olivLaw · US equity research
Sarepta Therapeutics, Inc. SRPT
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Sarepta Therapeutics is a commercial-stage biopharmaceutical company developing RNA-targeted and gene therapies for rare diseases, centred on Duchenne muscular dystrophy. Its second-quarter 2026 product revenue was $328.7 million, and the company narrowed its 2026 revenue guidance to $1.2-1.3 billion, during a leadership transition and while key siRNA data are awaited.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Sarepta Therapeutics, Inc. (SRPT) stock was 17.57 USD (−7.48% on the day), with market capitalisation 1.9 bn USD, beta 1.57, 52-week range 14.86–23.83 USD. Latest reported quarter (Q2 2026): revenue of 401.3 m USD (−34.3% YoY), net income of -4.9 m USD (−102.5% YoY), diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.2
- weak (30–45)
- Bollinger (20, 2)
- 16.55 – 19.69
- in the lower half of the band · %B 0.33 · band width 17.4%
- SMA 50 / 200
- 19.20 / 18.67
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.5% | −1.1% | +2.6 pp | — |
| 3 months | +4.7% | −0.5% | +5.2 pp | — |
| 6 months | −15.5% | +4.4% | −19.9 pp | — |
| Year to date | −18.4% | +12.3% | −30.7 pp | — |
| 1 year | −5.9% | +13.5% | −19.4 pp | +19.3% |
| 3 years | −78.1% | +76.4% | −154.5 pp | +13.7% |
| 5 years | −80.2% | +63.7% | −143.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 467.2 m | 658.4 m | 744.9 m | 611.1 m | 399.4 m | 442.9 m | 730.8 m | 401.3 m |
| Gross profit | 338.1 m | 505.9 m | 474.0 m | 360.6 m | 219.3 m | -29.1 m | — | — |
| SG&A | 128.2 m | 163.9 m | 133.6 m | 137.9 m | 91.9 m | 128.3 m | 109.0 m | 107.6 m |
| Operating income | 22.2 m | 161.7 m | -300.4 m | 115.6 m | -103.4 m | -411.6 m | 358.4 m | 13.3 m |
| Depreciation & amortisation | 9.8 m ≈ | 10.5 m | 10.0 m | 10.8 m ≈ | 18.5 m ≈ | 5.3 m | 10.6 m | 10.4 m ≈ |
| Interest expense | 4.9 m | -32.3 m | -4.5 m | -5.2 m | 1.9 m | -40.0 m | -21.7 m | -21.5 m |
| Pre-tax income | 34.0 m | 171.7 m | -383.5 m | 153.6 m | -194.0 m | -278.3 m | 343.2 m | -1.7 m |
| Income tax | 395.0 k | 12.7 m | 64.0 m | -43.3 m | -14.1 m | 4.6 m | 12.2 m | 3.1 m |
| Net income | 33.6 m | 159.0 m | -447.5 m | 196.9 m | -50.6 m | -412.2 m | 331.0 m | -4.9 m |
| Diluted EPS | 0.34 | 1.50 | -4.60 | 1.89 | -0.50 | -3.93 | 2.88 | -0.05 |
| Operating cash flow | -70.7 m ≈ | 92.0 m | -583.4 m | 261.3 m ≈ | -14.6 m ≈ | 131.2 m | -202.7 m | 197.1 m ≈ |
| Capex | 37.3 m ≈ | 38.1 m | 43.7 m | 31.8 m ≈ | 22.9 m ≈ | 3.6 m | 2.1 m | 555.0 k ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 301.0 m | 380.8 m | 540.1 m | 701.9 m | 933.0 m | 1.2 bn | 1.9 bn | 2.2 bn |
| Revenue YoY | +94.7% | +26.5% | +41.8% | +30.0% | +32.9% | +33.3% | +53.0% | +15.6% |
| Net income | -361.9 m | -715.1 m | -554.1 m | -418.8 m | -703.5 m | -536.0 m | 235.2 m | -713.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −403.3% |
| Diluted EPS | unavailable | unavailable | -7.11 | -5.15 | -8.03 | -5.80 | 2.34 | -7.13 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −404.7% |
| net % | -120.2% | -187.8% | -102.6% | -59.7% | -75.4% | -43.1% | 12.4% | -32.5% |
| Free cash flow | -449.8 m | -516.1 m | 25.3 m | -481.7 m | -356.2 m | -577.1 m | -342.7 m | -307.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 801.3 m USD
- Financial debt
- 829.0 m USD
- Net debt
- 27.7 m USD
- Equity
- 1.1 bn USD
- Total assets
- 3.3 bn USD
- Debt / equity
- 0.73x
- Current ratio
- 2.32x
- ROE
- -53.5%
- ROA
- -19.5%
- FCF margin
- -14.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 540.1 m | 701.9 m | 933.0 m | 1.2 bn | 1.9 bn | 2.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | — | — | — | — | — | 25.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | — | — | — | — | — | 2.2 bn ≈ | SEC (XBRL)· 02 Mar 2026derived |
