Stock Track | Sarepta Therapeutics Reports Strong Q3 2024 Results, Discontinues PPMO Program

Stock Track11-08

Sarepta Therapeutics (SRPT) reported impressive financial results for the third quarter of 2024, driven by the continued success of its gene therapy ELEVIDYS for Duchenne muscular dystrophy (DMD) and the strength of its PMO exon-skipping franchise.

The company reported total revenue of $467.2 million, a 41% increase from the same period last year. ELEVIDYS net product revenue reached $181 million, nearly tripling from $69 million in Q3 2023 and exceeding analyst expectations. The PMO franchise, including EXONDYS 51, VYONDYS 53, and AMONDYS 45, achieved $248.8 million in net product revenue, a modest increase from $240.2 million in Q3 2023.

Sarepta reported GAAP net income of $33.6 million, or $0.35 per basic share, compared to a net loss of $40.9 million in Q3 2023. On a non-GAAP basis, the company reported net income of $67 million, or $0.62 per diluted share, up from $31.5 million, or $0.31 per diluted share, in the prior-year quarter.

However, the company announced its decision to discontinue the development of SRP-5051, its investigational peptide-conjugated PMO (PPMO) for DMD, due to safety concerns related to persistent hypomagnesemia despite treatment discontinuation. This decision effectively ends the entire PPMO franchise at Sarepta.

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