Travere Therapeutics, Inc. is a biopharmaceutical company developing therapies for rare kidney and metabolic diseases. Its lead product, FILSPARI (sparsentan), is an ...
Travere Therapeutics, Inc. (TVTX) is a biopharmaceutical company dedicated to identifying, developing, and delivering life-changing therapies for people living with rare diseases. The company was founded in 2011 as Retrophin, Inc., and later renamed Travere Therapeutics in 2020. It is headquartered in San Diego, California, and went public in December ...Travere Therapeutics, Inc. (TVTX) is a biopharmaceutical company dedicated to identifying, developing, and delivering life-changing therapies for people living with rare diseases. The company was founded in 2011 as Retrophin, Inc., and later renamed Travere Therapeutics in 2020. It is headquartered in San Diego, California, and went public in December 2012. Under the leadership of CEO Eric Dube, Ph.D., who has been president and CEO since January 2019, Travere has built a commercial portfolio and a promising pipeline. The company's primary focus is on rare kidney and metabolic diseases, with its lead product FILSPARI (sparsentan) receiving accelerated FDA approval in February 2023 and full approval in September 2024 for slowing kidney function decline in adults with primary IgA nephropathy (IgAN). In April 2026, FILSPARI was also approved for focal segmental glomerulosclerosis (FSGS) in adults and pediatric patients aged 8 and older, making it the first and only FDA-approved treatment for this condition. Additionally, the company markets Thiola and Thiola EC for cystinuria, a rare genetic disorder causing kidney stones. Its pipeline includes pegtibatinase, an investigational enzyme replacement therapy for classical homocystinuria. Financially, Travere reported a market cap of approximately $5.7 billion, with revenues per share of $6.33 and a net profit margin of -7.4% over the trailing twelve months, indicating ongoing investments in R&D and commercialization. The company employs around 497 full-time employees, and its business model focuses on rare disease therapeutics, with a strong emphasis on patient support and advocacy. Key financial metrics show a gross profit margin of 94.4%, debt-to-equity ratio of 2515.7% (highly leveraged), and a price-to-sales ratio of 9.64. The company's operating expenses are heavily weighted toward R&D (38.4% of revenue) and SG&A (61.6% of revenue), reflecting its investment in developing and commercializing its therapies.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$490.7M
+110.5%
+33.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-25.5M
+92.1%
+6.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+97.9%
+1.3%
+25.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-12.8%
+90.8%
+108.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-5.2%
+96.2%
+29.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-20.4M
+94.0%
+192.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-4.2%
+97.1%
+169.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
286.3%
-57.9%
+658.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.74x
+31.8%
+29.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, and welcome to Travere Therapeutics Second Quarter 2026 Financial Results Conference Call. Today's call is being recorded. At this time, I would like to turn the conference over to Nivi Nehra, Vice President, Corporate Communications and Investor Relations. Please go ahead, Nivi.
Nivi Nehra: Thank you, operator. Good afternoon, and welcome to Travere Therapeutics' Second Quarter 2026 Financial Results and Corporate Update Call. Thank you all for joining. Today's call will be led by Dr. Eric Dube, our President and Chief Executive Officer. Eric will be joined in the prepared remarks by Peter Heerma, our Chief Commercial Officer; Dr. Jula Inrig, our Head of R&D and Chief Medical Officer; and Chris Cline, our Chief Financial Officer. Dr. Bill Rote, our Chief Research Officer, will join us for the Q&A. Before we begin, I'd like to remind everyone that statements made during this call regarding matters that are not historical facts are forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, performance and achievements to differ materially from those expressed or implied by the statement. Please see the forward-looking statement disclaimer on the company's press release issued earlier today as well as the Risk Factors section in our Forms 10-Q and 10-K filed with the SEC. In addition, any forward-looking statements represent our views only as of the date such statements are made, August 4, 2026, and Travere specifically disclaims any obligations to update such statements to reflect future information, events or circumstances. With that, let me now turn the call over to Eric. Eric?
Eric Dube: Thank you, Nivi. Good afternoon, and thank you for joining us today. The second quarter was exceptional. Our performance demonstrates the strength of the company we are building and the disciplined execution of our teams. Travere has now entered a new chapter, one that we expect will deliver near- and long-term growth driven by clear momentum across 4 key pillars: continued growth for FILSPARI in IgA nephropathy, the successful launch of FILSPARI in FSGS, the advancement of pegtibatinase in its pivotal Phase III study and the addition of civorebrutinib to our rare kidney disease pipeline. At the center of this strategy is FILSPARI, which we believe is becoming an increasingly important rare kidney disease medicine. This was the first quarter with FILSPARI commercially available across both IgA nephropathy and FSGS, and we are very pleased with the performance. Our teams delivered growth in IgA nephropathy demand compared to last quarter despite additional market entrants and achieved successful early adoption in the first months of the FSGS launch that exceeded our high expectations. Peter will provide more detail on the …
