Travere Therapeutics (TVTX)
NASDAQ:TVTX
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Travere Therapeutics
(NASDAQ:TVTX)
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Rating:47Neutral
Price Target:
$27.00
▼(-0.92% Downside)
Action:ReiteratedDate:02/20/26
The score is held down primarily by weak financial strength (ongoing net losses and high leverage) and soft technical momentum, partially offset by a constructive earnings update highlighting strong FILSPARI commercial growth and improved near-term profitability/cash position despite regulatory timing and expense headwinds.
Positive Factors
Strong FILSPARI revenue growth
Sustained, high single-product revenue growth demonstrates durable commercial adoption across prescribers and payers. A growing, reimbursed revenue base strengthens recurring cash generation potential, funds R&D and commercialization scale, and materially increases the company’s strategic optionality over multiple quarters.
Negative Factors
Elevated leverage
High leverage relative to a modest equity base constrains financial flexibility and increases refinancing and interest-rate risk. If commercial or clinical setbacks occur, servicing debt and funding trials becomes more difficult, reducing resilience and limiting strategic optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong FILSPARI revenue growth
Sustained, high single-product revenue growth demonstrates durable commercial adoption across prescribers and payers. A growing, reimbursed revenue base strengthens recurring cash generation potential, funds R&D and commercialization scale, and materially increases the company’s strategic optionality over multiple quarters.
Read all positive factors
Travere Therapeutics (TVTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.51B
Dividend YieldN/A
Average Volume (3M)1.38M
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue Growth114.22%
EPS Growth77.02%
CountryUS
Employees385
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.03
Shares Outstanding92,241,550
10 Day Avg. Volume1,207,652
30 Day Avg. Volume1,378,578
Financial Highlights & Ratios
PEG Ratio0.79
Price to Book (P/B)29.69
Price to Sales (P/S)6.95
P/FCF Ratio90.22
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue5.63
Enterprise Value/Gross Profit5.97
Enterprise Value/Ebitda124.23
Forecast
1Y Price Target
$42.58Price Target Upside56.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)0.38
Revenue Forecast (FY)$695.89M
Travere Therapeutics Business Overview & Revenue Model
Company Description
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 o...
How the Company Makes Money
Travere Therapeutics makes money primarily by selling its commercial prescription medicines in markets where it has commercialization rights. The largest revenue stream is product revenue from FILSPARI (sparsentan), generated through U.S. sales to...
Travere Therapeutics Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong commercial momentum for FILSPARI with record demand, significant year-over-year revenue growth (FILSPARI +144% FY2025) and improved profitability/non-GAAP earnings, supported by a solid cash position and tangible pipeline progress (FSGS sNDA under review and pegtibatinase Phase III reactivation). Offsetting risks include an FDA information-request-driven delay to the FSGS PDUFA date, materially higher SG&A and rising gross-to-net discounts that will modestly compress near-term revenue and margins, and the emergence of new competitive entrants in IgAN. Overall, the positive operational and financial developments outweigh the challenges, but the regulatory timing and higher investment profile warrant continued monitoring.Positive Updates
Record Demand and New Patient Starts
908 new patient start forms for FILSPARI in Q4 2025 (record quarter) with continued strong demand into Q1 2026; growth driven by both new prescribers and increased use among established prescribers, with broader community adoption.
Negative Updates
FDA Information Requests and PDUFA Delay
FDA issued a major amendment and additional information requests to the FILSPARI FSGS sNDA, shifting the review timeline and resulting in a new PDUFA target action date of April 13, 2026 — introducing regulatory timing risk and uncertainty.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Demand and New Patient Starts
908 new patient start forms for FILSPARI in Q4 2025 (record quarter) with continued strong demand into Q1 2026; growth driven by both new prescribers and increased use among established prescribers, with broader community adoption.
