Sarepta Therapeutics (SRPT) Tops Q1 EPS by 23c, Revenues Beat

Sarepta Therapeutics (NASDAQ: SRPT) reported Q1 EPS of ($1.54), $0.23 better than the analyst estimate of ($1.77). Revenue for the quarter came in at $146.93 million versus the consensus estimate of $143.33 million.

“In the first quarter, we obtained FDA approval for and launched our third RNA therapy for Duchenne, AMONDYS 45™ (casimersen). The first AMONDYS 45 patient was treated within the first week of approval. Serving the community with EXONDYS 51, VYONDYS 53, and AMONDYS 45, we achieved net product revenue of $124.9 million, a 24% increase over the same quarter in 2020,” stated Doug Ingram, Sarepta’s president and CEO. “We also made significant strides in the advancement of our pipeline. Two days ago we announced positive results for the 30 mg/kg cohort of SRP-5051, our lead PPMO candidate. As we reported, after a median of only 12-weeks and three doses, the PPMO showed a significant dose-dependent increase in expression, exhibiting an 18 times greater level of exon skipping and nearly an order of magnitude greater level of dystrophin production as compared to EXONDYS 51, the currently approved standard of care for those with Duchenne amenable to exon 51 skipping. SRP-5051 achieved this in about half the time as EXONDYS 51 and with only about 12% of the dose exposure.”

Mr. Ingram continued, “Also in the first quarter we reported positive data from our ongoing study of SRP-9003, our investigational gene therapy for limb-girdle muscular dystrophy Type 2E at the 2021 Muscular Dystrophy Association Annual Clinical and Scientific Conference, reporting robust expression, a good safety profile, good durability to two years, and significantly better functional results than age-matched natural history. For SRP-9001, our investigational gene therapy for Duchenne, we have gained invaluable and proprietary insight from the read out of Part 1 of Study 102 which we have used to refine the protocol of our next trial, Study 301. We remain on track to report data in the second quarter from Study 103 (ENDEAVOR), our open-label study evaluating the performance of our commercially representative SRP-9001 material.”

For earnings history and earnings-related data on Sarepta Therapeutics (SRPT) click here.

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