Revenue growth remains robust at 55.6% year-over-year, yet the company continues to report negative operating margins of -28.8% due to elevated commercialization and research costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Feb'12 | Feb'09 |
|---|
| Sales/Revenue | 536.2M | 490.73M | 233.18M | 145.24M | 109.46M | 131.84M | 198.32M | 175.34M | 164.25M | 154.94M | 133.59M | 99.89M | 28.2M | 0 | 0 | 0 | 0 |
| Revenue Growth % | 96.03% | 110.45% | 60.55% | 32.69% | -16.97% | -33.52% | 13.11% | 6.75% | 6.01% | 15.98% | 33.74% | 254.19% | - | - | - | - | - |
| Cost of Goods Sold | 5.66M | 10.34M | 7.74M | 11.45M | 4.42M | 3.82M | 6.13M | 5.23M | 5.53M | 3.6M | 4.55M | 2.19M | 570.98K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 2.11% | 3.32% | 7.88% | 4.04% | 2.9% | 3.09% | 2.99% | 3.37% | 2.33% | 3.41% | 2.19% | 2.02% | - | - | - | - |
| Gross Profit | 403.34M | 480.39M | 225.43M | 133.79M | 105.04M | 128.02M | 192.19M | 170.1M | 158.72M | 151.33M | 129.04M | 97.71M | 27.63M | 0 | 0 | 0 | 0 |
| Gross Margin % | 75.22% | 97.89% | 96.68% | 92.12% | 95.96% | 97.1% | 96.91% | 97.01% | 96.63% | 97.67% | 96.59% | 97.81% | 97.98% | - | - | - | - |
| Gross Profit Growth % | - | 113.1% | 68.5% | 27.37% | -17.95% | -33.39% | 12.99% | 7.17% | 4.88% | 17.28% | 32.07% | 253.6% | - | - | - | - | - |
| Operating Expenses | 587.6M | 543.21M | 549.26M | 521.93M | 424.85M | 327.44M | 368.36M | 269.91M | 227.41M | 182.13M | 168.87M | 129.97M | 107.44M | 23.97M | 30.26M | 12.82K | 13.43K |
| OpEx % of Revenue | - | 110.7% | 235.56% | 359.36% | 388.14% | 248.37% | 185.74% | 153.94% | 138.46% | 117.55% | 126.41% | 130.11% | 380.95% | - | - | - | - |
| Selling, General & Admin | 344.62M | 337.2M | 264.12M | 265.54M | 197.52M | 126.28M | 135.8M | 128.95M | 103.65M | 103.96M | 98.02M | 79.54M | 59.64M | 16.89M | 30.26M | 12.82K | 13.43K |
| SG&A % of Revenue | - | 68.71% | 113.27% | 182.83% | 180.45% | 95.79% | 68.47% | 73.54% | 63.11% | 67.1% | 73.37% | 79.63% | 211.48% | - | - | - | - |
| Research & Development | 216.22M | 206.01M | 282.7M | 244.99M | 227.33M | 201.16M | 131.77M | 140.96M | 123.76M | 78.17M | 70.85M | 50.43M | 47.8M | 7.08M | 662.5K | 0 | 0 |
| R&D % of Revenue | - | 41.98% | 121.24% | 168.68% | 207.69% | 152.58% | 66.44% | 80.4% | 75.35% | 50.45% | 53.04% | 50.48% | 169.47% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 2.44M | 11.39M | 0 | 0 | 100.79M | -314K | -474K | 1.11M | -264K | -296K | 0 | 0 | 28.96B | 0 | 0 |
| Operating Income | -56.75M | -62.82M | -323.83M | -388.14M | -319.81M | -199.43M | -176.16M | -99.81M | -80.04M | -53.79M | -58.21M | -50.75M | -79.81M | -23.97M | -30.24M | -12.82K | -18.27K |
| Operating Margin % | -10.58% | -12.8% | -138.88% | -267.24% | -292.17% | -151.27% | -88.83% | -56.92% | -48.73% | -34.72% | -43.58% | -50.8% | -282.97% | - | - | - | - |
| Operating Income Growth % | - | 80.6% | 16.57% | -21.36% | -60.37% | -13.2% | -76.5% | -24.7% | -48.8% | 7.6% | -14.71% | 36.41% | -232.92% | 20.71% | -235651.95% | 29.79% | - |
| EBITDA | -8.81M | -2.08M | -280.27M | -349.61M | -299.09M | -186.68M | -151.58M | -79.4M | -61.37M | -35.99M | -42.08M | -37.36M | -74.41M | -23.76M | -30.11M | -12.82K | -18.27K |
| EBITDA Margin % | -1.64% | -0.42% | -120.2% | -240.71% | -273.25% | -141.6% | -76.43% | -45.29% | -37.37% | -23.23% | -31.5% | -37.4% | -263.82% | - | - | - | - |
