Travere Therapeutics Corporate Overview January 2026 Forward-Looking Statements This presentation contains forward-looking statements, including but not limited to statements about: continued progress with the FILSPARI launch in IgAN; statements regarding our products and products in development as potential foundational treatments and/or treatment standards; additional development and regulatory milestones, including expected data from additional studies and the expected timing thereof; plans and expectati ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: US Biopharmaceuticals - **Performance**: Biopharma ended 2025 positively with NBI up 32% and DRG up 21%, outperforming SPX at 17% [1] - **Outlook for 2026**: Optimism exists despite macro concerns like inflation and tariffs, with easing drug pricing worries, increased M&A activity, new product cycles, and modest expectations positioning the sector favorably [1] Core Insights and Arguments - **Valuation**: Biotech/Pharma P/E multiples are around 19x, which is lower compared to Financials at 18x and Utilities at 20x, indicating potential undervaluation [1] - **Catalysts**: Companies like Insmed (+152%), BridgeBio (+179%), and Travere (+119%) have shown strong performance driven by value-driving catalysts [1] Company-Specific Highlights Insmed - **Performance**: Insmed was a top performer in 2025, driven by Brinsupri's launch and TPIP's phase 2 results [2] - **2026 Outlook**: Continued upside is expected as Brinsupri's uptake alleviates skepticism over the $5B NCFB opportunity [2] BridgeBio - **Focus for 2026**: The debate will center around Attruby, with positive channel checks suggesting potential for accelerated sales [2] - **Key Data**: Anticipation for PROPEL3 readout in January, which could significantly impact the stock [10] Travere - **Performance**: Outperformance in 2025 attributed to commercial success in IgAN [3] - **Approval Outlook**: Filspari's potential approval for FSGS is a major debate, with FDA signals indicating a favorable outlook [9] Cytokinetics - **Market Entry**: Myqorzo's approval for oHCM is expected to face challenges in market execution against established competitors [15][40] - **Upcoming Data**: ACACIA readout in 2Q26 is crucial for assessing the drug's competitive position [19] Tyra - **Expansion**: Tyra is expanding dabogratinib's development into LG-UTUC, which could offer greater regulatory flexibility and market opportunity [43] - **Market Potential**: Management believes an oral option could be a game changer in a relatively underserved market [43] Acumen - **Pipeline Development**: Acumen's EBD program is expected to provide optionality, with initial non-clinical data anticipated early in 2026 [13] - **Key Event**: ALTITUDE-AD is a defining event for Acumen, with expectations for significant data to outperform competitors [33] Additional Important Insights - **M&A Activity**: The biopharma sector is seeing increased M&A activity as companies prepare for patent expirations [1] - **Regulatory Environment**: The FDA's involvement in various drug approvals and feedback mechanisms is crucial for shaping market expectations [9][10] - **Investor Sentiment**: There remains a cautious sentiment among investors, particularly regarding the approval of new drugs and their market uptake [9][19] This summary encapsulates the key points from the conference call, highlighting the overall industry outlook, company-specific developments, and critical upcoming events that could influence market dynamics in the biopharmaceutical sector.

Core Viewpoint - Travere Therapeutics, Inc. will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026, at 4:30 p.m. PT, highlighting its ongoing commitment to engaging with investors and stakeholders in the healthcare sector [1]. Company Information - Eric Dube, Ph.D., serves as the president and chief executive officer of Travere Therapeutics [1]. - A live webcast of the presentation will be available on the Investor page of Travere's website, with a replay accessible for up to 30 days post-event [1].

Core Viewpoint - Travere Therapeutics has seen a significant stock increase of nearly 14% following positive analyst updates, indicating strong investor interest and potential for future growth [1]. Group 1: Analyst Insights - Jefferies analyst Maury Raycroft identified Travere as a potential takeover candidate for 2026, highlighting its drug Filspari as a key asset that could become a blockbuster [2]. - Cantor Fitzgerald's update suggests that the FDA is showing signs of flexibility regarding the approval of Filspari, which is favorable for the company's prospects in the kidney treatment market [6]. Group 2: Drug Approval Status - Filspari has been submitted for FDA approval to treat focal segmental glomerulosclerosis (FSGS), with a decision deadline set for January 13, 2026 [4]. - In early 2024, Travere received full FDA approval for Filspari to treat immunoglobulin A nephropathy (IgAN), marking a significant milestone for the company [4]. Group 3: Financial Metrics - Travere Therapeutics has a current market capitalization of $3.2 billion, with a stock price of $40.28 following a 13.91% increase [5]. - The stock has a 52-week range of $12.91 to $42.13, indicating substantial volatility and potential for growth [5].

