Sarepta Therapeutics Reports 41% Revenue Growth in Q3 2024, Net Income Turnaround

Sarepta Therapeutics, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, reflecting a strong performance driven by its product portfolio, particularly the newly launched ELEVIDYS. For the three months ended September 30, 2024, total revenues reached $467.2 million, a 41% increase from $331.8 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $1.24 billion, up 47% from $846.6 million in the prior year.

Product revenues for the third quarter were $429.8 million, a 39% increase from $309.3 million in Q3 2023, largely attributed to ELEVIDYS, which generated $181.0 million in revenue for the quarter, compared to $69.1 million in the same period last year. The company also recognized collaboration revenues of $37.4 million for the quarter, a 66% increase from $22.5 million in Q3 2023.

Sarepta's operating income for the third quarter was $22.2 million, a turnaround from an operating loss of $20.8 million in the same quarter of 2023. The net income for Q3 2024 was $33.6 million, compared to a net loss of $40.9 million in Q3 2023. Basic earnings per share improved to $0.35 from a loss of $0.46 per share in the prior year.

For the nine-month period, operating income was $56.4 million, a significant recovery from an operating loss of $292.4 million in 2023. Net income for the nine months ended September 30, 2024, was $76.2 million, compared to a net loss of $581.6 million in the same period last year, with basic earnings per share rising to $0.80 from a loss of $6.56.

Total current assets increased to $2.69 billion as of September 30, 2024, from $2.58 billion at the end of 2023, while total assets rose to $3.60 billion. However, cash and cash equivalents decreased significantly from $428.4 million to $197.9 million during the same period. The company reported an accumulated deficit of $4.37 billion as of September 30, 2024.

Strategically, Sarepta has focused on expanding its product offerings and enhancing its manufacturing capabilities. The company recently terminated its agreement with Thermo Fisher Scientific, resulting in a $55.4 million research and development expense, which included non-cash charges related to unamortized advance payments. The company continues to invest in its gene therapy programs and has over 40 projects in various stages of development.

Sarepta's financial outlook remains cautious, with the company indicating that its current cash and investments are sufficient to fund operations for at least the next twelve months, while also acknowledging the potential need for additional financing to support ongoing development and commercialization efforts.