| SG&A | 317.9 m | 282.7 m | 451.4 m | 481.9 m | 557.9 m | 491.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -564.2 m | -459.7 m | -536.2 m | -267.8 m | 218.1 m | -699.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 26.9 m | 38.0 m | 41.9 m | 44.4 m | 37.7 m | 44.5 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -537.3 m ≈ | -421.7 m ≈ | -494.3 m ≈ | -223.4 m ≈ | 255.8 m ≈ | -655.3 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 59.9 m | 63.5 m | -53.2 m | -22.0 m | -18.4 m | -38.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -553.1 m | -418.9 m | -690.0 m | -520.1 m | 260.8 m | -702.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 1.1 m | -168.0 k | 13.5 m | 15.9 m | 25.5 m | 11.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -554.1 m | -418.8 m | -703.5 m | -536.0 m | 235.2 m | -713.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -7.11 | -5.15 | -8.03 | -5.80 | 2.34 | -7.13 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 78.0 m | 81.3 m | 87.6 m | 92.4 m | 107.9 m | 100.1 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 2.1 bn | 966.8 m | 428.4 m | 1.1 bn | 801.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 101.3 m | 153.0 m | 214.6 m | 400.3 m | 602.0 m | 398.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 232.0 m | 186.2 m | 204.0 m | 322.9 m | 750.0 m | 914.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 2.5 bn | 2.6 bn | 2.6 bn | 2.6 bn | 3.1 bn | 2.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 190.4 m | 191.2 m | 180.0 m | 227.2 m | 340.3 m | 345.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 13.6 m | 14.2 m | 7.6 m | 29.6 m | 26.9 m | 28.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 3.0 bn | 3.1 bn | 3.1 bn | 3.3 bn | 4.0 bn | 3.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 111.1 m | 76.7 m | 95.9 m | 164.9 m | 214.4 m | 280.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | — | — | 0 | 105.5 m | 0 | — | SEC (XBRL)· 28 Feb 2025verified |
| Long-term debt | — | 563.7 m | 1.5 bn | 1.2 bn | 1.1 bn | 829.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 416.0 m | 452.7 m | 619.6 m | 653.7 m | 731.7 m | 1.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 2.2 bn | 2.2 bn | 2.7 bn | 2.4 bn | 2.4 bn | 2.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 761.8 m † | 928.0 m † | 385.0 m † | 859.3 m † | 1.5 bn † | 1.1 bn † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 107.5 m | -443.2 m | -325.3 m | -501.0 m | -205.8 m | -205.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 82.2 m | 38.5 m | 30.8 m | 76.1 m | 137.0 m | 102.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 25.3 m ≈ | -481.7 m ≈ | -356.2 m ≈ | -577.1 m ≈ | -342.7 m ≈ | -307.5 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -121.7 m | 495.4 m | -1.0 bn | -165.8 m | 755.6 m | 69.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 682.3 m | 561.6 m | 232.5 m | 125.0 m | 124.8 m | -168.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 25.0 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 25.39 – 45.24 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)25.39 – 45.24 (Mid 32.60)WACC 8.0% · starting FCFF 150.2 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -9.0%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -6.7% | 10 (vs peers) | 21% |
| Net margin · Quality | -6.9% | 39 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 33.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.8x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 4.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partial19/100 · 1/2 factors with a value
- Valuation· partial55/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SAREPTA THERAPEUTICS, INC. (SRPT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.2 bn USD in 2025; YoY growth 15.6%; net margin -6.9%; ROE -9.3%.
