Sarepta Therapeutics, Inc. reported net revenues of $1.788 billion for the year ended December 31, 2024, a 56% increase compared to $1.145 billion in 2023. This significant rise is primarily attributed to a $620.4 million increase in ELEVIDYS net product revenues following its initial FDA approval in June 2023 and subsequent expanded label approval in June 2024. Collaboration and other revenues totaled $114.0 million in 2024, a 16% increase from $98.5 million in 2023, reflecting contract manufacturing revenue related to ELEVIDYS shipments to Roche and royalty revenue from Roche's ELEVIDYS sales.
The company's cost of sales (excluding amortization of in-licensed rights) increased by 112% to $319.1 million in 2024, compared to $150.3 million in 2023. This increase is largely due to higher ELEVIDYS sales and increased write-offs of products failing quality specifications. Research and development expenses decreased by 8% to $804.5 million in 2024, primarily due to decreased activity in the PPMO platform and a decrease in clinical trial expenses, partially offset by increased costs in LGMD gene therapy programs and costs associated with the termination of a manufacturing agreement with Thermo Fisher Scientific. Selling, general, and administrative expenses increased by 16% to $557.9 million in 2024, mainly driven by increases in professional services, compensation, stock-based compensation, and facility-related expenses.
Sarepta's operating income was $218.1 million in 2024, a significant improvement from a $267.8 million operating loss in 2023. Other income (loss), net, showed a substantial increase from a $252.3 million loss in 2023 to a $42.7 million gain in 2024, primarily due to the absence of a loss on debt extinguishment and the absence of a gain from the sale of a Priority Review Voucher in 2024. The company reported net income of $235.2 million in 2024, compared to a net loss of $536.0 million in 2023. Basic and diluted earnings per share were $2.47 and $2.34, respectively, in 2024.
As of December 31, 2024, Sarepta had 1,372 employees globally, with a voluntary employee turnover rate of 4.6%. The company's cash, cash equivalents, restricted cash, and investments totaled approximately $1.504 billion, which they believe is sufficient to fund their current operational plan for at least the next 12 months. The company's outlook includes submitting a Biologics License Application (BLA) for SRP-9003 in the second half of 2025 and expanding its pipeline through internal research and development and strategic transactions. However, the filing also details numerous risk factors, including those related to the commercial success of its products, regulatory approvals, manufacturing, competition, and financial condition.
About Sarepta Therapeutics, Inc.
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