Financial Data and Key Metrics Changes - For the full year 2025, total revenues were $2.2 billion, an increase of 16% year-over-year, including $1.86 billion in net product revenue and $334 million in collaboration, contract manufacturing, and royalty revenue [35][36] - The company exited 2025 with $954 million in cash and investments, growing $89 million in the fourth quarter [6][40] - The company anticipates being cash flow positive and profitable on a non-GAAP basis in 2026, despite ongoing investments in its pipeline and marketed therapies [6][7] Business Line Data and Key Metrics Changes - Net product revenue for 2025 totaled $1.86 billion, with $966 million from the PMO franchise and $899 million from ELEVIDYS [17] - For the fourth quarter, net product revenues for the PMOs totaled $259 million, stable compared to Q4 2024, with individual PMO revenues of $148 million for EXONDYS 51, $34 million for VYONDYS 53, and $77 million for AMONDYS 45 [17][18] - Fourth quarter revenues for ELEVIDYS totaled $110 million, impacted by a severe flu season and rescheduled infusions [17] Market Data and Key Metrics Changes - The company expects total net product revenue for 2026 to be in the range of $1.2 billion to $1.4 billion for approved therapies, with a flat to down 15% revenue expectation for Q1 2026 compared to the previous quarter [14][15] - The company has launched ELEVIDYS in Japan and expects to record a $40 million milestone payment from Roche upon the first commercial sale in Q1 2026 [36] Company Strategy and Development Direction - The company is focused on transitioning AMONDYS and VYONDYS to traditional approval based on the positive results from the ESSENCE study and plans to engage with the FDA [7][8] - The company is addressing information deficits regarding ELEVIDYS to ensure patients and physicians have a comprehensive understanding of its benefits and risks [10][21] - The company is committed to executing commercial initiatives to accelerate demand for ELEVIDYS and enhance educational outreach to clinicians and patients [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced in 2025 but expresses confidence in the company's strong financial position and the potential of its therapies [6][42] - The management emphasizes the importance of timely treatment with ELEVIDYS to prevent irreversible muscle damage in Duchenne patients [20][75] - Management is optimistic about the company's pipeline, particularly the siRNA programs, and is preparing for potential pivotal studies [32][70] Other Important Information - The company has a robust siRNA pipeline with five clinical stage programs and additional preclinical work for CNS diseases [16][32] - Management announced the intention of the CEO to retire by the end of 2026, citing family commitments and a personal connection to muscular dystrophy [43][44] Q&A Session Summary Question: How does the board view internal versus external candidates for CEO succession? - The board is considering both internal and external candidates, emphasizing the importance of continuity and understanding the company's culture and challenges [48][50] Question: What metrics will indicate initial receptivity to ELEVIDYS? - Key metrics include enrollment forms and infusions, along with feedback from advisory boards and market research [55][56] Question: What benchmarks should be considered for siRNA readouts? - Important benchmarks include safety and muscle concentration, with expectations for continued dose escalation based on preclinical data [61][64] Question: When will pivotal studies for siRNA programs begin? - The company is preparing for phase three studies and is moving as quickly as possible, depending on data from ongoing studies [70][71] Question: How are clinicians currently risk stratifying patients for ELEVIDYS? - Clinicians consider various factors such as liver enzymes, age, weight, and steroid exposure, but the company believes there is still a significant opportunity for patient dosing [74][75]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues were $2.2 billion, an increase of 16% year-over-year, including $1.86 billion in net product revenue and $334 million in collaboration, contract manufacturing, and royalty revenue [35][36] - The company exited 2025 with $954 million in cash and investments, growing $89 million in the fourth quarter [6][40] - The company anticipates being cash flow positive and profitable on a non-GAAP basis in 2026, despite ongoing investments in its pipeline and marketed therapies [6][14] Business Line Data and Key Metrics Changes - Net product revenue for 2025 totaled $1.86 billion, with $966 million from the PMO franchise and $899 million from ELEVIDYS [17] - For the fourth quarter, net product revenues for PMOs totaled $259 million, stable compared to Q4 2024, with individual PMO revenues of $148 million for EXONDYS 51, $34 million for VYONDYS 53, and $77 million for AMONDYS 45 [17][18] - Fourth quarter revenues for ELEVIDYS totaled $110 million, impacted by a severe flu season and rescheduled infusions [17] Market Data and Key Metrics Changes - The company expects a revenue range of $1.2 billion to $1.4 billion for 2026 from approved therapies, with a flat to down 15% revenue expectation for Q1 2026 compared to the previous quarter [14][36] - The company noted that the safety events of 2025 reshaped perceptions of gene therapy and ELEVIDYS, indicating a critical reset year for the ambulatory patient population [18][24] Company Strategy and Development Direction - The company aims to transition AMONDYS and VYONDYS to traditional approval based on accumulated real-world evidence and scheduled discussions with the FDA [7][8] - The company is focused on addressing information deficits regarding ELEVIDYS to ensure patients and physicians have a comprehensive understanding of its benefits and risks [10][22] - The company is advancing its siRNA pipeline with five clinical stage programs and plans to announce