| EBITDA Growth % | 95.11% | 99.26% | 19.83% | -16.89% | -60.22% | -23.15% | -90.9% | -29.38% | -70.54% | 14.48% | -12.64% | 49.79% | -213.21% | 21.1% | -234678.18% | 29.79% | - |
| D&A (Non-Cash Add-back) | 47.94M | 60.74M | 43.55M | 38.53M | 20.72M | 12.75M | 24.58M | 20.41M | 18.67M | 17.8M | 16.14M | 13.39M | 5.4M | 215.99K | 124.89K | 0 | 0 |
| EBIT | -193K | -38.52M | -309.33M | -364.78M | -320.14M | -197.2M | -169.74M | -127.62M | -92.06M | -53.94M | -52.85M | 113.22M | -79.81M | -34.5M | -30.24M | 0 | -13.43K |
| Net Interest Income | 1.03M | 1.97M | 6.63M | 10.43M | -4.74M | -17.69M | -14.05M | -8.77M | -4.31M | -1.19M | -759K | 7.75M | 7.43M | 0 | -84.09K | 0 | 0 |
| Interest Income | 11.51M | 12.72M | 17.82M | 21.77M | 6.28M | 1.99M | 5M | 10.05M | 5.5M | 3.23M | 3.98M | 7.75M | 7.43M | 0 | 21.83K | 0 | 0 |
| Interest Expense | 5.59M | 10.75M | 11.18M | 11.33M | 11.01M | 19.68M | 19.05M | 18.83M | 9.81M | 4.42M | 4.73M | 0 | 0 | 19.5M | 105.92K | 2K | 0 |
| Other Income/Expense | 11.94M | 13.55M | 3.32M | 12.03M | -11.34M | -17.46M | -12.63M | -46.64M | -21.83M | -30.19M | -23.86M | 156.22M | -33.89M | -9.78M | -86.84K | -2K | 0 |
| Pretax Income | -44.81M | -49.27M | -320.51M | -376.11M | -331.15M | -216.88M | -188.79M | -146.45M | -101.87M | -58.36M | -57.58M | 105.47M | -113.4M | -33.75M | -30.34M | -14.82K | -18.27K |
| Pretax Margin % | -8.36% | -10.04% | -137.45% | -258.96% | -302.54% | -164.51% | -95.19% | -83.52% | -62.02% | -37.67% | -43.1% | 105.58% | -402.07% | - | - | - | - |
| Income Tax | 1.07M | 988K | 120K | 223K | 313K | 409K | -19.36M | -21K | 811K | 1.37M | -9.68M | -11.77M | -2.46M | 75.78K | 2.75K | 0 | 0 |
| Effective Tax Rate % | -2.39% | -2.01% | -0.04% | -0.06% | -0.09% | -0.19% | 10.25% | 0.01% | -0.8% | -2.34% | 16.81% | -11.16% | 2.17% | -0.22% | -0.01% | 0% | 0% |
| Net Income | -21.42M | -25.55M | -321.55M | -111.4M | -278.48M | -180.09M | -169.43M | -146.43M | -102.68M | -59.73M | -47.9M | 117.24M | -110.94M | -33.82M | -30.34M | -14.82K | -18.27K |
| Net Margin % | -4% | -5.21% | -137.9% | -76.7% | -254.41% | -136.6% | -85.43% | -83.51% | -62.51% | -38.55% | -35.86% | 117.36% | -393.35% | - | - | - | - |
| Net Income Growth % | 90.55% | 92.06% | -188.64% | 60% | -54.63% | -6.29% | -15.71% | -42.61% | -71.9% | -24.69% | -140.86% | 205.68% | -227.99% | -11.47% | -204580.31% | 18.84% | - |
| Net Income (Continuing) | -46.14M | -50.26M | -320.63M | -376.33M | -331.47M | -217.29M | -169.43M | -146.43M | -102.68M | -59.73M | -47.9M | 117.24M | -110.94M | -34.62M | -30.34M | -14.82K | -18.27K |
| Discontinued Operations | 1000K | 24.71M | -915K | 264.93M | 52.99M | 37.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.23 | -0.56 | -4.08 | -1.50 | -4.37 | -3.01 | -3.56 | -3.46 | -2.54 | -1.54 | -1.25 | 3.17 | -4.43 | -2.38 | -284.40 | -0.14 | -0.00 |
| EPS Growth % | 81.14% | 86.27% | -172% | 65.68% | -45.18% | 15.45% | -2.89% | -36.22% | -64.94% | -23.2% | -139.43% | 171.56% | -86.13% | 99.16% | -203042.86% | - | - |
| EPS (Basic) | - | -0.56 | -4.08 | -1.50 | -4.37 | -3.01 | -3.56 | -3.46 | -2.54 | -1.54 | -1.29 | 3.49 | -4.43 | -2.38 | -284.40 | -0.14 | -0.00 |
| Diluted Shares Outstanding | 91.87M | 89.21M | 78.89M | 74.27M | 63.76M | 59.83M | 47.54M | 42.34M | 40.43M | 38.77M | 38.29M | 37.58M | 25.06M | 14.21M | 106.69K | 106.68K | 95.91M |
