Sarepta Therapeutics (SRPT) Q3 2026 earnings summary

Executive summary

• Q3 total revenue was $381.4M, down 5% YoY; GAAP operating loss narrowed to $9.0M and non-GAAP operating income was $22.9M.

• PMO strength and stabilized ELEVIDYS demand supported higher 2026 net product revenue guidance; cash, cash equivalents, restricted cash and investments totaled $998.7M.

Financial highlights

• Q3 net product revenue was $323.8M, down 13% YoY; nine-month product revenue was $983.0M, down 34%.

• Nine-month total revenue was $1.5134B, down 14% YoY; collaboration and other revenue was $530.4M versus $251M.

• Q3 collaboration and other revenue rose 96% to $57.6M, primarily from contract manufacturing for commercial ELEVIDYS supply delivered to Roche.

• Q3 GAAP net loss was $28.5M, or $0.27 diluted loss per share; non-GAAP net income was $15.6M, or $0.13 diluted EPS.

• Nine-month GAAP net income was $297.6M and non-GAAP net income was $479.6M; GAAP and non-GAAP operating income were $362.7M and $507.1M.

Outlook and guidance

• FY2026 net product revenue guidance rose from $1.2B–$1.3B to $1.25B–$1.3B; non-GAAP combined R&D and SG&A guidance narrowed to $800M–$825M.

• FY2026 GAAP combined R&D and SG&A expense guidance is $940M–$985M; collaboration, license, contract manufacturing and royalty revenue guidance remains $550M–$600M.

• Q4 ELEVIDYS revenue is expected to trend in line with Q3, subject to one-time gene therapy variability; PMO performance is expected to remain strong.

• SRP-1003 DM1 and SRP-1001 FSHD multiple-ascending-dose data were expected in Q4 2026; Phase 3 preparation, including clinical supply manufacturing, is underway.

• Under-four ELEVIDYS sBLA submission is planned for mid-2027; ENDEAVOR Cohort 8 enrollment is targeted for year-end 2026, with FDA engagement and 12-week safety data expected in Q1 2027.