Here are 1-3 brief analogies for Travere Therapeutics (TVTX):

• Vertex Pharmaceuticals, but with a focus on rare kidney diseases.
• Alexion Pharmaceuticals, specializing in rare, high-unmet-need conditions, particularly kidney diseases.

• FILSPARI (sparsentan): A non-immunosuppressive endothelin and angiotensin receptor antagonist approved for reducing proteinuria in adults with primary IgA nephropathy at risk of rapid disease progression.
• THIOLA (tiopronin): An orphan drug indicated for the prevention of cystine stone formation in adults and pediatric patients 20 kg and greater with severe homozygous cystinuria, who are unresponsive to conservative therapy.
• PALYNZIQ (pegvaliase): An enzyme substitution therapy approved for adults with phenylketonuria (PKU) who have uncontrolled blood phenylalanine concentrations on existing management.

Travere Therapeutics (TVTX) is a biopharmaceutical company that develops and commercializes medicines, primarily for rare diseases. As such, its sales model involves selling its products primarily to other companies, specifically pharmaceutical wholesale distributors, rather than directly to individuals.

These distributors purchase the drugs directly from Travere Therapeutics and then supply them to pharmacies, hospitals, clinics, and other healthcare providers, who subsequently dispense them to patients based on prescriptions. The major customers for pharmaceutical companies like Travere Therapeutics typically include the largest pharmaceutical wholesale distributors. These companies are:

• Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
• McKesson Corporation (Symbol: MCK)
• Cardinal Health, Inc. (Symbol: CAH)

• Curia Global, Inc.
• WuXi AppTec Co., Ltd. (WUXI.SS, 2359.HK)
• Thermo Fisher Scientific Inc. (TMO)
• Esteve Química, S.A.

Eric Dube, Ph.D. President & Chief Executive Officer

Dr. Eric Dube is the President and Chief Executive Officer of Travere Therapeutics, a role he assumed in January 2019, and also serves on the company's board of directors. Prior to joining Travere, Dr. Dube was president and head of North America at ViiV Healthcare. For over 18 years before ViiV, he held roles of increasing leadership at GlaxoSmithKline plc, where he led the US Oncology and Global Respiratory businesses. His extensive experience spans commercial, operations, market access, medical, and business development functions across the United States, Europe, and Japan. Dr. Dube is a co-founder of OUTbio San Diego, an organization for LGBTQ+ biotech professionals. He serves on the executive committee of the board of directors for the Biotechnology Innovation Organization (BIO) and previously served on the board of directors for Reneo Pharmaceuticals. He was recognized as a 2022 Ernst & Young Entrepreneur of the Year Pacific Southwest winner.

Chris Cline, CFA Chief Financial Officer

Chris Cline, CFA, serves as the Chief Financial Officer and a member of the executive team at Travere Therapeutics, a position he has held since 2022. He oversees the company's corporate and strategic finance, and investor relations activities. Mr. Cline joined Travere Therapeutics in 2014 and has been instrumental in strengthening the company's financial foundation through equity and debt offerings, and developing its corporate communications strategy. Before joining Travere, Mr. Cline was a member of the global investor relations group at Elan Corporation, plc, an Ireland-based biotechnology company that was acquired by Perrigo Company. He also worked as a financial analyst in the corporate finance group at Phase Forward, a healthcare technology company with a focus on mergers and acquisitions. Mr. Cline is a Chartered Financial Analyst.

Jula Inrig, M.D. Chief Medical Officer

Dr. Jula Inrig has been the Chief Medical Officer of Travere Therapeutics since 2022. Before joining Travere, she served as the Global Head of the Renal Center of Excellence at IQVIA. Her previous roles at IQVIA included Medical Director and Senior Medical Director. Dr. Inrig also served as the Global Medical Strategy Lead in Nephrology at QuintilesIMS.

Elizabeth E. Reed, J.D. Chief Legal Officer & General Counsel

Elizabeth E. Reed serves as the Chief Legal Officer, General Counsel, and Corporate Secretary of Travere Therapeutics, a role she has held since 2017. Prior to her tenure at Travere, Ms. Reed was Vice President, General Counsel, and Secretary of Celladon Corp. She also held positions as Senior Vice President, Legal Affairs, General Counsel, and Corporate Secretary for Anadys Pharmaceuticals Inc. Earlier in her career, she worked with legal firms Cooley LLP and Brobeck, Phleger & Harrison LLP.

Angela Giannantonio Chief People Officer

Angela Giannantonio is the Chief People Officer at Travere Therapeutics. She brings over 15 years of experience in human resources management to her role, having previously served with AstraZeneca Plc.

The increasing competitive landscape in the IgA nephropathy (IgAN) market, particularly from late-stage pipeline candidates. Novartis's atrasentan, a selective endothelin A receptor antagonist (ETARA) acquired through its acquisition of Chinook Therapeutics, is in Phase 3 development and directly competes with Travere's flagship product, FILSPARI (sparsentan), for the treatment of IgAN. Atrasentan targets a similar mechanism of action, and if approved, could significantly challenge FILSPARI's market share and growth prospects.

