Travere Therapeutics Inc (NASDAQ:TVTX) Q3 2025 Earnings Soar, Fueled by FILSPARI Sales and Milestone Payments

Travere Therapeutics Inc (NASDAQ:TVTX) reported financial results for the third quarter of 2025 that significantly exceeded analyst expectations, prompting a substantial positive reaction in its stock price during after-hours trading. The company’s flagship product, FILSPARI, continues to be the primary driver of both its financial performance and its clinical advancement.

Earnings and Revenue Performance

The company delivered a decisive beat on both the top and bottom lines for the quarter, showcasing accelerating commercial momentum.

• Revenue: Total revenue reached $164.9 million, a figure that comfortably surpassed the analyst estimate of approximately $108.7 million. This represents a more than 160% increase from the $62.9 million reported in the same quarter last year.
• Earnings Per Share (EPS): On a non-GAAP basis, the company reported net income of $52.8 million, or $0.59 per basic share. This is a stark contrast to the analyst consensus, which anticipated a non-GAAP loss per share of $0.21. On a GAAP basis, net income was $25.7 million, or $0.29 per basic share, compared to a net loss of $54.8 million in Q3 2024.

The impressive revenue growth was fueled by two key factors: outstanding commercial execution for FILSPARI and significant one-time collaboration payments. U.S. net product sales for FILSPARI alone totaled $90.9 million for the quarter, representing 155% year-over-year growth. Furthermore, the company recognized a $40.0 million market access milestone from partner CSL Vifor and $9.3 million in non-cash license revenue from its partnership with Renalys Pharma.

Market Reaction

The market responded very favorably to the strong earnings beat and robust sales growth. Following the earnings release, the company's stock experienced an after-market surge of approximately 11.7%. This positive momentum builds on a strong recent performance, with the stock having gained 20.9% over the past month. The reaction indicates investor confidence in the company's current trajectory and its ability to sustainably grow its flagship product.

Operational and Pipeline Highlights

Beyond the financial figures, Travere provided several key updates on its clinical programs and regulatory progress.

• FILSPARI in IgAN: The drug continues to see strong commercial uptake, with 731 new patient start forms received in the quarter. Importantly, updated Kidney Disease Improving Global Outcomes (KDIGO) clinical practice guidelines now include FILSPARI for earlier, first-line use in IgAN patients at risk of progression.
• FILSPARI in FSGS: The supplemental New Drug Application (sNDA) for focal segmental glomerulosclerosis remains under review by the FDA with a target action date of January 13, 2026. The FDA has informed the company that an advisory committee meeting is no longer required, potentially smoothing the path to a potential approval.
• Pegtibatinase for HCU: The company has successfully manufactured first commercial-scale batches of pegtibatinase and is engaging with the FDA to restart enrollment in the pivotal Phase 3 HARMONY Study in 2026.
• Financial Position: As of September 30, 2025, the company held $254.5 million in cash, cash equivalents, and marketable securities. This figure does not include the $40 million milestone payment from CSL Vifor received in October 2025.

Looking Ahead

While the press release did not provide a formal financial outlook for the coming quarters, the current analyst estimates provide a benchmark. For the full year 2025, analysts are projecting sales of approximately $427.3 million. For the fourth quarter of 2025, the sales estimate stands at around $121 million. The company's demonstrated ability to significantly exceed estimates in Q3 sets a positive tone as it moves toward the potential approval and launch of FILSPARI in FSGS early next year.

For a more detailed look at historical and projected earnings, you can review the earnings and estimates page for TVTX.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.