Sarepta Therapeutics (SRPT) investor relations material

Executive summary

• Q3 2025 revenues were $399.4M, with $238.5M from PMO and $131.5M from ELEVIDYS; over 1,100 patients treated with ELEVIDYS as of September 30, 2025.

• The ESSENCE confirmatory trial for AMONDYS and VYONDYS was completed, showing positive clinical trends but missing statistical significance, mainly due to COVID-19 disruptions.

• Real-world evidence and subgroup analyses support clinical benefit and safety of PMO therapies, with plans to seek traditional FDA approval.

• Financial position was strengthened by cost restructuring, debt refinancing, and the sale of Arrowhead equity investment.

• Strategic restructuring included a 36% workforce reduction and program reprioritization.

Financial highlights

• Q3 2025 total revenues: $399.4M, down 15% from $467.2M in Q3 2024, mainly due to lower ELEVIDYS volume after shipment suspension to non-ambulatory patients.

• Q3 2025 product revenues: $370.0M; collaboration and other revenues for the nine months: $260.6M, up 178% year-over-year.

• Q3 2025 GAAP net loss: $(179.9)M; non-GAAP net loss: $(12.9)M; operating loss for Q3: $103M (GAAP), $36M (non-GAAP).

• Cash, cash equivalents, and investments at September 30, 2025: $865.2M, down from $1.5B at year-end 2024.

• Cost of sales increased 64% in Q3, reflecting higher inventory costs and manufacturing impairments.

Outlook and guidance

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

• Ongoing FDA discussions on ELEVIDYS labeling, including a black box warning and removal of non-ambulatory indication.

• FY 2025 non-GAAP R&D and SG&A expense guidance is $1.86B, with underlying expense at $976M after excluding Arrowhead costs.

• Pipeline progress: FSHD and DM1 phase 1/2 readouts expected early 2026; Huntington's disease trial to start by end of 2025.

• Restructuring expected to reduce future expenditures, but actual savings may vary.