Tearsheet

Travere Therapeutics (TVTX)

Market Price (12/28/2025): $40.11 | Market Cap: $3.6 Bil
Sector: Health Care | Industry: Biotechnology

Travere Therapeutics (TVTX)

Market Price (12/28/2025): $40.11
Market Cap: $3.6 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 114%	Trading close to highs Dist 52W High is -1.6%, Dist 3Y High is -1.6%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21%
1	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Rare Disease Therapeutics, Biopharmaceutical R&D, Show more.	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%	Stock price has recently run up significantly 6M Rtn6 month market price return is 168%, 12M Rtn12 month market price return is 129%
2			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25%
3			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 106%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7%
5			Key risks TVTX key risks include [1] its heavy dependence on the commercial success of its key product, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 114%
1	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Rare Disease Therapeutics, Biopharmaceutical R&D, Show more.
2	Trading close to highs Dist 52W High is -1.6%, Dist 3Y High is -1.6%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21%
5	Stock price has recently run up significantly 6M Rtn6 month market price return is 168%, 12M Rtn12 month market price return is 129%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 106%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7%
9	Key risks TVTX key risks include [1] its heavy dependence on the commercial success of its key product, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$40.11	$17.42	$8.99	$21.03	$31.04
Market Cap CYE ($ Bil)	3.6	1.4	0.7	1.4	1.9
Total Debt ($ Bil)	0.3	0.4	0.4	0.4	0.3
Total Cash ($ Bil)	0.3	0.4	0.6	0.5	0.6
Enterprise Value ($ Bil)	3.7	1.8	1.1	1.8	2.2
Valuation Ratios
P/S TTM	8.2	5.9	4.6	12.2	14.1
P/EBIT TTM	-46.3	-4.4	-1.8	-4.2	-9.4
P/E TTM	-40.4	-4.3	-6.0	-4.8	-10.3
P/FCF TTM	-33.3	-4.1	-2.1	-6.2	-47.7
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.6
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/28/25	2024	2023
Share Price CYE	$40.11	$17.42	$8.99
Market Cap CYE ($ Bil)	3.6	1.4	0.7
Total Debt ($ Bil)	0.3	0.4	0.4
Total Cash ($ Bil)	0.3	0.4	0.6
Enterprise Value ($ Bil)	3.7	1.8	1.1
Valuation Ratios
P/S TTM	8.2	5.9	4.6
P/EBIT TTM	-46.3	-4.4	-1.8
P/E TTM	-40.4	-4.3	-6.0
P/FCF TTM	-33.3	-4.1	-2.1
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	TVTX	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	162.1%	7.3%
Rev Chg LTM	114.2%	6.1%
Rev Chg 3Y Avg	70.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-20.6%	18.8%
CFO/Rev LTM	-13.4%	20.4%
Net Inc Mgn	-20.3%	13.1%
VALUATION	VERY HIGH
P/S	8.2	3.3
P/CFO	-61.1	15.8
P/FCF	-33.3	20.7
P/E	-40.4	23.7
STABILITY	VERY GOOD
Debt/Equity	0.09	0.21
Cash/Assets	0.47	0.07

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Metric	Value	Date	Source
New patient start forms for FILSPARI®	731	9302025	Link
Addressable IgAN patients in the U.S.	>70,000	11012025	Link
Addressable FSGS patients in the U.S.	up to 30,000	11012025	Link

Upcoming
2/19/2026	Earnings Release	Rev: - EPS: -

TVTX Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the stock movement for Travere Therapeutics (TVTX) from approximately August 31, 2025, to December 28, 2025:

1. Strong Q2 2025 Financial Results and FILSPARI Sales Growth. Travere Therapeutics reported robust financial results for the second quarter of 2025 on August 6, 2025, with FILSPARI net product sales reaching $71.9 million in the U.S., representing an approximately 82% year-over-year increase. The company also reported non-GAAP net income of $11.9 million for the quarter, a significant improvement from a net loss in the same period of the previous year.

