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Dec 31, 2025
Travere Q4 2025 Earnings Report
Travere Therapeutics reported its fourth quarter and full year 2025 financial results, highlighting significant growth in FILSPARI sales and strategic advancements in its pipeline.
Key Takeaways
Travere Therapeutics delivered a strong performance in Q4 2025, with U.S. net product sales of FILSPARI reaching $103.3 million, marking a 108% growth year-over-year. The company also reported a net income of $2.7 million and an EPS of $0.03 for the quarter, a significant improvement from a net loss in the prior year. Strategic progress includes the FDA review of FILSPARI for FSGS and resumed enrollment for the HARMONY Study of pegtibatinase.
U.S. net product sales of FILSPARI reached $103.3 million in Q4 2025, demonstrating 108% growth compared to the prior year period.
The company reported an all-time high of 908 new Patient Start Forms (PSFs) for FILSPARI during the quarter.
Net income for Q4 2025 was $2.7 million, or $0.03 per basic share, a substantial improvement from a net loss of $60.3 million in Q4 2024.
The supplemental New Drug Application (sNDA) for FILSPARI in FSGS remains under FDA review with a target action date of April 13, 2026.
Revenue by Segment
Forward Guidance
Travere Therapeutics is well-positioned for continued growth, with key regulatory milestones anticipated and ongoing clinical development. The company expects to receive a sales-based milestone payment in the first half of 2026 and is preparing for a potential commercial launch of FILSPARI in FSGS.
Positive Outlook
- Company expects to receive a $25 million sales-based milestone payment from Mirum Pharmaceuticals in the first half of 2026.
- PDUFA target action date for FILSPARI in FSGS is April 13, 2026, positioning the company for a successful commercial launch if approved.
- Enrollment activities have resumed for the pivotal Phase 3 HARMONY Study of pegtibatinase in classical HCU.
- Chugai Pharmaceutical, Travere's partner, expects to submit a New Drug Application for sparsentan in Japan in 2026.
- The company expects to continue generating clinical evidence to support FILSPARI's role as foundational therapy in IgAN through ongoing and planned studies.
Challenges Ahead
- There is no guarantee that the FDA will grant approval of FILSPARI for FSGS on the anticipated timeline, or at all.
- Risks and uncertainties related to the timing and outcome of clinical studies, including potential delays for safety or regulatory reasons.
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