Sarepta Therapeutics (NASDAQ:SRPT) reported second quarter earnings that beat analyst expectations, but revenue fell short and the company provided weaker-than-expected guidance for fiscal year 2025, sending shares down about 11% in after-hours trading.
The biotechnology company posted adjusted earnings per share of $0.44, surpassing the analyst estimate of -$0.13. However, revenue came in at $362.9 million, missing the consensus forecast of $394.39 million despite growing 51% YoY.
Sarepta's gene therapy ELEVIDYS, which received expanded FDA approval during the quarter, generated $121.7 million in net product revenue. The company's PMO products contributed $238.8 million.
Looking ahead, Sarepta provided revenue guidance of $2.9-$3.1 billion for fiscal year 2025, below analyst expectations of $3.241 billion. The midpoint of the guidance range represents a 3.7% shortfall compared to the consensus estimate.
"The second quarter of 2024 represents the most significant achievement in the advancement of medicine for Duchenne since researchers identified that lack of dystrophin was the underlying cause of Duchenne in 1986," said Doug Ingram, president and CEO of Sarepta Therapeutics.