SRPT · Sarepta Therapeutics, Inc.

Sarepta Therapeutics reported a strong first quarter 2026, swinging to GAAP operating income of $358.4 million from a loss of $300.4 million in the same period last year. Total revenues were $730.8 million, down slightly from $744.9 million, primarily due to lower ELEVIDYS sales following an updated label restricting use to ambulatory patients. However, this was partially offset by a $253.0 million increase in collaboration revenues, including a $365.0 million recognition related to Roche's declined option for certain program rights and a $40.0 million milestone for the first commercial sale of ELEVIDYS in Japan. Net product revenues were $330.5 million, with ELEVIDYS contributing $102.0 million and PMO therapies $228.6 million. Operating expenses decreased significantly, with R&D expenses dropping to $154.0 million from $773.4 million, largely due to the absence of large upfront licensing fees paid in Q1 2025 to Arrowhead. The company reiterated its full-year 2026 guidance for total net product revenues of $1.2-$1.4 billion and combined non-GAAP R&D and SG&A expenses of $800-$900 million. Management highlighted stabilization of the commercial portfolio, advancement of the siRNA pipeline with early clinical data for SRP-1001 and SRP-1003, and submission of sNDAs for AMONDYS 45 and VYONDYS 53 seeking traditional approval. The company ended the quarter with $748.3 million in cash and investments.