2. Positive Developments for FILSPARI in Focal Segmental Glomerulosclerosis (FSGS). The supplemental New Drug Application (sNDA) for full approval of FILSPARI in FSGS was accepted by the FDA with a Prescription Drug User Fee Act (PDUFA) date of January 13, 2026. Additionally, late-breaking data from the Phase 3 DUPLEX study of FILSPARI in FSGS was presented at the American Society of Nephrology (ASN) Kidney Week in November 2025, reinforcing the drug's potential in this underserved rare kidney disease.

3. FDA Review for FILSPARI REMS Modifications. The FDA was reviewing proposed modifications to the Risk Evaluation and Mitigation Strategy (REMS) for FILSPARI, including the potential removal of the embryofetal toxicity REMS and a shift to quarterly liver monitoring, with an August 28, 2025 PDUFA date. Such changes, if approved, would likely ease prescribing and administration, potentially broadening market access.

4. Bullish Analyst Sentiment and Buyout Speculation. In late December 2025, Travere Therapeutics experienced a significant stock surge, including an almost 14% gain on December 24, fueled by optimistic analyst notes. Cantor Fitzgerald issued an update suggesting positive signals from the FDA regarding Filspari's approval, while Jefferies identified Travere as a strong takeover candidate for 2026.

5. Perceived De-risking of FDA Approval for FILSPARI in FSGS. Investor confidence significantly increased in December 2025 due to a perceived de-risking of the upcoming FDA decision for Filspari's label expansion into FSGS. Favorable FDA updates, particularly the cancellation of an advisory committee meeting, bolstered optimism, leading market participants to believe the January 13, 2026 PDUFA date for FSGS had a higher probability of success.

Stock Movement Drivers

Fundamental Drivers

The 56.7% change in TVTX stock from 9/27/2025 to 12/27/2025 was primarily driven by a 30.5% change in the company's Total Revenues ($ Mil).

	9272025	12272025	Change
Stock Price ($)	25.30	39.64	56.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	333.87	435.83	30.54%
P/S Multiple	6.74	8.12	20.41%
Shares Outstanding (Mil)	88.95	89.23	-0.32%
Cumulative Contribution			56.68%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
TVTX	56.7%
Market (SPY)	4.3%	41.0%
Sector (XLV)	15.2%	16.3%

Fundamental Drivers

The 168.4% change in TVTX stock from 6/28/2025 to 12/27/2025 was primarily driven by a 70.1% change in the company's P/S Multiple.

	6282025	12272025	Change
Stock Price ($)	14.77	39.64	168.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	273.53	435.83	59.33%
P/S Multiple	4.77	8.12	70.11%
Shares Outstanding (Mil)	88.36	89.23	-0.99%
Cumulative Contribution			168.36%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
TVTX	168.4%
Market (SPY)	12.6%	29.2%
Sector (XLV)	17.0%	8.1%

Fundamental Drivers

The 129.4% change in TVTX stock from 12/27/2024 to 12/27/2025 was primarily driven by a 114.2% change in the company's Total Revenues ($ Mil).

	12272024	12272025	Change
Stock Price ($)	17.28	39.64	129.40%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	203.45	435.83	114.22%
P/S Multiple	6.61	8.12	22.85%
Shares Outstanding (Mil)	77.78	89.23	-14.72%
Cumulative Contribution			124.43%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
TVTX	129.4%
Market (SPY)	17.0%	35.8%
Sector (XLV)	13.8%	23.4%

Fundamental Drivers

The 93.8% change in TVTX stock from 12/28/2022 to 12/27/2025 was primarily driven by a 372.1% change in the company's Total Revenues ($ Mil).

