Travere Therapeutics, Inc. (TVTX) Earnings

Management highlights

### Commercial Highlights - This was the first quarter with Filspari commercially available for both IgAN and FSGS, with over 2,000 new patient start forms across both indications and record U.S. revenue - Filspari demand in IgAN grew sequentially quarter-over-quarter despite new market entrants, retaining its position as the most widely used approved treatment for IgAN, with high repeat prescription rates and sustained new physician adoption - The FSGS launch exceeded all internal expectations, with faster early uptake, higher first-pass payer approval rates, and faster conversion from start forms to filled prescriptions than the initial IgAN launch; 70% of early FSGS prescribers already had experience prescribing Filspari for IgAN, creating a potential halo effect to increase IgAN adoption among the 30% of new-to-brand prescribers - Established organizational infrastructure from the IgAN launch enabled immediate drug availability and shipment within the first week of FSGS approval in April 2026 ### R&D and Pipeline Highlights - The USPTO issued a Notice of Allowance for a U.S. patent covering methods of using sparsentin for IgAN, with patent prosecution ongoing for a separate FSGS method-of-use patent - Long-term open-label extension data for Filspari presented at ERA June 2026 demonstrated sustained proteinuria reduction for up to 5 years with no new safety signals, reinforcing its well-characterized safety profile - Enrollment is complete in the post-transplant study of Filspari for recurrent FSGS and recurrent IgAN, with data expected in 2027; a phase 4 study in African ancestry patients with high-risk FSGS is planned to initiate in H2 2026 - Enrollment in the pivotal phase 3 Harmony study of pegdiatinase (for classical homocystinuria/HCU) is ongoing, with top-line results still expected in H2 2027 - The company completed its exclusive licensing agreement with Everest Medicines for sivobrebrutinib, an investigational oral BTK inhibitor for multiple rare immune-mediated kidney diseases, adding a complementary immune-modulating mechanism to the pipeline that pairs with Filspari's kidney-protective action; the company is preparing to file a U.S. IND and engage with the FDA on global development pathways ### Financial Highlights - Total GAAP R&D and SG&A expenses were $156.4 million for Q2 2026, including $22.2 million in non-cash stock-based compensation and depreciation; R&D growth was driven by Harmony study enrollment and pegdiatinase manufacturing, while SG&A growth came from FSGS launch investments and IgAN growth initiatives - As of June 30, 2026, the company held $489.2 million in cash, cash equivalents and marketable securities, strengthened by a recent convertible note refinancing transaction

Guidance

- Management maintains its prior peak annual sales estimate of over $3 billion for Filspari across both the IgAN and FSGS indications, with no upward or downward revision following the strong Q2 2026 FSGS launch - Full-year 2026 gross-to-net discounts for Filspari are still projected to be in the mid-20% range - Top-line results from pegdiatinase's pivotal phase 3 Harmony study remain on track for release in the second half of 2027 - Data from the completed Filspari post-transplant study is expected in 2027

Segment performance

1. Filspari (sparsentin): Net product sales of $141.1 million in Q2 2026, growing ~96% year-over-year. This represents 83.2% of total U.S. net product sales, driven by continued growth in the approved IgA nephropathy (IgAN) indication and the newly launched focal segmental glomerulosclerosis (FSGS) indication. Gross-to-net discounts for Filspari were slightly lower than Q1 2026, with full-year 2026 discounts still expected to land in the mid-20% range. 2. Diola/Diola EC: Contributed $20.3 million in U.S. net product sales in Q2 2026, representing 11.9% of total U.S. net product sales. 3. License and collaboration revenue: Recognized $8.2 million in total license and collaboration revenue for Q2 2026, including a $5 million milestone from the Chugai partnership for sparsentin in Japan. Total company revenue for Q2 2026 was $169.6 million.

Risks & headwinds

- Early launch performance in FSGS may not be indicative of future sustained growth, and quarter-over-quarter variability including seasonal slowdowns in summer is expected - Payer coverage policies for Filspari in FSGS are still being finalized, requiring ongoing educational and outreach work to maintain and expand access - The expanding competitive landscape in IgAN may create cost and coverage pressures for combination therapy use of Filspari with newer branded immune-modulating agents - Clinical trial enrollment and execution carry inherent uncertainty that could impact the timeline for readouts of pipeline programs including pegdiatinase and sivobrebrutinib

Analyst Q&A

• Q: Can you elaborate on the expected trajectory of FSGS growth over the next few quarters, and update on competitive dynamics in IgAN? /

  A: Management confirmed that it will not break out Filspari performance by indication, but noted sustained strong demand in IgAN with over 900 new patient starts per quarter since REMS modification in Q4 2025. FSGS uptake is ahead of the early IgAN launch trajectory, with a broad prescriber base where most early prescribers have only written one prescription to date, indicating significant remaining room for growth. The lack of staged launch catalysts (like accelerated-to-full approval or REMS changes that occurred for IgAN) means broader adoption is possible earlier in the FSGS launch cycle.

• Q: What have you learned about where early FSGS demand is coming from across different prescriber types? /

  A: Approximately 70% of early FSGS prescribers already had experience using Filspari for IgAN, while 30% are new to the brand, creating an opportunity for a halo effect that could boost future IgAN prescriptions from these new prescribers. Early demand is concentrated in patients with higher proteinuria who see physicians more frequently, and adoption has been broad across academic and community practices. The breadth of early prescribing with most providers starting with a single patient gives management confidence in sustained long-term demand.

• Q: Has the strong early FSGS launch changed your confidence in the $3 billion peak Filspari sales estimate, and what factors could limit FSGS penetration? /

  A: Management reaffirmed confidence in the >$3 billion peak sales estimate for Filspari across both indications and did not revise the figure following the strong Q2 launch. While FSGS currently has no other approved therapies, management expects competitors will eventually enter the market and sees these future therapies as complementary rather than competitive, with combination therapy expected to become standard of care, similar to the emerging model in IgAN. Management noted they are still early in addressing the full 30,000-patient addressable FSGS market, with significant remaining upside.

• Q: Are you seeing payer or physician pushback on combining Filspari with newer branded immune-modulating agents in IgAN due to cost? /

  A: While nephrologists report some uncertainty around combination reimbursement, they have a strong clinical desire to use multiple agents to meet KDIGO guideline treatment targets, with Filspari serving as the foundational kidney-protective therapy paired with upstream immune-modulating agents. Filspari's pricing is structured for broad access, and it is already well-established on payer formularies, with payers recognizing its complementary role to newer therapies. Filspari's head-to-head superiority data vs. standard of care supports its sustained positioning in combination regimens.