Travere Therapeutics, Inc. (TVTX) Q4 2025 Earnings Call February 19, 2026 4:30 PM EST
Company Participants
Nivi Nehra – Vice President of Corporate Communications & Investor Relations Eric Dube – President, CEO & Director Jula Inrig – Chief Medical Officer Peter Heerma – Chief Commercial Officer Chris Cline – Chief Financial Officer William Rote – Chief Research Officer
Conference Call Participants
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Vamil Divan – Guggenheim Securities, LLC, Research Division Tyler Van Buren – TD Cowen, Research Division Laura Chico – Wedbush Securities Inc., Research Division Priyanka Grover – JPMorgan Chase & Co, Research Division Joseph Schwartz – Leerink Partners LLC, Research Division Prakhar Agrawal – Cantor Fitzgerald & Co., Research Division Sadia Rahman – Wells Fargo Securities, LLC, Research Division Gavin Clark-Gartner – Evercore ISI Institutional Equities, Research Division Maurice Raycroft – Jefferies LLC, Research Division Jason Zemansky – BofA Securities, Research Division Alexander Thompson – Stifel, Nicolaus & Company, Incorporated, Research Division Yigal Nochomovitz – Citigroup Inc., Research Division
Presentation
Operator
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Good afternoon, and welcome to the Travere Therapeutics Fourth Quarter and Full Year 2025 Financial Results Conference Call. Today’s call is being recorded.
At this time, I would like to turn the conference call over to Nivi Nehra, Vice President, Corporate Communications and Investor Relations. Please go ahead, Nivi.
Nivi Nehra Vice President of Corporate Communications & Investor Relations
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Thank you, operator. Good afternoon, and welcome to Travere Therapeutics Fourth Quarter and Full Year 2025 Financial Results and Corporate Update Call. Thank you all for joining. Today’s call will be led by Dr. Eric Dube, our President and Chief Executive Officer. Eric will be joined in the prepared remarks by Dr. Jula Inrig, our Chief Medical Officer; Peter Heerma, our Chief Commercial Officer; and Chris Cline, our Chief Financial Officer. Dr. Bill Rote, our Chief Research Officer, will join us for the Q&A.
Before we begin, I’d like to remind everyone that statements
A growing number of major U.S. airports are appealing to travelers for donations to support Transportation Security Administration employees working without pay during a partial government shutdown that began Feb. 14, 2026, leaving roughly 50,000 TSA officers to miss their first full paycheck on March 13 amid mounting financial hardship.
The funding lapse for the Department of Homeland Security — triggered when Congress failed to pass a spending bill over disputes on immigration enforcement and border security — has forced essential airport security personnel to continue screening millions of passengers daily without regular compensation. TSA officers received partial pay in late February but saw no funds deposited in many March 13 paychecks, according to union representatives and federal officials.
Airports nationwide have responded by reopening food pantries, setting up gift card collection points and urging passengers to contribute essentials. Denver International Airport (DEN) asked for $10 or $20 grocery and gas gift cards from stores like King Soopers, Safeway, Walmart, Costco and Target, emphasizing that Visa gift cards are not accepted due to federal rules limiting gifts to $20 or less per instance.
“Denver International Airport is seeking grocery store and gas gift card donations for federal employees working without pay,” DEN CEO Phil Washington said in a March 11 statement. “TSA employees just missed their first paycheck, and as we enter a busy spring break travel period, we want to do what we can to ease the stress of this moment.”
Seattle-Tacoma International Airport (Sea-Tac) opened a food pantry for TSA agents, requesting non-perishable food, hygiene items, diapers and baby supplies. Harry Reid International Airport in Las Vegas reactivated its Food & Essentials Pantry, accepting donations of toiletries, household items and pet supplies for affected federal workers.
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Other airports participating include Orlando International, Cleveland Hopkins, Reno-Tahoe and more, with collection drives coordinated through airport management, employee unions and community partners. TSA guidance allows such donations from travelers via airport channels, provided they comply with ethics rules barring direct cash or excessive gifts.
The shutdown has strained TSA staffing. The agency reports about 300 officers have resigned since Feb. 14, with unscheduled absences rising to around 6% in some locations. Union leaders describe workers turning to side jobs like ride-sharing, plasma donation or food pantries to cover bills. Some report sleeping in cars or relying on family support after depleting savings from the previous 43-day shutdown in late 2025.
Travel disruptions have worsened, with reports of hours-long security lines at major hubs during peak spring break travel. Wait times of two to three hours have been documented at some checkpoints, though TSA insists expedited programs like PreCheck remain operational. Passenger security fees collected by airlines continue flowing to the government, creating a stark contrast: travelers pay for screening services while screeners go unpaid.
Senate negotiations remain stalled. A March 12 vote on a stopgap DHS funding bill failed, with Democrats blocking the measure over immigration provisions. Republicans have accused Democrats of obstructing progress, while Democrats point to GOP demands on border policy as the impasse. No breakthrough appeared imminent as of March 14.
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The American Federation of Government Employees and travel industry groups, including Airlines for America, have launched campaigns urging on-time pay for TSA and FAA workers during lapses. Private operators highlight reliance on smooth airport operations for economic activity.
TSA officers, deemed essential, must report for duty or face termination. Many express frustration at repeated shutdowns, with some rebuilding finances from the prior fiscal year’s record closure.
