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Sarepta (SRPT) Q1 Earnings Beat, DMD Drugs' Sales Robust

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Sarepta Therapeutics, Inc. SRPT reported a loss of $1.20 per share for the first quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of $1.35 per share. The loss was also narrower than the year-ago loss of $2.10 per share.

The company reported adjusted loss of 56 cents per share, down from $1.44 in the year-ago quarter. The adjusted figure excludes one-time items, depreciation & amortization expenses, interest expenses, income tax benefit, stock-based compensation expenses, and other items.

Sarepta recorded total revenues of $210.8 million, up 43.5% year over year. Revenues beat the Zacks Consensus Estimate of $203.52 million. The year-over-year increase in revenues was driven by additional sales following the launch of Amondys 45 in February 2021 and continued demand for Sarepta’s two other drugs — Exondys 51 and Vyondys 53.

Shares of Sarepta were up 1% in after-hours trading on May 4 following better-than-expected first-quarter results. Sarepta’s shares have lost 19.2% so far this year compared with the industry’s decrease of 21.2%.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

Quarter in Details

Sarepta’s commercial portfolio includes three drugs approved for treating Duchenne muscular dystrophy (“DMD”) — Exondys 51, Vyondys 53 and Amondys 45.

The company derived product revenues of $188.8 million, up 51.2% year over year.

The company recorded $22 million in collaboration revenues, primarily from its licensing agreement with Roche RHHBY. Collaboration revenues were flat compared with the year-ago quarter.

Sarepta and Roche entered into a licensing agreement to develop SRP-9001 in 2019. Per the agreement, Roche has exclusive rights to launch and commercialize SRP-9001 in ex-U.S. markets.

Adjusted research and development (R&D) expenses totaled $173.2 million in the first quarter, down 2.4% year over year.

Adjusted selling, general & administrative (SG&A) expenses were $53.2 million, down 3.2% year over year.

2022 Guidance

Sarepta reiterated its guidance for revenues in 2022. The company expects total revenues in 2022 to be more than $880 million. The company expects its net product revenues to be more than $800 million in 2022, indicating year-over-year growth of more than 30%.

Pipeline Update

In March, Sarepta presented new functional and biopsy data from a phase I/II study — Study SRP-9003-101 — evaluating its gene therapy for treating limb-girdle muscular dystrophy Type 2E (LGMD2E). Data from the study demonstrated that treatment with SRP-9003 leads to sustained improvements in functional outcomes in LGMD2E patients.

Sarepta Therapeutics, Inc. Price, Consensus and EPS Surprise

Sarepta Therapeutics, Inc. Price, Consensus and EPS Surprise
Sarepta Therapeutics, Inc. Price, Consensus and EPS Surprise

Sarepta Therapeutics, Inc. price-consensus-eps-surprise-chart | Sarepta Therapeutics, Inc. Quote

Zacks Rank and Stocks to Consider

Sarepta currently has a Zacks Rank #3 (Hold).

A couple of better-ranked drug/biotech stocks include Xencor XNCR and Lyell Immunopharma LYEL. While Xencor sports a Zacks Rank #1 (Strong Buy), Lyell carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Xencor’sloss per share estimates have improved from $2.96 to $2.67 for 2022 and from $3.24 to $3.03 for 2023 in the past 30 days. XNCR stock has lost 35.7% so far this year.

Xencor delivered an earnings surprise of 125.72%, on average, in the last four quarters.

Lyell's loss per share estimates have narrowed from $1.19 to $1.09 for 2022 and from $1.52 to $1.41 for 2023 in the past 30 days. LYEL stock has lost 30% so far this year.

Lyell delivered an earnings surprise of 25.26%, on average, in the last four quarters.


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Roche Holding AG (RHHBY) : Free Stock Analysis Report

Sarepta Therapeutics, Inc. (SRPT) : Free Stock Analysis Report

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Lyell Immunopharma, Inc. (LYEL) : Free Stock Analysis Report

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