TVTXTravere Therapeutics, Inc.
Travere Therapeutics, Inc. (TVTX) sells FILSPARI, a first-in-class therapy for rare kidney diseases like IgA nephropathy and FSGS. Its next catalyst is Oct 15, 2026 — Initial FILSPARI FSGS Commercial Access and Payer Coverage Update, which will test the company’s ability to secure broad adoption and reimbursement for its flagship drug.
- Revenue surged 110.5% YoY to $576.09M in 2026, driven by FILSPARI.
- Free cash flow remains negative at -$83.54M TTM, with a net margin of -10.2%.
- Debt-to-equity ratio stands at 0.40x, reflecting a balanced capital structure.
The schedule
- Thu15Oct
As payers finalize coverage policies for FILSPARI in FSGS, Travere’s first detailed update on access, prior auth hurdles, and realized net pricing could re-rate the stock higher from $57.5 or trigger a sharp reset if reimbursement proves tighter than expected.
- Thu4Feb
Q3 2026 earnings will test whether Travere can translate FSGS access progress into sustained sequential FILSPARI growth while containing operating losses, with the stock at $46.0 after potential reimbursement volatility.
- Mon15Mar
Further healthcare policy moves by the Trump administration on rare disease incentives and drug pricing could either ease or intensify reimbursement pressure for FILSPARI, moving the stock from $48.0 toward either a modest relief rally or renewed derating.
- Thu6May
Travere’s Q4 2026 earnings and first full-year 2027 guidance will crystallize the medium-term earnings power of FILSPARI, with investors at $54.0 per share scrutinizing margin trajectory, cash burn, and any pipeline prioritization moves.
- Thu5Aug
Q1 2027 earnings will update investors on early 2027 FILSPARI trends and any reprioritization across Travere’s nephrology and metabolic pipeline, starting from a reset $36.00 base after guidance digestion.
- Thu4Nov
Past
- Wed30Sep
With ongoing cash burn and meaningful debt, any update on refinancing, additional convertibles, or other capital actions around $57.5 per share could either clear the balance-sheet overhang or trigger dilution-driven downside.
- Thu6Aug
Actual outcome: Mixed
Travere Therapeutics reported Q2 2026 EPS of -$0.40, which was exactly in line with consensus estimates. With no major upside surprises or detailed FILSPARI FSGS launch metrics provided to shift sentiment, the stock remained flat following the event. The in-line earnings and absence of a clear fundamental catalyst resulted in a mixed outcome, leaving shares trading between the bull and bear targets.
Q2 2026 results will focus on how quickly FILSPARI ramps in newly approved FSGS alongside sustained IgAN demand, with investors watching for any slowdown in patient adds or early signs of reimbursement and pricing pressure at a rich $52.04 share price.
- Mon4May
Actual outcome: Bull · $44.14 at outcome
Travere's Q1 2026 results highlighted record demand for FILSPARI in IgAN and its recent landmark approval in FSGS, prompting analysts to increase their forecasts. Although headline EPS merely met estimates at -$0.24, the strong commercial update and the successful pricing of an upsized $475 million convertible debt offering to refinance 2029 notes removed financing overhangs, supporting a bullish move toward the $44.50 target.
Travere's Q1 2026 results highlighted record demand for FILSPARI in IgAN and its recent landmark approval in FSGS, prompting analysts to increase their forecasts. Although headline EPS merely met estimates at -$0.24, the strong commercial update and the successful pricing of an upsized $475 million convertible debt offering to refinance 2029 notes removed financing overhangs, supporting a bullish move toward the $44.50 target.
- Fri10Apr
Actual outcome: Bull · $40.95 at outcome
The FDA granted full approval for the expanded use of FILSPARI (sparsentan) as the first and only approved medicine for focal segmental glomerulosclerosis (FSGS), delivering on the primary bull catalyst. Despite this positive regulatory milestone, the stock traded relatively flat, indicating that the approval was largely anticipated and already priced in by the market.
The FDA granted full approval for the expanded use of FILSPARI (sparsentan) as the first and only approved medicine for focal segmental glomerulosclerosis (FSGS), delivering on the primary bull catalyst. Despite this positive regulatory milestone, the stock traded relatively flat, indicating that the approval was largely anticipated and already priced in by the market.
- Sun15Mar
Actual outcome: Bear · $26.84 at outcome
The Trump administration's regulatory update failed to provide the anticipated fast-track incentives for rare disease treatments and instead signaled a shift toward broader drug pricing controls. This policy direction materialized key bear case risks regarding future margin compression and reduced support for orphan drug development, driving the stock below the bear floor as investors de-risked TVTX's pipeline valuation.
The Trump administration's regulatory update failed to provide the anticipated fast-track incentives for rare disease treatments and instead signaled a shift toward broader drug pricing controls. This policy direction materialized key bear case risks regarding future margin compression and reduced support for orphan drug development, driving the stock below the bear floor as investors de-risked TVTX's pipeline valuation.
- Thu19Feb
Actual outcome: Bull · $30.73 at outcome
Travere matched EPS estimates while achieving a major milestone by turning GAAP profitable in Q4 2025, driven by 144% year-over-year growth in FILSPARI sales and record patient starts. The stock rose as the market prioritized this strong commercial execution and the positive momentum heading into the April FSGS PDUFA decision over concerns regarding recent insider selling.
Travere matched EPS estimates while achieving a major milestone by turning GAAP profitable in Q4 2025, driven by 144% year-over-year growth in FILSPARI sales and record patient starts. The stock rose as the market prioritized this strong commercial execution and the positive momentum heading into the April FSGS PDUFA decision over concerns regarding recent insider selling.
