Sarepta Therapeutics (NASDAQ: SRPT) reported Q1 EPS of ($1.04), $0.83 better than the analyst estimate of ($1.87). Revenue for the quarter came in at $100.4 million versus the consensus estimate of $119.15 million.

“I am proud to report that with our typical sense of urgency the Sarepta team rapidly adapted to the challenges and obstacles posed by the COVID-19 pandemic, assessing and minimizing potential impacts, working to protect our patients, protecting our facility-dependent workers, and driving our mission forward. In mid-March, we smoothly transitioned the majority of our employees to work-from-home status and, for the approximately 10% of our workforce that is facility-dependent, we imposed thoughtful protocols designed to keep them safe and comfortable as they come into the labs and facilities to keep our experiments, CMC work and other facility-focused work moving without interruption,” stated Doug Ingram, Sarepta’s president and chief executive officer. “In addition to serving the patient community with our therapies we have made donations to patient advocacy organizations that are providing direct relief to impacted patients and caregivers. We have contributed on a local level by donating personal protective equipment to area hospitals and by donating to the Boston Resiliency Fund. And as we have reported, we have designed and manufactured a number of RNA-based candidates as potential COVID-19 therapies that are being tested by the Department of Defense now as potential therapies for this disease.”

Mr. Ingram continued, “I am pleased to report that we achieved net sales of $100.4 million in the first quarter, a 15% increase over the same quarter last year. Importantly in light of the external environment, we also closed the first quarter with $2.2 billion of cash on hand and are fortunate to be in a privileged position to weather this crisis, remain focused on patients and our mission, and come through this challenging period strongly. We continue to provide an uninterrupted supply of our commercial therapies, EXONDYS 51 and VYONDYS 53, to serve the Duchenne community. On the clinical front, our placebo-controlled gene therapy clinical trial, study 102, for SRP-9001 is on track to read out in the first quarter of 2021 as anticipated. Additionally, our process development, assay and manufacturing work for SRP-9001 is progressing and we continue to expect GMP material to be ready in July. While the pandemic is causing short term challenges and obstacles to address, our strategy remains unchanged and we remain on mission.”

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