BREAKING: Futures Rise After Bullish Market Move IBD Videos Get market updates, educational videos, webinars, and stock analysis. Get Started 11/18/2025Shares of Ligand Pharmaceuticals are absolutely flying as investors line... INVESTING RESOURCES Take a Trial Today Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20! Travere Therapeutics (TVTX) stock has more than doubled in 2025 even as competition heats up for its bread- and-but ...

Summary of Travere Therapeutics FY Conference Call Company Overview - **Company**: Travere Therapeutics (NasdaqGM:TVTX) - **Market Cap**: Approximately $3 billion [39] Industry Focus - **Primary Focus**: Rare kidney diseases, specifically IgA nephropathy and Focal Segmental Glomerulosclerosis (FSGS) - **Key Products**: Filspari (for IgA nephropathy) and pegtibatinase (for classical homocystinuria) Key Points and Arguments FSGS Developments - **Unmet Need**: FSGS represents a high unmet need in nephrology, with no approved medications currently available [6][21] - **FDA Review**: A PDUFA date for the FSGS supplemental new drug application (SNDA) is set for January 13, 2026, with expectations that the review process is on track [3][44] - **Patient Population**: Approximately 30,000 addressable patients for FSGS compared to 70,000 for IgA nephropathy, with a faster progression rate in FSGS [14] - **Treatment Urgency**: The urgency to treat FSGS patients is higher due to rapid progression to kidney failure [14] Competitive Landscape - **Market Dynamics**: Travere is optimistic about paving the way for other companies to enter the FSGS space, viewing potential competitors as complementary rather than direct threats [22] - **Current Competitors**: Limited direct competition exists, with only one other therapy in phase three trials [22] IgA Nephropathy Insights - **Market Growth**: The number of approved therapies for IgA nephropathy has increased to four, enhancing treatment options for patients [24] - **Guideline Changes**: New KDIGO guidelines recommend aggressive treatment strategies, which are positively impacting prescribing patterns [25][26] Financial Position - **Cash Reserves**: The company ended the quarter with $255 million in cash, with a pro forma basis nearing $300 million, indicating a strong financial position [42] - **Investment Plans**: Plans to invest in evidence generation, operationalizing phase three for pegtibatinase, and supporting FSGS uptake [42][43] Future Catalysts - **Upcoming Events**: Key upcoming events include the PDUFA date for FSGS on January 13, 2026, and updates on IgA nephropathy performance and pegtibatinase study restart [44] Pegtibatinase Program - **Patient Population**: Estimated 7,000-10,000 patients in the U.S. with classical homocystinuria, with potential for higher numbers due to missed diagnoses [37] - **Manufacturing Challenges**: The program faced manufacturing challenges but is now on track to reinitiate phase three enrollment next year [38] Additional Important Insights - **Regulatory Environment**: The FDA is focused on spurring innovation in the rare kidney space, which is encouraging for Travere's upcoming applications [12] - **Payer Considerations**: The lack of specific diagnostic codes for FSGS may complicate payer responses, but the high cost of untreated patients may lead to broader acceptance [20][21] This summary encapsulates the critical insights and developments discussed during the Travere Therapeutics FY Conference Call, highlighting the company's strategic direction and the evolving landscape of rare kidney disease treatments.

