Travere Therapeutics, Inc.

TVTX

$66.54

-1.03%

N/A-$0.69

Healthcare

Biotechnology

NASDAQ

Negociación activa

Travere Therapeutics, Inc. is a biopharmaceutical company developing therapies for rare kidney and metabolic diseases. Its lead product, FILSPARI (sparsentan), is an ...

Cadena de suministro de TVTX

Aguas arriba

Fundiciones, empaquetado, memoria, obleas, componentes y proveedores de insumos.

Aguas arriba

Catalent Pharma Solutions, LLC

STA Pharmaceutical Hong Kong Limited / WuXi AppTec

Mission Pharmacal Company

Ligand Pharmaceuticals Incorporated

Everest Medicines Limited

Unidentified specialty chemical and excipient suppliers

Catalent Pharma Solutions, LLC

NYSE:CTLT

Commercial supply agreement for FILSPARI (sparsentan) finished drug product manufacturing, packaging, and labeling. Signed December 2021.

STA Pharmaceutical Hong Kong Limited / WuXi AppTec

SHA:603259

Master Manufacturing Supply Agreement (effective Sept 2020) for active pharmaceutical ingredient (API) manufacturing and development services for FILSPARI.

Mission Pharmacal Company

Trademark License and Supply Agreement (May 2014) for Thiola (tiopronin) and Thiola EC. Mission Pharmacal is the trademark owner and manufacturer/supplier of tiopronin products to Travere.

Ligand Pharmaceuticals Incorporated

NASDAQ:LGND

Technology licensor; Travere acquired rights to sparsentan (DEARA compound) from Ligand. Ligand receives a 9% net royalty on global FILSPARI net product sales and development/milestone payments.

Everest Medicines Limited

HKEx:1952.HK

Exclusive licensing and collaboration agreement (June 2026) for civorebrutinib, an oral BTK inhibitor for rare kidney diseases. Travere obtained rights outside select Asian markets; Everest is the upstream originator/licensor.

Aguas abajo

Clientes, distribuidores, OEM y canales que absorben la producción.

Aguas abajo

CSL Vifor / CSL Limited

Chugai Pharmaceutical Co., Ltd. (via Renalys Pharma acquisition)

Optum Frontier Therapies / OptumRx (UnitedHealth Group)

CVS Specialty / CVS Caremark (CVS Health)

Accredo Specialty Pharmacy / Express Scripts (Cigna Group)

CSL Vifor / CSL Limited

ASX:CSL

Exclusive commercialization and distribution partner for FILSPARI (sparsentan) in Europe, Australia, and New Zealand. CSL Vifor obtained rights via 2021 licensing agreement ($55M upfront) and pays tiered royalties (15-17% of net sales) to Travere. Achieved standard EU marketing authorization in April 2025.

Chugai Pharmaceutical Co., Ltd. (via Renalys Pharma acquisition)

TSE:4519

Exclusive development and commercialization rights for sparsentan in Japan, South Korea, Taiwan, and select Southeast Asian markets. Originally licensed to Renalys Pharma (Jan 2024); Chugai acquired Renalys in Oct 2025 for ~$200M total. NDA submission planned in Japan for 2026.

Optum Frontier Therapies / OptumRx (UnitedHealth Group)

NYSE:UNH

REMS-certified specialty pharmacy for FILSPARI distribution in the U.S. FILSPARI is available only through restricted REMS program; Optum Frontier is a confirmed dispensing specialty pharmacy.

CVS Specialty / CVS Caremark (CVS Health)

NYSE:CVS

REMS-certified specialty pharmacy for FILSPARI distribution in the U.S. Listed on CVS Specialty distribution drug list. Manages pharmacy benefit and mail-order dispensing.

Accredo Specialty Pharmacy / Express Scripts (Cigna Group)

NYSE:CI

REMS-certified specialty pharmacy for FILSPARI distribution. Accredo is a leading U.S. specialty pharmacy for rare/orphan drugs and is part of the Cigna/Express Scripts pharmacy network.

Comparables

Empresas cotizadas comparables y valores de seguimiento usados como representantes del análisis.

Comparables

Ligand Pharmaceuticals Incorporated

CSL Limited

Mirum Pharmaceuticals, Inc.

Ligand Pharmaceuticals Incorporated

NASDAQ:LGND

Holds 9% royalty on global FILSPARI net sales; directly correlated with Travere's primary revenue driver. Acts as a royalty proxy for FILSPARI commercial performance without the operational overhead.

CSL Limited

ASX:CSL

Exclusive downstream commercialization partner for FILSPARI in Europe, Australia, and New Zealand. FILSPARI sales contribute to CSL Vifor's nephrology portfolio; approval and adoption trajectory in EU mirrors Travere's ex-U.S. success.

Mirum Pharmaceuticals, Inc.

NASDAQ:MIRM

Acquired Travere's bile acid product portfolio (Cholbam, Chenodal) in 2023. Prior proxy for Travere's legacy metabolic business; now an independent comparison for rare disease commercial execution.

Geografía

Exposiciones regionales que pueden distorsionar la red de suministro.

