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Travere Therapeutics
(NASDAQ:TVTX)
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Rating:58Neutral
Price Target:
$58.00
▲(1.12% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by improving operating fundamentals and cash generation, but is held back by significant balance-sheet leverage risk (very high debt vs. thin equity). The earnings call was a positive catalyst due to strong FILSPARI growth and reiterated outlook, while technicals are moderately constructive. Valuation remains a headwind given ongoing losses (negative P/E) and no dividend yield support.
Positive Factors
High revenue & gross margins
Sustained, rapid revenue growth paired with ~94% gross margin indicates FILSPARI is a high‑margin, scalable product. Durable top‑line expansion and strong product economics improve the company's ability to fund commercialization and R&D internally and support long‑term reinvestment without immediate reliance on low-margin sales.
Negative Factors
Very high financial leverage
A highly leveraged capital structure with a very thin equity cushion materially raises refinancing and solvency risk. Large debt balances limit strategic flexibility, increase interest and covenant vulnerability, and make the company more sensitive to adverse commercial or reimbursement shocks, constraining durable investment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
High revenue & gross margins
Sustained, rapid revenue growth paired with ~94% gross margin indicates FILSPARI is a high‑margin, scalable product. Durable top‑line expansion and strong product economics improve the company's ability to fund commercialization and R&D internally and support long‑term reinvestment without immediate reliance on low-margin sales.
Read all positive factors
Travere Therapeutics (TVTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.79B
Dividend YieldN/A
Average Volume (3M)1.78M
Price to Earnings (P/E)―
Beta (1Y)1.71
Revenue Growth77.12%
EPS Growth64.40%
CountryUS
Employees497
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.72
Shares Outstanding94,261,086
10 Day Avg. Volume1,112,147
30 Day Avg. Volume1,781,826
Financial Highlights & Ratios
PEG Ratio0.79
Price to Book (P/B)29.69
Price to Sales (P/S)6.95
P/FCF Ratio-167.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$73.08Price Target Upside27.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.03
Revenue Forecast (FY)$721.49M
Travere Therapeutics Business Overview & Revenue Model
Company Description
Travere Therapeutics (TVTX) is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on kidney-related conditions. The company’s core commercial product is FILSPARI (sparsentan), and it...
How the Company Makes Money
Travere Therapeutics generates revenue primarily from product sales of its marketed therapies. A key revenue stream is net sales of FILSPARI (sparsentan), which the company commercializes for IgA nephropathy, with revenue driven by prescription vo...
Travere Therapeutics Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and a positive growth trajectory: record FILSPARI demand and revenue, an encouraging FSGS launch that outpaced early IgA nephropathy uptake, meaningful pipeline additions (pegtibatinase and civorebrutinib), an IP allowance for IgAN methods, and a reinforced balance sheet following convertible refinancing. Offsetting items include elevated operating expenses, a $40M inducement expense, a $112.5M upfront payment for civorebrutinib (post-quarter), expected higher gross-to-net discounts in H2, and limited disclosure of granular commercial metrics and FSGS-specific IP outcomes. On balance, the strengths and growth drivers substantially outweigh the near-term costs and disclosure gaps reported in the quarter.Positive Updates
Record FILSPARI Demand and Revenue
FILSPARI generated record U.S. revenue of approximately $141.1 million in Q2 2026, with over 2,000 new patient start forms across IgA nephropathy and FSGS. FILSPARI U.S. net product sales grew ~96% year-over-year.
Negative Updates
High Operating Expenses
Total GAAP R&D and SG&A expenses for the quarter were $156.4 million, including approximately $22.2 million in noncash stock-based compensation and depreciation, reflecting increased investment behind the FSGS launch and Phase III activities.
Read all updates
Q2-2026 Updates
Positive
Negative
Record FILSPARI Demand and Revenue
FILSPARI generated record U.S. revenue of approximately $141.1 million in Q2 2026, with over 2,000 new patient start forms across IgA nephropathy and FSGS. FILSPARI U.S. net product sales grew ~96% year-over-year.
