Key Highlights

  • TVTX shares fell 8.65% pre-market to $45.00 after third-quarter results.
  • Revenue was $224.6 million, with FILSPARI net sales of $200.2 million.
  • CEO Eric Dube steps down on December 1.

Travere Therapeutics (NASDAQ:TVTX) shares fell 8.65% to $45.00 in pre-market today, down $4.26 from the prior close of $49.26, which followed a 2.24% decline on Monday. The company reported third-quarter Revenue of $224.6 million against consensus of roughly $190 million to $196 million. FILSPARI net sales were $200.2 million, up about 120% year over year and above $200 million for the first time. The loss was $0.55 per share, compared with an estimate of a $0.25 loss.

Travere is a San Diego-based biopharmaceutical company focused on rare kidney and metabolic diseases. FILSPARI is a once-daily oral dual endothelin and angiotensin II receptor antagonist approved in the U.S. for IgA nephropathy and, as of April 2026, focal segmental glomerulosclerosis, where it became the first FDA-approved treatment. The company also markets Thiola and Thiola EC for cystinuria and is advancing pegtibatinase in Phase 3 for classical homocystinuria. It has 497 employees.

FILSPARI Sales, Inventory Build and the Fourth-Quarter Adjustment

Revenue included $220.2 million of U.S. net product sales, $20 million from Thiola and $4.4 million of license and collaboration revenue. FILSPARI sales included about $8 million from a specialty pharmacy inventory build, and fourth-quarter net sales are expected to be reduced by roughly the same amount. Management expects higher gross-to-net discounts in the fourth quarter and a full-year gross-to-net rate in the mid-20 percent range.

The company received 1,932 new patient start forms. FSGS start forms grew slightly from the prior quarter, while IgA nephropathy dipped slightly on seasonality and prior pent-up demand. Management said October Demand was strong but gave no guidance on start forms. It reiterated a goal of $3 billion or more in annual FILSPARI sales by 2033, with Patent terms extending into 2037.

Loss Reflects a $113.1 Million IPR&D Charge

GAAP R&D and SG&A expenses were $168.7 million, plus $113.1 million of in-process R&D expense tied to the closing of a licensing agreement with Everest for a BTK inhibitor program. Cash and marketable securities were $471.8 million at September 30, 2026, which management said is sufficient to fund FILSPARI growth and the pipeline.

Pipeline milestones include Phase 3 Harmony topline results for pegtibatinase in the second half of 2027, SPARKS transplant-recurrence data in 2027, the start of the Sparlight Phase 4 study later this year and a planned U.S. IND for the BTK inhibitor by year end. The stock has a 52-week range of $22.59 to $68.73, is down about 11.5% over the past month and has a mean analyst price target of roughly $70 to $75.

December 1 Leadership Change and the Fourth-Quarter Sales Adjustment Are the Next Markers

Travere reported revenue above consensus and a wider loss tied to a licensing charge, with a smaller fourth-quarter FILSPARI contribution from inventory expected. CEO Eric Dube steps down on December 1, with Bradley joining the same day. The next items to follow are fourth-quarter FILSPARI sales, patient start forms, the BTK inhibitor IND by year end and Phase 3 pegtibatinase data in the second half of 2027.