Travere Therapeutics' main products address significant markets in rare kidney and metabolic diseases:

• Filspari (sparsentan) for IgA Nephropathy (IgAN): The global market for IgA Nephropathy was valued at approximately $730 million in 2024 and is projected to grow to $8.3 billion by 2033, with a compound annual growth rate (CAGR) of 30.5% from 2025 to 2034. In the U.S. alone, there are over 70,000 addressable IgAN patients.
• Filspari (sparsentan) for Focal Segmental Glomerulosclerosis (FSGS): The global Focal Segmental Glomerulosclerosis drug market is valued at $13.8 billion in 2025 and is projected to reach $31.2 billion by 2034, growing at a CAGR of 9.5%. The U.S. market for FSGS has an estimated 7,000-10,000 addressable patients.
• Pegtibatinase (TVT-058) for Classical Homocystinuria (HCU): There are up to 30,000 addressable HCU patients globally.

• Continued Commercial Growth and Expanded Adoption of FILSPARI (sparsentan) in IgA Nephropathy (IgAN): Travere Therapeutics anticipates sustained revenue growth from its lead product, FILSPARI, for IgA nephropathy. This is expected to be driven by increasing uptake among both new and existing prescribers. Recent updates to the Kidney Disease Improving Global Outcomes (KDIGO) guidelines recommending FILSPARI as a foundational kidney-targeted therapy, along with a simplified REMS (Risk Evaluation and Mitigation Strategy) program reducing monitoring frequency, are expected to further accelerate its adoption and strengthen its market position.
• Potential FDA Approval and Commercial Launch of FILSPARI for Focal Segmental Glomerulosclerosis (FSGS): A significant driver for future revenue is the potential FDA approval and subsequent commercial launch of FILSPARI for Focal Segmental Glomerulosclerosis (FSGS). Travere is actively preparing for this, with a PDUFA (Prescription Drug User Fee Act) target action date in the first quarter of 2026. This would open up a new, substantial market for the drug.
• International Expansion of FILSPARI through Partnerships: Revenue growth is also expected from the ongoing and expanding international commercialization of FILSPARI. Through its partnership with CSL Vifor, FILSPARI has already launched in several European markets, including Germany, Austria, Switzerland, and the UK, contributing to milestone payments. Additionally, a collaboration with Renalys Pharma for Japan and other Asian countries, with Phase 3 trial results anticipated in late 2025, positions the company for further global market penetration.
• Advancement of the Pegtibatinase Program in Classical Homocystinuria (HCU): The progression of pegtibatinase, an investigational therapy for classical homocystinuria, represents a long-term revenue driver. Travere Therapeutics is making strides toward restarting the pivotal HARMONY Study, with topline data anticipated in 2026. Successful development and potential commercialization of pegtibatinase would diversify Travere's product portfolio and address another rare disease with unmet needs.

Share Issuance

• In November 2024, Travere Therapeutics completed a public offering of 8,984,375 shares of common stock at $16.00 per share, including the full exercise of the underwriters' option, generating approximately $143.8 million in gross proceeds.
• In March 2022, Travere Therapeutics announced a proposed offering of $250 million in convertible senior notes due 2029, with an option for an additional $37.5 million, intending to use a portion of the proceeds to repurchase outstanding 2.50% senior convertible notes due 2025.
• The company granted inducement equity awards to new employees in June 2025 (81,100 shares) and November 2025 (25,700 shares), consisting of restricted stock units (RSUs) vesting over four years.

Inbound Investments

• Travere Therapeutics recognized a $40.0 million market access milestone payment from its partner CSL Vifor in October 2025, following commercial launches of FILSPARI in several European countries. The company also received a $17.5 million milestone payment from CSL Vifor in Q2 2025.
• The company recorded $9.3 million of non-cash license revenue in Q3 2025 related to its partnership with Renalys Pharma, Inc., which holds commercial rights for sparsentan in certain Asian markets.
• Perceptive Advisors LLC significantly increased its stake in Travere Therapeutics in October 2025, acquiring an additional 4,061,363 shares at $26.13 per share.

Outbound Investments

• Travere Therapeutics has made no investments or acquisitions in other companies.

Capital Expenditures

• Research and development (R&D) expenses were $51.9 million for Q3 2025 and $148.1 million for the nine months ended September 30, 2025, indicating ongoing investment in its pipeline.
• Selling, general, and administrative (SG&A) expenses were $86.5 million for Q3 2025 and $235.5 million for the nine months ended September 30, 2025, with increases primarily due to preparations for a potential FSGS launch in January 2026 and the commercialization of FILSPARI.
• The company has achieved commercial scale manufacturing of pegtibatinase, positioning itself to restart enrollment in the pivotal HARMONY study in 2026, which implies investment in manufacturing capabilities.