	12282022	12272025	Change
Stock Price ($)	20.45	39.64	93.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	92.32	435.83	372.06%
P/S Multiple	14.18	8.12	-42.78%
Shares Outstanding (Mil)	64.03	89.23	-39.35%
Cumulative Contribution			63.83%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
TVTX	321.3%
Market (SPY)	48.0%	31.2%
Sector (XLV)	17.9%	25.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TVTX Return	92%	14%	-32%	-57%	94%	131%	184%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
TVTX Win Rate	67%	42%	25%	33%	58%	75%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TVTX Max Drawdown	-30%	-52%	-40%	-74%	-41%	-23%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	TVTX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-82.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	484.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	722 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	74.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	99 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-65.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	191.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2,214 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-88.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	750.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	530 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Travere Therapeutics's stock fell -82.9% during the 2022 Inflation Shock from a high on 2/5/2021. A -82.9% loss requires a 484.0% gain to breakeven.

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About Travere Therapeutics (TVTX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Travere Therapeutics, Inc., a biopharmaceutical company, focuses on the identification, development, commercialization, and delivering of therapies for the treatment of rare diseases. Its marketed products include Chenodal, a synthetic oral form of chenodeoxycholic acid for the treatment of radiolucent stones in gallbladders; Cholbam, a cholic acid capsule to treat pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects, as well as for adjunctive treatment of patients with peroxisomal disorders; and Thiola and Thiola EC, a tiopronin tablet for the treatment of homozygous cystinuria. The company's product candidates also consist of Sparsentan, which is in Phase III clinical trial for the treatment of focal segmental glomerulosclerosis and immunoglobulin A nephropathy; and TVT-058, a novel investigational human enzyme replacement candidate, which is in Phase I/II clinical trials for the treatment of classical homocystinuria. It has a cooperative research and development agreement with National Institutes of Health's National Center for Advancing Translational Sciences and patient advocacy organizations, CDG Care, and Alagille Syndrome Alliance for the identification of potential small molecule therapeutics for NGLY1 deficiency and Alagille syndrome. The company was formerly known as Retrophin, Inc. and changed its name to Travere Therapeutics, Inc. in November 2020. Travere Therapeutics, Inc. was incorporated in 2008 and is headquartered in San Diego, California.

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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.

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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.

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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)

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

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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.

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The key risks to Travere Therapeutics (TVTX) primarily revolve around its product pipeline, market competition, and the evolving regulatory landscape.

Dependence on Key Products: Travere Therapeutics' financial performance is heavily reliant on the success of its key product, FILSPARI® (sparsentan), approved for IgA nephropathy (IgAN) and with potential for focal segmental glomerulosclerosis (FSGS). This dependence makes the company vulnerable to shifts in market demand, pricing pressures, and competition. Any setbacks in the commercialization of FILSPARI® or delays in its approval for new indications could significantly impact the company's revenue and profitability.
Intense Industry Competition and Generic Threats: The biotechnology and pharmaceutical sectors are highly competitive. Travere Therapeutics faces competition from both established pharmaceutical companies with greater resources and emerging biotech firms in the rare disease space. The treatment landscape for IgAN, for instance, is evolving with the introduction of new therapies, including SGLT2 inhibitors and other IgAN-indicated treatments, which could fragment the market and increase competitive pressures on FILSPARI®. The potential for generic competition also poses a threat to market share and pricing power.
Regulatory Changes and Healthcare Reform Risks: Travere Therapeutics operates within a complex regulatory environment that is subject to change, impacting the approval and marketing of its therapies. Changes in healthcare policies, particularly those related to drug pricing reforms, could threaten the company's profitability. Additionally, regulatory delays in bringing new therapies or expanded indications to market can significantly affect Travere's market position and strain financial resources.

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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.

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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.

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Here are the expected drivers of future revenue growth for Travere Therapeutics (TVTX) over the next 2-3 years:

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.

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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.

