Travere Therapeutics Inc (TVTX)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The open question here is operational, not existential. The company is not fighting for survival — operating cash flow turned positive in 2025, there is no going-concern language, and the May 2026 refinancing lowered the interest burden and pushed the maturity out to 2032. What is unproven is the turn itself: the operating loss was still $62.8 million in 2025 and $36.9 million in the first quarter of 2026, the only profitable quarter was carried by one-time milestone payments, and the product margin rested on zero-cost inventories that are now used up. On top of that, the business stands on a single compound. Only when revenue grows again after the first-quarter 2026 dip, the operating result turns positive without one-time payments, and the business spreads across more than one drug does the valuation earn trust. Until then, watch FILSPARI revenue, the FSGS ramp, the operating margin after the zero-cost inventories and the cash balance.
symbol.quality_note
Travere Therapeutics more than doubled its revenue in 2025 with the kidney drug FILSPARI, and the headline net loss shrank to $25.5 million — our scanner flags growth and relative strength. We read the annual report (10-K), the latest quarterly report (10-Q) and every filing since: behind the turn sit an operating loss of $62.8 million, an accumulated deficit of $1.5 billion, a revenue base that hangs almost entirely on one compound, and a $525.0 million convertible bond that only appeared after the last quarterly figures. Not investment advice — only the arithmetic underneath a pretty growth curve.
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Stock Watch
This analysis is as of July 28, 2026. Stock Watch will tell you what's changed at TVTX since then.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 55.90 $ — 93% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AITravere Therapeutics ist ein Biopharma-Unternehmen für seltene Nierenerkrankungen (FILSPARI, Thiola) — KI ist keine Umsatzquelle. Der jüngste 10-K (GJ 2025) und der 10-Q Q1 2026 belegen aber ausdrücklich den operativen Einsatz: Mitarbeiter nutzen generative KI, Machine Learning und automatisierte Entscheidungssysteme für ihre Arbeit („Our employees and personnel use generative artificial intelligence …“), und das Unternehmen räumt ein, dass ein Verzicht auf KI das Geschäft ineffizienter machen und Wettbewerbsnachteile bringen würde. Die übrigen KI-Erwähnungen sind Datenschutz-/Cyber-Risikoklauseln rund um diese eigene Nutzung — kein konkretes Geschäftsmodell-Risiko, keine KI-Produkte.
View the full file — quotes, sources, reviewed filings
„Our employees and personnel use generative artificial intelligence, machine learning and other artificial intelligence technologies (together, “AI/ML”) and/or automated decision-making technologies to perform their work, and the disclosure and use of personal data in AI/ML technologies is subject to various privacy laws and other privacy obligations."
Unsere Mitarbeiterinnen und Mitarbeiter nutzen generative künstliche Intelligenz, maschinelles Lernen und andere KI-Technologien (zusammen „AI/ML“) und/oder automatisierte Entscheidungstechnologien für ihre Arbeit; die Offenlegung und Verwendung personenbezogener Daten in AI/ML-Technologien unterliegt verschiedenen Datenschutzgesetzen und weiteren Datenschutzpflichten.
„If we are unable to use AI/ML and/or automated decision-making technologies in the future, it could make our business less efficient and result in competitive disadvantages."
Sollten wir AI/ML und/oder automatisierte Entscheidungstechnologien künftig nicht nutzen können, könnte das unser Geschäft ineffizienter machen und zu Wettbewerbsnachteilen führen.
„Any sensitive information (including confidential, competitive, proprietary, or personal data) that we input into a third-party generative AI/ML platform could be leaked or disclosed to others, including if sensitive information is used to train the third parties’ AI/ML model."
Sämtliche sensiblen Informationen (einschließlich vertraulicher, wettbewerbsrelevanter, geschützter oder personenbezogener Daten), die wir in eine generative AI/ML-Plattform eines Drittanbieters eingeben, könnten durchsickern oder an Dritte gelangen — etwa wenn sensible Informationen zum Training des AI/ML-Modells des Drittanbieters verwendet werden.
Filings Reviewed: 10-Q 2026-05-04 · 10-Q 2025-10-30 · 10-Q 2025-08-06 · 10-Q 2025-05-01 · 10-K 2026-02-19 · 10-K 2025-02-21
Rated on July 8, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 5.8% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 15
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.97 | 0.92 – 2.86 | 679 | 116.3% | 7 |
| 12/31/2027 | 4.88 | 3.24 – 6.49 | 974 | 147.7% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.14 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.73 | – | 75 | 66.00 | -80.60 | -36 | -45 |
| 2025: Q1 | -0.47 | – | 82 | 97.50 | -50.40 | -42 | -54 |
| 2025: Q2 | -0.14 | – | 114 | 111.50 | -11.10 | 5 | 5 |
| 2025: Q3 | 0.25 | – | 165 | 162.10 | 15.60 | 14 | 14 |
| 2025: Q4 | 0.03 | – | 130 | 73.40 | 2.10 | 61 | 61 |
| 2026: Q1 | -0.40 | – | 127 | 55.60 | -29.20 | -40 | -63 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 134 | -58 | -48 | -1.25 | -2 | 308 | 525 |
| 2017 | 155 | -54 | -60 | -1.54 | 7 | 293 | 520 |
| 2018 | 164 | -80 | -103 | -2.54 | -25 | 318 | 709 |
| 2019 | 175 | -100 | -146 | -3.46 | -58 | 221 | 605 |
| 2020 | 198 | -176 | -169 | -3.56 | -43 | 211 | 607 |
| 2021 | 132 | -199 | -180 | -3.01 | -15 | 302 | 777 |
| 2022 | 109 | -320 | -278 | -4.37 | -186 | 43 | 673 |
| 2023 | 145 | -388 | -111 | -1.50 | -280 | 201 | 789 |
| 2024 | 233 | -324 | -322 | -4.08 | -237 | 59 | 594 |
| 2025 | 491 | -63 | -26 | -0.29 | 38 | 115 | 605 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
A specialist in rare kidney diseases with genuine niche protection: FILSPARI has been fully approved for IgAN since September 2024 and additionally for FSGS since April 13, 2026 — two diseases with high unmet need and orphan-drug exclusivity. The addressable market grew with the second approval.
