Sarepta Raises 2026 Revenue Floor After PMO Strength

The Tip Desk · November 7, 2026 · 3 min read

Third-quarter net product revenue was $323.8 million as the company lifted the low end of its full-year range to $1.25 billion.

Sarepta Therapeutics (SRPT) raised the low end of its 2026 total net product revenue guidance by $50.0 million to a range of $1.25 billion to $1.3 billion, citing strong PMO performance, after a third quarter in which net product sales were $323.8 million.

The rare-disease genetic-medicine company said it also lowered the high end of combined non-GAAP research and development and selling, general and administrative expense guidance by $25.0 million, to $800 million to $825 million. In the second-quarter update it had already narrowed the revenue range to $1.2 billion to $1.3 billion and the expense range to $800.0 million to $850.0 million.

Net product revenues were $323.8 million in the third quarter of 2026, down from $328.7 million in the second quarter. PMO net product revenue rose to $240.3 million from $230.6 million. ELEVIDYS net product revenue fell to $83.5 million from $98.1 million.

Total revenues were $381.4 million for the three months ended September 30, 2026, down $18.0 million, or 5%, from $399.4 million a year earlier. The company attributed the decline primarily to lower ELEVIDYS volume under an updated label that includes only the ambulatory patient population, partially offset by a $31.4 million increase in contract manufacturing revenues from increased commercial ELEVIDYS supply delivered to Roche.

GAAP operating results swung to a $9.0 million loss in the third quarter after $13.3 million of GAAP operating income in the second quarter. Non-GAAP operating income was $22.9 million, down from $86.5 million. A year earlier, GAAP operating loss was $103.4 million and non-GAAP operating results were a $35.7 million loss. GAAP net loss narrowed to $28.5 million from $50.6 million a year earlier. Non-GAAP net income was $15.6 million, or $0.13 a share, versus a $12.9 million non-GAAP net loss, or a $0.13 non-GAAP loss a share, a year earlier. GAAP diluted loss was $0.27 a share.

Research and development expenses were $82.5 million, down $136.4 million from $218.9 million a year earlier. The company said the decrease primarily reflected a $100.0 million Arrowhead milestone payment in the year-ago quarter with no similar activity in 2026, plus lower manufacturing and clinical expenses after the July 2025 pipeline reprioritization. Selling, general and administrative expenses were $118.6 million, up $26.7 million from $91.9 million a year earlier, primarily because the year-ago quarter included a reversal of previously recognized expense related to certain stock compensation awards and incentive compensation accruals tied to the July 2025 restructuring.

Other expense, net was approximately $16.7 million, versus $35.0 million of other income a year earlier. The company said the change primarily reflected a decrease in strategic investments after the August 2025 sale of its Arrowhead investment, partially offset by higher interest expense on 2030 Notes.

Cash, cash equivalents, restricted cash and investments ended at approximately $998.7 million as of September 30, 2026, up from approximately $945.0 million at the end of the second quarter.

Multiple ascending dose data from SRP-1003 in DM1 and SRP-1001 in FSHD are expected by year-end 2026. The company said it is actively preparing for Phase 3 development in both programs, including beginning manufacturing of clinical supply, and is preparing for both accelerated and traditional approval pathways.

The company said it expects ELEVIDYS net product revenue in the fourth quarter of 2026 to trend in line with the third quarter, consistent with previous guidance and subject to normal variability associated with one-time gene therapy. It said it expects the PMO franchise to remain strong.

Chief executive officer Michael Severino, who took the role in July, said the company saw continued strength in commercial execution and that it is already preparing both DM1 and FSHD programs for potential late-stage development.