Travere Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• U.S. net product sales for the quarter ended September 30, 2026, were $220.2 million, compared to $113.2 million in the same period in 2025.
• U.S. net product sales for the nine months ended September 30, 2026, were $506.0 million, compared to $283.9 million in the same period in 2025.
• U.S. net product sales of FILSPARI® totaled $200.2 million in the third quarter of 2026, representing 120% year-over-year growth; sales for the nine months ended September 30, 2026, were $446.4 million, representing 104% year-over-year growth.
• Net loss for the third quarter of 2026 was $52.3 million ($0.55 per basic share), compared to net income of $25.7 million ($0.29 per basic share) in the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $124.2 million, compared to net income of $28.3 million in the same period in 2025.
• On a non-GAAP adjusted basis, net loss for the third quarter of 2026 was $29.6 million ($0.31 per basic share), compared to non-GAAP net income of $52.8 million ($0.59 per basic share) in the same period in 2025.
• On a non-GAAP adjusted basis, net loss for the nine months ended September 30, 2026, was $34.4 million, compared to non-GAAP net income of $47.8 million in the same period in 2025.
• Research and development (R&D) expenses for the third quarter of 2026 were $70.3 million, compared to $51.9 million in the same period in 2025.
• Selling, general, and administrative (SG&A) expenses for the third quarter of 2026 were $98.4 million, compared to $71.0 million in the same period in 2025.
• The Company recognized a $113.1 million in-process research and development (IPR&D) expense in the third quarter of 2026 due to the closing of the licensing agreement with Everest Medicines for civorebrutinib.
• Total other income, net for the third quarter of 2026 was $1.2 million, compared to $0.8 million in the same period in 2025.
• Total other expense, net for the nine months ended September 30, 2026, was $37.6 million, compared to total other income, net of $2.2 million in the same period in 2025.
• As of September 30, 2026, the Company held cash, cash equivalents, and marketable securities of $471.8 million.
• Convertible debt increased to $603.5 million as of September 30, 2026, from $311.7 million as of December 31, 2025.

Business Segments and Product Lines:

• FILSPARI® (sparsentan) received 1,932 new patient start forms (PSFs) during the third quarter of 2026, reflecting demand in IgA Nephropathy (IgAN) and early launch momentum in Focal Segmental Glomerulosclerosis (FSGS).
• Phase 3 HARMONY Study enrollment for pegtibatinase in classical homocystinuria (HCU) is progressing, with topline results anticipated in the second half of 2027.
• Phase 3 PROTECT Study data presented at ASN Kidney Week 2026 showed rapid and sustained reductions in biomarkers of macrophage and B-cell activation, inflammation, and complement activation with FILSPARI compared to irbesartan at week 110.
• Phase 2 SPARTAN Study results showed 75% of patients achieved complete proteinuria remission, with kidney function remaining stable through 110 weeks.
• The SPARX Study evaluating FILSPARI in post-transplant patients with recurrent IgAN or FSGS has completed enrollment, with data anticipated in 2027.
• A post hoc analysis of the Phase 3 DUPLEX Study for FSGS showed a 48% mean reduction in urine protein-to-creatinine ratio at week 108 with FILSPARI versus 27% with irbesartan.
• Study start-up is underway for the Phase 4 SPARLIGHT Study to characterize efficacy and safety of sparsentan in a high-risk FSGS population, with the first patient anticipated by year-end.
• The U.S. Patent and Trademark Office granted U.S. Patent No. 12,714,697 for methods of using sparsentan in IgAN, providing coverage into October 2037.
• The U.S. Patent and Trademark Office issued a Notice of Allowance for U.S. Patent Application No. 19/253,120 for methods of using sparsentan in FSGS, expected to provide coverage into October 2037.
• Civorebrutinib development planning is underway for primary membranous nephropathy (pMN), immune-mediated FSGS, and minimal change disease (MCD), with a U.S. IND submission planned by year-end.

Management Commentary and Tone:

• Eric Dube, Ph.D., President and CEO, stated that strong execution drove significant growth and reinforced confidence in FILSPARI's long-term opportunity across more than 100,000 addressable patients.
• Dr. Dube expressed confidence in Travere's future, citing an exceptional team, expanding pipeline, and commitment to delivering hope to patients.
• The Company announced a CEO transition where Bradley L. Campbell will succeed Dr. Dube as President and CEO and join the Board of Directors effective December 1, 2026.
• Dr. Dube will remain employed as executive advisor through February 15, 2027, and serve as a consultant thereafter to support the transition.

Other Key Points:

• The Company closed an exclusive licensing and collaboration agreement with Everest Medicines for civorebrutinib, resulting in a $113.1 million IPR&D expense.
• The Company has listed its new IgAN patent in the FDA's Orange Book and expects to list the new FSGS patent promptly following issuance.
• The Company will host a conference call and webcast on November 2, 2026, at 4:30 p.m. ET to discuss results.
• The Company faces risks related to the commercial launch of FILSPARI in FSGS, clinical trial enrollment, regulatory approval, and potential competition.