Sarepta Therapeutics (SRPT) Q1 2026 earnings summary

Executive summary

• Business stabilized in Q1 2026 with improved commercial execution, expanded field reach, and increased physician engagement, especially for ELEVIDYS, which is positioned for renewed growth.

• Achieved net income of $331.0 million for Q1 2026, a significant turnaround from a net loss of $447.5 million in Q1 2025, driven by collaboration revenue and cost reductions.

• Over 1,300 patients treated with ELEVIDYS in commercial and clinical settings as of May 5, 2026.

• Early clinical data from siRNA programs in FSHD and DM1 showed dose-dependent exposure, biomarker effects, and favorable tolerability, with additional readouts expected in the second half of 2026.

• Profitable and cash-flow positive base business, with disciplined cost management and self-funded growth.

Financial highlights

• Q1 2026 total revenues were $730.8 million, down 2% year-over-year, with net product revenue of $330.5 million and a 46% decline in product sales offset by a 200% increase in collaboration and other revenues.

• GAAP operating profit was $358.4 million; non-GAAP operating profit was $397.7 million.

• Cash and investments at quarter-end totaled $748.3 million, down from $953.8 million at year-end 2025.

• Q1 2026 net income: $331.0 million GAAP, $385.4 million Non-GAAP; diluted EPS: $2.88 GAAP, $3.16 Non-GAAP.

• Cost of sales was $108.8 million, down 21% year-over-year; gross margin on unit sales was 82%.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $1.2 billion–$1.4 billion, with combined non-GAAP R&D and SG&A expenses expected at $800–$900 million.

• Expectation to remain profitable and grow cash balance for the remainder of 2026.

• Commercial momentum for ELEVIDYS expected to build gradually, with greater visibility into improvement in late 2026 and 2027.

• Management expects current cash and investments, plus operational inflows and credit facility access, to fund operations for at least the next 12 months.