Group 1: Market Overview - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by approximately 200 points on Wednesday [1] Group 2: Dynavax Technologies Corp - Shares of Dynavax Technologies Corp rose significantly after Sanofi SA announced its acquisition for $15.50 per share in cash, totaling an equity value of around $2.2 billion [1] - The acquisition enhances Sanofi's position in the adult immunization market [1] - Dynavax shares surged by 38.6% to close at $15.44 on Wednesday [1] Group 3: Other Notable Stock Movements - Omeros Corp shares increased by 66.8% to $14.60 following FDA approval of YARTEMLEA for treating hematopoietic stem cell transplant-associated thrombotic microangiopathy [3] - Edgewise Therapeutics Inc gained 23.8% to $26.94 after updates from the ongoing CIRRUS-HCM Phase 2 trial of EDG-7500 [3] - Agios Pharmaceuticals Inc shares surged by 17.9% to $29.00 after FDA approval of AQVESME for treating anemia in adults with thalassemia, priced at approximately $425,000 per patient per year [3] - Wheels Up Experience Inc saw a gain of 14.8% to $0.73 [3] - Travere Therapeutics Inc increased by 14.3% to $40.41 [3] - Coincheck Group NV shares rose by 12.5% to $2.88 [3] - Polestar Automotive Holding UK Plc jumped 11.8% to $16.92 after announcing a $300 million equity investment [3] - CapsoVision Inc gained 11.6% to $14.39 [3] - X4 Pharmaceuticals Inc increased by 9.5% to $4.52 [3] - Falcon's Beyond Global Inc shares rose by 9.4% to $18.35 following a $100 million mixed shelf offering [3] - BIOAGE Labs Inc jumped 8.8% to $14.37 [3] - Kodiak Sciences Inc gained 8.6% to $29.81 [3] - UiPath Inc increased by 7.9% to $17.23 after being announced as a replacement for Synovus Financial in the S&P MidCap 400 [3] - Immuneering Corp rose by 6.8% to $6.83, with an upcoming update on a clinical trial scheduled for January 7, 2026 [3] - Nike Inc shares gained 4.7% to $60.03 amid mixed investor sentiment regarding insider purchases and concerns over tariffs and demand in China [3] - Micron Technology Inc increased by 3.5% to $286.01 [3]

Core Insights - Jefferies has released a report on the outlook for the U.S. biotech industry in 2026, highlighting key clinical trial data disclosures, new drug approvals, and policy dynamics that could lead to value re-evaluation for companies in the sector [1] Six Preferred Stocks - Jefferies identified six companies as core recommendations for 2026 based on market catalysts and valuation potential: - Dianthus Therapeutics (DNTH.US), target price $66: Focused on claseprubart for various neuromuscular diseases, with peak revenue estimated at $2 billion [2] - Taysha Gene Therapies (TSHA.US), target price $11: TSHA-102 for Rett syndrome, with peak revenue potential of $2 billion and a key trial data disclosure expected by the end of 2026 [2] - Tyra Biosciences (TYRA.US), target price $32: Dabogratinib for bladder cancer and achondroplasia, with critical data expected next year [3] - Tango Therapeutics (TNGX.US), target price $14: Collaboration with Revolution Medicines for a pancreatic cancer treatment, with data expected in mid-2026 [3] - ORIC Pharmaceuticals (ORIC.US), target price $23: Two potential assets targeting prostate cancer and lung cancer, with key data expected next year [4] - Solid Biosciences (SLDB.US), target price $15: Focused on gene therapy for Duchenne muscular dystrophy, with critical meetings with the FDA planned for 2026 [4] Seven Undervalued Companies - The report also highlighted seven undervalued companies with significant catalysts: - Ultragenyx Pharmaceutical (RARE.US), target price $114: Expected key catalysts in 2026, including data for treatments for osteogenesis imperfecta and Angelman syndrome [5] - Beam Therapeutics (BEAM.US), target price $41: Updates on AATD therapy and SCD therapy expected in 2026, showcasing strong potential [5] - Aurinia Pharmaceuticals (AUPH.US), target price $21: Steady growth in lupus nephritis treatment, with new drug development paths expected to expand growth [6] - Kodiak Sciences (KOD.US), target price $39: Anticipated data from three pivotal trials in 2026, with significant potential for stock volatility [7] - Intellia Therapeutics (NTLA.US), target price $45: Key data for hereditary angioedema therapy expected in mid-2026, with sufficient cash reserves to support operations [7] - Compass Therapeutics (CMPX.US), target price $8: Data for cholangiocarcinoma therapy expected in early 2026, with a significant market opportunity [8] - KalVista Pharmaceuticals (KALV.US), target price $38: First oral treatment for hereditary angioedema expected to see rapid growth in 2026 [8] Five Potential Acquisition Targets - Jefferies identified five companies that may become acquisition targets in 2026 due to their unique assets or market positions: - Arrowhead Pharmaceuticals (ARWR.US): Strong RNAi product line for cardiovascular and metabolic diseases [9] - Celcuity (CELC.US): Unique efficacy of gedatolisib in breast cancer [9] - ORIC Pharmaceuticals: High-value prostate and lung cancer projects [9] - Travere Therapeutics (TVTX.US): Potential for significant market expansion in rare kidney diseases [9] - KalVista Pharmaceuticals: First-mover advantage in oral HAE treatment [9]

