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Mar 31, 2025
Travere Q1 2025 Earnings Report
Travere Therapeutics reported its first quarter 2025 financial results.
Key Takeaways
Travere Therapeutics delivered strong Q1 2025 results, driven by the successful commercial launch of FILSPARI for IgAN, with significant increases in net product sales and a substantial reduction in net loss compared to the previous year. The company also made significant progress towards expanding FILSPARI's indications and geographic reach.
Net product sales for Q1 2025 increased significantly to $75.9 million from $40.0 million in Q1 2024, primarily due to FILSPARI sales.
FILSPARI U.S. net product sales for Q1 2025 totaled $55.9 million, showing 182% year-over-year growth.
Net loss for Q1 2025 was $41.2 million, a considerable improvement from the $136.1 million net loss in Q1 2024.
The company ended the quarter with a strong cash position, reporting $322.2 million in cash, cash equivalents, and marketable securities as of March 31, 2025.
Revenue by Segment
Forward Guidance
Travere Therapeutics is focused on expanding the reach and indications of FILSPARI and advancing its pipeline, with key milestones expected in the near future.
Positive Outlook
- Expected PDUFA target action date of August 28, 2025, for sNDA seeking modification of REMS for FILSPARI in IgAN.
- Submission of sNDA seeking priority review for traditional approval of FILSPARI in FSGS.
- Potential for FILSPARI to be the first and only approved medicine indicated for FSGS if approved.
- Anticipated publication of updated KDIGO clinical guidelines for IgAN in 2025 recommending FILSPARI.
- Expected $17.5 million milestone payment from CSL Vifor in Q2 2025 following FILSPARI full approval in Europe.
Challenges Ahead
- Enrollment in the Phase 3 HARMONY Study for Pegtibatinase is not expected to restart until 2026.
- Potential risks associated with the timing and outcome of the sNDA review for FILSPARI in FSGS.
- Uncertainties related to market access and sales-based achievements for potential future milestone payments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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