10-Q · May 6, 2026
Sarepta Therapeutics reported Q1 2026 revenues of $730.8M, down 2% QoQ, with a significant increase in net income to $331.0M compared to a loss of $447.5M in Q1 2025. The decrease in revenues stemmed largely from a 46%…
Earnings analysis · 10-Q
SRPT earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
The provided 10-Q extract does not include the quarterly income statement, segment revenue, balance-sheet working-capital details, or cash-flow statement, so Q3 2026 revenue, margins, EPS, free cash flow, and…
Read full summary
The provided 10-Q extract does not include the quarterly income statement, segment revenue, balance-sheet working-capital details, or cash-flow statement, so Q3 2026 revenue, margins, EPS, free cash flow, and period-over-period trends cannot be reliably quantified. Liquidity was $998.7 million at September 30, 2026, and nine-month operating income was $362.7 million, but the filing highlights substantial product and regulatory uncertainty, including two ELEVIDYS-related deaths, a failed ESSENCE primary endpoint, and discontinuation of ENVISION enrollment. No explicit quantitative financial guidance is provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Positive year-to-date operating income
The company reported operating income of $362.7 million for the nine months ended September 30, 2026, indicating positive year-to-date operating performance.
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Nearly $1.0 billion of liquidity
Cash, cash equivalents, restricted cash and investments totaled $998.7 million at September 30, 2026, including $472.8 million of cash and cash equivalents and $514.8 million of investments.
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Effective disclosure controls
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
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Debt largely insulated from rates
The company’s debt is fixed-rate: $158.6 million of 2027 Notes carry a 1.25% rate and $893.4 million of 2030 Notes carry a 4.875% rate, limiting direct exposure to changes in market interest rates.
What to watch
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ELEVIDYS safety restrictions persist
ELEVIDYS remains exposed to significant safety and commercial risks. The filing cites two deaths from acute liver failure in non-ambulatory patients, a boxed warning for acute liver injury and acute liver failure, and removal of the non-ambulatory population from the product’s Indication and Usage section.
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PMO regulatory outcome remains uncertain
The ESSENCE confirmatory trial for VYONDYS 53 and AMONDYS 45 did not meet statistical significance on its primary endpoint. The FDA accepted the related supplemental NDAs in June 2026, with an expected PDUFA target action date of February 28, 2027; potential label changes or withdrawal of accelerated approvals remain material risks.
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ENVISION enrollment discontinued
The company announced in November 2026 that it would not resume enrollment in the ENVISION study of ELEVIDYS. The study had previously been placed on clinical hold, increasing uncertainty around international development and the future non-ambulatory opportunity.
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Over $1.0 billion of notes outstanding
Debt-service and refinancing risk remains material: outstanding principal totaled $158.6 million for the 2027 Notes and $893.4 million for the 2030 Notes, while the company also has a $600.0 million revolving credit facility with financial covenants.
Management's outlook
The provided 10-Q extract does not disclose quantitative revenue or EPS guidance. It states an expected PDUFA target action date of February 28, 2027 for the VYONDYS 53 and AMONDYS 45 supplemental NDAs, but this is a regulatory timeline rather than financial guidance.
Earlier filings 4
10-K · March 2, 2026
Sarepta recorded product sales-driven net revenues of $1,864.3 million in 2025, up from $1,788.0 million in 2024 and $1,144.9 million in 2023. The company is executing a July 2025 strategic restructuring to reduce…
10-Q · August 6, 2025
Sarepta reported a strong Q2 with total revenues of $611,091,000 and diluted EPS of $1.89, driven by product sales ($513,123,000) and a step-up in collaboration revenue. Operating income swung to $115,577,000 from an…
10-Q · May 6, 2025
Sarepta Therapeutics reported a disappointing Q1 2025, with revenue of $744.9 million, exceeding consensus but incurring significant loses resulting in an EPS of -4.60, far below analyst expectations. Management pointed…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.