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Jun 30, 2022
Travere Q2 2022 Earnings Report
Travere Therapeutics reported financial results for the second quarter of 2022.
Key Takeaways
Travere Therapeutics reported a total revenue of $54.2 million for the second quarter of 2022, consisting of $51.0 million in net product sales and $3.2 million in licensing and collaboration revenue. The company's cash, cash equivalents, and marketable securities totaled $553.2 million as of June 30, 2022.
NDA for accelerated approval of sparsentan in IgA nephropathy (IgAN) accepted by the FDA and granted Priority Review with a PDUFA target action date of November 17, 2022.
Total revenue for the second quarter 2022 was $54.2 million, consisting of $51.0 million in net product sales and $3.2 million in licensing and collaboration revenue.
Net product sales for the second quarter of 2022 were $51.0 million, compared to $54.6 million for the same period in 2021.
Cash, cash equivalents and marketable securities totaled $553.2 million as of June 30, 2022.
Forward Guidance
Travere Therapeutics is focused on the potential approval and launch of sparsentan for IgAN, advancing its pipeline, and strengthening its leadership position in the rare disease community.
Positive Outlook
- The FDA accepted for review Travere's NDA for sparsentan for the treatment of IgA nephropathy and granted priority review.
- Travere is making progress in building commercial capabilities to prepare for a potential launch of sparsentan.
- The DUPLEX Study of sparsentan in FSGS continues to progress, with two-year results expected in the first half of next year.
- Travere received Breakthrough Therapy Designation for its pegtibatinase program in HCU.
- Travere is working with regulators to align on the design of a pivotal program for pegtibatinase.
Challenges Ahead
- There is no guarantee that the review process for the sparsentan IgAN NDA will remain on track for the FDA’s assigned target action date.
- There is no guarantee that the FDA will grant accelerated approval of sparsentan for IgAN within the assigned target action date, or at all.
Historical Earnings Impact
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