Travere Therapeutics Inc at TD Cowen Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Greg Wiessner - TD Cowen - Analyst : For those in the audience, please feel free to chime in, raise your hand if you have a question. So maybe to start. Can you give us a little bit of insight on what we can expect for FILSPARI's performance throughout 2025? And do you anticipate a similar quarter over quarter growth trajectory to what was observed in 2024. Unidentified Company Representative Certainly. Well, when we look at the drivers of growth within the IgA nephropathy arena, we do expect that most of these patients still are not in remission. And so there's a tremendous opportunity for newer therapies like FILSPARI to be able to reach these patients. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 03, 2025 / 2:10PM, TVTX.OQ - Travere Therapeutics Inc at TD Cowen Healthcare Conference Again, most of these patients are still not at remission and are on, in effect, ACE for ARB and so this is the key area that our team is focused on is to replace that and upgrade that foundational therapy. We do expect there to be a similar level of demand like we saw in the fourth quarter. In terms of quarter over quarter growth, no, that, I don't expect to see a 40% growth every quarter. We do expect to see that level of demand like we solved with the 693. With that said, we've been incredibly pleased with the level of compliance and persistence with these patients because of the benefit they're seeing. So we do expect that any additional demand that we see will fuel very strong revenue growth into the future.

Question: Greg Wiessner - TD Cowen - Analyst : Okay, great. And the IgA nephropathy landscape is evolving with several similar or mechanistically differentiated therapies nearing approval or in late-stage trials. So how do you anticipate FILSPARI will be positioned as these new options emerge? Unidentified Company Representative Sure. Well, look, it's a really exciting time for IgA nephropathy. And if you think about going back to the illustration, you've got therapies that are targeting the kidney like ACEs and ARBs FILSPARI. You have those therapies that target the immune system, which causes the kidney damage. Historically steroids, systemic steroids and now a whole different number of classes. That combination therapy will continue. Our focus is to replace the role that ACEs and ARBs play because most of those patients are [ASR] failures. So there is plenty of room, particularly with the guidelines now calling for simultaneous combination therapy across those two approaches, there's a lot of opportunity for growth and I think the opportunity for many companies to educate nephrologists about the innovation and the need to be more aggressive with the therapy. For context, nephrologists were historically trained that IgAN was a slowly progressing disease. That is clearly not the case when you look at the rates of kidney failure, you typically will see someone diagnosed in their 30s, and they're told they have 10 years. That's something that we definitely need to change.

Question: Greg Wiessner - TD Cowen - Analyst : And are there any plans to assess FILSPARI with add-on April or B-cell modulators? Or do you think that they will largely play in different segments of the market potentially? Unidentified Company Representative Well, I think we are very eager with FILSPARI as a new foundational therapy to be able to demonstrate the benefit with other classes. We've done so with SGLT2s, we've studied also within our trials what the combination with steroids looks like. It's very difficult to do those combination studies before you have full approval, but we certainly are open and eager to be able to do that. With that said, when we look at those therapies that are coming behind us in the very near term, all of those are likely to be approved under accelerated approval. What that means is that they're likely to be limited in their indication segment to the most severe patients, those up 1.5 grams of protein and above. But also these companies will not be able to discuss their eGFR data until full approval. So when we look at that segment of patients that are 1.5 grams and above, that's about 30% of the addressable population. And so there's going to be, I'd say, much more dynamism within that segment, which will be decreasing because when you look at the therapies that are available now under full approval, FILSPARI Tarpeyo, you're able to address that and reduce their proteinuria so that, that is a segment that is going to be decreasing. The broader number of patients that are -- that have IgAN are likely to grow. Those less than 1.5. And so yes, they will come -- there will be combination therapy, but where they compete will be very different from those that have full approval.

Question: Greg Wiessner - TD Cowen - Analyst : Great. Well, so with that, Eric and Chris, we thank you both for your time and thank you to the audience for attending our conference. Everyone, have a great rest of the day. Unidentified Company Representative Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 03, 2025 / 2:10PM, TVTX.OQ - Travere Therapeutics Inc at TD Cowen Healthcare Conference