Sarepta Therapeutics (SRPT) Q2 2024 earnings summary

Executive summary

• Achieved broad FDA approval for ELEVIDYS, making it available to over 80% of Duchenne muscular dystrophy patients in the US, with traditional approval for ambulatory and accelerated approval for non-ambulatory patients ages four and older.

• ELEVIDYS launch generated $121.7 million in Q2 2024, with robust demand and over 1,000 assay kits shipped in the first weeks.

• Q2 2024 saw GAAP net income of $6.5 million, reversing a net loss of $23.9 million in Q2 2023, and non-GAAP net income of $46.7 million.

• Sarepta commercialized four FDA-approved products, including the newly expanded approval for ELEVIDYS in June 2024.

• EMA review of ELEVIDYS MAA initiated; Roche expects EU approval in 2025.

Financial highlights

• Q2 2024 total revenues were $362.9 million, up from $261.2 million in Q2 2023, a 39% increase.

• Net product revenues for Q2 2024 reached $360.5 million, up 51% year-over-year.

• ELEVIDYS net product revenue was $121.7 million; PMO franchise revenue was $238.8 million.

• Cash, cash equivalents, and investments totaled $1.48 billion as of June 30, 2024.

• GAAP diluted EPS was $0.07 versus $(0.27) in Q2 2023; non-GAAP diluted EPS was $0.44 versus $(1.01) year-over-year.

Outlook and guidance

• 2025 net product revenue guidance set at $2.9–$3.1 billion across four approved therapies, with peak sales expected later in the decade.

• Expect moderate ELEVIDYS revenue growth in Q3 2024 (~30% sequentially), with a doubling in Q4 as expanded label patients are dosed.

• Management expects its cash, cash equivalents, and investments to fund operations for at least the next twelve months.

• Modest cannibalization of PMO franchise expected in 2024–2025, with ex-US PMO growth mitigating US impact.

• Ongoing pipeline development with over 40 programs in pre-clinical and clinical stages.