Sarepta Therapeutics (SRPT) investor relations material

Executive summary

• Appointed new CEO, Michael Severino, M.D., effective July 2026, to drive growth and maintain strategic continuity, with outgoing CEO remaining as advisor through year-end.

• Achieved GAAP and non-GAAP operating profitability in Q2 2026, with disciplined cost management and a strong cash position.

• Q2 2026 total revenues were $401.3 million, down 34% year-over-year, mainly due to a 65% drop in ELEVIDYS sales following safety events and label restrictions limiting use to ambulatory patients.

• Over 1,800 patients treated globally with PMO products and over 1,500 with ELEVIDYS, reflecting stable demand and strong clinical uptake.

• Multiple upcoming milestones include Cohort 8 data, siRNA program readouts, and regulatory decisions for VYONDYS and AMONDYS.

Financial highlights

• Q2 2026 net product revenue was $328.7 million ($98.1M ELEVIDYS, $230.6M PMO franchise); total revenue was $401.3 million.

• Q2 2026 GAAP operating income was $13.3 million; non-GAAP operating income was $86.5 million.

• Q2 2026 GAAP net loss was $4.9 million; non-GAAP net income was $78.6 million.

• Gross margin on net product revenues was 75% in Q2 2026.

• Ended Q2 2026 with $945 million in cash and investments, up $197 million from the prior quarter.

Outlook and guidance

• FY 2026 net product revenue guidance narrowed to $1.2–$1.3 billion, trending toward the lower end.

• Collaboration and other revenue guidance raised to $550–$600 million, mainly from higher contract manufacturing revenues.

• Combined non-GAAP R&D and SG&A expense guidance tightened to $800–$850 million for FY 2026.

• Expect second-half 2026 net product revenue to be modestly lower than the first half, with ELEVIDYS revenue in Q3 trending lower than Q2.

• Management expects existing cash, future operating cash flows, and credit facility availability to fund operations for at least the next 12 months.