10-Q · May 4, 2026
Travere Therapeutics reported total revenue of $127.2 million for Q1 2026, up 45.5% year-over-year, bolstered by a notable increase in FILSPARI sales, which rose 88% to $105.2 million. The company reported positive EPS…
Earnings analysis · 10-Q
TVTX earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Travere delivered strong Q2 revenue growth, with $169.584 million of revenue led by $141.078 million in FILSPARI sales, and moved to approximately $1.780 million of operating income. However, GAAP EPS was a $0.37 loss…
Read full summary
Travere delivered strong Q2 revenue growth, with $169.584 million of revenue led by $141.078 million in FILSPARI sales, and moved to approximately $1.780 million of operating income. However, GAAP EPS was a $0.37 loss after a $40.008 million debt-inducement expense, while launch and pipeline investments accelerated. Liquidity was solid at $489.177 million of cash and marketable securities at June 30, although convertible debt increased to $602.781 million and the company paid Everest $112.5 million in July for civorebrutinib rights.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.37
What stood out
-
Revenue grew 48% on product-sales strength
Q2 revenue rose $55.135 million year over year to $169.584 million, as total net product sales increased $66.510 million to $161.352 million. Gross margin was approximately 98.7%, with product cost of goods sold of just $2.174 million.
-
FILSPARI was the core growth driver
FILSPARI sales nearly doubled year over year, increasing $69.191 million to $141.078 million. The April 2026 FSGS approval expanded the addressable U.S. population by more than 30,000 individuals, alongside an estimated more than 70,000 addressable IgAN patients.
-
Operations returned to modest profitability
The company generated approximately $1.780 million of operating income in Q2, versus an operating loss of approximately $14.171 million a year earlier, based on $169.584 million of revenue and $167.804 million of costs and operating expenses.
-
Operating cash flow turned positive
Six-month operating cash flow improved to $17.7 million provided, from $37.2 million used in the prior-year period, supported by a $115.1 million increase in net product sales.
-
Liquidity and working capital strengthened
Liquidity increased materially at quarter end: cash and equivalents were $117.735 million and marketable debt securities were $371.442 million, producing $463.116 million of net working capital and a 4.05 current ratio.
-
Peg tibatinase program restarted after pause
Management restarted HARMONY enrollment in Q1 2026 and dosed the first new patient in April 2026 after manufacturing process improvements; topline pegtibatinase data are anticipated in 2H 2027.
What to watch
-
Convertible-note transaction drove EPS loss
Diluted GAAP EPS was a loss of $0.37, versus a $0.14 loss in Q2 2025, principally because the partial 2029-note repurchase produced a $40.008 million inducement expense. This masked otherwise positive operating performance.
-
Higher launch and pipeline costs pressure earnings
Commercial and development spending rose sharply: SG&A increased $33.531 million year over year to $96.112 million for FILSPARI IgAN investment and the FSGS launch, while R&D increased $10.921 million to $60.283 million, including a $10.961 million increase in pegtibatinase external costs.
-
Commercial, generic and supply risks remain material
The updated risk factors identify commercial execution, supply-chain and policy risks around FILSPARI. Tiopronin sales already fell $2.681 million year over year to $20.274 million amid generic competition, while FILSPARI relies on third-party manufacturing and carries Ligand royalties of 15% to 17% of net sales.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-Q. Management anticipates pegtibatinase Phase 3 HARMONY topline data in the second half of 2027 and believes cash plus short-term investments and anticipated operating cash generation will fund operations beyond the next 12 months.
Earlier filings 4
10-K · February 19, 2026
Travere showed strong commercial and milestone-driven revenue growth in 2025 (quarterly sales of $82M, $114M, $165M and $130M), driven by FILSPARI approvals and partnership milestones, but Q4 2025 operating performance…
10-Q · October 30, 2025
Travere reported a strong operational quarter: revenue of $164,859,000 (Q3 2025) vs $62,898,000 a year earlier and operating income of $24,931,000 versus an operating loss of $(56,149,000) in Q3 2024. Diluted EPS was…
10-K · February 21, 2025
Travere secured full FDA approval for FILSPARI (sparsentan) on September 5, 2024, supported by PROTECT results showing a statistically significant treatment effect on eGFR (1.2 mL/min/1.73 m2/year; p=0.0168). Commercial…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.