Short answer
Travere Therapeutics, Inc. (TVTX) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $491M (+110.5% year over year) and net income of −$26M.
- Top risk flagged: Cybersecurity risk management overseen by Nominating / Corporate Governance Committee reporting to board
FY2025 key financial metrics · XBRL
- Revenue
- $491M
- +110.5% YoY
- Net income
- −$26M
- +92.1% YoY
- Operating margin
- -12.8%
- +126.1 pp YoY
- EPS (diluted)
- −$0.29
- +92.9% YoY
- ROE
- -22.2%
- +522.0 pp YoY
- Operating cash flow
- $38M
- +115.9% YoY
Source: XBRL data from the Travere Therapeutics, Inc. (TVTX) FY2025 10-K on SEC EDGAR. USD.
Travere Therapeutics, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Developing, manufacturing outsourced, and commercializing pharmaceutical products, including marketed drug FILSPARI and pipeline candidates
- New emphasis on pegtibatinase Phase 3 HARMONY Study resumed in 2026 after voluntary enrollment pause in Sept 2024 due to manufacturing scale-up issues
- Strategic reliance on third-party manufacturers with increased risks from global supply chain disruptions, tariffs, BIOSECURE Act export restrictions, and geopolitical tensions
- Employee base and operations expanded significantly over five years, especially sales force growth to support FILSPARI commercial launch in U.S.
- Noteworthy: The BIOSECURE Act (effective Dec 2025) imposes U.S. federal restrictions on biotechnology equipment/services from “biotechnology companies of concern,” impacting supplier relationships
Management Discussion & Analysis
- Revenue specifics and YoY changes not disclosed in provided MD&A section
- Profitability or margin figures absent; no actual % margins reported
- Best segment: FILSPARI US approval and European market launch with $57.5M milestone payments received
- Worst segment impact: Thiola sales affected by multiple generic approvals, leading to material adverse impact
- Cash flow & capital allocation: $210M upfront and $25M milestone payments from bile acid assets sale; restructuring saves ~$25M annually from 2024
- Forward outlook: FDA sNDA review for FILSPARI in FSGS continuing with April 13, 2026 PDUFA date; Phase 3 HARMONY study enrollment resumed Q1 2026 after manufacturing pause
Risk Factors
- Cybersecurity risk management overseen by Nominating / Corporate Governance Committee reporting to board
- Cybersecurity incident team with cross-functional expertise including IT, legal, compliance, and privacy functions
- Incident response process escalates cyber incidents to executive team and board when necessary
- Regular management reports on cybersecurity risks delivered to governance committee and board
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