EarningsQ2 2026 Earnings Report
MX:SRPT Q2 2026 EPS Results
Actual EPS-$0.86
Consensus EPS$3.72
Beat/MissMissed by -$4.58
One Year Ago EPS$32.40
MX:SRPT Q2 2026 Revenue Results
Actual Revenue$6.88B
Expected Revenue$6.28B
Beat/MissBeat by +$597.64M
YoY Revenue Growth-34.34%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:SRPT Upcoming Earnings
Sarepta Therapeutics's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SRPT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: Sarepta demonstrated strong operational discipline (GAAP and non-GAAP profitability), meaningful cash growth, expense reductions, and progress across its siRNA and regulatory programs — all positive signs. However, a substantial year-over-year revenue decline (34% in Q2) driven by lower ELEVIDYS demand, near-term expectations for modestly lower product revenue in H2, a $39M litigation charge, and timing delays for key safety readouts temper the outlook. Pipeline catalysts and accepted sNDAs provide upside potential, but near-term top-line pressure and regulatory/timing uncertainties leave the narrative mixed.Company Guidance
Operating Profitability Maintained
Delivered GAAP operating income of $13M and non-GAAP operating income of $86M in Q2; year-to-date GAAP operating income $372M and non-GAAP operating income $484M, reflecting disciplined cost management and sustained profitability.
Meaningful Cash and Balance Sheet Improvement
Ended Q2 with $945M of cash and investments, an increase of approximately $197M quarter-over-quarter; base business generated over $240M cash in H1 excluding a $250M Arrowhead payment and nearly $400M cash over the last 12 months.
Significant Expense Reductions
Non-GAAP combined R&D and SG&A expenses for Q2 were $165M (GAAP $199M), with Q2 non-GAAP expenses down 44% year-over-year and year-to-date non-GAAP OpEx down 66% versus prior year following restructuring and portfolio reprioritization.
Strong Gross Margins and Durable PMO Franchise
Gross margins on net product revenues were 75% in Q2 and 78% for the first half; PMO franchise generated $231M in Q2, remains stable with adherence rates exceeding 90% and more than 1,800 patients treated worldwide.
Commercial Momentum Signals for ELEVIDYS
ELEVIDYS Q2 net product contribution $98M; the company reported quarter-over-quarter growth in enrollment forms and a record number of HCP interactions, indicating improving demand and early evidence that expanded commercial initiatives are taking hold.
Pipeline and Regulatory Milestones
FDA accepted supplemental NDAs for AMONDYS 45 and VVYONDYS 53 with PDUFA dates (action target) set for February 28, 2027; siRNA platform delivered positive SAD data with dose-dependent high muscle concentrations and multiple upcoming readouts (FSHD, DM1 MAD interim results in H2 2026) and ongoing Huntington's Phase 1 dosing.
Increased Collaboration and Contract Manufacturing Revenue
Q2 included $73M of collaboration and other revenues (primarily Roche contract manufacturing), and the company raised its 2026 guidance for collaboration and other revenue to $550M–$600M (an increase of $75M from prior midpoint guidance).
MX:SRPT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed