Sarepta Therapeutics, Inc. · NASDAQ:SRPT

Sarepta Therapeutics — Q4 2025 Earnings Presentation

32 slides from Sarepta Therapeutics's earnings presentation, Feb 25, 2026

  1. Slide 1: Fourth Quarter and Full-Year 2025 Financial Results

    Patients can’t wait for the next breakthrough in medical research. So neither will we. Fourth Quarter and Full-Year 2025 Financial Results Wednesday, February 25, 2026 DILLON Living with Duchenne muscular dystrophy ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 1

  2. 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 presentation. Any statements that are not statements of historical fact may be deemed to be forward-looking statem

  3. Slide 3: Non-GAAP Financial Measures

    Non-GAAP Financial Measures This presentation includes both GAAP information and Non-GAAP information. Non-GAAP net (loss) income is defined as GAAP net (loss) income excluding interest expense (income), net, depreciation and amortization expense, stock-based compensation expense, restructuring char

  4. Slide 4: Contents

    Contents Opening Remarks Doug Ingram 5-6 Commercial Performance Patrick Moss, PharmD 7-12 R&D Highlights Louise Rodino-Klapac, PhD 13-20 Financial Results Ryan Wong 21-24 ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 4

  5. Slide 5: Entering 2026 in a Position of Strength

    Entering 2026 in a Position of Strength 1 2 3 Strong Four High Financial On-market Potential Foundation Therapies Product Pipeline ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 5

  6. Slide 6: Q4 2025 and Recent Highlights

    Q4 2025 and Recent Highlights Corporate Highlights R&D Highlights Financial Highlights • Commercial launch of • Positive 3-year EMBARK results, • Base business (excluding ELEVIDYS in Japan by Chugai showing durability and clinical Arrowhead collaboration Pharmaceutical, making significance of ELEVID

  7. Slide 7: Commercial Performance

    Commercial Performance Patrick E. Moss, Pharm.D. Executive Vice President, Chief Commercial Officer ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 7

  8. Slide 8: Q4 Performance and Outlook for ELEVIDYS

    Q4 Performance and Outlook for ELEVIDYS Q4 2025 Performance $ in Millions $1,864 • ELEVIDYS Revenue declined quarter-over-quarter: – Infusions affected by flu season and six infusions rescheduled into 2026. • PMOs Continue to deliver strong demand-based performance: $899 – Franchise expected to rema

  9. Slide 9: Patients and Physicians Deserve a Clear and Comprehensive Understanding of ELEVIDYS

    Patients and Physicians Deserve a Clear and Comprehensive Understanding of ELEVIDYS Information Deficit Resulting in treatment hesitation ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 9

  10. Slide 10: We are Executing on Two Critical Initiatives to Address the Key Challenge

    We are Executing on Two Critical Initiatives to Address the Key Challenge We See in the Market Data Discussed Today EMBARK EMBARK Information Deficit Part 2 Part 3 MRI Resulting in treatment hesitation ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 10

  11. Slide 11: We are Executing on Two Critical Initiatives to Address the Key Challenge

    We are Executing on Two Critical Initiatives to Address the Key Challenge We See in the Market • Enhanced Messaging Information Deficit • Field Force Expansion Resulting in Driving informed treatment hesitation decision-making ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 11

  12. Slide 12: The Opportunity for ELEVIDYS

    The Opportunity for ELEVIDYS • Traditional approval creates new opportunities to engage clinicians, patients, and caregivers • Expanding body of evidence supports the value of ELEVIDYS and demonstrates separation from natural history • Messaging and education initiatives underway MAX, age 10 Dosed w

  13. Slide 13: R&D Updates

    R&D Updates Louise R. Rodino-Klapac, PhD President, R&D and Technical Operations ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 13

  14. Slide 14: 3-year Topline Functional Results from Part 1 of EMBARK

    3-year Topline Functional Results from Part 1 of EMBARK (Study 9001-301) • On average, ELEVIDYS-treated patients remain above their baseline three years after treatment as measured by NSAA • Statistically significant 73% slowing of disease progression as measured by TTR (Time-to-Rise) • Statisticall

  15. Slide 15: ENDEAVOR (Study 9001-103) Cohort 8 Advancing

    ENDEAVOR (Study 9001-103) Cohort 8 Advancing • 6-month study adding sirolimus to standard immunosuppression in non-ambulatory population • 155 non-ambulatory patients treated with ELEVIDYS (as of July 2025) • Data expected by end of 2026 Up to 31 Days Part 2 Screening Baseline 12 Weeks Study 305 (ou

  16. Slide 16: Robust Data Supporting Sarepta's Neuromuscular Portfolio Expected at 2026 MDA Meeting

    Robust Data Supporting Sarepta’s Neuromuscular Portfolio Expected at 2026 MDA Meeting (March 8 through 11 - Orlando, Florida) • 3-year EMBARK results, including cardiac safety data • Caregiving-reported impressions from the Phase 3 EMBARK study (through 2 years of follow-up) • Safety analysis of sev

