc. (NASDAQ:TVTX) is a biopharmaceutical company founded in 2008 and headquartered in San Diego, California. Originally incorporated as Retrophin, Inc., the company rebranded to Travere Therapeutics in November 2020. The company specializes in developing and commercializing therapies for rare diseases, with a particular focus on rare kidney disorders and metabolic conditions. Travere has successfully transitioned from a development-stage company to a commercial-stage biopharmaceutical enterprise, with multiple approved products generating revenue and a robust pipeline of investigational therapies targeting significant unmet medical needs in rare disease populations.
Business
Travere Therapeutics operates in the rare disease pharmaceutical sector, focusing on conditions that affect small patient populations but often have limited or no treatment options. The company's business spans two primary areas: commercialized products for established rare diseases and investigational therapies in clinical development. The company's marketed product portfolio includes several specialized medications. FILSPARI (sparsentan) is Travere's flagship product, a dual-acting medication that simultaneously blocks both angiotensin and endothelin receptors to treat IgA nephropathy, a rare kidney disease that can progress to kidney failure. IgA nephropathy occurs when antibodies build up in the kidneys, causing inflammation and progressive damage. Thiola and Thiola EC (tiopronin) are treatments for homozygous cystinuria, a genetic condition where patients cannot properly process certain amino acids, leading to kidney stone formation. Cholbam (cholic acid) treats bile acid synthesis disorders, rare genetic conditions affecting the liver's ability to produce bile acids necessary for digestion. Chenodal (chenodeoxycholic acid) is used to dissolve certain types of gallstones. The company's pipeline centers on expanding FILSPARI's indications and developing pegtibatinase (TVT-058), an investigational enzyme replacement therapy for classical homocystinuria, a rare genetic disorder where patients cannot break down the amino acid homocysteine, leading to cardiovascular and other complications. Revenue distribution shows FILSPARI generating approximately 57% of total product sales ($132.2 million of $233.2 million in 2024), while the Thiola franchise contributes roughly 41% ($94.5 million), with other products comprising the remainder. The company's focus has increasingly shifted toward FILSPARI as its primary growth driver.
Revenue model
Travere generates revenue primarily through direct product sales of its approved therapies to specialty pharmacies, hospitals, and healthcare providers. The company employs a traditional pharmaceutical business model where it develops, manufactures, and commercializes proprietary medications for rare diseases, then sells them at premium prices justified by the high unmet medical need and limited competition in these niche markets. The company's customers are primarily nephrologists (kidney specialists) who prescribe FILSPARI, urologists who prescribe Thiola products, and gastroenterologists and hepatologists who prescribe the bile acid therapies. Patients typically access these medications through specialty pharmacies due to their specialized nature and the need for careful monitoring and support. Several factors influence Travere's margins and profitability. Positive margin drivers include the premium pricing power inherent in rare disease markets, where limited treatment alternatives allow for higher prices. The company benefits from patent protection on its key products, regulatory exclusivity periods, and the specialized nature of rare diseases that creates natural barriers to generic competition. FILSPARI's recent full FDA approval and label expansion have increased its addressable patient population from approximately 30,000-50,000 to potentially 70,000 patients, providing significant growth runway. Margin pressures come from the high costs associated with rare disease drug development, including expensive clinical trials with small patient populations and specialized manufacturing requirements. The company faces increasing gross-to-net discounts as payer negotiations intensify and rebate requirements grow. Competition is emerging in the IgA nephropathy space, which could pressure pricing and market share. Additionally, the company's substantial research and development expenses, currently running over $200 million annually, and significant commercial infrastructure investments create ongoing operational cost pressures that impact overall profitability.
