Sarepta Q2 results beat expectations despite lower sales stemming from Elevidys relabel, unmet Roche milestone

Sarepta Therapeutics

05/08/2026 21:22

Overview
US rare disease drugmaker's Q2 revenue fell 34% yr/yr but beat analyst expectations
Adjusted EPS for Q2 beat analyst expectations
Revenue decline mainly due to lower ELEVIDYS sales from updated label and no Roche milestone

Outlook
Sarepta narrows 2026 net product revenue guidance to $1.2-$1.3 bln
Company narrows 2026 non-GAAP R&D and SG&A expense guidance to $800 mln-$850 mln
Key data readouts in DM1 and FSHD programs expected in 2H 2026

Result Drivers
ELEVIDYS LABEL CHANGE - Co said lower ELEVIDYS sales were due to updated label restricting treatment to ambulatory patients
NO ROCHE MILESTONE - Co said revenue decline was partly due to absence of milestone payment from Roche for ELEVIDYS approval in Japan
RESTRUCTURING IMPACT - Co said operating expenses fell mainly due to pipeline reprioritization and restructuring announced in July 2025

Company press release: ID:nBwbCMMF2a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$401.30 mln
$364.34 mln (20 Analysts)
Q2 Adjusted EPS
Beat
$0.64
$0.26 (19 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 12 "hold" and 6 "sell" or "strong sell"
The average consensus recommendation for the pharmaceuticals peer group is "buy."
Wall Street's median 12-month price target for Sarepta Therapeutics, Inc. is $20.00, about 22% above its August 4 closing price of $16.39
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)