Sarepta Therapeutics, Inc. · NASDAQ:SRPT
Sarepta Therapeutics — Q1 2025 Earnings Presentation
24 slides from Sarepta Therapeutics's earnings presentation, May 6, 2025
Slide 1: First Quarter 2025 Financial Results
Patients can’t wait for the next breakthrough in medical research. So neither will we. First Quarter 2025 Financial Results Tuesday, May 6, 2025 MELANIE Living with limb-girdle muscular dystrophy ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 1
Slide 2: Forward Looking Statements
Forward Looking Statements In order to provide Sarepta’s investors with an understanding of its current results and future prospects, forward-looking statements will be made during this conference call. Any statements made by Sarepta that are not statements of historical fact may be deemed to be for
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes both GAAP information and Non-GAAP information. Non-GAAP (loss) income is defined as GAAP net (loss) income excluding interest income, net, depreciation and amortization expense, stock-based compensation expense, loss (gain) on strategic investm
Slide 4: Contents
Contents Opening Remarks Doug Ingram 6-7 Commercial Performance Dallan Murray 9 R&D Highlights Dr. Louise Rodino-Klapac 11-15 Financial Results Ian Estepan 17-19 ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 4
Slide 5: Opening Remarks
Opening Remarks Doug Ingram President & Chief Executive Officer ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 5
Slide 6: Q1 2025 and Recent Highlights
Q1 2025 and Recent Highlights “Sarepta is well positioned, as we have a significant number of approved therapies and significant revenue, a strong P&L and balance sheet and the ability to continue to independently drive our portfolio of gene therapies and siRNA programs.” • Revised FY 2025 Product R
Slide 7: ELEVIDYS Guidance Update Reflects Trends Seen With Broad Label Population
ELEVIDYS Guidance Update Reflects Trends seen with Broad Label Population 2025 Total Product Revenue Guidance: $2.3B - $2.6B Q1 2025 Factors Factors driving 2025 driving ELEVIDYS guidance update Key Areas of Focus performance Continued impact of recently Deliver comprehensive reported safety event a
Slide 8: Commercial Performance
Commercial Performance Dallan Murray EVP, Chief Customer Officer ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 8
Slide 9: Commercial Update: Key Areas of Focus
Commercial Update: Key Areas of Focus $ In Millions • Education: Disseminate biomarker safety $2,600 data in conjunction with new 2yr EMBARK data across wider treating and referring $2,300 physician landscape $1,788 • Shorten turnaround times: Work with individual sites to create more efficiencies a
Slide 10: R&D Highlights
R&D Highlights Louise Rodino-Klapac, Ph.D. EVP, Head of R&D, Chief Scientific Officer ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 10
Slide 11: Q1 2025 R&D Highlights
Q1 2025 R&D Highlights • Strengthening ELEVIDYS profile • Advancing LGMD portfolio • Building potential best-in-class siRNA therapies ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 11
Slide 12: No Observed Correlation Between Liver Function and Age, Weight, Dose, and Total Viral Load
No Observed Correlation Between Liver Function and Age, Weight, Dose, and Total Viral Load • No difference in the rates of adverse events relative to age or weight • No relationships between liver safety biomarkers and total dose administered, patient age or patient weight • Totality of data (over 8
Slide 13: Market Leading Gene Therapy Portfolio in LGMD
Market Leading Gene Therapy Portfolio in LGMD Sarcoglycanopathies Non-Sarcoglycanopathies SRP-9003 SRP-9004 SRP-9005 SRP-6004 SRP-6006 SRP-9010 Dual Vector Dual Vector LGMD2E/R4 LGMD2D/R3 LGMD2C/R5 LGMD2B/R2 LGMD2B/R2 LGMD2A/R1 Discovery Preclinical Clinical ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIG
Slide 14: Potential Best-In-Class siRNA Platform
Potential Best-in-Class siRNA Platform siRNA Design Effective and efficient target knock-down, αv 6 Peptide D improved durability, specificity, and (~7 kDA) reduction of off-target effects Delivery Superior tissue targeting D Dosing/Safety Less frequent dosing; favorable safety profile siRNA (~14
Slide 15: R&D Progress and a Look Ahead
R&D Progress and a Look Ahead MILESTONES ACHIEVED TO DATE (2025) LOOKING AHEAD ELEVIDYS ELEVIDYS SRP-1001 (formerly ARO-DUX4), FSHD1 • Positive EMBARK 2-year topline results • ENVISION: Enrollment completion • Preliminary results from Phase 1 • Positive results from Part 2 of EMBARK study • Study 10
Slide 16: Financial Results
Financial Results Ian Estepan EVP, Chief Financial Officer ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 16
Slide 17: Financial Highlights
Financial Highlights Q1 2025 Financial Results Operating (Loss) Cash and Total Revenues GAAP / Non-GAAP1 Investments3 $745 million ($300) / ($250) million $647 million 2025 On Track to Achieve Robust Revenue and Profit Growth and Maintain a Strong Balance Sheet Providing Significant Flexibility for
Slide 18: Q1 2025 Select Financial Data
Q1 2025 Select Financial Data Q1 Q1 YoY $ In Millions, except percentages 2025 2024 % Total Product Revenue $612 $359 70% Collaboration and Other Revenues $133 $54 Total Revenues $745 $413 80% Cost of Sales (excludes amortization of in-licensed rights) $138 $51 Combined GAAP R&D and SG&A Expenses $9
Slide 19: Updated 2025 Full Year Guidance
Updated 2025 Full Year Guidance Prior Guidance Updated Guidance FY 2025 FY 2025 Assumptions As of February 26, 2025 As of May 6, 2025 Reflects updated ELEVIDYS outlook Total Product Revenue $2,900 - $3,100M $2,300 - $2,600M • Represents +37% YoY growth at the midpoint of revised range Consistent ope
Slide 20: Question & Answer Session
Question & Answer Session ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 20
Slide 21: Appendix
Appendix ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 21
Slide 22: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) $ In Thousands, except per share amounts For the Three Months Ended March 31, 2025 2024 Revenues: Products, net $ 611,523 $ 359,484 Collaboration and other 133,333 53,980 Total revenues 744,856 413,464 Cost and expenses: Cost of sales (excluding amo
Slide 23: Reconciliation of GAAP Reported Net Income to Non-GAAP Net Income
Reconciliation of GAAP Reported Net Income to Non-GAAP Net Income For the Three Months Ended $ In Thousands, except per share amounts March 31, 2025 2024 GAAP net (loss) income $ (447,508) $ 36,119 Interest income, net (7,925) (15,731) Depreciation and amortization expense 9,377 8,143 Stock-based co
Slide 24: Reconciliation of GAAP Reported Operating Income, SG&A and R&D Expenses to Non-GAAP
Reconciliation of GAAP Reported Operating Income, SG&A and R&D Expenses to Non-GAAP Operating Income, SG&A and R&D Expenses For the Three Months Ended $ In Thousands March 31, 2025 2024 GAAP research and development expenses $ 773,448 $ 200,396 Stock-based compensation expense (17,317) (16,273) Depr