Travere Therapeutics
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Travere Therapeutics (TVTX) investor relations material

Travere Therapeutics Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary4 May, 2026

Executive summary

  • FILSPARI achieved first full FDA approval for FSGS in April 2026 and previously for IgAN in September 2024, expanding its addressable U.S. patient population to over 100,000 and driving record demand and sales growth.

  • FILSPARI remains the most prescribed FDA-approved therapy for IgAN and the only approved therapy for FSGS, with 993 new patient start forms in Q1 2026 and strong payer coverage.

  • Pegtibatinase Phase 3 HARMONY Study for HCU restarted in April 2026, with topline data expected in the second half of 2027.

  • Received $57.5 million in milestone payments from CSL Vifor, $10.2 million from Chugai, and $25 million from Mirum Pharmaceuticals.

  • Strategic partnerships with CSL Vifor and Chugai provide global access and up to $910 million in potential milestone payments.

Financial highlights

  • Q1 2026 total revenue was $127.2 million, up from $81.7 million in Q1 2025, driven by FILSPARI's U.S. net product sales of $105.2 million, an 88% year-over-year increase.

  • THIOLA and Tiopronin products contributed $19.3 million in U.S. net product sales.

  • Non-GAAP adjusted net income was $4.1 million ($0.05/share), versus a net loss of $16.9 million in Q1 2025; GAAP net loss narrowed to $37.1 million ($0.40/share) from $41.2 million.

  • Cash, cash equivalents, and marketable securities totaled $264.7 million as of March 31, 2026, with $316 million in convertible notes due 2029.

  • Gross margin for Q1 2026 was approximately 80% on $124.5 million in sales.

Outlook and guidance

  • FILSPARI is expected to see continued strong demand in IgAN and rapid uptake in FSGS, supported by evolving KDIGO guidelines and only ~10% market penetration in IgAN.

  • Topline results from the HARMONY Study of pegtibatinase are anticipated in the second half of 2027.

  • Management expects available cash and investments to fund operations beyond the next 12 months.

  • Anticipates milestone and royalty payments from CSL Vifor and Chugai for global FILSPARI access.

FSGS launch uptake and patient start form trends
Sustainability of non-GAAP net income in 2026
R&D expense outlook for HARMONY study restart
Clarify FSGS eligibility and education strategy
FILSPARI positioning versus B-cell competitors
Pegtibatinase HCU endpoint regulatory alignment
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Bank of America Global Healthcare Conference 202613 May, 2026
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