A documented turn: group revenue more than doubled in 2025, to $490.7 million from $233.2 million, and FILSPARI alone rose to $322.0 million from $132.2 million. Operating cash flow swung to plus $37.8 million after minus $237.5 million the year before.
The headline flatters the business. The net loss of $25.5 million (2025) sits against an operating loss of $62.8 million; the first quarter of 2026 alone brought another $36.9 million. The only operationally profitable quarter, the third of 2025, was carried by $57.5 million of one-time CSL Vifor milestones, and the roughly 98.6 percent product gross margin rested on zero-cost inventories the 10-K describes as essentially used up.
One-product risk: commercial success depends, per the company's own annual report (10-K), "almost entirely" on FILSPARI; about 78 percent of product revenue and more than 98 percent of net product sales from a single country. And that one product is under attack — the IgAN market is drawing competitors, above all Novartis with atrasentan (Vanrafia), while revenue eased in the first quarter of 2026 to $127.2 million from $129.7 million. The Everest license for civorebrutinib (June 1, 2026) is the first answer to the concentration, but it is clinical, not commercial.
An accumulated deficit of $1,509.8 million against just $98.7 million of equity (March 31, 2026) — but the financing improved markedly after that date. The May 2026 refinancing cut the coupon from 2.25 to 0.50 percent, moved the maturity to 2032 and left about $157.6 million of net cash in the company. The price: convertible principal up to roughly $619.9 million and up to 11,729,182 shares issuable on conversion.
On the last price documented in a filing ($44.76 on May 6, 2026) and about 93.0 million shares, the market value is roughly $4.2 billion — about 8.5 times the $490.7 million of 2025 revenue. The market is already paying for a future blockbuster. Analyst consensus nonetheless "buy" (15 analysts, data as of July 8, 2026).
Travere Therapeutics is a biotech at a genuine inflection point: the kidney drug FILSPARI more than doubled revenue in 2025, operating cash flow turned positive, the second approval for FSGS enlarged the market, and the May 2026 refinancing bought cheaper debt and three more years of time. But almost all the revenue hangs on that one compound, the operating loss of $62.8 million is far larger than the headline net loss, and the balance sheet carries $1.5 billion of accumulated losses against less than $100 million of equity. A bet on a single drug. Not investment advice.
- FILSPARI first received accelerated approval for IgAN in February 2023 (on the surrogate marker proteinuria) and full FDA approval in September 2024; the FSGS approval followed on April 13, 2026.
- The revenue spike in the third quarter of 2025 ($164.9 million) contains one-time license and milestone payments — $57.5 million of CSL Vifor market-access and regulatory milestones among them — and should not be mistaken for run-rate product revenue.
- The figures in this analysis distinguish the weighted average share count (89.2 million for 2025, 91.9 million for the first quarter of 2026) from shares actually outstanding (about 93.0 million as of April 30, 2026, per the 10-Q cover page); the market value is calculated on the latter.
- Everything after the first-quarter 2026 report was reviewed: the convertible offering of May 11, 2026, the Everest Medicines license of June 1, 2026, and an 8-K of July 9, 2026 announcing the planned retirement of the chief accounting officer after the 10-K expected in February 2027 — the last of these does not change the picture.
- In our company-level AI classification, Travere is rated "uses AI": internal use of generative AI and machine learning, but no AI revenue stream.
About the Company
Travere Therapeutics, Inc., ein biopharmazeutisches Unternehmen, identifiziert, entwickelt und liefert Therapien für Menschen mit seltenen Nieren- und Stoffwechselerkrankungen in den USA.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 497 |
| Headquarters | San Diego, CA |
| Address | 3611 Valley Centre Drive, 92130 San Diego, United States |
| Phone | 888 969 7879 |
| Website | travere.com |
| IPO Date | 8. Nov 2012 |
| ISIN | US89422G1076 |
| Stock Split | 1:9 on 11/02/2012 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Eric M. Dube Ph.D. | President, CEO & Director | 1973 |
| Christopher Cline C.F.A. | Chief Financial Officer | 1985 |
| William E. Rote Ph.D. | Chief Research Officer | 1963 |
| Peter Heerma | Chief Commercial Officer | 1971 |
| Jula Inrig M.D. | Executive VP, Head of Research & Development and Chief Medical Officer | 1975 |
| Sandra Calvin | SVP & Chief Accounting Officer | 1966 |
| Nivi Nehra | Vice President of Corporate Communications & Investor Relations | – |
| Elizabeth E. Reed J.D. | Chief Legal Officer, General Counsel & Secretary | 1971 |
| Angela Giannantonio | Chief People Officer | – |
| Casey Logan | Chief Business Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 22. Apr 2026 | William E Rote | Insider | Sell | 9,100 | 39.09 | 355,719 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.