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Alector (NASDAQ:ALEC – Get Free Report) and Sarepta Therapeutics (NASDAQ:SRPT – Get Free Report) are both healthcare companies, but which is the superior business? We will compare the two businesses based on the strength of their earnings, dividends, risk, institutional ownership, profitability, analyst recommendations and valuation.

Profitability This table compares Alector and Sarepta Therapeutics’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Alector -850.13% -531.03% -44.00% Sarepta Therapeutics -13.48% -1.60% -0.66% Insider and Institutional Ownership 85.8% of Alector shares are held by institutional investors. Comparatively, 86.7% of Sarepta Therapeutics shares are held by institutional investors. 8.3% of Alector shares are held by insiders. Comparatively, 6.9% of Sarepta Therapeutics shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock is poised for long-term growth.

Earnings & Valuation This table compares Alector and Sarepta Therapeutics”s revenue, earnings per share and valuation. Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Alector $21.05 million 13.05 -$142.93 million ($1.10) -2.24 Sarepta Therapeutics $2.20 billion 1.08 -$713.41 million ($2.90) -7.76 Alector has higher earnings, but lower revenue than Sarepta Therapeutics. Sarepta Therapeutics is trading at a lower price-to-earnings ratio than Alector, indicating that it is currently the more affordable of the two stocks.

Analyst Ratings This is a summary of recent recommendations and price targets for Alector and Sarepta Therapeutics, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Alector 2 3 3 0 2.12 Sarepta Therapeutics 5 6 9 0 2.20 Alector presently has a consensus target price of $3.62, suggesting a potential upside of 47.36%. Sarepta Therapeutics has a consensus target price of $25.06, suggesting a potential upside of 11.37%. Given Alector’s higher possible upside, equities research analysts plainly believe Alector is more favorable than Sarepta Therapeutics.

Volatility & Risk Alector has a beta of 0.65, indicating that its share price is 35% less volatile than the S&P 500. Comparatively, Sarepta Therapeutics has a beta of 0.27, indicating that its share price is 73% less volatile than the S&P 500.

About Alector (Get Free Report)

Alector, Inc., a clinical stage biopharmaceutical company, develops therapies for the treatment of neurodegeneration diseases. Its products include AL001, an immune activity in the brain with genetic links to multiple neurodegenerative disorders, which is in Phase III clinical trial for the treatment of frontotemporal dementia, Alzheimer's, Parkinson's, and amyotrophic lateral sclerosis diseases; and AL101 that is in Phase I clinical trial for the treatment of neurodegenerative diseases, including Alzheimer's and Parkinson's diseases. The company also offers AL002, a product candidate that is in Phase II clinical trial for the treatment of Alzheimer's disease. Alector, Inc. has a collaboration agreement with Adimab, LLC for the research and development of antibodies; and a strategic collaboration agreement with GlaxoSmithKline plc for the development and commercialization of monoclonal antibodies, such as AL001 and AL101 to treat neurodegenerative diseases. The company was founded in 2013 and is headquartered in South San Francisco, California.

(Get Free Report)

Sarepta Therapeutics, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery and development of RNA-targeted therapeutics, gene therapies, and other genetic therapeutic modalities for the treatment of rare diseases. It offers EXONDYS 51 injection to treat duchenne muscular dystrophy (duchenne) in patients with confirmed mutation of the dystrophin gene that is amenable to exon 51 skipping; VYONDYS 53 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene that is amenable to exon 53 skipping; AMONDYS 45 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene; and ELEVIDYS, an adeno-associated virus based gene therapy for the treatment of ambulatory pediatric patients aged 4 through 5 years with duchenne with a confirmed mutation in the duchenne gene. The company is also developing SRP-5051, a peptide conjugated PMO that binds exon 51 of dystrophin pre-mRNA; and SRP-9003, a limb-girdle muscular dystrophies gene therapy program. It has collaboration and license agreements with F. Hoffman-La Roche Ltd; Nationwide Children's Hospital; Genevant Sciences; University of Florida; Dyno Therapeutics; Hansa Biopharma; Duke University; Genethon; and StrideBio. The company was incorporated in 1980 and is headquartered in Cambridge, Massachusetts.

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Sarepta Therapeutics, Inc. (NASDAQ: SRPT), the leader in precision genetic medicine for rare diseases, today announced 25 recipients of Route 79, The Duchenne Sc

Sarepta Therapeutics Inc. (NASDAQ:SRPT) stock is trading lower on Tuesday in reaction to Novartis AG’s (NYSE:NVS) data from the global Phase 3 HARBOR study of del-desiran for myotonic dystrophy type 1 (DM1).

Impact Of Novartis Phase 3 Trial ResultsThe study did not demonstrate statistically significant improvement versus placebo on the primary endpoint of video hand opening time (vHOT), a novel measure of hand myotonia. Sarepta is developing SRP-1003, an RNA-based therapy for DM1.

In 2025, the company shared progress in the Phase 1/2 multiple ascending dose (MAD) clinical study of SRP-1003 (formerly ARO-DM1).

The company expects MAD study data in the second half of 2026.