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Arcutis Biotherapeutics

Higher Rev Chg 3Y Avg (Value for TVTX: 70.5%)

ARWR (7719.5%)

Arrowhead Pharmaceuticals

CYTK (818.6%)

Cytokinetics

BBIO (727.6%)

BridgeBio Pharma

AXSM (296.0%)

Axsome Therapeutics

RYTM (136.1%)

Rhythm Pharmaceuticals

Higher Op Mgn LTM (Value for TVTX: -20.6%)

GILD (38.3%)

Gilead Sciences

REGN (26.7%)

Regeneron Pharmaceuticals

AMGN (24.1%)

Amgen

ABBV (24.1%)

AbbVie

VRTX (-0.8%)

Vertex Pharmaceuticals

Higher CFO/Rev LTM (Value for TVTX: -13.4%)

AMGN (36.5%)

Amgen

REGN (35.6%)

Regeneron Pharmaceuticals

ABBV (35.0%)

AbbVie

GILD (33.2%)

Gilead Sciences

VRTX (31.7%)

Vertex Pharmaceuticals

Higher FCF/Rev LTM (Value for TVTX: -24.7%)

ABBV (33.0%)

AbbVie

AMGN (32.1%)

Amgen

GILD (31.5%)

Gilead Sciences

VRTX (28.5%)

Vertex Pharmaceuticals

REGN (27.2%)

Regeneron Pharmaceuticals

Higher Total Yield (Value for TVTX: -2.5%)

GILD (7.8%)

Gilead Sciences

AMGN (6.7%)

Amgen

REGN (6.0%)

Regeneron Pharmaceuticals

ABBV (3.4%)

AbbVie

VRTX (3.1%)

Vertex Pharmaceuticals

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for TVTX: 70.5% | 8.1x)

HIMS (71.0% | 3.5x)

Hims & Hers Health

TMDX (105.9% | 7.5x)

TransMedics

APLS (115.2% | 3.1x)

Apellis Pharmaceuticals

KNSA (96.3% | 5.8x)

Kiniksa Pharmaceuticals International

ARDX (512.0% | 3.5x)

Ardelyx

Higher Rev Chg LTM (Value for TVTX: 114.2%)

ARWR (23258.2%)

Arrowhead Pharmaceuticals

CYTK (2609.3%)

Cytokinetics

MDGL (864.2%)

Madrigal Pharmaceuticals

PRAX (365.0%)

Praxis Precision Medicines

ARQT (129.2%)

Arcutis Biotherapeutics

Higher Rev Chg 3Y Avg (Value for TVTX: 70.5%)

ARWR (7719.5%)

Arrowhead Pharmaceuticals

CYTK (818.6%)

Cytokinetics

BBIO (727.6%)

BridgeBio Pharma

AXSM (296.0%)

Axsome Therapeutics

HIMS (71.0%)

Hims & Hers Health

Higher Op Mgn LTM (Value for TVTX: -20.6%)

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (26.2%)

Johnson & Johnson

ABBV (24.1%)

AbbVie

UNH (6.1%)

UnitedHealth

Higher CFO/Rev LTM (Value for TVTX: -13.4%)

ABBV (35.0%)

AbbVie

MRK (26.6%)

Merck

JNJ (26.3%)

Johnson & Johnson

LLY (20.5%)

Eli Lilly

UNH (4.8%)

UnitedHealth

Higher FCF/Rev LTM (Value for TVTX: -24.7%)

ABBV (33.0%)

AbbVie

MRK (20.3%)

Merck

JNJ (20.3%)

Johnson & Johnson

UNH (4.0%)

UnitedHealth

LLY (-0.1%)

Eli Lilly

Higher Total Yield (Value for TVTX: -2.5%)

MRK (10.2%)

Merck

UNH (8.5%)

UnitedHealth

JNJ (7.5%)

Johnson & Johnson

ABBV (3.4%)

AbbVie

LLY (1.9%)

Eli Lilly

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TVTX: 70.5% | 8.1x)

APO (89.3% | 3.2x)

Apollo Asset Management

SLF (88.9% | 1.0x)

Sun Life Financial

RIVN (103.0% | 4.4x)