Read all positive updates
Company Guidance
Management reiterated key near‑term milestones and financial expectations: the FILSPARI FSGS sNDA now has a PDUFA target action date of April 13, 2026; Q4 demand totaled 908 new patient start forms with FILSPARI U.S. net product sales of ~$103.3M in Q4 and ~$322M for FY2025 (144% YoY), contributing to company U.S. net product sales of $126.6M in Q4 and $410.5M for FY2025 (Thiola/Thiola EC $23.3M Q4 / $88.5M FY; license & collaboration revenue $3.1M Q4 / $80.3M FY); cash, cash equivalents and marketable securities were ~$322.8M at 12/31/25 (including a $40M CSL milestone and ~ $10M from Renalys), and net income for Q4 was $2.7M ($0.03/sh) with non‑GAAP net income $33.3M ($0.37/sh). For 2026 they expect FILSPARI gross‑to‑net to increase modestly to the mid‑20% range (up from ~20% in 2025) with the largest discount in Q1, moderate operating expense growth to fund the restarted Phase III HARMONY (pegtibatinase) trial and supply (HARMONY designed to enroll ~70 patients, 24‑week double‑blind primary endpoint measuring mean plasma total homocysteine change weeks 6–12), continued evidence generation and commercial investment (field force expanded from ~80 to >100), no near‑term need for additional capital, and they highlighted clinical metrics including PROTECT eGFR benefits (1.8 mL at 1 year and 3.7 mL at 2 years vs max‑dose irbesartan; total eGFR slope benefit 1.2 mL/min/yr), COMPOSE pegtibatinase tHcy reductions (~67% in Phase I/II), that ~2/3 of the addressable IgAN population have proteinuria <1.5 g/g, and that complete remission <0.3 g/day (80% on FILSPARI in a secondary analysis) was associated with an annual eGFR decline <1 mL/min/yr.Travere Therapeutics Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 490.73M | 233.18M | 145.24M | 109.46M | 131.84M |
| Gross Profit | 419.65M | 225.43M | 133.79M | 105.04M | 128.02M |
| EBITDA | 22.22M | -265.77M | -326.25M | -299.42M | -184.46M |
| Net Income | -50.26M | -321.55M | -111.40M | -278.48M | -180.09M |
Balance Sheet | |||||
| Total Assets | 605.19M | 594.13M | 788.91M | 672.59M | 776.63M |
| Cash, Cash Equivalents and Short-Term Investments | 322.80M | 370.70M | 566.85M | 450.25M | 552.88M |
| Total Debt | 328.73M | 401.58M | 404.78M | 407.49M | 261.99M |
| Total Liabilities | 490.36M | 535.05M | 588.10M | 629.73M | 474.52M |
| Stockholders Equity | 114.83M | 59.08M | 200.81M | 42.85M | 302.11M |
Cash Flow | |||||
| Free Cash Flow | 37.78M | -338.69M | -321.61M | -214.66M | -38.94M |
| Operating Cash Flow | 37.78M | -237.47M | -280.02M | -186.29M | -14.79M |
| Investing Cash Flow | 27.89M | 99.33M | 55.78M | -32.55M | -137.62M |
| Financing Cash Flow | -33.47M | 139.42M | 218.75M | 117.57M | 231.68M |
Travere Therapeutics Technical Analysis
Negative
27.25
Price Trends
29.08
Negative
32.17
Negative
26.21
Positive
Market Momentum
-0.63
Negative
44.10
Neutral
58.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TVTX, the sentiment is Negative. The current price of 27.25 is below the 20-day moving average (MA) of 27.83, below the 50-day MA of 29.08, and above the 200-day MA of 26.21, indicating a neutral trend. The MACD of -0.63 indicates Negative momentum. The RSI at 44.10 is Neutral, neither overbought nor oversold. The STOCH value of 58.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.93B | 5.74 | 11.16% | ― | ― | ― | |
63 Neutral | $2.63B | -228.91 | -10.26% | ― | 129.21% | 80.35% | |
62 Neutral | $2.82B | -51.51 | -19.63% | ― | 182.44% | 47.21% | |
52 Neutral | $1.55B | -2.84 | -63.98% | ― | -32.98% | -18.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $2.51B | -67.82 | -79.16% | ― | 114.22% | 77.02% | |
43 Neutral | $2.29B | -13.21 | -32.80% | ― | ― | -34.96% |
* Healthcare Sector Average
TVTX
Travere Therapeutics
27.25
9.33
52.06%
GLPG
Galapagos
28.93
3.81
15.17%
ARQT
Arcutis Biotherapeutics
21.22
5.58
35.68%
IRON
Disc Medicine
60.09
10.45
21.05%
TARS
Tarsus Pharmaceuticals
66.25
14.88
28.97%
RXRX
Recursion Pharmaceuticals
2.94
-2.35
-44.42%
Travere Therapeutics Corporate Events
Product-Related AnnouncementsRegulatory Filings and Compliance
FDA Extends Review Timeline for Travere’s FILSPARI sNDA
Neutral
Jan 13, 2026
On January 13, 2026, Travere Therapeutics announced that the U.S. Food and Drug Administration extended the review timeline for the supplemental New Drug Application for FILSPARI in focal segmental glomerulosclerosis, moving the target action date...
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.