Sarepta Therapeutics Announces Fourth Quarter and Full-Year 2024 Financial Results and Recent Corporate Developments

– Net product revenues for the fourth quarter 2024 totaled $638.2 million, a 75% increase over the same quarter of the prior year

– ELEVIDYS net product revenue for the quarter totaled $384.2 million; Royalty revenue from the sales of ELEVIDYS by Roche for the quarter totaled $4.9 million

– Achieved GAAP and non-GAAP net income of $159.0 million and $206.0 million for the fourth quarter of 2024, respectively

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, today reported financial results for the fourth quarter and full-year 2024.

“2024 performance represented the fruition of our multi-year strategy to become a self-sustaining profitable biotech dedicated to improving the lives of patients with rare genetic disease. After obtaining a broad label for our gene therapy ELEVIDYS covering the vast majority of Duchenne patients, we had the most successful gene therapy launch in history, even as we continued to serve the community with our PMOs, EXONDYS 51, VYONDYS 53 and AMONDYS 45. And as we advanced our internal gene therapy pipeline, we also continued our diversification and secured our future by in-licensing a broad platform of siRNA programs, with potential blockbuster opportunities that could reach the market in 2028 and 2029,” said Doug Ingram, president and chief executive officer, Sarepta Therapeutics. “In 2025, we intend to capitalize on our 2024 achievements. In addition to 2025 net product revenue guidance of $2.9 billion to $3.1 billion, representing 70% year-over-year growth and 162% yearly growth for ELEVIDYS, we expect to reach multiple important milestones this year, including the proof of biology readouts in our myotonic dystrophy type 1 (DM1) and facioscapulohumeral muscular dystrophy type 1 (FSHD) programs and the Biologics License Application (BLA) submission for SRP-9003 which, if successful, would lead to our first approval in our LGMD pipeline.”

Fourth Quarter 2024 and Recent Developments:

• Established inaugural $600 million senior secured revolving credit facility: This instrument, available to Sarepta because of the Company’s financial strength and positive business outlook, provides flexibility to use non-dilutive financing to supplement a strong balance sheet and offer contingent liquidity in execution of the Company’s strategic plan.

• Announced positive results from Part 2 of the EMBARK study: In February, Sarepta reported topline results from Part 2 of EMBARK (Study SRP-9001-301), a Phase 3 clinical study of ELEVIDYS (delandistrogene moxeparvovec-rokl), the only approved gene therapy for Duchenne muscular dystrophy. The study showed that crossover-treated patients, who received ELEVIDYS after initially receiving a placebo, improved 2.34 points from baseline compared to matched external controls on the North Star Ambulatory Assessment (NSAA) 52 weeks after treatment (P