CAMBRIDGE, Mass. - Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a leader in precision genetic medicine for rare diseases, reported a significant beat on both earnings and revenue for the fourth quarter of 2023.
The company announced an adjusted EPS of $0.82, surpassing the analyst estimate of -$0.02. The revenue for the quarter was reported at $396.78 million, exceeding the consensus estimate of $386.05 million.
The company's net product revenues for the fourth quarter totaled $365.1 million, marking a 55% increase YoY. Full-year 2023 net product revenues reached $1.1 billion, a substantial 36% increase over the prior year. The successful launch of the gene therapy ELEVIDYS contributed to the revenue growth, with quarterly revenues of $131.2 million.
Sarepta's President and CEO, Doug Ingram, expressed satisfaction with the strong quarterly and annual performance, attributing the success to the company's approved PMO therapies and the ELEVIDYS launch. He highlighted that 2023 was a significant year for Sarepta in serving the Duchenne patient community and indicated that 2024 holds the potential for even greater importance for families living with Duchenne.
The stock experienced a modest increase of +0.63% following the earnings release, suggesting a positive but restrained market response. The earnings and revenue beat is the primary driver of the stock's movement.
Sarepta also reported GAAP net income of $45.7 million for the quarter, a notable improvement from a GAAP net loss of $109.2 million in the same period of 2022. For the full year, the company reported a GAAP net loss of $536.0 million, compared to a GAAP net loss of $703.5 million for the previous year.
The company's financials have been bolstered by the demand for its PMO products and the sales of ELEVIDYS since its approval in June 2023. The increase in collaboration and other revenues, primarily related to the Roche collaboration arrangement, also contributed to the revenue growth.
Sarepta's R&D expenses for the quarter decreased by $18.3 million compared to the same period last year, primarily due to a decrease in manufacturing expenses after the capitalization of commercial batches of ELEVIDYS.
Looking ahead, Sarepta's leadership is optimistic about the company's trajectory and the potential for expanding the ELEVIDYS label and converting its accelerated approval to traditional approval, with the FDA granting the efficacy supplement a Priority Review with a review goal date of June 21, 2024.
Investors are encouraged to review the company's financial results in the 'For Investors' section of Sarepta's website and to consult the website regularly for important information about the company.
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