Summary of Travere Therapeutics FY Conference Call Company Overview - **Company**: Travere Therapeutics (NasdaqGM:TVTX) - **Date**: December 02, 2025 - **Key Focus**: The company is focused on the ongoing launch of FILSPARI for IgA nephropathy, an SNDA with the FDA for FSGS, and enzyme replacement therapy for classical homocystinuria (HCU) [2][3][4] Core Points and Arguments FILSPARI Launch and Growth - **IgA Nephropathy**: The launch of FILSPARI is seeing strong growth, supported by the nephrology community and recent KDIGO guidelines that emphasize urgency in treating patients to prevent kidney failure [2] - **Patient Reach**: The company has reached a significant number of new patients this year, indicating robust market acceptance [2] FSGS SNDA and Regulatory Process - **SNDA Submission**: An SNDA for FSGS is under review, with a PDUFA date set for January 13, 2026. The process is straightforward, with no mid-cycle or late-cycle meetings planned [3][4] - **Labeling Expectations**: The company anticipates a broad indication for FSGS treatment without specific proteinuria cutoffs, as many patients present with high proteinuria levels [6][9] Market Potential and Patient Population - **Addressable Population**: The estimated addressable population for FSGS is around 30,000 patients, which could expand to 40,000-50,000 if secondary patients are included [10][9] - **Provider and Payer Dynamics**: Nephrologists are eager to prescribe FILSPARI, especially for secondary patients, despite challenges in identifying the etiology of FSGS. Payers may face difficulties in managing secondary populations due to the lack of specific ICD-10 codes [11][12][13] Manufacturing and Enrollment Challenges - **HCU Therapy**: The company faced manufacturing scale-up challenges but is now on track to resume enrollment in the phase three trial for pegtibatinase for HCU next year [3][26] - **Patient Support**: The company emphasizes the importance of patient support services to help patients reach target doses and maintain compliance [16][18] Financial Dynamics - **Revenue Growth**: Revenue from FILSPARI is outpacing patient start forms, attributed to the time required for reimbursement processes post-approval [19][20] - **Future Expectations**: The company expects a more stable dynamic between new patient prescriptions and reimbursements moving forward [21][23] Combination Therapy Considerations - **Combination with BAFF APRIL**: The company is optimistic about the potential for payers to approve FILSPARI in combination with BAFF APRIL therapies, especially for severe patients [24][25] HCU Study Design - **Enrollment Cadence**: The company plans to quickly ramp up enrollment for the HCU trial, having already identified interested patients and providers [26] - **Dietary Protocol**: A sub-study will explore how much protein can be introduced into patients' diets while maintaining control of homocysteine levels, which is a significant concern for patients [27][28] Other Important Points - **Eagerness for Approval**: There is a high level of eagerness among physicians to prescribe FILSPARI for FSGS, indicating a strong unmet need in the market [18] - **Patient-Centric Approach**: The company is focused on addressing patient needs, particularly in terms of dietary flexibility and treatment efficacy [27][28] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic priorities, market dynamics, and future expectations.

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Group 1 - Travere Therapeutics (TVTX) stock has more than doubled in 2025, indicating strong market performance despite increasing competition for its drug Filspari [1] - Filspari is approved for treating IgA nephropathy (IgAN), a condition characterized by abnormal antibody accumulation in the kidneys, leading to inflammation and damage [1] - Wall Street analysts believe that Travere Therapeutics still has potential for further growth [1] Group 2 - Ligand Pharmaceuticals' shares have surged by 92% this year, driven by investor interest in its unique royalty-based business model [2] - Celcuity's stock has increased by 534% this year, highlighting significant investor enthusiasm in the biotech sector [4] - Novartis has faced challenges as generics impact its heart-failure drug sales, resulting in a mixed performance in the third quarter [4]

Core Insights - The article emphasizes that investing is a learning process, where failures serve as tuition and successes contribute to lessons learned [1] Group 1: Investment Philosophy - The author views investing as a continuous learning journey, highlighting the importance of both successes and failures in shaping investment strategies [1] Group 2: Focus on Healthcare Stocks - Recent research has been primarily focused on healthcare stocks, indicating a strategic emphasis in this sector over the past few years [1]