Sarepta Therapeutics(SRPT) - 2025 Q3 - Earnings Call Presentation

ESSENCE Trial Update - The ESSENCE confirmatory trial for AMONDYS and VYONDYS missed the primary endpoint of statistical significance, but data demonstrated consistent clinically favorable trends[12, 15] - COVID-19 pandemic impacted the ESSENCE study, leading to missed doses and deconditioning of participants; a post-hoc analysis showed a ~30% reduction in disease progression in participants not impacted by COVID-19[15, 27, 34] - Real-world evidence supports the benefit of VYONDYS and AMONDYS therapies for patients, including delays in loss of ambulation and reduced mortality rates[15, 40, 41, 42, 43, 44] ELEVIDYS and Pipeline - Over 1,100 patients have been treated with ELEVIDYS in commercial settings and clinical studies[58] - Sarepta agreed with the FDA to include a black box warning and remove the non-ambulatory population from the Indication and Usage section of the Prescribing Information for ELEVIDYS[65] - Preliminary data readouts for DM1 (SRP-1003) and FSHD (SRP-1001) Phase 1/2 studies are expected in early 2026[58, 73, 74] Financial Performance - Q3 2025 total revenues were $399 million, including $370 million in product revenue[84, 88] - The company reported a GAAP operating loss of $103 million and a Non-GAAP operating loss of $36 million for Q3 2025[84] - Excluding the Arrowhead collaboration DM1 milestone and restructuring charges, the company would have reported an operating profit[59]