The estimated value range is 25.39–45.24 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 32.60 USD, the price of 17.57 USD leaves a potential of 85.6% (value / price − 1) and a margin of safety of 46.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 33.1%
- Current ratio: 4.4x
- The price is below the estimated value range
What contradicts it
- ROIC: -6.7%
- Interest coverage: -1.8x
- Shareholder yield (distributions): 1.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| RDYDr. Reddy’s Laboratories Limited | 12.1 bn | 18.4 | 17.0% | 17.4% | +13.8% | +3% / +4% |
| PRAXPraxis Precision Medicines, Inc. | 7.3 bn | — | -38.9% | — | −100.0% | +34% / +1,343% |
| INDVIndivior Pharmaceuticals, Inc. | 4.3 bn | 10.2 | — | 32.8% | +4.3% | +8% / +114% |
| ACADAcadia Pharmaceuticals Inc. | 3.7 bn | 9.6 | 35.7% | 33.4% | +11.9% | −15% / −5% |
| ARQTArcutis Biotherapeutics, Inc. | 3.4 bn | 125.2 | 14.9% | 5.9% | +91.3% | −12% / +1,367% |
| SRPTSarepta Therapeutics, Inc. | 1.9 bn | — | -9.3% | -6.9% | +15.6% | −6% / −78% |
| CYRXCryoport, Inc. | 812.9 m | — | -7.4% | -20.1% | +12.4% | +67% / +14% |
| AVTXAvalo Therapeutics, Inc. | 355.6 m | — | -36.3% | -170,055.9% | −86.6% | −65% / −61% |
1- and 3-year price returns: for SRPT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
In brief
Sarepta Therapeutics is a commercial-stage biopharmaceutical company developing RNA-targeted and gene therapies for rare diseases, centred on Duchenne muscular dystrophy. Its second-quarter 2026 product revenue was $328.7 million 3, and the company narrowed its 2026 revenue guidance to $1.2-1.3 billion 3, during a leadership transition and while key siRNA data are awaited.
SWOT
Strengths
- The company has several approved Duchenne products and a consolidated commercial revenue base. Its cash position remains solid, and the latest quarter showed operating profitability.
- Proprietary PMO and siRNA platforms give a technological edge in rare disease. Partnerships with Roche and Arrowhead bring revenue and access to technology.
- The pipeline spans several programmes at different stages, which reduces long-term dependence on a single product.
Weaknesses
- Revenue depends heavily on a few products, and the decline in ELEVIDYS sales significantly reduced revenue in 2026.
- The company has no internal GMP manufacturing and depends on third parties for compliance and production.
- Results fluctuate from period to period, and the net loss in 2025 shows financial vulnerability.
Opportunities
- If the filings to convert PMO products to traditional approval are granted, the products could gain a more secure market position.
- 2026 results for DM1 and FSHD could open new markets for siRNA therapies.
- Expansion outside the US through partners and resumed dosing in non-ambulatory patients, if data are favourable, could raise revenue.
Threats
- Failure of confirmatory studies could lead to revocation of accelerated approvals and withdrawal of products from the market.
- Pressure from payers and governments on prices could reduce revenue and margins.
- Possible safety events and FDA restrictions could limit product use, as happened with ELEVIDYS.
Risks
- ESSENCE study resultshigh
The confirmatory study for AMONDYS 45 and VYONDYS 53 did not reach statistical significance on its primary endpoint, which could lead to label changes or withdrawal of approval 1. Discussions with the FDA are ongoing.
- ELEVIDYS safetyhigh
Serious cases of liver failure have occurred and the label carries a warning. Resumed dosing in non-ambulatory patients is uncertain and depends on the FDA's analysis 1.
- Dependence on productsmedium
Most revenue comes from a few products, and a drop in sales of one of them quickly affects quarterly results 12.
- Manufacturing and third-party suppliersmedium
The company relies on third parties for manufacturing and distribution, and quality or cGMP problems at those partners could interrupt supply 1.
- Reimbursement and pricingmedium
Lack of favourable reimbursement or price pressure could limit sales of the approved products 1.