Rivian Automotive

CRCL (514.0% | 7.7x)

Circle Internet

QXO (2715.8% | 3.3x)

QXO

Higher Rev Chg LTM (Value for TVTX: 114.2%)

CRWV (235.4%)

CoreWeave

CRDO (224.2%)

Credo Technology

EXE (169.1%)

Expand Energy

DLTR (156.4%)

Dollar Tree

ALAB (136.5%)

Astera Labs

Higher Rev Chg 3Y Avg (Value for TVTX: 70.5%)

RIVN (103.0%)

Rivian Automotive

NVDA (91.6%)

NVIDIA

CRDO (90.5%)

Credo Technology

APO (89.3%)

Apollo Asset Management

SLF (88.9%)

Sun Life Financial

Higher Op Mgn LTM (Value for TVTX: -20.6%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for TVTX: -13.4%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for TVTX: -24.7%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for TVTX: -2.5%)

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Health Care Sector
	TVTX	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	-39.9	22.1	13.6	32.4	13.7	11.8	78.9	75.0	28.1	11.4	58.0
P/EBIT	-45.8	10.7	10.6	33.2	11.5	8.9	57.4	73.2	27.4	7.7	67.5
What You Get
Rev Chg Q	162.1%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	114.2%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	70.5%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	-147.1%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Travere Therapeutics Earnings Notes
2	Travere Stock (+14%): FDA Catalyst Speculation Ignites Rally	Notification
3	Travere Therapeutics Earnings Notes
4	Travere Therapeutics Earnings Notes
5	How Low Can Travere Therapeutics Stock Really Go?	Return
6	Why Travere Therapeutics Stock Moved: TVTX Stock Has Gained 284% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues
7	TVTX Dip Buy Analysis
8	Should You Buy Travere Therapeutics Stock?	Buy or Fear
9	Travere Therapeutics (TVTX) Valuation Ratios Comparison	Financials
10	Travere Therapeutics Total Shareholder Return (TSR): 93.8% in 2024 and -17.5% 3-yr compounded annual returns (below peer average)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TVTX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.4%	21.4%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.4%	-7.4%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	18.0%	18.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.9%	3.9%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.2%	12.2%	-5.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Travere Therapeutics

Peers to compare with:

Financials

	TVTX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Travere .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	39.64	23.26	24.49	305.09	78.16	273.40	58.90
Mkt Cap	3.5	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	436	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-90	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-107	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-260	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	-59	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	-198	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	TVTX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Travere .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	114.2%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	70.5%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	162.1%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	30.5%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	-20.6%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	-161.3%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	30.5%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	-13.4%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	-117.1%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	-24.7%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-147.1%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	TVTX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Travere .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	3.5	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	8.1	0.4	1.0	4.4	5.4	10.0	4.9
P/EBIT	-45.8	6.8	19.9	25.1	22.5	31.3	21.2
P/E	-39.9	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	-60.3	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	-2.5%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-27.9%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.1	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.0	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	TVTX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Travere .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	9.3%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	56.7%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	168.4%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.9%
12M Rtn	129.4%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	93.8%	-1.9%	71.1%	143.1%	81.3%	120.2%	87.6%
1M Excs Rtn	7.7%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	52.4%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	156.1%	-16.3%	22.3%	-5.7%	3.0%	24.0%	12.6%
12M Excs Rtn	115.1%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	22.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	10.7%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for More

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
NDA216403	FILSPARI	sparsentan	tablet	2172023	-7.7%	-23.8%	-54.0%	28.6%	122.4%

