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Sarepta Therapeutics (SRPT) investor relations material

Sarepta Therapeutics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Q2 2025 total revenues rose 68% year-over-year to $611.1M, driven by expanded ELEVIDYS sales and milestone payments from Roche.

  • Net income for Q2 2025 was $196.9M, a significant increase from $6.5M in Q2 2024, reflecting strong product and collaboration revenue.

  • Strategic restructuring announced in July 2025 targets over $100M in cost savings by end of 2025 and $400M annually from 2026, including a 36% workforce reduction and pipeline reprioritization.

  • ELEVIDYS shipments to non-ambulatory patients were suspended in June 2025 due to safety events; shipments for ambulatory patients resumed in late July after FDA review.

  • The company maintains strong liquidity, with $850.3M in cash, cash equivalents, restricted cash, and investments as of June 30, 2025.

Financial highlights

  • Q2 2025 product revenues increased 42% year-over-year to $513.1M, with ELEVIDYS contributing $281.9M.

  • Collaboration and other revenues surged to $98.0M in Q2 2025, mainly from a $63.5M milestone payment for ELEVIDYS approval in Japan.

  • Operating income for Q2 2025 was $115.6M, compared to a loss of $0.7M in Q2 2024; non-GAAP operating income was $162.8M, up 181% year-over-year.

  • For the six months ended June 30, 2025, total revenues were $1.36B, up 75% year-over-year; net loss was $250.6M, impacted by $583.6M in acquired in-process R&D expense.

  • Gross margin declined due to higher cost of sales, including increased inventory costs and write-offs, and higher royalties.

Outlook and guidance

  • Management expects current cash and investments, along with future inflows, to fund operations for at least the next twelve months.

  • Restructuring and cost savings initiatives are expected to strengthen liquidity and support repayment of 2027 convertible notes.

  • The company is evaluating the financial impact of the One Big Beautiful Bill Act and the LGMD clinical hold on future results.

  • Focus remains on high-impact programs, especially siRNA, with key data readouts anticipated in late 2025 and early 2026.

  • Ongoing collaboration with FDA to expand ELEVIDYS access to non-ambulatory Duchenne patients.

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Frequently asked questions

Sarepta Therapeutics Inc. is a biopharmaceutical company focused on developing genetic medicines for the treatment of rare diseases. The company specializes in RNA-targeted therapies, gene therapy, and gene editing technologies to address neuromuscular and other genetic disorders. The company is headquartered in Cambridge, Massachusetts, and its shares are listed on the NASDAQ.

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