Clinical Observations And Future Dosing RegimenIn its recent earnings presentation, Sarepta noted that early data show that clinical experience to date matches preclinical data.

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The company also noted no saturation of muscle siRNA uptake observed to date, with consistent dose-dependent increases in plasma and muscle drug exposures across clinical and nonclinical studies.

Enhanced siRNA chemistry improves drug stability, potentially enabling a less frequent and optimized clinical dosing regimen.

Sarepta Technical AnalysisSarepta Therapeutics is currently showing a bullish setup as it trades above its key moving averages, particularly the 20-day and 50-day SMAs.

This positioning suggests that traders might be looking for a continuation of the upward trend, especially with the 20-day SMA above the 50-day SMA, indicating short-term strength.

The RSI is currently at 59.97, which is in neutral territory but close to overbought levels. This suggests that while momentum is strong, traders should be cautious of potential pullbacks if the RSI moves into overbought territory.

MACD is above its signal line, indicating bullish momentum for Sarepta Therapeutics. This positive signal suggests that the stock may continue to see upward pressure in the near term.

Key support is at 20.50, while resistance is set at 24.00. If the stock approaches the resistance level, it could signal a potential breakout, while a drop below support may indicate a reversal in trend.

Sarepta Therapeutics has not experienced a golden cross or death cross recently, which means the moving averages are not signaling a major trend change at this time.

However, the 50-day SMA is below the 200-day SMA, suggesting a bearish long-term trend that traders should keep in mind.

Looking at the 12-month performance, Sarepta Therapeutics has gained 11.16%, reflecting a positive longer-term trend despite recent volatility.

This performance indicates that, overall, the stock has been able to maintain upward momentum over the past year, which could attract longer-term investors.

SRPT Price Action: Sarepta Therapeutics shares were down 8.09% at $20.68 at the time of publication on Tuesday, according to Benzinga Pro data.

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Photo: Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

, /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Sarepta Therapeutics, Inc. (NasdaqGS: SRPT) ("Sarepta" or the "Company").

Sarepta is a biopharmaceutical company focused on developing treatments for rare diseases. Sarepta's most important product is Elevidys, a therapy for the treatment of Duchenne muscular dystrophy. As alleged, Sarepta repeatedly touted the safety profile of Elevidys and told investors that the benefits of the treatment outweighed its risks.

On March 18, 2025, the Company issued a press release revealing that a 16-year-old boy had passed away from acute liver failure following treatment with Sarepta's gene therapy, ELEVIDYS. However, the Company assured investors that "the benefit-risk of ELEVIDYS remains positive." Then, on June 15, 2025, the Company announced that a second patient treated with Elevidys had died from acute liver failure and that it was suspending certain shipments of Elevidys and paused dosing in an ongoing clinical trial of the treatment. Finally, on July 17, 2025, the Company revealed that a third patient treated with one of Sarepta's investigational treatments related to Elevidys had died from acute liver failure in June 2025.

Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.

KSF's investigation is focusing on whether Sarepta's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws. 

If you have information that would assist KSF in its investigation, or have been a long-term holder of Sarepta shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-538-3608 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-srpt/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-833-538-3608
1100 Poydras St., Suite 960
New Orleans, LA 70163

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SOURCE Kahn Swick & Foti, LLC

Canada Pension Plan Investment Board purchased a new stake in Sarepta Therapeutics, Inc. (NASDAQ:SRPT – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 70,800 shares of the biotechnology company’s stock, valued at approximately $1,272,000. Canada Pension Plan Investment Board owned approximately 0.07% of Sarepta Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kestra Advisory Services LLC acquired a new stake in Sarepta Therapeutics in the 4th quarter valued at about $25,000. iSAM Funds UK Ltd purchased a new position in Sarepta Therapeutics during the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new position in Sarepta Therapeutics during the second quarter worth about $27,000. Ancora Advisors LLC raised its position in Sarepta Therapeutics by 200.0% during the third quarter. Ancora Advisors LLC now owns 1,500 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Sarepta Therapeutics by 2,098.8% in the third quarter. Allworth Financial LP now owns 1,803 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 1,721 shares in the last quarter. Institutional investors and hedge funds own 86.68% of the company’s stock.

Analysts Set New Price Targets Several research firms have recently commented on SRPT. Weiss Ratings lowered shares of Sarepta Therapeutics from a “sell (d)” rating to a “sell (e+)” rating in a research report on Wednesday, August 19th. Piper Sandler cut their price objective on Sarepta Therapeutics from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. HC Wainwright reaffirmed a “buy” rating on shares of Sarepta Therapeutics in a research note on Tuesday, July 28th. Wall Street Zen cut Sarepta Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Zacks Research upgraded Sarepta Therapeutics from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.06.

Get Our Latest Stock Report on Sarepta Therapeutics Sarepta Therapeutics Trading Up 0.8% Shares of SRPT stock opened at $21.03 on Tuesday. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -7.25, a PEG ratio of 0.31 and a beta of 0.24. The company has a current ratio of 4.42, a quick ratio of 2.62 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average price of $17.79 and a 200 day moving average price of $18.34. Sarepta Therapeutics, Inc. has a twelve month low of $14.68 and a twelve month high of $25.32.