	Post-Approval Fwd Returns
NDA216403	FILSPARI	sparsentan	tablet	2172023	-7.7%	-23.8%	-54.0%	28.6%	122.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/21/2025	2/20/2024	2/23/2023	2/24/2022	3/1/2021	2/24/2020
Key Financials
Total Revenue	436	233	145	109	132	198	175
EBITDA	-23	-266	-326	-299	-184	-145	-107
Operating Income	-90	-321	-377	-320	-199	-75	-100
Net Income	-89	-322	-111	-278	-180	-169	-146
EPS	-1.05	-4.08	-1.50	-4.37	-3.01	-3.56	-3.46
Growth Rates
Total Revenue Growth	114.2%	60.5%	32.7%	-17.0%	-33.5%	13.1%	6.8%
EBITDA Growth	92.4%	18.5%	-9.0%	-62.3%	-27.1%	-35.4%	-46.1%
Operating Income Growth	74.0%	14.7%	-17.8%	-60.4%	-164.6%	24.5%	-45.3%
Net Income Growth	74.8%	-188.6%	60.0%	-54.6%	-6.3%	-15.7%	-42.6%
Margins
EBITDA Margin	-5.2%	-114.0%	-224.6%	-273.5%	-139.9%	-73.2%	-61.1%
Operating Income Margin	-20.6%	-137.8%	-259.4%	-292.2%	-151.3%	-38.0%	-56.9%
Net Income Margin	-20.3%	-137.9%	-76.7%	-254.4%	-136.6%	-85.4%	-83.5%
Cash & Debt
Total Cash	255	371	567	450	553	362	399
Total Debt	330	402	405	407	262	244	205
Net Debt / (Cash)	75	31	-162	-43	-291	-118	-194
Cash Flows
Net Cash from Operations	-59	-237	-280	-186	-15	-43	-58
Free Cash from Operations	-107	-339	-322	-215	-39	-163	-74
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	8/6/2025	5/1/2025	2/21/2025	10/31/2024	8/1/2024	5/6/2024	2/20/2024	11/7/2023	8/3/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	165	114	82	75	63	54	41	45	37	32	31	29
Ebitda	44	4	-26	-45	-41	-56	-123	-76	-75	-88	-87	-76
Operating Income	25	-13	-43	-59	-56	-67	-139	-83	-93	-104	-97	-87
Net Income	26	-13	-41	-60	-55	-70	-136	-90	151	-86	-86	-66
EPS	0.29	-0.14	-0.47	-0.73	-0.70	-0.91	-1.76	-1.18	1.97	-1.13	-1.27	-1.03
Key Financials TTM
Total Revenue TTM	436	334	274	233	203	178	156	145	130	120	142	160
Ebitda TTM	-23	-108	-168	-266	-297	-331	-362	-326	-326	-333	-300	-280
Operating Income TTM	-90	-171	-225	-321	-345	-381	-418	-377	-381	-371	-327	-287
Net Income TTM	-89	-169	-227	-322	-351	-146	-161	-111	-87	-307	-289	-278
Growth Rates Quarterly
Total Revenue Growth	162.1%	111.5%	97.5%	66.0%	69.6%	68.1%	33.9%	53.6%	32.1%	-40.6%	-36.3%	176.4%
EBITDA Growth	208.4%	107.3%	79.3%	40.4%	45.5%	35.9%	-41.5%	0.2%	7.6%	-57.6%	-31.2%	9.2%
Operating Income Growth	144.5%	81.1%	69.3%	28.4%	39.5%	35.5%	-42.7%	4.5%	-12.1%	-71.7%	-70.7%	20.3%
Net Income Growth	146.9%	81.9%	69.7%	33.2%	-136.4%	17.8%	-57.6%	-37.0%	316.4%	-27.7%	-13.6%	-27.6%
Margins Quarterly
EBITDA Margin	26.8%	3.6%	-31.2%	-60.7%	-64.9%	-104.3%	-297.5%	-169.2%	-202.0%	-273.6%	-281.7%	-260.4%
Operating Income Margin	15.1%	-11.1%	-52.2%	-79.3%	-89.1%	-123.9%	-335.9%	-183.8%	-249.6%	-322.9%	-315.2%	-295.5%
Net Income Margin	15.6%	-11.1%	-50.4%	-80.6%	-87.1%	-130.1%	-328.9%	-200.1%	406.3%	-266.0%	-279.5%	-224.4%
Cash & Debt
Total Cash	255	320	322	371	277	325	441	567	635	491	562	450
Total Debt	330	400	400	402	402	403	404	405	405	406	407	407
Net Debt / (Cash)	75	80	78	31	125	78	-37	-162	-229	-85	-155	-43
Cash Flows Quarterly
FCF from Operations	14	5	-42	-36	-43	-40	-119	-70	-59	-69	-81	-55
Cash Flows TTM
FCF from Operations TTM	-59	-115	-161	-237	-272	-289	-318	-280	-264	-245	-212	-186
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	6.1%	-3.1%	-10.7%	-15.4%	-15.1%	-18.8%	-42.8%	-28.5%	-34.1%	-34.2%	-34.3%	-34.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-5.5%	-10.6%	-14.1%	-20.9%	-23.3%	-26.8%	-32.2%	-32.4%	-35.0%	-30.4%	-28.8%	-28.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Tiopronin products	98	98	115	109	96
FILSPARI	29	0
License and collaboration revenue	18	11	17
Bile acid products			96	89	80
Total	145	109	227	198	175

Price Behavior

Price Behavior

Market Price	$39.64
Market Cap ($ Bil)	3.5
First Trading Date	02/15/2008
Distance from 52W High	-1.6%
	50 Days	200 Days
DMA Price	$33.69	$22.32
DMA Trend	up	up
Distance from DMA	17.7%	77.6%
	3M	1YR
Volatility	62.4%	68.0%
Downside Capture	107.07	147.84
Upside Capture	302.95	208.44
Correlation (SPY)	40.3%	36.0%

TVTX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.94	1.92	1.89	1.83	1.20	1.20
Up Beta	1.49	1.98	1.02	1.51	0.44	0.55
Down Beta	4.62	1.95	1.60	1.44	1.47	1.09
Up Capture	326%	384%	531%	431%	349%	589%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	22	35	68	126	376
Down Capture	79%	84%	76%	115%	126%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	28	56	120	367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of TVTX With Other Asset Classes (Last 1Y)
	TVTX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	130.7%	15.1%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	67.7%	17.2%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.51	0.65	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		23.5%	35.8%	3.3%	11.7%	20.8%	18.4%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of TVTX With Other Asset Classes (Last 5Y)
	TVTX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.6%	8.4%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	64.3%	14.5%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.41	0.40	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		25.5%	29.7%	3.1%	2.3%	25.4%	13.5%

Based On 10-Year Data

		Comparison of TVTX With Other Asset Classes (Last 10Y)
	TVTX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.6%	9.9%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	56.8%	16.6%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.36	0.49	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		33.3%	34.8%	1.3%	10.0%	27.3%	10.5%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	12,196,281
Short Interest: % Change Since 11302025	11.2%
Average Daily Volume	1,513,672
Days-to-Cover Short Interest	8.06
Basic Shares Quantity	89,230,420
Short % of Basic Shares	13.7%

Returns Analyses

	Title
0	How Low Can Travere Therapeutics Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	18.6%	12.3%	14.6%
8/6/2025	-1.9%	4.7%	25.5%
1/13/2025	2.8%	1.5%	31.3%
10/31/2024	-1.4%	-2.6%	5.9%
8/1/2024	-2.6%	-7.7%	2.5%
5/6/2024	3.1%	-3.2%	19.5%
2/15/2024	-6.2%	-9.2%	-17.8%
11/7/2023	-11.8%	-15.2%	20.5%
...
SUMMARY STATS
# Positive	10	11	14
# Negative	13	12	9
Median Positive	3.2%	5.7%	17.4%
Median Negative	-3.9%	-7.7%	-8.4%
Max Positive	18.6%	18.7%	55.4%
Max Negative	-14.9%	-19.6%	-38.9%

