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what it is
Sarepta sells genetic medicines for Duchenne muscular dystrophy and is trying to turn that niche into a durable drug franchise.
how it gets paid
Last year Sarepta Therapeutics made $1.9B in revenue.
why it's growing
Revenue grew 4.3% last year. Latest-quarter revenue rose 304% vs. prior year, but EPS came in at -$3.93 versus a $1.00 estimate.
what just happened
Sarepta posted $1.5B in revenue, but the quarter was overshadowed by a brutal EPS miss.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
9.2% return on capital — nothing to write home about
$2.28 fy2024 eps est
$2B fy2024 rev est
xvary composite: 27/100 — weak
What they do
Sarepta sells genetic medicines for Duchenne muscular dystrophy and is trying to turn that niche into a durable drug franchise.
Sarepta already has four Duchenne treatments on the market. Most biotech peers have hope; Sarepta had $1.9B in annual revenue in 2025. If you treat a rare disease first and stay embedded with doctors and families, switching gets painful.
How they make money
$1.9B
annual revenue · their business grew +4.3% last year
total revenue
$1.9B
+4.3%
The products that matter
gene therapy for DMD
ELEVIDYS
flagship launch · adoption under pressure
you own the first FDA-approved gene therapy for DMD, but approval has not fixed the economics. sarepta's gross margin was just 1.9%, and its five-year average was only 3.8%.
commercial test
approved RNA-targeted drugs
Exondys, Vyondys, Amondys
core revenue base
these approved DMD drugs support most of the $1.7B product revenue line. in plain english: the legacy franchise is still paying the bills while management tries to stabilize the newer launch.
revenue foundation
experimental RNA pipeline
siRNA pipeline
next act · not current profits
management is reshaping the company around this pipeline and targeting $400M in annual savings starting in 2026. that tells you the next chapter has to be cheaper and better.
rebuild bet
Key numbers
7.8x
earnings multiple
P/E → stock price divided by expected earnings → so what: at $17.79 against $2.28 in expected 2024 EPS, you are paying a bargain multiple for a business the market does not trust.
$1.9B
annual revenue
This is no pre-revenue biotech. Sarepta already sells enough medicine to matter.
37.5%
operating margin
Operating margin → profit after running the business → so what: Sarepta still loses money even with almost $2B in sales.
$1.3B
long-term debt
Debt → money owed later → so what: leverage is heavy when your market cap is only about $2B.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $1.3B (42% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for SRPT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Sarepta posted $1.5B in revenue, but the quarter was overshadowed by a brutal EPS miss.
Latest-quarter revenue rose 304% vs. prior year, but EPS came in at -$3.93 versus a $1.00 estimate. That is the quiet part out loud: growth showed up, but the bottom line broke.
$1.5B
revenue
-$3.93
eps
1.9%
gross margin
the number that mattered
The 64.35% EPS miss mattered most because it tells you this business is still far less predictable than the revenue headline suggests.
source: company earnings report, 2026
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What could go wrong
the #1 risk is ELEVIDYS and the DMD franchise failing to cover sarepta's cost base.
high
sustained unprofitability
operating margin is -92.58% and profit margin is -32.45%. sarepta lost $713.4M over the last 12 months. translation: this business still burns capital instead of compounding it.
if losses stay this large, the turnaround window gets shorter fast.
high
cash cushion versus debt load
cash is $954M. long-term debt is $1.3B. that means the balance sheet is carrying more debt than cash while the company is still reporting large losses.
you are not buying a company with endless room to miss.
med
revenue decline in the next period
analysts expect revenue to fall 20.22% in the next period. for a stock that needs a confidence reset, shrinking revenue is the wrong kind of surprise.
the market is already assuming disappointment. more disappointment keeps that multiple compressed.
med
CEO transition during a restructuring
Douglas Ingram plans to retire by the end of 2026, while management is trying to deliver $400M in annual savings. leadership change is not fatal, but it is one more thing that has to go right.
when a turnaround is this fragile, execution risk compounds.
a $2B company that lost $713.4M over the last 12 months and holds $954M in cash does not have the luxury of a long, messy turnaround.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
cash burn versus cash on hand
$954M in cash sounds fine until you line it up against a $412.23M quarterly net loss. this is the scoreboard now.
trend
whether product revenue can re-accelerate
product revenue grew just 4.3% while analysts expect a 20.22% revenue decline next. you need to see stabilization before you can talk about recovery.
calendar
next earnings report
expected may 6, 2026. this is where management has to show whether the $400M savings plan is turning into a real operating reset.
risk
pipeline data and succession at the same time
initial DM1 and FSHD pipeline readouts matter. so does the CEO transition. sarepta is trying to rebuild scientific confidence and management confidence in parallel.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not expect a smooth earnings path here. this is a volatile estimate set.
price stability
5 / 100
the stock has been extremely unstable. translation: even if you like the science, you should expect violent swings.
source: institutional data
Institutional activity
institutional ownership data for SRPT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$18
current price
n/a
target midpoint · n/a from current
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