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Sarepta Therapeutics, Inc.
NASDAQ: SRPT Healthcare Pharma 🔎 Screen
$1.9B
Market Cap
52.0
P/E
7.48
PEG
-52.0%
ROCE
-53.5%
ROE
0.90
D/E
-31.8%
OPM
-20.4%
% from 52W High
59
α RS
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About

Sarepta Therapeutics, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery and development of RNA-targeted therapeutics, siRNA platform, gene therapy, and other genetic therapeutic modalities for the treatment of rare diseases.

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⭐ Superinvestors Holding SRPT
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.67M $36.2M 0.06% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →
📊 MIXED Sarepta Q1 2026: $331M product revenue, ELEVIDYS $102M, PMO $229M
Revenue & Profitability
First quarter 2026 total revenues were $731 million, a decrease of 2% year-over-year, driven by lower ELEVIDYS sales partially offset by higher collaboration revenue. Net product revenue was $331 million. The company reported GAAP operating profit of $358 million and non-GAAP operating profit of $398 million. Gross margin on a unit basis was 82%. Sarepta ended the quarter with $748 million in cash and investments, a sequential decrease of $206 million due to $250 million in Arrowhead-related payments. Excluding those payments, the base business generated positive cash flow.
Outlook
Management believes the Duchenne market remains stable, with demand for PMO therapies durable and sustained by long-standing physician experience. For ELEVIDYS, there is a significant information gap regarding its disease-modifying potential, but the company expects progress as educational initiatives close that gap. The broader rare disease landscape for FSHD, DM1, and Huntington's is viewed as high unmet need, and Sarepta's siRNA pipeline is positioned to address these conditions. The company reiterated full-year 2024 revenue guidance of $1.2–$1.4 billion and expects positive cash flow even under base-case assumptions.
Growth Drivers
Key growth levers include re-establishing momentum for ELEVIDYS in the ambulatory Duchenne population through expanded commercial outreach (e.g., doubling the sales force, contract sales team, new educational materials), and the potential to treat non-ambulatory patients if cohort 8 data with sirolimus prophylaxis is successful. The PMO franchise provides stable, recurring revenue with high adherence. Internationally, the first commercial sale in Japan triggered a $40 million milestone. The siRNA pipeline offers long-term growth optionality, with earlier-stage programs in FSHD (SRP-1001) and DM1 (SRP-1003) expected to yield additional data in the second half of 2026.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Gross margin on a unit sales basis was 82% in Q1 2026. Combined R&D and SG&A expenses were $263 million on a GAAP basis and $224 million non-GAAP, including a $50 million Arrowhead collaboration license fee. These expenses decreased significantly year-over-year due to cost restructuring enacted in summer 2025. Management noted that the current operating expense outlook fully contemplates enhancing the DM1 and FSHD programs through late-stage development without placing strain on the balance sheet.
Key Risks
Key risks flagged include the information gap and misperceptions around ELEVIDYS leading to slower-than-expected adoption, the long decision cycle for patients (six months from enrollment to infusion), and quarterly variability due to the one-time nature of gene therapy. Safety risks include acute liver injury (ALI) in AAV gene therapy, which the sirolimus cohort aims to mitigate. Regulatory uncertainty surrounds the non-ambulatory label expansion based on cohort 8 results. Additionally, the company's siRNA pipeline is in early stages and may not replicate preclinical success. Financial risks include reliance on collaboration revenue and potential dilution if external funding is needed, though management believes current cash flows are sufficient.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 revenues declined year-over-year due to lower ELEVIDYS demand, but operating profitability and cash generation remained strong. The company narrowed 2026 revenue guidance and expects modestly lower second-half revenue, with key siRNA and gene therapy data readouts anticipated later this year.
Q1 2026 Q1 2026 2026-05-06
Q1 2026 saw stabilized operations, strong cash reserves, and positive operating profit, with ELEVIDYS and PMO franchises performing steadily. Promising siRNA pipeline data and expanded commercial initiatives support full-year guidance of $1.2–$1.4 billion.
Q4 2025 Q4 2025 2026-02-25
Entered 2026 with strong financials, $2.2B 2025 revenue, and $954M cash. ELEVIDYS and PMO franchises remain stable, with new educational initiatives expected to drive 2026 revenue of $1.2–$1.4B. CEO to retire by end of 2026; robust pipeline and Japan launch support future growth.
Q3 2025 Q3 2025 2025-11-03
Q3 revenues reached $399M, with strong PMO and ELEVIDYS sales despite shipment disruptions. ESSENCE trial for VYONDYS and AMONDYS showed clinical benefit trends but missed statistical significance, impacted by COVID-19. Financials improved via cost cuts, debt restructuring, and positive cash flow.
Q1 2025 Q1 2025 2025-05-06
Q1 2025 saw 70% net product revenue growth, led by ELEVIDYS, but guidance was revised to $2.3–$2.6B due to a safety event, administrative delays, and site capacity constraints. Cash remains strong, and a recovery is expected in the second half of the year.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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