TVTX · Travere Therapeutics, Inc.
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AI Brief
Q2 FY26 earnings call · Aug 4, 2026TL;DR. Travere reported strong Q2 2026 with FILSPARI U.S. net product sales up 96% year-over-year to $141.1 million driven by an early FSGS launch and continued IgAN growth, while advancing the pegtibatinase HARMONY Phase 3 (topline 2H 2027), in-licensing civorebrutinib for $112.5M upfront, and closing a convertible note refinancing that added ~$158M net proceeds.
- + FILSPARI U.S. net product sales grew 96% year-over-year to $141.1 million in Q2 2026.
- + Pegtibatinase Phase 3 HARMONY Study continues enrollment with topline data expected in 2H 2027.
- + Pipeline expanded via closing of exclusive civorebrutinib licensing deal with Everest Medicines in July 2026.
- + USPTO issued a Notice of Allowance for a U.S. patent application directed to methods of using FILSPARI in IgA nephropathy, expected to provide coverage into October 2037.
- − Operating expenses rose materially, with SG&A up to $96.1 million from $62.6 million year-over-year and R&D up to $60.3 million from $49.4 million, reflecting launch costs and Harmony study investment.
- − The $112.5 million upfront payment to Everest Medicines for civorebrutinib was paid in July 2026, reducing cash post-quarter-end.
- − Gross-to-net discounts for FILSPARI are expected to rise in Q3 and Q4 as more FSGS patients initiate therapy with higher CMS utilization, despite full-year guidance maintained at mid-20%.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Biotechnology — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
TVTX
this stock
Travere Therapeutics, Inc.
|
$6.43B | +73.2% | +110.5% | — | 12.7% |
|
VRTX
Vertex Pharmaceuticals Inc / Ma
|
$130.40B | +13.7% | +46.2% | 30.0 | 1.8% |
|
REGN
Regeneron Pharmaceuticals, Inc.
|
$81.67B | +1.2% | +20.8% | 19.6 | 2.5% |
|
ARGX
Argenx SE
|
$61.60B | +17.1% | — | — | 2.0% |
|
CSLLY
Csl Ltd
|
$57.41B | — | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| TVTX | -0.6% | +7.7% | +146.5% | -0.2% | +73.2% |
| SPY | -1.2% | -1.8% | +17.8% | -0.4% | +12.1% |
| vs SPY | +0.6% | +9.5% | +128.7% | +0.2% | +61.1% |