Revenue growth accelerated to 77.5% in 2026Q1, though the reported 104.6% net margin appears heavily distorted by non-recurring items rather than core operational efficiency.
| 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 |
|---|
| Sales/Revenue | 122.29M | 106.47M | 23.61M | 27.46M | 10.16M | 28.65M | 13.29M | 12.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 201.29% | 350.91% | -14.02% | 170.26% | -64.53% | 115.61% | 3.5% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 17.35M | 16.48M | 7.42M | 2.94M | 222K | 2.06M | 1.3M | 2.94M | 324K | 336K | 175K | 84K | 0 | 0 | 0 |
| COGS % of Revenue | - | 15.48% | 31.41% | 10.72% | 2.18% | 7.19% | 9.82% | 22.94% | - | - | - | - | - | - | - |
| Gross Profit | 104.94M | 89.99M | 16.2M | 24.52M | 9.94M | 26.59M | 11.98M | 9.89M | -324K | -336K | -175K | -84K | 0 | 0 | 0 |
| Gross Margin % | 85.81% | 84.52% | 68.59% | 89.28% | 97.82% | 92.81% | 90.18% | 77.06% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 455.65% | -33.94% | 146.66% | -62.62% | 121.91% | 21.11% | 3153.7% | 3.57% | -92% | -108.33% | - | - | - | - |
| Operating Expenses | 153.37M | 94.22M | 103.2M | 74.12M | 52.5M | 18.86M | 17.59M | 30.23M | 54.27M | 33.37M | 34.47M | 22.81M | 16.44M | 4.72M | 142.38K |
| OpEx % of Revenue | - | 88.5% | 437.06% | 269.91% | 516.72% | 65.84% | 132.39% | 235.46% | - | - | - | - | - | - | - |
| Selling, General & Admin | 78.85M | 77.62M | 54.87M | 35.09M | 15.04M | 8.7M | 7.92M | 10.82M | 12.51M | 12.77M | 14M | 8.88M | 4.53M | 1.35M | 2.34M |
| SG&A % of Revenue | - | 72.9% | 232.37% | 127.78% | 148% | 30.37% | 59.61% | 84.24% | - | - | - | - | - | - | - |
| Research & Development | 13.88M | 12.74M | 42.09M | 39.81M | 19.8M | 10.16M | 8.84M | 19.41M | 41.76M | 20.59M | 20.47M | 13.93M | 11.92M | 3.37M | 2.99M |
| R&D % of Revenue | - | 11.97% | 178.28% | 144.95% | 194.89% | 35.47% | 66.55% | 151.22% | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.32M | 3.86M | 6.24M | -775K | 17.66M | 0 | 828K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.43M | -4.23M | -87M | -49.6M | -42.56M | 7.73M | -5.61M | -20.34M | -55.9M | -33.37M | -37.48M | -22.81M | -16.44M | -4.72M | -5.34M |
| Operating Margin % | -4.44% | -3.98% | -368.47% | -180.63% | -418.91% | 26.98% | -42.21% | -158.4% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 95.13% | -75.4% | -16.54% | -650.72% | 237.8% | 72.42% | 63.62% | -67.54% | 10.98% | -64.29% | -38.74% | -248.52% | 11.6% | - |
| EBITDA | -3.03M | -179K | -80.61M | -48.6M | -41.62M | 7.99M | -5.34M | -20.03M | -55.58M | -33.03M | -37.31M | -22.73M | -16.37M | -4.65M | -5.27M |
| EBITDA Margin % | -2.48% | -0.17% | -341.41% | -176.97% | -409.62% | 27.87% | -40.16% | -156.03% | - | - | - | - | - | - | - |
| EBITDA Growth % | 95.37% | 99.78% | -65.88% | -16.76% | -621.17% | 249.66% | 73.36% | 63.96% | -68.27% | 11.46% | -64.13% | -38.86% | -252.01% | 11.84% | - |
| D&A (Non-Cash Add-back) | 2.4M | 4.05M | 6.39M | 1.01M | 944K | 257K | 273K | 304K | 324K | 336K | 175K | 84K | 74.76K | 68K | 62.56K |
| EBIT | 94.6M | 94.66M | -82.79M | -44.55M | -26.47M | -8.14M | -5.7M | -18.03M | -54.27M | -33.37M | -34.47M | -22.81M | -21.76M | -4.72M | -99.11K |
| Net Interest Income | -2.58M | -1.03M | -5.18M | 3.04M | 1.18M | -115K | -7M | -6.21M | -6.67M | -6.97M | -6.77M | -2.64M | -2.71M | -105K | 0 |
| Interest Income | 1.71M | 6.95M | 2.17M | 4.54M | 1.51M | 261K | 89K | 309K | 420K | 365K | 353K | 32K | 4.28K | 52K | 34.73K |
| Interest Expense | 4.3M | 7.98M | 7.35M | 1.5M | 335K | 376K | 7.09M | 6.51M | 7.09M | 7.34M | 7.13M | 2.67M | 2.72M | 157K | 0 |
| Other Income/Expense | 138.83M | 90.91M | -3.14M | 3.56M | 15.76M | -16.25M | -7.18M | -4.21M | -689K | -10.06M | 20.95M | -31.82M | -8.03M | -527.99K | 5.23M |
| Pretax Income | 133.4M | 86.68M | -90.14M | -46.05M | -26.8M | -8.52M | -12.79M | -24.54M | -56.59M | -43.43M | -16.53M | -54.64M | -24.48M | -5.25M | -107.64K |
| Pretax Margin % | 109.09% | 81.41% | -381.75% | -167.69% | -263.8% | -29.74% | -96.28% | -191.17% | - | - | - | - | - | - | - |
| Income Tax | -4.65M | 3.45M | 15.37M | 0 | -33K | 34K | -34K | -22K | -126K | -43K | -15K | 26K | -22.25K | -20K | -37.23K |
| Effective Tax Rate % | -3.48% | 3.98% | -17.05% | 0% | 0.12% | -0.4% | 0.27% | 0.09% | 0.22% | 0.1% | 0.09% | -0.05% | 0.09% | 0.38% | 34.58% |
| Net Income | 124.22M | 83.23M | -105.51M | -46.05M | -26.77M | -8.55M | -12.76M | -24.52M | -56.47M | -43.39M | -16.52M | -54.66M | -24.45M | -5.23M | -70.42K |
| Net Margin % | 101.58% | 78.17% | -446.85% | -167.69% | -263.48% | -29.86% | -96.03% | -191% | - | - | - | - | - | - | - |
| Net Income Growth % | 235.04% | 178.88% | -129.13% | -72% | -212.94% | 32.95% | 47.97% | 56.57% | -30.15% | -162.69% | 69.79% | -123.53% | -367.94% | -7321.61% | - |
| Net Income (Continuing) | 124.22M | 83.23M | -105.51M | -46.05M | -26.77M | -8.55M | -12.76M | -24.52M | -56.47M | -43.39M | -16.52M | -54.66M | -24.45M | -5.23M | -70.42K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | 2.06 | 1.35 | -2.28 | -1.30 | -0.78 | -2.11 | -3.21 | -13.23 | -50.39 | -47.37 | -18.10 | -118.69 | -31.79 | -10.69 | -0.47 |