As the shutdown nears one month, airports’ grassroots efforts underscore the human toll on frontline workers. Donations provide immediate relief, but union officials and advocates stress the need for permanent funding stability to prevent future crises.
Travelers encountering longer lines are encouraged to arrive early, use mobile apps for wait-time estimates and consider TSA PreCheck enrollment. For donation information, check individual airport websites or TSA union channels.
Taylor Sheridan’s latest neo-Western drama, “The Madison,” premiered Saturday, March 14, 2026, exclusively on Paramount+, launching the first three episodes of its six-episode debut season.
The series, starring Oscar nominee Michelle Pfeiffer and Golden Globe nominee Kurt Russell, marks Sheridan’s return to Montana-set storytelling following the conclusion of “Yellowstone” in late 2024. Unlike direct “Yellowstone” spin-offs such as “1883,” “1923” or the ongoing “Marshals,” “The Madison” stands as an independent series, though it shares the creator’s signature blend of family dynamics, grief and rugged landscapes.
The Madison’ Season 1
The show follows the Clyburn family, a wealthy New York City clan relocating to the scenic Madison River valley in central Montana after a devastating loss. The move forces them to confront grief, adapt to rural life and navigate human connections in one of America’s most beautiful yet unforgiving regions. Sheridan wrote all six episodes, with Christina Alexandra Voros — who directed episodes of “Yellowstone” Season 5 — helming the series.
Paramount+ adopted an unconventional release strategy for the premiere season: the first three episodes dropped simultaneously on March 14 at 12 a.m. PT (3 a.m. ET), with the remaining three scheduled for Saturday, March 21, also at midnight PT. Episodes include “Pilot,” “Let the Land Hold Me,” “Watch Her Fall” on premiere day, followed by “Tomorrow Is Goodbye,” “No Name and a New Dream” and the finale on the second Saturday.
The staggered rollout differs from Sheridan’s typical weekly drops on Paramount+ for shows like “Landman” or “Lioness.” Paramount executives described it as a way to build immediate buzz while allowing viewers to binge the short season quickly. Season 2, already filmed back-to-back with Season 1 according to Kurt Russell in recent interviews, is expected in 2027, though no exact date has been confirmed.
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Pfeiffer leads as the matriarch navigating profound loss, with Russell portraying a key figure in the family’s new Montana life. The ensemble includes Matthew Fox and Patrick J. Adams in supporting roles. First-look images and the official trailer, released in early 2026, highlighted sweeping Montana vistas, emotional family tension and Sheridan’s hallmark dialogue.
The series arrives amid Sheridan’s prolific output for Paramount, which has expanded its “Yellowstone”-verse with multiple shows. “The Madison” was initially developed under the working title “2024” as a potential spin-off but evolved into a standalone project. Kurt Russell noted in an Entertainment Weekly interview that Pfeiffer and Sheridan advocated for filming two seasons consecutively to accommodate schedules and storytelling needs.
Early reactions from critics and viewers have been positive, with Rotten Tomatoes assigning a 67% Tomatometer score based on initial reviews, praising the performances and scenic cinematography while noting the intimate, character-driven pace sets it apart from more action-heavy Sheridan fare. Some called it his “most heartfelt” work yet.
Paramount+ subscribers can stream all available episodes immediately, with no ads on the Premium plan. The service promotes the premiere with trailers, first-look galleries and behind-the-scenes content on its site.
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As “The Madison” begins its run, anticipation builds for the March 21 conclusion of Season 1 and the already-completed follow-up season. The series reinforces Sheridan’s dominance in modern Western dramas, drawing fans eager for more Montana-based stories after “Yellowstone’s” long run.
With episodes now live, viewers can dive into the Clyburns’ journey of healing and upheaval in the Madison valley.
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Housing sales across India’s top 50 cities fell 3 per cent last year to 6.14 lakh units while it rose 16 per cent value-wise to Rs 8.46 lakh crore, according to CREDAI and Liases Foras.
On Friday, realtors’ apex body The Confederation of Real Estate Developers’ Associations of India (CREDAI) and research firm Liases Foras, released a report on residential real estate trends across 50 major cities in India.
The report highlighted the continued resilience of the housing market, with strong value growth driven by rising buyer aspirations, increasing premiumisation of housing demand and sustained infrastructure-led urban development.
As per the data, the housing sales across primary markets of Indian 50 major cities fell 3 per cent to 6,14,235 units in 2025 from 6,33,134 units in the preceding year.
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In value terms, sales grew to Rs 8,46,648 crore last year, an increase of 16 per cent from 7,29,112 crore during 2024 calendar year.
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Shekhar Patel, President of CREDAI, said: “The 2025 numbers mark more than a statistical milestone, they reflect a fundamental shift in how India lives, invests and aspires. When 78 per cent of sales value comes from homes priced above Rs 1 crore and ultra-luxury alone drives over half the value, it signals rising household wealth, maturing investor confidence and the success of urban infrastructure initiatives”. He noted that Tier-2, 3 and 4 cities are no longer peripheral and they are emerging as engines of economic opportunity.Pankaj Kapoor, Managing Director of Liases Foras, said: “Top metro cities continue to dominate India’s housing market in 2025 in sales, value and supply. However, Tier-2 cities are increasingly emerging as important growth centres in the residential real estate sector.
Better connectivity, expanding employment hubs, and infrastructure-driven initiatives are boosting housing demand in these markets for both end-users and investors, he added.