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Jun 30, 2024
Travere Q2 2024 Earnings Report
Travere's financial performance improved, driven by FILSPARI launch and strategic progress.
Key Takeaways
Travere Therapeutics reported a successful second quarter in 2024, marked by significant growth in FILSPARI sales and new patient start forms. The company is preparing for the potential full approval of FILSPARI in IgAN, and making strides in global expansion and advancing its pipeline programs.
Received 521 new patient start forms for FILSPARI, marking the sixth consecutive quarter of growth.
FILSPARI net product sales reached $27.1 million, a 37% increase over the previous quarter.
Total revenue for the second quarter was $54.1 million, with net product sales contributing $52.2 million.
Cash, cash equivalents, and marketable securities totaled $325.4 million as of June 30, 2024.
Revenue by Segment
Forward Guidance
Travere Therapeutics anticipates potential full approval of FILSPARI in IgAN with a PDUFA target action date of September 5, 2024, and expects the first European launch of FILSPARI by CSL Vifor soon.
Positive Outlook
- Potential full approval of FILSPARI for IgAN in the U.S. with upcoming PDUFA target action date.
- Expected launch of FILSPARI in Europe by CSL Vifor.
- Milestone payment of $17.5 million expected upon conversion of CMA to full approval.
- Renalys Pharma initiated a Phase 3 clinical trial of sparsentan in Japan.
- Potential inclusion of FILSPARI into the KDIGO guidelines.
Challenges Ahead
- Risks associated with regulatory review and approval process.
- Uncertainties related to market acceptance of FILSPARI.
- Potential delays or changes in clinical trial plans.
- Dependence on contractors for clinical drug supply and commercial manufacturing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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