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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.
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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