Sarepta announces restructuring, to lay off roughly 500 employees

Sarepta (SRPT) Therapeutics announced a strategic restructuring plan designed to prioritize high-value, high impact programs, meet its 2027 financial obligations, and support its long-term financial viability. This plan is expected to position the Company for long-term sustainable growth, with an emphasis on near- and mid-term opportunities from the siRNA platform. These decisive changes aim to ensure sustained profitability and preserve the Company’s ability to deliver on its mission of advancing innovative medicines for those with rare genetic diseases. Sarepta has initiated immediate changes to reduce operating expenses and align its cost structure with strategic priorities, aiming to enhance financial flexibility and meet its 2027 financial obligations. Collectively, these measures are projected to deliver approximately $400M in annual cost reductions, significantly lowering the Company’s average annual non-GAAP R&D and SG&A expenses to between $800M and $900M starting in 2026. These include: A 36% workforce reduction, impacting approximately 500 employees, projected to generate approximately $120M in annual cash cost savings in 2026; Pipeline reprioritization expected to deliver approximately $300M in annual non-personnel cost savings starting in 2026; Over $100Min cost savings anticipated through the end of 2025, net of estimated severance and one-time charges totaling $32M-$37M. This rigorous approach is designed to maintain access to Sarepta’s $600M revolving credit facility and generate robust cash flow to proactively manage liabilities, including the repayment of the 2027 convertible note.