Geografía

United States

China

Europe, Australia, New Zealand

U.S. nephrology market (FILSPARI and Thiola patients/prescribers)

Optum Frontier Therapies (UnitedHealth Group)

CVS Specialty (CVS Health)

Accredo Specialty Pharmacy (Cigna Group)

STA Pharmaceutical / WuXi AppTec

CSL Vifor / CSL Limited

United States

Primary commercial market — single-country revenue concentration

U.S. nephrology market (FILSPARI and Thiola patients/prescribers)Nearly 100% of product revenue is generated in the U.S., making the company highly exposed to U.S. healthcare policy, pricing regulation (IRA), payer coverage decisions, and REMS compliance.

Optum Frontier Therapies (UnitedHealth Group)NYSE:UNHKey specialty pharmacy distributor for FILSPARI REMS

CVS Specialty (CVS Health)NYSE:CVSKey specialty pharmacy distributor for FILSPARI REMS

China

API/raw material sourcing via WuXi AppTec

STA Pharmaceutical / WuXi AppTecSHA:603259API manufacturer for FILSPARI; headquartered in China with global facilities. Geopolitical and trade risk exposure (biosecure legislation, tariffs, export controls).

Europe, Australia, New Zealand

Downstream ex-U.S. commercialization delegated to single partner

CSL Vifor / CSL LimitedASX:CSLSole commercialization partner for FILSPARI in EU, Australia, and NZ. Travere has no direct commercial presence in these markets. Royalty-dependent revenue stream.

Japan, South Korea, Taiwan, Southeast Asia

Downstream Asian commercialization delegated via Renalys/Chugai

Chugai Pharmaceutical Co., Ltd.TSE:4519Acquired exclusive rights to develop and commercialize sparsentan in Japan, South Korea, and Taiwan via Renalys Pharma acquisition (Oct 2025). NDA submission expected 2026.

Concentración

Exposiciones de concentración de clientes, proveedores o socios que pueden distorsionar la red de suministro.

Foundry

Critical

Sole-source manufacturing for FILSPARI and Thiola. Travere has no internal manufacturing capabilities and relies entirely on a single CDMO per product (Catalent for FILSPARI finished dose; WuXi STA for API; Mission Pharmacal for Thiola). Any disruption at these facilities would halt production.

Customer

Critical

FILSPARI represents ~66% of total company revenue and ~78% of product revenue. Dramatic growth (144% YoY in 2025) increases dependency on a single product. Loss of exclusivity, REMS modifications, competitive entry (e.g., Tarpeyo/budesonide, novel IgAN therapies) could materially impact revenue.

Other

Medium

Ligand Pharmaceuticals holds a 9% royalty on global FILSPARI net sales, creating a perpetual upstream economic obligation that reduces gross margin on the company's primary revenue driver.

Composición de ingresos

Cómo la composición de ingresos se traduce en apalancamiento y dependencia en la cadena de suministro.

FILSPARI (sparsentan) — U.S. net product sales for IgAN and FSGS

65.6%

$0.3B

Dominant revenue driver; sole-source contract manufacturing via Catalent and WuXi STA. Small molecule oral tablet requiring specialized API and finished-dose CDMO capacity. REMS-controlled distribution limits pharmacy network.

Thiola / Thiola EC (tiopronin) — U.S. net product sales for cystinuria

18.0%

$0.1B

Legacy product with stable demand; trademark license and supply from Mission Pharmacal. Single-source supplier risk. Enteric-coated tablet formulation.

License & Collaboration Revenue (milestones/royalties from CSL Vifor, Renalys/Chugai)

16.4%

$0.1B

Non-product revenue from out-licensing agreements. Downstream partner milestones and tiered royalties. Does not require internal manufacturing capacity.

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Travere Therapeutics, Inc.

Cadena de suministro de TVTX

Aguas arriba

Catalent Pharma Solutions, LLC

STA Pharmaceutical Hong Kong Limited / WuXi AppTec

Mission Pharmacal Company

Ligand Pharmaceuticals Incorporated

Everest Medicines Limited

Unidentified specialty chemical and excipient suppliers

Aguas abajo

CSL Vifor / CSL Limited

Chugai Pharmaceutical Co., Ltd. (via Renalys Pharma acquisition)

Optum Frontier Therapies / OptumRx (UnitedHealth Group)

CVS Specialty / CVS Caremark (CVS Health)

Accredo Specialty Pharmacy / Express Scripts (Cigna Group)

Comparables

Ligand Pharmaceuticals Incorporated

CSL Limited

Mirum Pharmaceuticals, Inc.

Geografía

United States

China

Europe, Australia, New Zealand

View More

Cadena de suministro de TVTX

Aguas arriba

Catalent Pharma Solutions, LLC

STA Pharmaceutical Hong Kong Limited / WuXi AppTec

Mission Pharmacal Company

Ligand Pharmaceuticals Incorporated

Everest Medicines Limited

Unidentified specialty chemical and excipient suppliers

Aguas abajo

CSL Vifor / CSL Limited

Chugai Pharmaceutical Co., Ltd. (via Renalys Pharma acquisition)

Optum Frontier Therapies / OptumRx (UnitedHealth Group)

CVS Specialty / CVS Caremark (CVS Health)

Accredo Specialty Pharmacy / Express Scripts (Cigna Group)

Comparables

Ligand Pharmaceuticals Incorporated

CSL Limited

Mirum Pharmaceuticals, Inc.

Geografía

United States

China

Europe, Australia, New Zealand

View More