Sarepta Therapeutics Reports 68% Revenue Growth to $611.1 Million in Q2 2025

Sarepta Therapeutics, Inc. reported significant financial performance improvements in its latest quarterly filing, with total revenues reaching $611.1 million for the three months ended June 30, 2025, a 68% increase from $362.9 million in the same period last year. This growth was driven primarily by a substantial rise in product sales, particularly from its gene therapy product ELEVIDYS, which generated $281.9 million in revenue, up 132% year-over-year. For the first half of 2025, total revenues were $1.36 billion, compared to $776.4 million in the prior year, marking a 75% increase.

Despite the revenue growth, Sarepta reported a net loss of $250.6 million for the six months ended June 30, 2025, compared to a net income of $42.6 million in the same period of 2024. The loss was attributed to a significant increase in research and development expenses, which surged to $977.8 million, largely due to a $583.6 million expense related to an exclusive licensing agreement with Arrowhead Pharmaceuticals. Additionally, the cost of sales increased dramatically, reflecting higher production costs associated with the expanded demand for ELEVIDYS and other products.

Operationally, Sarepta has made strategic moves, including a restructuring plan announced in July 2025, which involves a workforce reduction of approximately 36% to enhance financial flexibility. The company also suspended shipments of ELEVIDYS to non-ambulatory patients following safety concerns, which could impact future revenue generation. As of June 30, 2025, Sarepta had $850.3 million in cash, cash equivalents, and investments, a decrease from $1.5 billion at the end of 2024, primarily due to the Arrowhead payments and increased inventory levels.

The company has also expanded its collaboration agreements, notably with Roche, which contributed to a significant increase in collaboration revenues, from $2.4 million in Q2 2024 to $98 million in Q2 2025. This includes milestone payments related to regulatory approvals and contract manufacturing revenues. As of June 30, 2025, Sarepta's total liabilities stood at $2.32 billion, with a current ratio indicating a need for careful management of its working capital.

Looking ahead, Sarepta anticipates that its current cash reserves, along with future cash inflows from operations, will be sufficient to fund its operational plans for at least the next twelve months. However, the company is also exploring additional financing options to support its long-term growth and development initiatives, particularly in light of the ongoing restructuring and the potential impacts of regulatory actions on its product pipeline.