	Forward Returns
10/30/2025	18.6%	12.3%	14.6%
8/6/2025	-1.9%	4.7%	25.5%
1/13/2025	2.8%	1.5%	31.3%
10/31/2024	-1.4%	-2.6%	5.9%
8/1/2024	-2.6%	-7.7%	2.5%
5/6/2024	3.1%	-3.2%	19.5%
2/15/2024	-6.2%	-9.2%	-17.8%
11/7/2023	-11.8%	-15.2%	20.5%
8/3/2023	-4.7%	-3.7%	-8.7%
5/4/2023	5.2%	1.2%	17.8%
1/9/2023	-3.3%	0.1%	7.4%
10/27/2022	2.0%	-8.2%	-15.4%
8/4/2022	7.5%	18.7%	16.9%
5/5/2022	-9.6%	-12.8%	-6.9%
1/10/2022	0.8%	-1.0%	-0.9%
10/28/2021	8.3%	16.2%	7.1%
7/29/2021	-0.7%	5.7%	55.4%
5/6/2021	-14.9%	-19.6%	-38.9%
2/10/2021	-4.0%	2.6%	-0.8%
11/5/2020	3.3%	12.7%	23.7%
7/30/2020	-3.9%	-7.6%	-6.5%
5/11/2020	-0.5%	-0.5%	-8.4%
1/13/2020	1.8%	6.9%	11.2%
SUMMARY STATS
# Positive	10	11	14
# Negative	13	12	9
Median Positive	3.2%	5.7%	17.4%
Median Negative	-3.9%	-7.7%	-8.4%
Max Positive	18.6%	18.7%	55.4%
Max Negative	-14.9%	-19.6%	-38.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5062024	10-Q 3/31/2024
12312023	2202024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Heerma Peter	CHIEF COMMERCIAL OFFICER	11032025	Sell	35.00	5,591	195,685	4,167,485	Form
1	Heerma Peter	CHIEF COMMERCIAL OFFICER	10302025	Sell	30.00	2,662	79,860	3,739,860	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Travere Therapeutics (TVTX)

Market Price (12/28/2025): $40.11 | Market Cap: $3.6 BilSector: Health Care | Industry: Biotechnology

Travere Therapeutics (TVTX)

Market Price (12/28/2025): $40.11Market Cap: $3.6 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TVTX Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Travere Therapeutics (TVTX)

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Travere Therapeutics (TVTX)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for TVTX: 70.5% | 8.1x)

Higher Rev Chg LTM (Value for TVTX: 114.2%)

Higher Rev Chg 3Y Avg (Value for TVTX: 70.5%)

Higher Op Mgn LTM (Value for TVTX: -20.6%)

Higher CFO/Rev LTM (Value for TVTX: -13.4%)

Higher FCF/Rev LTM (Value for TVTX: -24.7%)

Higher Total Yield (Value for TVTX: -2.5%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for TVTX: 70.5% | 8.1x)

Higher Rev Chg LTM (Value for TVTX: 114.2%)

Higher Rev Chg 3Y Avg (Value for TVTX: 70.5%)

Higher Op Mgn LTM (Value for TVTX: -20.6%)

Higher CFO/Rev LTM (Value for TVTX: -13.4%)

Higher FCF/Rev LTM (Value for TVTX: -24.7%)

Higher Total Yield (Value for TVTX: -2.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TVTX: 70.5% | 8.1x)

Higher Rev Chg LTM (Value for TVTX: 114.2%)

Higher Rev Chg 3Y Avg (Value for TVTX: 70.5%)

Higher Op Mgn LTM (Value for TVTX: -20.6%)

Higher CFO/Rev LTM (Value for TVTX: -13.4%)

Higher FCF/Rev LTM (Value for TVTX: -24.7%)

Higher Total Yield (Value for TVTX: -2.5%)

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Market Price (12/28/2025): $40.11 | Market Cap: $3.6 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (12/28/2025): $40.11
Market Cap: $3.6 Bil
Sector: Health Care
Industry: Biotechnology