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CAMBRIDGE, Mass. - Sarepta Therapeutics (NASDAQ:SRPT) reported fourth quarter earnings that beat analyst expectations, but the stock fell 4.6% as investors focused on rising expenses.
The biopharmaceutical company posted adjusted earnings per share of $1.90, surpassing the analyst consensus of $1.54. Revenue jumped 66% YoY to $658.4 million, also topping estimates of $589.45 million.
Net product revenues soared 75% to $638.2 million compared to the same quarter last year, driven by strong sales of its gene therapy ELEVIDYS. ELEVIDYS, approved in June 2023 for Duchenne muscular dystrophy, generated $384.2 million in net product revenue for the quarter.
"2024 performance represented the fruition of our multi-year strategy to become a self-sustaining profitable biotech dedicated to improving the lives of patients with rare genetic disease," said Doug Ingram, president and CEO of Sarepta.
Despite the earnings beat, shares fell in after-hours trading as expenses increased. Research and development expenses rose $4.4 million YoY, while selling, general and administrative costs jumped $32.2 million.
For 2025, Sarepta forecasts net product revenue of $2.9 billion to $3.1 billion, representing 70% YoY growth. The company expects ELEVIDYS sales to grow 162% this year.
The company ended 2024 with $1.5 billion in cash and investments.
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