Competitive moat
Travere's competitive moat is moderate and primarily built on regulatory exclusivity, specialized expertise, and first-mover advantages in niche rare disease markets. The company's strongest defensive position lies in its deep specialization in rare kidney diseases, where it has developed extensive clinical expertise, regulatory relationships, and physician networks that would be difficult for new entrants to replicate quickly. FILSPARI benefits from patent protection and regulatory exclusivity, though the company faces emerging competition from other pharmaceutical companies developing treatments for IgA nephropathy. The drug's dual mechanism of action (blocking both angiotensin and endothelin receptors) provides some differentiation, but this technical moat may not be insurmountable for well-funded competitors. The company's established relationships with nephrologists and existing commercial infrastructure create switching costs and network effects that provide some protection. In the Thiola franchise, generic competition has already emerged, demonstrating the vulnerability of the company's products once exclusivity periods expire. However, the specialized nature of cystinuria treatment and the need for careful patient monitoring provide some defensive characteristics. The company's pipeline asset pegtibatinase could establish a strong position in classical homocystinuria treatment if successfully developed, as it would potentially be the first disease-modifying therapy for this condition. However, this remains an investigational asset with execution risk. The primary competitive threats come from larger pharmaceutical companies with greater resources entering rare disease markets, potential generic competition as patents expire, and the development of alternative treatment approaches or combination therapies that could reduce demand for Travere's current products. The rare disease space is increasingly attractive to large pharmaceutical companies, which could bring significantly more resources to compete for the same patient populations.
Risks & safety
Travere's margin of safety appears constrained given its current financial profile and high cash burn rate, though the company maintains adequate liquidity for near-term operations. • **Liquidity and Solvency**: Cash and short-term investments of $61.9 million as of Q1 2025, with total cash equivalents and marketable securities of $322.2 million. Free cash flow burn of $54 million in Q1 2025 suggests approximately 6 quarters of runway at current burn rates, though management expects the balance sheet to support operations into 2028. • **Debt Burden**: High debt-to-equity ratio of 12.2, indicating significant leverage. However, current ratio of 2.05 suggests adequate short-term liquidity coverage. • **Valuation Metrics**: Trading at negative P/E ratio due to losses, with price-to-book ratio of 48.2 indicating high valuation relative to tangible assets. EV/EBITDA of -18.8 reflects the company's current unprofitability. • **Operational Considerations**: The company is burning cash at substantial rates with negative EBITDA of $25.5 million in Q1 2025. However, strong revenue growth (182% year-over-year for FILSPARI) suggests potential path to profitability if growth trajectory continues and operational leverage improves.
Recent development
Over the past few years, Travere has executed a strategic transformation from a development-stage company to a commercial-stage rare disease specialist, with FILSPARI serving as the centerpiece of this evolution. The company achieved a major milestone in September 2024 when FILSPARI received full FDA approval for IgA nephropathy, expanding from its initial accelerated approval and broadening the addressable patient population significantly. The company has been aggressively expanding FILSPARI's commercial reach, growing from accelerated approval with restricted patient criteria to full approval allowing treatment of a much broader patient population. Management has successfully scaled the commercial organization, certifying over 2,400 nephrologists through the required REMS program and achieving 96% coverage of U.S. lives with reimbursement pathways. The drug showed remarkable commercial momentum with 182% year-over-year growth in Q1 2025. Strategically, Travere is pursuing label expansion for FILSPARI into focal segmental glomerulosclerosis (FSGS), another rare kidney disease. The company submitted a supplemental New Drug Application (sNDA) for this indication and expects potential approval by September 2025, which would address an additional market of up to 30,000 patients and potentially make FILSPARI the first approved therapy for FSGS. The company has also been advancing its pegtibatinase program for classical homocystinuria, though this has faced some delays due to manufacturing scale-up challenges. Management voluntarily paused enrollment in the Phase 3 HARMONY study to optimize commercial-scale manufacturing processes and expects to restart enrollment in 2026. Internationally, Travere has leveraged partnerships, particularly with CSL Vifor for European commercialization, receiving full approval in Europe and the UK for FILSPARI. The company continues to explore business development opportunities in the rare renal disease space to complement its existing portfolio.
TVTX company profile · for informational purposes only — not investment advice.
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