Sarepta Therapeutics, Inc. (SRPT) · Nov 5, 2026 · Earnings
Beat — Non-GAAP EPS $0.13 vs ~$0.07 consensus; revenue $381.4M vs ~$352.2M consensus
Sarepta’s third-quarter earnings beat expectations, with stronger PMO sales and tighter costs offsetting continued ELEVIDYS pressure.
Sarepta is rebuilding a Duchenne-focused commercial business after ELEVIDYS safety and label headwinds, while using its PMO franchise to fund the next phase of growth in DM1 and FSHD. Its prior framework already called for 2026 revenue near the lower end of a $1.2–$1.3 billion range and a tighter cost structure, with late-2026 siRNA data as the key pipeline test.
The quarter cleared the published bar. Revenue was $381.4 million versus roughly $352.2 million expected, and non-GAAP diluted EPS was $0.13 versus approximately $0.07 consensus. Total revenue still declined 5% year over year, so this was an earnings beat driven more by execution and cost control than by renewed top-line acceleration. The filing says, “Total revenues were $381.4million for the three months ended September 30, 2026, as compared to $399.4million for the same period of 2025, a decrease of $18.0million.”
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Total revenue (Financial Highlights) | $381.4M (-4.5%) | $399.4M | $352.2M |
| Non-GAAP diluted EPS (Financial Highlights) | $0.13 | $(0.13) | ~$0.07 |
| GAAP diluted EPS (Financial Highlights) | $(0.27) | $(0.50) | |
| Non-GAAP operating income (Financial Highlights) | $22.9M | $(35.7M) |
PMO is carrying the commercial story. Net product revenue was $323.8 million, including $240.3 million from PMO products and $83.5 million from ELEVIDYS. PMO revenue rose from $230.6 million in the second quarter, while ELEVIDYS revenue fell from $98.1 million, showing that Sarepta’s more dependable growth currently comes from the older exon-skipping portfolio rather than its flagship gene therapy. The filing attributes the overall product mix to “strong PMO performance” and says the lower ELEVIDYS volume reflects the updated label limiting treatment to ambulatory patients.
Guidance moved modestly in the right direction. Sarepta raised the bottom of full-year total net product revenue guidance by $50 million, to $1.25–$1.30 billion, and lowered the high end of combined non-GAAP R&D and SG&A expense guidance by $25 million, to $800–$825 million. That is a genuine improvement versus the prior range, but it is better execution around a business still managing ELEVIDYS variability—not a return to broad-based growth. The filing states, “The Company expects the PMO franchise to remain strong and is updating its full-year guidance ranges, raising the low end of total net product revenue guidance by $50.0million to a range of $1.25billion to $1.3billion.”
The pipeline has funding, but not validation yet. Sarepta ended the quarter with $998.7 million in cash, cash equivalents, restricted cash and investments and says it is preparing for Phase 3 development of SRP-1003 in DM1 and SRP-1001 in FSHD. That supports the transition beyond Duchenne, but the decisive evidence is still ahead: the multiple-ascending-dose datasets expected in the fourth quarter. The filing says, “Multiple ascending dose data from SRP-1003 and SRP-1001 are expected in the fourth quarter of 2026.” 〔0〕
Bottom line: This is a modestly better quarter than expected, with PMO strength and tighter spending compensating for a still-soft ELEVIDYS franchise. It improves Sarepta’s near-term execution story, but the larger strategic reset still depends on the upcoming DM1 and FSHD data.
DM1 and FSHD MAD data expected by year-end 2026
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