preliminary data for DM1 and FSHD programs by the end of Q1 2026 [16][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for ELEVIDYS and the transformational nature of the therapy, despite acknowledging challenges in the near term [15][24] - The management highlighted the importance of preserving muscle through early treatment with ELEVIDYS, supported by muscle MRI data showing the consequences of delayed treatment [20][76] - Management indicated that the company is on a strong financial footing with four approved therapies and a robust pipeline, despite the challenges faced in 2025 [43][44] Other Important Information - Doug Ingram, the CEO, announced plans to retire by the end of 2026, citing family commitments and a personal connection to muscular dystrophy due to family diagnoses [44][46] - The company is conducting a comprehensive search for Ingram's successor, focusing on candidates who can continue the company's mission and drive execution [46] Q&A Session Summary Question: Thoughts on internal vs external candidates for CEO succession - The board is considering both internal and external candidates, emphasizing the importance of continuity and understanding the company's challenges [49][50] Question: Key metrics for initial receptivity to ELEVIDYS messaging - The ultimate signals will be enrollment forms and infusions, with additional insights from regional advisory boards and market research [56][57] Question: Benchmarks for siRNA readouts in Q1 - Key metrics to watch include safety and muscle concentration, with expectations for continued dose escalation based on preclinical data [62][63] Question: Timeline for pivotal studies for siRNA programs - The company is preparing for phase III studies and is moving as fast as possible towards potential accelerated approval [69][71] Question: Current risk stratification for ELEVIDYS candidates - The company believes there is a significant opportunity for ELEVIDYS, with a focus on educating physicians and patients about the therapy's benefits [75][76]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues were $2.2 billion, an increase of 16% year-over-year, including $1.86 billion in net product revenue and $334 million in collaboration, contract manufacturing, and royalty revenue [33] - The company exited 2025 with $954 million in cash and investments, growing $89 million in the fourth quarter [4] - The company reported a GAAP operating loss of $700 million and a non-GAAP operating loss of $492 million for 2025 [38] Business Line Data and Key Metrics Changes - Net product revenues for the PMOs totaled $259 million in Q4 2025, stable compared to Q4 2024, with individual PMO revenues of $148 million for EXONDYS 51, $34 million for VYONDYS 53, and $77 million for AMONDYS 45 [15] - Fourth quarter revenues for ELEVIDYS totaled $110 million, impacted by a severe flu season and rescheduled infusions [15] Market Data and Key Metrics Changes - The company anticipates total net product revenue for 2026 to be in the range of $1.2 billion to $1.4 billion for approved therapies, with a guidance of $1.2 billion without educational efforts [12][34] - The company expects to record a $40 million milestone payment from Roche upon the first commercial sale of ELEVIDYS in Japan in Q1 2026 [34] Company Strategy and Development Direction - The company aims to transition AMONDYS and VYONDYS to traditional approval based on the results of the ESSENCE study and has scheduled a meeting with the FDA [5] - The company is focused on addressing information deficits regarding ELEVIDYS to ensure patients and physicians have a comprehensive understanding of its benefits and risks [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity and profitability on a non-GAAP basis in 2026 while fully investing in the pipeline and marketed therapies [4] - Management acknowledged that 2026 serves as a critical reset year for the ambulatory patient population regarding ELEVIDYS, emphasizing the need for clear communication of its risk-benefit profile [16] Other Important Information - The CEO announced plans to retire by the end of 2026, citing family commitments and a personal connection to muscular dystrophy due to family diagnoses [42][44] - The company has an exciting siRNA pipeline with five clinical stage programs and plans to announce preliminary data from proof-of-concept studies for DM1 and FSHD at the end of Q1 2026 [14][31] Q&A Session Summary Question: How does the board view internal versus external candidates for CEO succession? - The board is considering both internal and external candidates, emphasizing the importance of continuity and understanding the company's culture and challenges [48] Question: What metrics will indicate initial receptivity to ELEVIDYS? - Key metrics include enrollment forms and infusions, along with feedback from regional advisory boards and market research [55] Question: What are the benchmarks for siRNA readouts in Q1? - The focus will be on safety and muscle concentration, with expectations for continued dose escalation based on preclinical data [62] Question: When will pivotal studies for siRNA begin? - The company is preparing for phase three studies and is moving as fast as possible towards potential accelerated approval [70] Question: How are clinicians currently risk stratifying patients for ELEVIDYS? - Clinicians are considering various factors such as liver enzymes and age, but the company believes there is a significant opportunity to educate on the benefits of early dosing [74]

Patients can't wait for the next breakthrough in medical research. So neither will we. Fourth Quarter and Full-Year 2025 Financial Results Wednesday, February 25, 2026 In order to provide Sarepta's investors with an understanding of its current results and future prospects, forward-looking statements will be made during this presentation. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "believe," "anticipate," "plan," "expect," "will," ...

