Sarepta Therapeutics (SRPT) Q2 2026 Earnings Report

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.

Sarepta narrowed 2026 total net product revenue guidance to $1.2–$1.3 billion (midpoint as the reference), raised collaboration & other revenue guidance to $550–$600 million (≈+$75M vs. prior midpoint) and tightened non‑GAAP OpEx guidance to $800–$850 million. For Q2 they reported total revenue of $401M (net product revenue $329M: $98M ELEVIDYS, $231M PMO), gross margin on net product revenues of 75% (78% YTD), Q2 GAAP/non‑GAAP operating income of $13M/$86M (H1 GAAP/non‑GAAP operating income $372M/$484M), and ended the quarter with $945M cash & investments (up ~$197M QoQ). Management said H2 2026 net product revenue is expected to be modestly lower than H1 (ELEVIDYS Q3 expected to trend below Q2), reminded modelers that the average enrollment‑form to infusion lag is ~6 months (so recent enrollment improvements will be more meaningful in 2027), and reiterated operational timelines including full ENDEAVOR cohort 8 enrollment by end‑2026 with 12‑week data in Q1‑2027 and PDUFA dates of Feb 28, 2027 for AMONDYS‑45 and VVYONDYS‑53; MAD siRNA readouts for FSHD and DM1 are expected in H2‑2026.