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Sep 30, 2025
Sarepta Q3 2025 Earnings Report
Sarepta Therapeutics reported a significant year-over-year revenue decline and a net loss in Q3 2025, driven by reduced ELEVIDYS shipments and restructuring costs.
Key Takeaways
Sarepta's Q3 2025 revenues fell 15% to $399.4 million due to reduced ELEVIDYS sales. The company posted a net loss of $179.9 million and a non-GAAP loss of $12.9 million. PMO therapies and gene therapy ELEVIDYS contributed to the revenue mix.
Q3 2025 revenue declined to $399.4 million from $467.2 million in Q3 2024.
Reported net loss of $179.9 million; adjusted non-GAAP net loss was $12.9 million.
ELEVIDYS revenue decreased $49.5 million due to shipment pause to non-ambulatory patients.
Completed ESSENCE confirmatory study for PMO therapies AMONDYS 45 and VYONDYS 53.
Revenue by Segment
Forward Guidance
Sarepta plans to engage with the FDA on potential label updates and paths to full approval for its PMO therapies, while focusing on expanding its siRNA pipeline and restoring ELEVIDYS momentum.
Positive Outlook
- Completion of ESSENCE trial fulfills post-marketing requirement.
- ELEVIDYS label update expected soon.
- Positive real-world evidence supports PMO therapies’ clinical benefit.
- Financial restructuring improved cash flow and reduced costs.
- siRNA programs progressing with readouts expected in 2026.
Challenges Ahead
- ELEVIDYS shipments to non-ambulatory patients were suspended.
- Total revenues declined 15% YoY in Q3.
- Net loss widened significantly due to restructuring and debt charges.
- Adjusted operating income and net income turned negative.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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