Market Overview - U.S. stock futures declined on Monday following a mixed close on Friday, with major benchmark indices showing lower futures [1] - Investors are focused on upcoming earnings reports from companies such as UnitedHealth Group, General Motors, Microsoft, Meta Platforms, Tesla, and Starbucks [1] - The Federal Open Market Committee's interest rate decision is anticipated on Wednesday [1] Treasury Yields - The 10-year Treasury bond yield is at 4.21%, while the two-year bond yield stands at 3.59% [2] - Market projections indicate a 97.2% likelihood that the Federal Reserve will keep interest rates unchanged in January [2] Index Performance - Dow Jones decreased by 0.12%, S&P 500 by 0.24%, Nasdaq 100 by 0.44%, and Russell 2000 by 0.29% [3] - SPDR S&P 500 ETF Trust (SPY) fell by 0.22% to $687.69, and Invesco QQQ Trust ETF (QQQ) declined by 0.43% to $620.04 [3] Stocks in Focus - Baker Hughes Co. reported a 3.74% increase in premarket trading after posting adjusted earnings of 78 cents per share, exceeding estimates of 67 cents [7] - Sarepta Therapeutics Inc. saw a 6.72% rise following the completion of a confirmatory trial for its PMO therapies and third-quarter results [7] - Nucor Corp. is projected to report quarterly earnings of $1.91 per share on revenue of $7.87 billion [7] - WR Berkley Corp. is expected to report earnings of $1.13 per share on revenue of $3.66 billion [15] - Brand Engagement Network Inc. surged by 221.60% due to a strategic partnership with Valio Technologies [15] Analyst Insights - Mohamed El-Erian notes a "2025 Paradox" where financial markets remain resilient despite geopolitical tensions, with U.S. economic activity appearing robust [11] - El-Erian anticipates the Federal Reserve will maintain interest rates, with a focus on corporate earnings from tech giants and political issues surrounding trade tariffs [12] - The stock market has retraced losses from geopolitical tensions, but there is a notable surge in precious metals as a counter-narrative [11] Upcoming Economic Data - Key economic data releases include durable-goods orders, consumer confidence, and the Federal Reserve's interest rate decision [17]

Market Overview - U.S. stock futures declined on Monday following a mixed close on Friday, with major benchmark indices showing lower futures [1] - Investors are focused on upcoming earnings reports from companies such as UnitedHealth Group, General Motors, Microsoft, Meta Platforms, Tesla, and Starbucks [1] - The Federal Open Market Committee's interest rate decision is anticipated on Wednesday [1] Treasury Yields - The yield on the 10-year Treasury bond is at 4.21%, while the two-year bond yield stands at 3.59% [2] - Market projections indicate a 97.2% likelihood that the Federal Reserve will keep interest rates unchanged in January [2] Index Performance - Dow Jones decreased by 0.12%, S&P 500 fell by 0.24%, Nasdaq 100 dropped by 0.44%, and Russell 2000 declined by 0.29% [3] - SPDR S&P 500 ETF Trust (SPY) was down 0.22% at $687.69, and Invesco QQQ Trust ETF (QQQ) declined 0.43% to $620.04 in premarket trading [3] Stocks in Focus - Baker Hughes Co. reported a 3.74% increase in premarket trading after posting adjusted earnings of 78 cents per share, exceeding estimates of 67 cents [7] - Sarepta Therapeutics Inc. saw a 6.72% rise after completing a trial commitment for its PMO therapies and releasing third-quarter results [7] - Nucor Corp. is projected to report quarterly earnings of $1.91 per share on revenue of $7.87 billion [7] - WR Berkley Corp. is expected to report earnings of $1.13 per share on revenue of $3.66 billion, with a weaker price trend according to Benzinga's Edge Stock Rankings [15] Analyst Insights - Mohamed El-Erian notes a "2025 Paradox" where financial markets remain resilient despite geopolitical tensions, with U.S. economic activity appearing robust [11] - El-Erian anticipates the Federal Reserve will maintain interest rates, with a focus on corporate earnings from tech giants and political issues affecting market stability [12][13] Upcoming Economic Data - Key economic reports to watch include durable-goods orders, consumer confidence data, and the Federal Reserve's interest rate decision [17]

