Sarepta Therapeutics (SRPT) Q3 2026 Earnings Report

The call conveyed focused optimism, supported by stabilized ELEVIDYS demand, strong PMO performance, raised revenue guidance, positive pipeline data, upcoming DM1 and FSHD readouts, non-GAAP profitability, and nearly $1 billion of cash and investments. These positives were partially offset by year-over-year revenue declines driven by lower ELEVIDYS sales, significant take-or-pay charges and related gross-margin pressure, a third-quarter GAAP operating loss, the termination of ENVISION enrollment, and continued uncertainty around near-term ELEVIDYS growth and the non-ambulatory label.

Sarepta raised the low end of its 2026 total net product revenue guidance by $50 million and narrowed the range to $1.25 billion-$1.3 billion; ELEVIDYS revenue was $83 million in the third quarter and is expected in the fourth quarter to trend in line with Q3, while the PMO franchise is expected to remain strong. Full-year combined non-GAAP R&D and SG&A expense guidance was narrowed to between $800 million and $825 million. The company expects to submit an sBLA for the under-four population mid-next year, complete enrollment of ENDEAVOR Cohort eight by the end of this year and engage with FDA in Q1 2027, share DM1 and FSHD MAD data in the coming weeks, receive higher-dose data early next year, and generate Huntington’s disease proof-of-biology data sometime around mid-year next year.