  17. Slide 17: PMO Impact: EXONDYS 51, VYONDYS 53 & AMONDYS 45

    PMO Impact: EXONDYS 51, VYONDYS 53 & AMONDYS 45 >1,800 patients worldwide ranging from infants 10+ years of clinical Established safety to adults in their 30’s and over and commercial experience profile Slowing disease 2,300+ Adherence rates exceeding progression • Delayed loss of ambulation • Slowe

  18. Slide 18: siRNA Programs Advancing in DM1, FSHD and Huntington's

    siRNA Programs Advancing in DM1, FSHD and Huntington’s SRP-1003 in clinical SRP-1001 in clinical SRP-1005 in clinical development for DM1 development for FSHD development for Huntington’s SAD Study Cohorts SAD Study Cohorts Study SRP-1005-101 (INSIGHTT) Cohort 1 - 1.5mg/kg Cohort 1 - 1.5mg/kg • Firs

  19. Slide 19: Upcoming Milestones Over the next 12 – 18 Months

    Upcoming Milestones Over the next 12 – 18 Months GENE RNA siRNA THERAPY ELEVIDYS EXONDYS 51 SRP-1003 SRP-1005 Duchenne Duchenne DM1 Huntington’s ENDEAVOR Cohort 8 MIS51ON data readout disease Phase 1/2 preliminary data complete primary – end of 2026 Commence dosing – 1Q 2026 endpoint data collection

  20. Slide 20: Rare Disease Day

    Rare Disease Day Saturday, February 28, 2026 ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 20

  21. Slide 21: Financial Results

    Financial Results Ryan H. Wong Executive Vice President, Chief Financial Officer ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 21

  22. Slide 22: Financial Highlights

    Financial Highlights FY 2025 Financial Results Operating Loss Cash and Product Revenue Total Revenues Investments2 GAAP / Non-GAAP1 $1.86 billion $2.2 billion ($700) / ($492) million $954 million Disciplined Cost Structure and Strong Balance Sheet Support Sustained Profitability and Cash Flow • Excl

  23. Slide 23: Q4 and FY 2025 Select Financial Data

    Q4 and FY 2025 Select Financial Data Q4 Q4 YoY FY FY YoY $ In Millions, except percentages 2025 2024 % 2025 2024 % Total Product Revenue $370 $638 -42% $1,864 $1,788 4% Collaboration and Other Revenues $73 $20 $334 $114 Total Revenues $443 $658 -33% $2,198 $1,902 16% Cost of Sales (excludes amortiza

  24. Slide 24: FY 2026 Guidance

    FY 2026 Guidance FY 2026 Guidance Assumptions As of Feb 25, 2026 • PMO revenue expected to see modest decline year over year from ELEVIDYS cannibalization • Range of ELEVIDYS revenues dependent on impact Total Net Product Revenue $1,200-1,400M and timing of commercial initiatives Total Collaboration

  25. Slide 25: Q&A

    Q&A ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 25

  26. Slide 26: Appendix

    Appendix ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 26

  27. Slide 27: Condensed Consolidated Statements of Income (Loss)

    Condensed Consolidated Statements of Income (Loss) Note: Tables may not foot due to rounding For the Three Months Ended For the Twelve Months Ended $ in Thousands, except per share amounts December 31, December 31, 2025 2024 2025 2024 Revenues: Products, net $ 369,607 $ 638,157 $ 1,864,296 $ 1,787,9

  28. Slide 28: 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, 2025 2024 2025 2024 GAAP net (loss) income $ (412,226) $ 159,049 $ (713,410) $ 235,239 Interest expense (income)

  29. Slide 29: Reconciliation of GAAP to Non-GAAP Reported Total Effective Tax Rate, Operating Income, and SG&A

    Reconciliation of GAAP to Non-GAAP Reported Total Effective Tax Rate, Operating Income, and SG&A and R&D Expenses For the Three Months Ended For the Twelve Months Ended $ in Thousands December 31, December 31, 2025 2024 2025 2024 Total effective tax rate, GAAP (1.7) % 7.4 % (1.6) % 9.8 % Less: impac

  30. Slide 30: PMO Revenue Breakdown by Product

    PMO Revenue Breakdown by Product Prior Quarter For the Three Months Ended For the Twelve Months Ended For Three Months $ in Thousands December 31, December 31, Ended September 30, 2025 2024 2025 2024 2025 Exondys 51 148,364 137,589 538,384 528,297 126,208 Vyondys 53 34,083 40,231 128,078 137,466 32,

  31. Slide 31: Gene therapy patient journey

    Gene therapy patient journey... Treating HCP conducts pre-infusion testing, followed by infusion, and Confirm DMD Discuss treatment Treating HCP at site Site orders and adverse event monitoring Patient is monitored diagnosis based on options, including prescribes available receives the gene during i

  32. Slide 32: Fourth Quarter and Full-Year 2025 Financial Results

    Patients can’t wait for the next breakthrough in medical research. So neither will we. Fourth Quarter and Full-Year 2025 Financial Results Wednesday, February 25, 2026 DILLON Living with Duchenne muscular dystrophy ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 32

Sarepta Therapeutics — Q4 2025 Earnings Presentation on 6ix