Travere Therapeutics reported its fourth‑quarter and full‑year 2025 results on February 19, 2026. U.S. net product sales of the company’s flagship drug FILSPARI rose 108% to $103.3 million, while total U.S. net product sales reached $126.6 million. The company posted a GAAP earnings per share of $0.03, exactly matching analyst consensus, and a non‑GAAP adjusted EPS of $0.37. Total net product sales for the year were $410.5 million, up from $322.0 million in 2024, driven largely by FILSPARI’s growth.
The quarter saw an all‑time high of 908 new patient start forms for FILSPARI, a record that underscores the drug’s expanding patient base. Compared with Q4 2024, where FILSPARI generated $49.6 million in U.S. net product sales, the current quarter’s $103.3 million represents a 108% increase. The company’s CEO, Eric Dube, said, "2025 marked a year of meaningful advancement for Travere, strengthening both our commercial execution and long‑term growth outlook." He added, "In IgA nephropathy, continued adoption of FILSPARI underscores its foundational positioning and the positive impact we are delivering for patients and physicians."
Beyond FILSPARI, Travere’s other product lines contributed $88.5 million in U.S. net product sales from Thiola and Thiola EC, while license and collaboration revenue added $80.3 million to the $410.5 million total. The mix shift toward FILSPARI helped offset weaker performance in the other product lines, but total revenue of $129.7 million fell short of the $147.7 million consensus estimate, reflecting lower than expected sales of the non‑FILSPARI products and higher commercial costs.
The company also confirmed that the U.S. Food and Drug Administration’s PDUFA target action date for FILSPARI’s FSGS indication is April 13, 2026, positioning the drug for a potential launch in the near term. Management noted, "We provided FDA what they've asked for, and we're on track for the April 13 PDUFA date." In addition, enrollment activities have resumed for the pivotal Phase 3 HARMONY Study of pegtibatinase in classical homocystinuria, signaling progress on the pipeline. Chief Commercial Officer Peter Heerma highlighted the record demand, saying, "record fourth‑quarter demand of 908 new patient starts for FILSPARI." He attributed the momentum to FILSPARI’s differentiated profile as a once‑daily oral, non‑immunosuppressive therapy; simplified REMS monitoring requirements; and the publication of KDIGO guidelines.
Investors reacted to the earnings with a focus on the revenue miss and rising SG&A expenses. While the company met its EPS estimate, the $18 million shortfall in revenue relative to consensus and the continued GAAP net loss raised concerns about the sustainability of the current growth trajectory. The company’s rising commercial cost base, driven by preparations for the FSGS launch and increased FILSPARI commercialization spend, contributed to the margin pressure noted by analysts.
The results reinforce Travere’s strong core position in IgA nephropathy while highlighting headwinds from higher operating costs and a revenue miss. The upcoming FSGS approval and the resumption of the HARMONY study represent significant tailwinds that could broaden the company’s revenue base in the medium term. Overall, the earnings demonstrate robust execution in the core product, but the company must manage cost growth and capitalize on the new indication to sustain long‑term profitability.
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