| Basic Shares Outstanding | 91.87M | 89.21M | 78.89M | 74.27M | 63.76M | 59.83M | 47.54M | 42.34M | 40.42M | 38.77M | 37M | 33.56M | 25.04M | 14.19M | 106.69K | 106.68K | 95.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial launch execution dependency
According to recent financial disclosures, Travere Therapeutics achieved a significant 110% year-over-year revenue growth trajectory, primarily fueled by the aggressive volume ramp of its lead asset, sparsentan, which continues to displace legacy portfolio contributions as the company's dominant top-line driver in the US market.
The acceleration in revenue growth suggests that the market adoption of sparsentan is gaining meaningful traction among nephrologists. Investors should monitor whether this growth remains sustainable as the company moves beyond initial channel stocking and into deeper penetration of the IgA nephropathy patient population.
As reported in quarterly filings, the company maintains a structurally superior gross margin profile, frequently exceeding 98%, which is characteristic of high-priced orphan drug assets where the cost of goods sold remains negligible relative to the premium pricing commanded in the rare disease therapeutic space.
This high gross margin profile provides the company with significant potential for operating leverage once the commercial infrastructure costs are fully absorbed. However, the volatility in quarterly gross margins warrants further investigation into potential inventory adjustments or shifts in the product mix between legacy assets and sparsentan.
Based on the provided income statement data, Travere Therapeutics continues to exhibit negative operating margins, as the substantial investment in specialized nephrology sales forces and ongoing R&D initiatives currently outpace the gross profit generated by the company's expanding, yet still maturing, commercial product portfolio.
The persistent gap between gross profit and operating expenses suggests that the company has not yet reached the critical mass required for operational self-sufficiency. Future profitability appears contingent upon the company's ability to scale revenue significantly without a commensurate increase in SG&A expenditures.
Analysis of the company's cost structure reveals that heavy R&D and SG&A spending, which totaled over $137 million in the most recent quarter, continues to weigh heavily on the bottom line, reflecting a business model that prioritizes long-term market capture over immediate earnings generation.
The high level of SG&A spending appears to be a deliberate strategic choice to support the launch of sparsentan, but it leaves the company vulnerable to cash flow volatility. Management's ability to maintain expense discipline while navigating the competitive landscape will be a key determinant of future financial health.
Quick answers to the most common questions about buying TVTX stock.
For fiscal year 2025, Travere Therapeutics, Inc. (TVTX) reported total revenue of $490.7M.
Travere Therapeutics, Inc. (TVTX) reported a net loss of $25.5M for the fiscal year ending 2025.
Travere Therapeutics, Inc. (TVTX) reported an operating income of $-62.8M, resulting in an operating profit margin of -12.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Travere Therapeutics, Inc. (TVTX) generated $480.4M in gross profit for the year, representing a gross profit margin of 97.9%. This demonstrates the company's core pricing power and production efficiency.