Financial Data and Key Metrics Changes - Total revenue and other income for Q3 2025 on a GAAP basis was $115.5 million, up from $51.8 million in the same quarter last year, with core revenue growing 68% year over year to $86.9 million [26][34] - Royalty revenue rose 47% year over year to $46.6 million, and adjusted EPS increased 68% to $3.09 [26][34] - The company raised its full-year 2025 guidance, now expecting core revenue of $225-$235 million and adjusted EPS of $7.40-$7.65 [35][36] Business Line Data and Key Metrics Changes - Royalty revenue growth was driven by strong performances from products like Travere's Filspari, Merck's Ohtuvayre, and Capvaxive, with Filspari becoming the largest royalty-generating asset [30][31] - Filspari reported Q3 sales of $90.9 million, a 155% year-over-year increase, while O2VARE sales reached $136 million, a 32% sequential increase [30][31] - Capvaxive generated $244 million in sales, an 89% sequential increase, reinforcing its market position [31] Market Data and Key Metrics Changes - The company noted strong uptake of Zelsuvmi in its early launch phase, with expectations for continued momentum [7] - Ohtuvayre is tracking ahead of initial forecasts, with Q3 sales growing 32% sequentially, and projected sales of $2 billion by 2029 [10][11] - The FDA has assigned a PDUFA date of January 13, 2026, for Filspari's second indication, FSGS, which could significantly expand its market opportunity [18] Company Strategy and Development Direction - The company has focused on building a diversified portfolio of high-margin royalties and has successfully executed a convertible debt financing to support growth initiatives [5][6] - The strategic direction set in 2022 has led to significant growth across core revenue and adjusted EPS, with a long-term royalty growth outlook of 22% CAGR [9][10] - The company is actively pursuing high-quality investment opportunities and expanding its business development team to capitalize on its robust pipeline [27][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the commercial royalty portfolio and the potential for indication and geographic expansion of key products [36][37] - The company highlighted the positive developments in the FDA's approach to accelerating timelines for innovative treatments, which aligns with its investment strategy [16][49] - Management remains optimistic about the ongoing progress of the Pelthos team and the launch momentum of Zelsuvmi [37] Other Important Information - The company ended the quarter with approximately $1 billion in deployable capital, including cash and investments [7][27] - The Pelthos transaction resulted in a $53 million gain recognized in Q3, reflecting the strategic value of the spin-out [24][25] - The company has seen record-setting origination activity, reviewing over 130 investment opportunities in the first three quarters of the year [13] Q&A Session Summary Question: Opportunities and special situations related to Pelthos and Palvella - Management indicated a robust opportunity set in special situations, focusing on companies needing more than just capital [38][39] Question: Changes in investment opportunities and capital demands - Management noted that while the deal flow may shift with market conditions, the demand for royalty capital remains high, particularly for development-stage assets [44][45] Question: Insights on the ZELSUVMI launch and future expectations - Management provided limited additional information but indicated that more specifics would be available during the upcoming earnings call [50][51] Question: Competitive landscape for royalty assets - Management acknowledged potential future competition but noted that they have not yet seen significant changes in the competitive landscape [53][54] Question: Thoughts on the recent approval of Furoscix - Management expressed optimism about Furoscix's potential to provide a differentiated treatment option in the market [56]

Safe Harbor Statement and Disclaimers • This presentation contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, by Ligand and its partners thatinvolve risks and uncertainties and reflect Ligand's and its partners' judgmentasofthedateofthispresentation.All statements,otherthan statementsof historicalfact, couldbedeemedtobeforward-lookingstatements, includingstatements thatexpress Ligand'sorits partners'opinions, expectations,objectives, assumptions,plans orpro ...

Core Insights - Ligand Pharmaceuticals reported a significant increase in third quarter revenue, driven by a 47% growth in portfolio royalty revenue, leading to an increase in full-year revenue guidance to $225 million - $235 million from a previous range of $200 million - $225 million [1][11] Financial Performance - Total revenues for Q3 2025 were $115.5 million, a 123% increase from $51.8 million in Q3 2024, primarily due to higher royalty revenue and gains from the Pelthos business sale [3] - Royalty revenue for Q3 2025 reached $46.6 million, up 47% from $31.7 million in Q3 2024, attributed to royalties from Travere Therapeutics' Filspari, Merck/Verona Pharma's Ohtuvayre, and Recordati's Qarziba [3] - Adjusted net income for Q3 2025 was $63.8 million, or $3.09 per diluted share, compared to $35.3 million, or $1.84 per diluted share, in Q3 2024 [5] Year-to-Date Financial Results - For the nine months ended September 30, 2025, total revenues were $208.4 million, a 68% increase from $124.3 million in the same period of 2024, driven by higher royalty revenue and gains from the Pelthos business sale [7] - Year-to-date royalty revenue was $110.5 million, a 49% increase from $74.0 million in 2024 [8] - Core adjusted net income for the nine months ended September 30, 2025, was $122.4 million, or $6.07 per diluted share, compared to $83.0 million, or $4.46 per diluted share, in 2024 [10] Cost Structure - Research and development expenses for Q3 2025 were $21.0 million, significantly higher than $5.7 million in Q3 2024, primarily due to a one-time charge related to a royalty financing agreement [4] - General and administrative expenses increased to $28.4 million in Q3 2025 from $24.5 million in Q3 2024, mainly due to transaction costs associated with the Pelthos transaction [4] Strategic Developments - Ligand completed a $460 million convertible debt financing in August 2025, providing additional resources for strategic investments [2][13] - The company made significant investments in new royalty rights and partnered programs, including a $25 million investment in Orchestra BioMed's cardiology programs [15][16] Portfolio Updates - Ligand's royalty portfolio includes key products like Filspari, which has been highlighted in updated clinical practice guidelines for treating IgA nephropathy [19] - The company is also involved in the development of Qtorin rapamycin for various indications, with ongoing clinical trials expected to yield results in the near future [21][22]