Investment thesis
What would need to be true (bull case)
- If conversion filings for the PMO products succeed and ELEVIDYS sales stabilise, the company could sustain significant revenue from existing products.
- Operating profitability in the second quarter of 2026 and high liquidity could provide room to fund the siRNA programmes.
- Favourable results for DM1 and FSHD could extend the pipeline beyond Duchenne and reduce dependence on current products.
What would break the thesis
- If confirmatory studies do not support clinical benefit, the PMO products could lose accelerated approval and a large part of their revenue.
- Falling ELEVIDYS sales and lower 2026 revenue guidance show the revenue base can be volatile.
- Price pressure, reimbursement limits and possible safety problems could keep the company from reaching durable profitability.
What to watch
- FDA decision on converting AMONDYS 45 and VYONDYS 53 to traditional approval2026
- MAD cohort readouts for DM1 and FSHD2H 2026
- ENDEAVOR Cohort 8 12-week data for ELEVIDYSQ1 2027
- Revenue guidance and PMO and ELEVIDYS sales trendsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
The business
Sarepta builds its business on proprietary PMO chemistry, siRNA technologies obtained through its partnership with Arrowhead, and AAVrh.74-based gene therapy 1. Approved Duchenne products are EXONDYS 51, VYONDYS 53, AMONDYS 45 and ELEVIDYS 1. Net product revenues were $1,864.3 million in 2025 1, and the company has no internal GMP manufacturing and relies on third-party suppliers 1.
In 2026 Sarepta announced a new chief executive and continued its DM1, FSHD and Huntington's programmes, with data expected in the second half of 2026 3. Reliance on a few commercial products remains central to the company's profile 1.
Segments
Market context
The target market is rare neuromuscular disease, where Duchenne is the most common form of muscular dystrophy with progressive muscle loss 1. Approved therapies cover only subgroups defined by exon-skipping-amenable mutations, and expansion depends on better patient identification through genetic testing 1.
Demand depends on coverage and reimbursement by third-party payers, which increasingly challenge the effectiveness and price of medical products 1. Changes in those decisions could quickly affect revenue.
Trends
- Regulation of accelerated approvalsheadwind
Several products hold accelerated approval, and their continuation may depend on confirmatory studies; FDORA expands expedited withdrawal procedures 1. If confirmatory studies fail to show clear benefit, regulators could change labels or withdraw approvals.
- Focus on siRNA and genetic therapiestailwind
Interest in siRNA medicines for rare diseases is growing, and partnerships such as the one with Arrowhead broaden the pipeline 1. If 2026 data for DM1 and FSHD prove favourable, the programmes could open new revenue sources 3.
- Pricing and reimbursement pressureheadwind
Payers and governments are restricting prices and reimbursement terms, and products may need discounts or rebates to stay accessible 1. This pressure could compress margins over the long term.
- Partnerships with industry playersmixed
Collaboration revenue with Roche and contract manufacturing revenue rose significantly in 2025 and the first half of 2026 12. If these collaborations remain active, they could partly offset weaker direct sales.
Competitive position
The supplied sources do not describe direct competitors in detail. The company notes, however, that the development or pricing of competing products for the same diseases could affect commercial success 1. The existence of competing clinical trials is also a risk factor 1.
In rare neuromuscular disease, the absence of approved LGMD treatments means competitive pressure mainly comes from new therapies developed by other players 1.
- Arrowhead PharmaceuticalsARWR
Partner in the siRNA programmes for DM1, FSHD, SCA, IPF and Huntington's disease, and a potential competitor through its siRNA delivery technology.
- Roche
Commercial partner for ELEVIDYS outside the US that pays milestones and buys supply, and an actor with its own rare-disease programmes.
- Other Duchenne therapy developers
Companies pursuing other approaches to Duchenne may compete for the same patients and physician attention, as the company itself notes.
- LGMD therapy developers
No LGMD treatments are currently approved, so other companies' products could become competitors over time.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Nov 2026
- Current report23 Sept 2026Material agreement
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report27 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report04 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Quarterly report06 May 2026
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sarepta Therapeutics, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sarepta Therapeutics, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sarepta Therapeutics, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.