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Mar 31
Sarepta Q1 2025 Earnings Report
Sarepta reported a net loss despite strong revenue growth driven by ELEVIDYS sales.
Key Takeaways
Sarepta Therapeutics delivered robust revenue growth in Q1 2025, fueled by a surge in ELEVIDYS sales. However, significant R&D investments, including a major licensing agreement with Arrowhead, led to a substantial net loss.
Total revenue reached $744.9 million, up 80% from the prior year.
ELEVIDYS revenue hit $375 million, growing 180% YoY.
Reported a GAAP net loss of $447.5 million and non-GAAP net loss of $332.5 million.
Cash and cash equivalents decreased to $240.9 million from $1.1 billion last quarter.
Sarepta
Sarepta
Sarepta Revenue by Segment
Revenue by Segment
ELEVIDYS Net Product Revenue
CapyFin.comCollaboration and Other Revenue
CapyFin.com Forward Guidance
Sarepta lowered full-year revenue guidance due to revised ELEVIDYS outlook, but expects continued growth driven by pipeline expansion.
Positive Outlook
- Revenue guidance remains strong at $2.3B–$2.6B.
- ELEVIDYS continues robust uptake post label expansion.
- Significant clinical progress in LGMD gene therapy programs.
- Arrowhead collaboration expands pipeline with siRNA programs.
- Maintains strong strategic positioning in rare disease gene therapy.
Challenges Ahead
- Revenue guidance was revised down from previous $2.9B–$3.1B.
- Large R&D spend related to Arrowhead deal hurt profitability.
- Net loss and EPS far below expectations.
- Cash position declined sharply during the quarter.
- Broader biotech market weakness adds external pressure.