Read all positive updates
Company Guidance
Travere reiterated that it expects continued near- and long‑term FILSPARI revenue growth and the ability to fund planned operations with current resources, while providing several quantitative anchors: Q2 total U.S. net product sales were $161.4M (FILSPARI $141.1M, ~96% YoY growth) and total revenue was $169.6M (Thiola $20.3M; license/collab $8.2M including a $5M milestone); GAAP R&D+SG&A was $156.4M (≈$22.2M noncash); royalty expense ≈$7.1M and other expense included a $40M inducement; cash and marketable securities were ~$489.2M as of 6/30/26 (including ~$158M net proceeds from a convertible refinancing that repurchased ~$221M of 2029 notes and issued $525M of 2032 notes), and the company paid a $112.5M upfront for civorebrutinib. Management expects full‑year FILSPARI gross‑to‑net discounts in the mid‑20% range (slightly higher in Q3–Q4 as FSGS mix and CMS utilization rise), sees FSGS uptake and first‑pass approval/conversion metrics tracking ahead of a comparable stage in the IgAN launch (shipments began within a week of approval), continues to target peak FILSPARI sales of more than $3B, and reiterated pegtibatinase/HARMONY top‑line data timing in 2H 2027.Travere Therapeutics Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
22
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 591.33M | 490.73M | 233.18M | 145.24M | 109.46M | 131.84M |
| Gross Profit | 558.25M | 480.39M | 225.43M | 133.79M | 105.04M | 128.02M |
| EBITDA | 1.54M | 22.22M | -265.77M | -326.25M | -299.42M | -184.46M |
| Net Income | -43.46M | -25.55M | -321.55M | -111.40M | -278.48M | -180.09M |
Balance Sheet | ||||||
| Total Assets | 799.36M | 605.19M | 594.13M | 788.91M | 672.59M | 776.63M |
| Cash, Cash Equivalents and Short-Term Investments | 489.18M | 322.80M | 370.70M | 566.85M | 450.25M | 552.88M |
| Total Debt | 616.90M | 328.73M | 401.58M | 404.78M | 407.49M | 261.99M |
| Total Liabilities | 774.84M | 490.36M | 535.05M | 588.10M | 629.73M | 474.52M |
| Stockholders Equity | 24.52M | 114.83M | 59.08M | 200.81M | 42.85M | 302.11M |
Cash Flow | ||||||
| Free Cash Flow | 51.52M | 37.78M | -338.69M | -321.61M | -214.66M | -38.94M |
| Operating Cash Flow | 92.70M | 37.78M | -237.47M | -280.02M | -186.29M | -14.79M |
| Investing Cash Flow | -202.99M | 27.89M | 99.33M | 55.78M | -32.55M | -137.62M |
| Financing Cash Flow | 153.06M | -33.47M | 139.42M | 218.75M | 117.57M | 231.68M |
Travere Therapeutics Technical Analysis
Positive
57.36
Price Trends
56.11
Positive
47.68
Positive
40.00
Positive
Market Momentum
1.79
Negative
62.90
Neutral
65.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TVTX, the sentiment is Positive. The current price of 57.36 is below the 20-day moving average (MA) of 58.40, above the 50-day MA of 56.11, and above the 200-day MA of 40.00, indicating a bullish trend. The MACD of 1.79 indicates Negative momentum. The RSI at 62.90 is Neutral, neither overbought nor oversold. The STOCH value of 65.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TVTX.
Travere Therapeutics Risk Analysis
Travere Therapeutics disclosed 59 risk factors in its most recent earnings report. Travere Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Travere Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $3.25B | 118.61 | 15.05% | ― | 76.11% | ― | |
61 Neutral | $3.02B | -63.49 | -13.53% | ― | 105.17% | 53.58% | |
58 Neutral | $5.79B | -138.09 | -55.79% | ― | 77.12% | 64.40% | |
52 Neutral | $3.07B | -11.95 | -37.17% | ― | ― | -47.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.78B | -3.04 | -50.41% | ― | -15.08% | 41.98% |
* Healthcare Sector Average
TVTX
Travere Therapeutics
62.14
43.37
231.06%
ARQT
Arcutis Biotherapeutics
26.19
9.45
56.45%
IRON
Disc Medicine
78.84
20.00
33.99%
TARS
Tarsus Pharmaceuticals
69.20
14.59
26.72%
RXRX
Recursion Pharmaceuticals
3.16
-2.36
-42.75%
Travere Therapeutics Corporate Events
Executive/Board Changes
Travere Therapeutics plans accounting leadership transition in 2026
Neutral
Jul 9, 2026
On July 6, 2026, Travere Therapeutics announced that chief accounting officer and principal accounting officer Sandra Calvin plans to retire after the filing of the company’s 2026 Annual Report on Form 10-K, expected in February 2027. The co...
Business Operations and StrategyExecutive/Board Changes
Travere Therapeutics Announces R&D Leadership Transition Plan
Neutral
Jun 16, 2026
On June 12, 2026, Travere Therapeutics announced that Chief Research Officer William Rote, Ph.D., plans to retire effective February 17, 2027, marking his 10th anniversary with the company. He is expected to remain in his current role until his re...
Business Operations and Strategy
Travere Licenses Civorebrutinib, Expands Kidney Disease Pipeline
Positive
Jun 2, 2026
On June 1, 2026, Travere Therapeutics entered into a license and collaboration agreement with Everest Medicines to obtain exclusive rights, outside China and certain East and Southeast Asian countries, to develop and commercialize civorebrutinib, ...
Executive/Board ChangesShareholder Meetings
Travere Shareholders Reinforce Governance and Compensation Framework
Positive
May 21, 2026
At its annual meeting on May 19, 2026, Travere Therapeutics’ shareholders elected ten directors to serve until the 2027 meeting, with all nominees receiving strong majority support, and ratified Ernst Young LLP as the independent auditor fo...
Business Operations and StrategyPrivate Placements and Financing
Travere Therapeutics Issues New Convertible Notes to Refinance Debt
Neutral
May 11, 2026
On May 11, 2026, Travere Therapeutics completed a registered underwritten public offering of $525 million aggregate principal amount of 0.50% Convertible Senior Notes due 2032, generating estimated net proceeds of about $508.5 million. The notes, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.