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what it is
Travere sells rare-disease drugs and is trying to turn one kidney medicine into a real business.
how it gets paid
Last year Travere Therapeutics made $491M in revenue.
why it's growing
FY 2025 total revenue was ~$491M, up ~110.5% vs. FY 2024 (~$233M)— the ~$361M figure is roughly nine-month 2025 revenue through September, not one quarter.
what just happened
Q4 2025 total revenue was ~$130M; FY 2025 net loss narrowed to ~$25.5M (~$0.29/share) vs. a much larger FY 2024 loss.
At a glance
B balance sheet — gets the job done, barely
55/100 earnings predictability — expect surprises
-$4.07 fy2024 eps est
$233M fy2024 rev est
~-12.8% FY operating margin (GAAP)
xvary composite: 48/100 — below average
What they do
Travere sells rare-disease drugs and is trying to turn one kidney medicine into a real business.
Rare-disease drugs are small markets with unusually sticky demand. If your disease has few treatment options, switching is not casual. Travere has 4 marketed products and 385 employees, which means a small company already selling into narrow niches instead of starting from zero.
How they make money
$491M
annual revenue · their business grew +110.5% last year
total revenue
$491M
+110.5%
The products that matter
oral IgA nephropathy treatment
Filspari (sparsentan)
~$322M U.S. Filspari sales FY25 · ~$410M total net product sales
FY 2025 net product sales were ~$410M and total revenue ~$491M including ~$80M license/collaboration— Filspari is the driver, but the mix is not “99% one line item.”
main growth engine
rare liver disease therapy
Cholbam
small contributor
legacy brands still show up in the ~$410M product-sales bucket alongside Filspari— read the revenue footnotes in the 10-K for the exact split.
legacy revenue
cystinuria therapy
Thiola
commercial support asset
this stays part of the portfolio, but the snapshot data is thin. Better to say that plainly than pretend the portfolio is more diversified than the numbers show. If you are underwriting TVTX today, you are underwriting Filspari first and everything else second.
not the driver
Key numbers
-12.8%
FY operating margin
FY 2025 GAAP operating loss was ~$62.8M on ~$490.7M revenue— still negative, but much smaller than FY 2024.
$324M
long-term debt
Long-term debt → money owed over years → the debt load is 11% of capital, so leverage is manageable, but losses mean it still matters.
-$4.08
FY2024 GAAP EPS
FY 2024 GAAP net loss was ~$4.08/share— FY 2025 improved to a ~$0.29/share GAAP loss.
$491M
annual revenue
Revenue → money coming in the door → sales doubled 110.5% vs. prior year, which is why investors keep giving this story oxygen.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $324M (11% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TVTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
FY 2025 total revenue reached ~$491M (+~110.5% YoY), with Q4 2025 total revenue of ~$130M.
FY 2025 GAAP net loss was ~$25.5M (~$0.29/share) vs. ~$321.5M (~$4.08/share) in FY 2024. Q4 2025 was modestly GAAP-profitable (~$0.03/share basic) while the company still invested heavily in SG&A for launch prep.
$491M
FY 2025 revenue
-$0.29
FY GAAP EPS
~$130M
Q4 2025 revenue
the number that mattered
The FY revenue scale-up to ~$491M matters because it funds the commercial engine— but SG&A and R&D still decide how fast GAAP earnings follow.
source: company earnings report, 2026
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What could go wrong
TVTX is unusually simple to break down: if Filspari loses momentum in IgA nephropathy, the rest of the revenue base is too small to cover for it. With ~$410M FY net product sales plus meaningful collaboration revenue inside ~$491M total, and a still-negative GAAP operating line, there is not much room for a competitive stumble.
med
Vertex is aiming at the same part of the income statement
FY 2025 net product sales were ~$410M and total revenue ~$491M— Filspari dominates the story, but do not ignore the collaboration/milestone lines when modeling cash flows.
If a rival drug wins physician mindshare or payer support, the pressure lands on about 99% of current revenue.
med
Revenue scale still has not become durable profit
FY 2025 GAAP net loss was ~$25.5M on ~$491M revenue— better than the prior-year hole, still not profitable.
If sales keep rising and earnings do not hold, the market stops paying for growth and starts paying attention to the cost structure.
med
The stock already prices in a cleaner path than biotech usually gets
The 52-week range runs from $13 to $42, and the stock now sits at $38.88. That kind of move tells you optimism already showed up.
If follow-up quarters look less like the $0.35 EPS surprise and more like the old loss profile, the repricing can run backward fast.
med
Balance sheet quality is fine, not bulletproof
A B balance sheet and $324M of long-term debt are manageable. They are not a free pass if execution gets messy.
If commercialization turns choppier, investors will care more about staying power and less about the last good quarter.
This is a one-engine commercial story with ~$491M revenue, a still-negative GAAP bottom line, and a direct competitive threat in the same indication—that is the whole risk framework in one sentence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Filspari revenue concentration
Net product sales ~$410M are most of the ~$491M total— if Filspari slows, the income statement still has nowhere to hide.
risk
Vertex readthroughs in IgA nephropathy
The competitive threat is not abstract. Any sign Vertex is gaining clinical or commercial momentum matters immediately for TVTX holders because the core revenue base is so concentrated.
calendar
Next earnings for proof that Q4 was not a one-quarter postcard
A $0.35 EPS quarter after a $0.07 expected loss got the market's attention. You want to see whether that was the start of an earnings pattern or one very photogenic quarter.
trend
Volatility staying extreme
The stock traded between $13 and $42 over the last 52 weeks. That range tells you sentiment can reprice faster than fundamentals update.
Analyst rankings
earnings predictability
55 / 100
middle-of-the-road visibility. in human-speak, analysts still do not have this model pinned down.
beta
1.15
Beta measures how much a stock moves versus the market. At 1.15, TVTX has tended to move a bit more than the index — and biotech headlines usually add their own drama.
source: institutional data
Institutional activity
institutional ownership data for TVTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$39
current price
n/a
target midpoint · n/a from current
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