| EPS Growth % | 213.33% | 159.21% | -75.38% | -66.67% | 63.03% | 34.27% | 75.74% | 73.74% | -6.38% | -161.71% | 84.75% | -273.36% | -197.38% | -2174.47% | - |
| EPS (Basic) | - | 1.40 | -2.28 | -1.30 | -0.78 | -2.11 | -3.21 | -13.23 | -50.39 | -47.37 | -18.10 | -118.69 | -31.79 | -10.69 | -0.47 |
| Diluted Shares Outstanding | 60.23M | 57.26M | 46.25M | 35.45M | 34.49M | 29.77M | 3.98M | 1.85M | 1.12M | 915.81K | 912.32K | 460.54K | 769.24K | 488.96K | 148.7K |
| Basic Shares Outstanding | 58.41M | 55.31M | 46.25M | 35.45M | 34.49M | 29.77M | 3.98M | 1.85M | 1.12M | 915.81K | 912.32K | 460.54K | 769.24K | 488.96K | 148.7K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial launch execution risk
As reported in recent financial filings, ZVRA achieved a 77.5% year-over-year revenue increase in 2026Q1, signaling a transition from milestone-dependent royalty income to a direct commercial sales model that investors should monitor for sustained, organic growth durability as the MIPLYFFA launch gains traction in the market.
The recent revenue acceleration appears heavily influenced by the shift toward direct product sales, moving away from the historical volatility of milestone-based payments. While the top-line growth is impressive, the sustainability of this trajectory remains contingent on the company's ability to convert rare disease patients into consistent, recurring revenue streams.
According to quarterly income statements, ZVRA's gross margin reached 94.8% in 2026Q1, though this figure masks significant historical fluctuations, such as the 19.7% margin observed in 2024Q2, suggesting that the company's profitability profile is currently sensitive to the specific mix of royalty versus direct product revenue.
The high gross margins currently reported are likely a function of the royalty-heavy revenue structure, which carries minimal direct costs. Investors should anticipate potential margin compression as the company scales its own commercial infrastructure, which will introduce higher inventory and distribution expenses into the cost of goods sold.
Based on the provided income statement data, ZVRA's operating income reached $52.1M in 2026Q1, yet this positive result appears heavily influenced by non-operating items rather than core operational efficiency, as SG&A expenses remain elevated relative to the company's historical revenue base and current commercialization requirements.
The widening gap between gross profit and operating income suggests that the company has not yet achieved the necessary scale to absorb its fixed commercial overhead. Future operating leverage will depend on whether revenue growth can outpace the specialized SG&A costs required to support the rare disease sales force.
Analysis of the 2026Q1 financial results reveals a net margin of 104.6%, a figure that appears significantly inflated by non-recurring accounting events rather than core operational performance, warranting further investigation into the sustainability of these earnings for long-term valuation models and fundamental performance assessment.
The massive delta between operating and net income suggests that investors should exercise caution when relying on headline EPS figures. The presence of significant non-operating income likely obscures the underlying cash-generating capability of the business, making it difficult to assess the true profitability of the commercial launch.
As indicated by the historical data, ZVRA's reliance on milestone payments and potential bargain purchase gains creates a risk of 'phantom growth' that may not reflect actual prescription demand, suggesting that short-term performance metrics could be misleading indicators of the company's long-term commercial viability.
Skeptics would likely point to the inconsistency in quarterly revenue and the reliance on non-operating gains as evidence that the company's current financial health is fragile. The transition to a commercial-stage entity is fraught with execution risk, and the current valuation may be overestimating the synergy between legacy royalty assets and new product launches.
Quick answers to the most common questions about buying ZVRA stock.
For fiscal year 2025, Zevra Therapeutics, Inc. (ZVRA) reported total revenue of $106.5M.
Zevra Therapeutics, Inc. (ZVRA) is profitable, generating $83.2M in net income for the fiscal year ending 2025 with a net profit margin of 78.2%.
Zevra Therapeutics, Inc. (ZVRA) reported an operating income of $-4.2M, resulting in an operating profit margin of -4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Zevra Therapeutics, Inc. (ZVRA) generated $90.0M in gross profit for the year, representing a gross profit margin of 84.5%. This demonstrates the company's core pricing power and production efficiency.