Core Viewpoint - Travere Therapeutics, Inc. (NASDAQ:TVTX) has demonstrated significant financial improvement, with a notable increase in stock performance driven by strong earnings and sales growth in its kidney disease treatment, Filspari [1][3]. Financial Performance - The company reported a net income of $25.7 million in Q3, a turnaround from a net loss of $54.8 million in the same quarter last year [2]. - Total revenues surged by 162% year-on-year, reaching $164.8 million, up from $62.9 million, primarily due to robust sales of Filspari [3]. Product Performance - Filspari generated $90.9 million in sales in the US alone, reflecting a 155% growth year-on-year [3]. - The CEO highlighted the drug's growing role as a foundational therapy in IgAN, indicating strong commercial execution and increasing confidence among healthcare providers and patients [4]. Future Outlook - The company is optimistic about the progress of its supplemental New Drug Application (sNDA) review for FSGS and is preparing for potential FDA approval early next year [5]. - Travere is also making strides in restarting the pivotal HARMONY Study of pegtibatinase, positioning itself for long-term growth [5].

Core Insights - Travere Therapeutics reported strong sales growth driven by its drug Filspari, which treats IgA nephropathy, achieving $90.9 million in sales for the September quarter, a 155% increase year-over-year, surpassing forecasts of $79 million [1][5] - The FDA has relaxed monitoring requirements for Filspari, reducing liver function checks from monthly to quarterly for the first year of treatment [2] - KDIGO guidelines now position Filspari as a potential foundational treatment for IgA nephropathy, enhancing its competitive standing [3] Financial Performance - Travere's total sales reached $164.9 million, exceeding market expectations of $105.2 million to $106 million [5] - The company reported a surprising profit of $0.28 per share, a turnaround from a loss of $0.70 per share in the same quarter last year, while analysts had predicted a loss of $0.30 [6] Market Reaction - Travere's stock surged 18.6% to close at $35.16, breaking out of a consolidation phase with a previous entry point at $28.69 [4] - The stock has been in a profit-taking zone after rising 20% to 25% above its entry point [4] Future Prospects - Travere is seeking FDA approval for Filspari in treating focal segmental glomerulosclerosis (FSGS), with a decision expected by January 13 [7] - The company has seen a slight decline in new patient start forms for Filspari, with 731 forms filled, down 2% from the previous quarter [5][6] - Analyst Laura Chico raised the price target for Travere stock from $32 to $37, maintaining an outperform rating [7] Stock Ratings - Travere Therapeutics holds a high IBD Digital Composite Rating of 98, indicating it outperforms 98% of all stocks based on fundamental and technical measures [8]

Group 1 - Travere Therapeutics (TVTX) is experiencing significant stock performance, having more than doubled since mid-June, making it a key stock to watch amid moderate market selling pressure [1] - The stock saw a notable increase of over 26% in mid-September following a favorable decision from the Food and Drug Administration (FDA) [1] - The IBD SmartSelect Composite Rating for Travere Therapeutics improved from 94 to 96, indicating a positive shift in its market position [2] Group 2 - Travere Therapeutics has achieved a Relative Strength (RS) Rating of 92, reflecting strong price performance and market competitiveness [4] - The company is on the verge of a breakout, supported by the FDA's decision that enhances the launch of its product Filspari [4] - Travere Therapeutics has consistently cleared key benchmarks, reaching an RS Rating of over 80, which signifies robust market strength [4]

Upgrades Summary - RBC Capital upgraded Nike (NKE) to Outperform from Sector Perform with a price target of $90, increased from $76, citing a "steeper revenue recovery" than market estimates due to new product contributions and World Cup sales [2] - Needham upgraded Amicus (FOLD) to Buy from Hold with a price target of $14, indicating reduced regulatory risk for Amicus' DMX-200 following FDA's decision regarding Travere's Filspari [2] - Goldman Sachs upgraded Stepstone Group (STEP) to Buy from Neutral with a price target of $83, up from $64, expecting a 25% CAGR in management fees from 2024-28 driven by growth in Private Wealth and record levels of shadow AUM [2] - RBC Capital upgraded CSX (CSX) to Outperform from Sector Perform with a price target of $39, increased from $37, viewing CSX shares as well positioned for consolidation scenarios in the railroad sector [2] - Scotiabank upgraded Vale (VALE) to Outperform from Sector Perform with a price target of $14, up from $12.50, anticipating benefits from the upcoming "decarbonization wave" [2]

Group 1 - The market rally continues with major indexes reaching new records, with several stocks in the IBD 50 list of growth names extended [1] - There are over 15 healthcare names in the IBD 50 list, indicating strong performance in this sector [1] - Stocks that have formed bases may experience significant gains upon breakouts, particularly in the artificial intelligence and software sectors [1] Group 2 - Biotech stocks Zai Labs and BeOne Medicines experienced a significant decline due to rumors of an impending executive order from President Trump [2] - Hims & Hers has seen a remarkable 1,600% increase in share price over less than four years, driven by personalized health products [4] - Travere Therapeutics has shown strong price performance, achieving a three-year high and a rising RS rating of 92 [4]