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Travere Therapeutics
(NASDAQ:TVTX)
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Rating:58Neutral
Price Target:
$52.00
▼(-22.53% Downside)
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
FILSPARI Growth
Rapid FILSPARI sales growth and rising patient starts indicate strong commercial adoption in the company’s core rare-kidney franchise. Continued uptake can expand operating scale, support reinvestment in the pipeline, and strengthen Travere’s position with physicians and payers over coming quarters.
Negative Factors
High Leverage
The very high debt burden and thin equity cushion materially reduce financial flexibility. Travere has less capacity to absorb operating setbacks, fund pipeline investment internally, or manage refinancing needs without placing greater pressure on future cash flows and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
FILSPARI Growth
Rapid FILSPARI sales growth and rising patient starts indicate strong commercial adoption in the company’s core rare-kidney franchise. Continued uptake can expand operating scale, support reinvestment in the pipeline, and strengthen Travere’s position with physicians and payers over coming quarters.
Read all positive factors
Travere Therapeutics (TVTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.80B
Dividend YieldN/A
Average Volume (3M)1.90M
Price to Earnings (P/E)―
Beta (1Y)1.79
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. Volume1,834,541
30 Day Avg. Volume1,901,986
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 Cap1.13
Enterprise Value/Revenue9.20
Enterprise Value/Gross Profit9.74
Enterprise Value/Ebitda941.21
Forecast
1Y Price Target
$75.92Price Target Upside13.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.09
Revenue Forecast (FY)$729.17M
Travere Therapeutics Business Overview & Revenue Model
Company Description
Travere Therapeutics, Inc. is a biopharmaceutical company developing therapies for rare kidney and metabolic diseases. Its lead product, FILSPARI (sparsentan), is an oral, once-daily, non-immunosuppressive medication targeting two pathways of dise...
How the Company Makes Money
Travere Therapeutics makes money primarily through net product sales of FILSPARI (sparsentan) in the United States. Revenue is generated by selling FILSPARI into the U.S. specialty pharmaceutical channel (e.g., specialty pharmacies/wholesalers) fo...
Travere Therapeutics Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 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 | 5.78M | 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
Negative
67.12
Price Trends
59.91
Negative
58.19
Negative
46.32
Positive
Market Momentum
-2.55
Negative
36.78
Neutral
15.86
Positive
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 67.12 is above the 20-day moving average (MA) of 53.11, above the 50-day MA of 59.91, and above the 200-day MA of 46.32, indicating a neutral trend. The MACD of -2.55 indicates Negative momentum. The RSI at 36.78 is Neutral, neither overbought nor oversold. The STOCH value of 15.86 is Positive, 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 61 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.30B | 7.31 | 59.00% | ― | 19.76% | 444.46% | |
58 Neutral | $4.80B | -113.07 | -55.79% | ― | 77.12% | 64.40% | |
58 Neutral | $1.27B | 9.16 | -109.40% | ― | ― | ― | |
55 Neutral | $5.97B | -10.24 | -69.59% | ― | ― | 1.28% | |
53 Neutral | $2.16B | -5.12 | -84.13% | ― | ― | -63.94% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $7.31B | -12.71 | -110.84% | ― | -7.49% | -98.12% |
* Healthcare Sector Average
TVTX
Travere Therapeutics
50.88
21.07
70.68%
IONS
Ionis Pharmaceuticals
43.96
-29.61
-40.25%
OMER
Omeros
17.49
9.53
119.72%
AUPH
Aurinia Pharmaceuticals
17.25
4.62
36.58%
IMVT
Immunovant
28.88
6.90
31.39%
VERA
Vera Therapeutics
29.99
0.03
0.10%
Travere Therapeutics Corporate Events
Executive/Board Changes
Travere Therapeutics appoints new CEO Bradley Campbell
Neutral
Sep 21, 2026
On September 21, 2026, Travere Therapeutics announced that President and Chief Executive Officer Eric Dube, Ph.D., will step down from his roles, including his board seat, effective December 1, 2026, under a detailed Transition and Separation Agre...
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.