Sarepta Therapeutics reported preliminary net product revenue of $369.6 million for the fourth quarter of 2025, a decline of 42% from the $638.2 million recorded in Q4 2024. The full‑year 2025 net product revenue totaled $1.86 billion, down 4% from $1.79 billion in 2024. The company’s revenue miss was driven largely by a shortfall in its flagship gene‑therapy product, ELEVIDYS, which generated $110.4 million in Q4 versus $128.8 million expected by analysts.
ELEVIDYS revenue fell 14% from the $124.8 million reported in Q4 2024, while the phosphorodiamidate morpholino oligomer (PMO) portfolio grew 4% to $259.2 million, matching the $255.6 million seen in the same period last year. The decline in ELEVIDYS was attributed to a severe year‑end flu season that forced the rescheduling of six patient infusions into 2026, as well as ongoing safety concerns that have limited its market access to ambulatory patients aged four and older.
CEO Doug Ingram said the company “faced and overcame challenges in 2025, achieving meaningful pipeline progress and solid performance.” He added that the Q4 ELEVIDYS revenue miss was “impacted by the severe year‑end flu season and the need in December to reschedule six patient infusions into 2026.” Ingram also highlighted the company’s focus on regaining approval for non‑ambulatory patients and advancing its siRNA pipeline.
The company’s cash position remained robust, with $953.8 million on hand as of December 31 2025, providing a cushion to navigate the current headwinds. While the Q4 revenue miss underscored the fragility of ELEVIDYS demand, the PMO franchise’s steady growth and the company’s ongoing pipeline development suggest a balanced portfolio strategy.
Looking forward, Sarepta has not issued new guidance for 2026, but management emphasized continued investment in its approved therapies and pipeline assets. The company’s strategy to expand the non‑ambulatory indication for ELEVIDYS and to accelerate siRNA candidates is expected to drive future revenue growth, though regulatory and safety challenges remain a key risk factor.
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