Sep. 10 at 3:13 PM
H.C. Wainwright reiterated
$TVTX Buy/
$47:
We see adapted REMS as competitive advantage.
We view this as positive news for Travere, particularly as it competes with Novartis' (
$NVO; not rated) Vanrafia (atrasentan), which received accelerated approval in IgAN in April 2025 without a REMS.
FILSPARI now also carries a reduced REMS, removing a logistical burden for both patients and prescribers.
In our view, this change provides FILSPARI with a competitive advantage in a chronic condition like IgAN, where ease of use, adherence, and long-term safety are key considerations.
Recall that FILSPARI launched in the U.S. in 1Q23, benefiting from early entry and increasing physician familiarity. Travere has executed well commercially despite the previous REMS requirements, and with these removed, we expect prescriber willingness to adopt FILSPARI to increase further.
$ZVSA $NVS