DOUG INGRAM Chief Executive Officer Sarepta Therapeutics, Inc. (NASDAQ:SRPT) 44th Annual J.P. Morgan Healthcare Conference San Francisco, California JANUARY 12, 2026 MAX, age 10 Dosed with ELEVIDYS at age 5 ©SAREPTA THERAPEUTICS, INC. 2026. ALL RIGHTS RESERVED. 1 Forward-looking statements In order to provide Sarepta's investors with an understanding of its current results and future prospects, forward-looking statements will be made during this presentation. Any statements that are not statements of histor ...

Financial Data and Key Metrics Changes - For Q4 2024, the company reported total revenues of $658.4 million, an increase of $261.6 million compared to $396.8 million in Q4 2023 [64] - Net product revenue for Q4 2024 was $638 million, growing 75% year-over-year, and full-year net product revenue was $1.8 billion, representing a 56% increase [14][64] - The company achieved a GAAP net income of $159 million for Q4 2024, compared to $45.7 million in Q4 2023, and a non-GAAP net income of $206 million, up from $86.6 million [67] Business Line Data and Key Metrics Changes - ELEVIDYS sales for Q4 2024 were $384.2 million, a 112% increase from the previous quarter, and total sales since approval exceeded $1 billion [15][28] - The PMO franchise generated $254 million in Q4 2024, growing approximately 9% compared to Q4 2023, with individual revenues of $137.6 million for EXONDYS 51, $40.2 million for VYONDYS 53, and $76.2 million for AMONDYS 45 [31][32] Market Data and Key Metrics Changes - The company noted that ELEVIDYS has only treated about 5% of the on-label addressable patient population, indicating significant growth potential ahead [33][114] - The PMO franchise continues to perform well, growing organically without price increases, reflecting an increase in patients served in the Duchenne community [30] Company Strategy and Development Direction - The company aims to build on the success of Project Moonshot, focusing on expanding its gene therapy pipeline and achieving multiple potential blockbuster siRNA launches by the end of the decade [9][13] - The strategic collaboration with Arrowhead is expected to diversify the company's future, adding a broad platform of siRNA programs across various therapeutic areas [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 net product revenue guidance of $2.9 billion to $3.1 billion, representing approximately 70% growth over 2024 [42] - The company anticipates continued growth quarter-over-quarter throughout 2025, driven by the strong performance of ELEVIDYS and the PMO franchise [81] Other Important Information - The company plans to transition to suspension manufacturing to improve cost of goods sold (COGS) and has several significant milestones expected in 2025 [20][21] - The company has approximately $1.5 billion in cash and investments as of December 31, 2024, and secured a $600 million revolving credit facility [72][73] Q&A Session Summary Question: What is the cadence of patient onboarding in Q1? - Management reiterated confidence in guidance for 2025, expecting growth quarter-over-quarter as the launch ramps up [80] Question: What is the prevalence of limb-girdle muscular dystrophy type 2E? - Management indicated that type 2E is an ultra-rare disease, with a 50-50 split between ambulatory and non-ambulatory patients [85][87] Question: Will the upcoming data for FSHD and DM1 be conclusive? - Management emphasized the importance of early data as proof of biology, with expectations for safety and efficacy signals [108][110] Question: What is the status of ELEVIDYS and PMO reinvestment? - Management noted early days for drawing conclusions on reinvestment but indicated some instances of reimbursement for both therapies [116] Question: What is the timeframe for the $500 million share repurchase program? - The program has an 18-month timeframe, with plans to be opportunistic in deploying capital as cash reserves are built back up [124]