Sarepta Therapeutics, Inc. · NASDAQ:SRPT
Sarepta Therapeutics — Q4 2024 Earnings Presentation
21 slides from Sarepta Therapeutics's earnings presentation, Feb 26, 2025
Slide 1: Fourth Quarter and Full Year 2024 Financial Results
Patients can’t wait for the next breakthrough in medical research. So neither will we. Fourth Quarter and Full Year 2024 Financial Results Wednesday, February 26, 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 income (loss) is defined as GAAP net income (loss) excluding interest income, net, depreciation and amortization expense, stock-based compensation expense, the estimated income tax impact
Slide 4: Contents
Contents Opening Remarks Doug Ingram 6 Commercial Performance Dallan Murray 8 R&D Highlights Dr. Louise Rodino-Klapac 10 Financial Results Ian Estepan 12-15 ©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: 4Q24 and Recent Highlights
4Q24 and Recent Highlights “With grit and operational excellence, we achieved all our multi-year objectives in 2024.” • Continued ELEVIDYS launch • Positive EMBARK P2 adds to • Closed global licensing and success with expanded label robust clinical data supporting collaboration agreement with treatm
Slide 7: Commercial Performance
Commercial Performance Dallan Murray EVP, Chief Customer Officer ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 7
Slide 8: Strong Net Product Revenue Growth in Q4 and Full Year
Strong Net Product Revenue Growth in Q4 and Full Year Exceeded FY 2024 Total Net Product Revenue Guidance by $100 Million $ In Millions +56% $1,788 ELEVIDYS Sets the Standard for Gene Therapy Launches • Q4 Net product revenue exceeded guidance by over $60M and grew +112% over previous quarter $821 •
Slide 9: 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. 9
Slide 10: R&D Progress and Recent Developments
R&D Progress and Recent Developments RECENT DEVELOPMENTS LOOKING AHEAD ELEVIDYS ELEVIDYS SRP-1001 (formerly ARO-DUX4), FSHD1 • Positive EMBARK 2-year topline results • ENVISION: enrollment completion • Preliminary results from Phase 1 • Study 104 (imlifidase) and Study 105 SRP-9003, LGMD2E/R4 (plasm
Slide 11: Financial Results
Financial Results Ian Estepan EVP, Chief Financial Officer ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 11
Slide 12: Financial Highlights
Financial Highlights FY 2024 Financial Results Operating Income Cash2 and Total Revenues GAAP / Non-GAAP1 Investments $1,902 million $218 million / $438 million $1,504 million Continued Commercial Execution and Focus on Expense Management • Achieved first full year GAAP and non-GAAP profit1 – Robust
Slide 13: Q4 2024 Select Financial Data
Q4 2024 Select Financial Data Q4 Q4 YoY $ In Millions, except percentages 2024 2023 % Total Product Revenue $638 $365 75% Collaboration and Other Revenues $20 $32 Total Revenues $658 $397 66% Cost of Sales (excludes amortization of in-licensed rights) $132 $44 Total Combined GAAP R&D and SG&A Expens
Slide 14: FY 2024 Select Financial Data
FY 2024 Select Financial Data FY FY YoY $ In Millions, except percentages 2024 2023 % Total Product Revenue $1,788 $1,145 56% Collaboration and Other Revenues $114 $98 Total Revenues $1,902 $1,243 53% Cost of Sales (excludes amortization of in-licensed rights) $319 $150 Total Combined GAAP R&D and S
Slide 15: 2025 Full Year Guidance
2025 Full Year Guidance FY 2024 FY 2025 Assumptions Actual Guidance Represents +68% growth at the Total Product Revenue $1,788M $2,900 - $3,100M midpoint Excludes Arrowhead collaboration upfront transaction costs ($500- Combined Non-GAAP R&D and SG&A $1,143M $1,200 - $1,300M $600M) and potential DM1
Slide 16: Question & Answer Session
Question & Answer Session ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 16
Slide 17: Appendix
Appendix ©SAREPTA THERAPEUTICS, INC. 2025. ALL RIGHTS RESERVED. 17
Slide 18: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) For the Three Months Ended For the Twelve Months Ended $ In Thousands, except per share amounts December 31, December 31, 2024 2023 2024 2023 Revenues: Products, net $ 638,157 $ 365,071 $ 1,787,960 $ 1,144,876 Collaboration and other 20,255 31,710 1
Slide 19: 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 For the Twelve Months Ended $ In Thousands, except per share amounts December 31, December 31, 2024 2023 2024 2023 GAAP net income (loss) $ 159,049 $ 45,655 $ 235,239 $ (535,977) Interest income, net (10,753
Slide 20: 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 $ In Thousands For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 GAAP research and development expenses $ 199,953 $ 195,517 $
Slide 21: Reconciliation of GAAP to Non-GAAP Combined R&D and SG&A Expenses - FY 2025 Guidance
Reconciliation of GAAP to Non-GAAP Combined R&D and SG&A Expenses - FY 2025 Guidance Guidance1 $ In Millions FY 2025 GAAP Combined R&D and SG&A Expenses $1,400 - $1,575 Stock-based compensation expense ($150 - $200) Depreciation and amortization expense ($50 - $75) Non-GAAP Combined R&D and SG&A Exp