Sarepta (SRPT) Q4 2025 Earnings Call Transcript
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 25, 2026
AI-Generated Deep Dive Summary
Sarepta Therapeutics (SRPT) delivered a solid financial performance in its Q4 2025 earnings call, with net product revenue hitting $1.86 billion for the year, driven by strong contributions from PMOs and ELEVIDYS. The company reported $954 million in cash and investments at year-end, reflecting robust financial health. However, Sarepta issued cautious guidance for 2026, forecasting net product revenue between $1.2 billion and $1.4 billion, with management advising investors to model toward the lower end of this range initially.
Key highlights from the call include ELEVIDYS generating $110 million in Q4 revenue, despite challenges from a severe flu season and delayed infusions impacting sales. PMO franchise revenue remained stable at $259 million, with EXONDYS 51, VYONDYS 53, and AMONDYS 45 contributing significantly. The company also reported positive cash flow of over $330 million from its base business in 2025, excluding Arrowhead payments, and expects to maintain operating profit and positive cash flow in 2026.
Sarepta emphasized its commitment to cost management, with non-GAAP R&D and SG&A expenses totaling $413 million in Q4 and full-year 2025 expenses at $1.85 billion. The company’s pipeline progress was highlighted, with clinical-stage programs for DM1, FSHD, IPF, SCA2, and Huntington’s disease advancing, including upcoming proof-of-concept readouts. Additionally, the FDA is scheduled to discuss potential traditional approvals for AMONDYS and VYONDYS in Q1, while ELEVIDYS continues to demonstrate strong safety and efficacy data.
The earnings call also addressed leadership transitions, with CEO Douglas Ingram announcing his intent to retire by the end of 2026. Sarepta’s collaboration with Roche remains a key driver of revenue, with expectations for $450 million to $550 million in 2026
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Originally published on The Motley Fool on 2/25/2026