10-K · March 2, 2026
Sarepta recorded product sales-driven net revenues of $1,864.3 million in 2025, up from $1,788.0 million in 2024 and $1,144.9 million in 2023. The company is executing a July 2025 strategic restructuring to reduce…
Earnings analysis · 10-Q
SRPT earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Sarepta Therapeutics reported Q1 2026 revenues of $730.8M, down 2% QoQ, with a significant increase in net income to $331.0M compared to a loss of $447.5M in Q1 2025. The decrease in revenues stemmed largely from a 46%…
Read full summary
Sarepta Therapeutics reported Q1 2026 revenues of $730.8M, down 2% QoQ, with a significant increase in net income to $331.0M compared to a loss of $447.5M in Q1 2025. The decrease in revenues stemmed largely from a 46% drop in sales of their ELEVIDYS product after safety concerns and regulatory actions impacted sales dynamics. Despite these challenges, management expressed optimism in the restructuring efforts and potential future collaborations in the developmental pipeline for targeted therapies.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.88
- Operating margin
- 49.0%
- Segment
- PMO Products
- Segment
- ELEVIDYS
What stood out
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Revenues Remain Robust Despite Decrease
Total revenues for Q1 2026 were $730.8 million, only a 2% decrease from $744.9 million in Q4 2025.
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Significant Net Income Turnaround
Net income for Q1 2026 was $331 million, a stark improvement from a loss of $447.5 million in Q1 2025.
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R&D Expenses Plummet by 80%
Research and development expenses fell sharply to $154 million from $773.4 million in the previous year due to the restructuring initiatives.
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Strong Collaboration Revenue
Collaboration and other revenues surged to $400.3 million, up from $133.3 million in the prior year, linked primarily to the Roche collaboration.
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Operating Income Surged
Operating income improved to $358.4 million compared to an operating loss of $300.4 million in Q1 2025.
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Cash Position Remains High
As of March 31, 2026, Sarepta maintained $748 million in cash and equivalents, a buffer for operational stability.
What to watch
-
ELEVIDYS Sales Plummeted
Sales of ELEVIDYS fell 73% to $102 million from $375 million YoY due to safety concerns and regulatory hold.
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High Operating Expenses
Selling, general and administrative costs decreased but still contributed $109 million in expenses which could pressure margins.
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Regulatory Scrutiny and Ongoing Litigation
Sarepta faces significant legal challenges, including a securities class action lawsuit related to safety disclosures, which may result in financial penalties.
Management's outlook
Management's outlook indicates a focus on cost control and potential collaborations, but specific numeric guidance is not provided.
Earlier filings 4
10-Q · August 6, 2025
Sarepta reported a strong Q2 with total revenues of $611,091,000 and diluted EPS of $1.89, driven by product sales ($513,123,000) and a step-up in collaboration revenue. Operating income swung to $115,577,000 from an…
10-Q · May 6, 2025
Sarepta Therapeutics reported a disappointing Q1 2025, with revenue of $744.9 million, exceeding consensus but incurring significant loses resulting in an EPS of -4.60, far below analyst expectations. Management pointed…
10-Q · November 6, 2024
Sarepta reported Q3 total revenue of $467,172,000, up $135,355,000 (40.8%) versus $331,817,000 in Q3 2023, driven by product sales and higher collaboration revenue. Operating income turned positive to $22,196,000 (4.8%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.