Travere Therapeutics delivered a surprise fourth-quarter profit, reporting non-GAAP earnings of $0.37 per share that handily exceeded Wall Street's expected loss of $0.04. The rare disease-focused biopharmaceutical company's results were driven by surging sales of its kidney disease therapy FILSPARI, though revenue of $129.7 million fell short of the $145.2 million consensus forecast. Shares declined about 5% in after-hours trading.

Growth was fueled by strong demand for FILSPARI in IgA nephropathy, with U.S. net product sales reaching $103.3 million in the quarter, representing 108% growth year-over-year. The company received a record 908 new patient start forms during Q4, indicating continued uptake from both new and repeat prescribers. For the full year 2025, U.S. net product sales climbed to $410.5 million, compared with $226.7 million in 2014.

On a GAAP basis, Travere reported net income of $2.7 million, or $0.03 per basic share, compared to a net loss of $60.3 million in the year-ago quarter. Full-year net loss narrowed significantly to $25.5 million from $321.5 million in 2024. The company ended 2025 with $322.8 million in cash, positioning it to support ongoing commercialization and pipeline development.