Sarepta Therapeutics (NASDAQ:SRPT – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.42. The company had revenue of $401.25 million for the quarter, compared to analysts’ expectations of $366.39 million. Sarepta Therapeutics had a negative net margin of 13.48% and a negative return on equity of 1.60%. The firm’s revenue for the quarter was down 34.3% compared to the same quarter last year. During the same period last year, the company earned $2.02 EPS. Research analysts forecast that Sarepta Therapeutics, Inc. will post 3.43 earnings per share for the current fiscal year.

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Sarepta Therapeutics, Inc is a biopharmaceutical company focused on the discovery and development of precision genetic medicines for rare neuromuscular diseases. Headquartered in Cambridge, Massachusetts, Sarepta’s core expertise lies in designing RNA-targeted therapies and gene therapies that address underlying genetic mutations. The company’s mission is to transform the treatment paradigm for patients with Duchenne muscular dystrophy (DMD) and related disorders through innovative modalities.

Sarepta’s commercial products include several exon-skipping therapies approved by the U.S.

See Also Five stocks we like better than Sarepta Therapeutics Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season Insiders Are Betting Big on These 3 Healthcare Stocks 3 Stocks for Investors Who Still Believe Cash Is King Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason Want to see what other hedge funds are holding SRPT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sarepta Therapeutics, Inc. (NASDAQ:SRPT – Free Report).

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NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Sarepta Therapeutics, Inc. (NasdaqGS: SRPT) (“Sarepta” or the “Company”).Sarepta is a biopharmaceutical company focused on developing treatments for rare diseases. Sarepta's most important product is Elevidys, a therapy for the treatment of Duchenne muscular dystrophy.

SRPT beat Q2 earnings and revenue estimates despite weaker Elevidys sales, while narrowing its 2026 product revenue outlook and tightening expense guidance.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, today reported financial results for the second quarter of 2026.

“As I begin my tenure as CEO, I am excited by the strength of Sarepta's foundation, the impact our therapies are having for patients, and the significant opportunities ahead,” said Michael Severino, MD, chief executive officer, Sarepta Therapeutics. “Our second quarter results, including $328.7 million in total net product revenue and both GAAP and non-GAAP operating profitability, reflect the strength and resilience of our business. With important data readouts expected in DM1 and FSHD, continued progress across our broader pipeline, and a talented team dedicated to transforming the lives of patients with rare diseases, we have significant opportunities ahead and remain committed to delivering sustainable long-term value. Our priorities are clear: execute our commercial strategy, advance our promising siRNA pipeline, and continue allocating capital with discipline. With a strong balance sheet, an innovative pipeline, and an experienced leadership team, I believe Sarepta is well positioned to deliver on its long-term potential.”

Corporate Highlights:

Leadership transition positions Sarepta for continued execution and next phase of growth: Appointed Michael Severino, MD, as Chief Executive Officer and member of the Board of Directors, effective July 28, 2026. Dr. Severino brings more than 25 years of biopharmaceutical leadership experience, including senior executive roles at AbbVie, Amgen and Merck, and a proven track record of advancing innovation, building leading franchises and executing across the full development and commercialization continuum. Doug Ingram retired from Sarepta and will serve in an advisory capacity through the end of 2026 to support a seamless leadership transition. Key 2H 2026 milestones update: Readouts from our MAD cohorts of our ongoing phase 1/2 studies in DM1 and FSHD remain on track for 2H 2026. For ELEVIDYS, full enrollment of ENDEAVOR Cohort 8 expected by year-end 2026 and 12-week data from the full cohort in Q1 2027. Huntington’s disease program advances: Dosing underway in INSIGHTT, the first-in-human Phase 1 study of SRP-1005, Sarepta’s investigational siRNA candidate for Huntington’s disease. Regulatory progress for PMO therapies: FDA has accepted for review Sarepta’s supplemental New Drug Applications (sNDAs) seeking conversion of AMONDYS 45 and VYONDYS 53 from accelerated to traditional approval. The applications are supported by data from the ESSENCE confirmatory study, substantial published real-world evidence, and the favorable, consistent safety profiles of both exon-skipping therapies. Narrowed FY 2026 Guidance: With six months remaining for the year and consistent with prior expectations toward the lower end of the $1.2-$1.4 billion range, Company narrowed its 2026 total net product revenue guidance to $1.2-$1.3 billion while also narrowing combined non-GAAP R&D and SG&A expense guidance from $800.0-$900.0 million to $800.0-$850.0 million. Strong financial position supports advancement of our pipeline and funding of medium-term liabilities: Delivered another quarter of operating profitability and ended with approximately $945.0 million of cash, cash equivalents, restricted cash and investments, an increase of approximately $197.0 million in the quarter. Company is well-positioned to advance DM1 and FSHD programs with commercial cash flows while maintaining disciplined capital allocation. Conference Call

The event will be webcast live under the investor relations section of Sarepta's website at https://investorrelations.sarepta.com/events-presentations and following the event a replay will be archived there for one year. This event can be accessed using this link.

Q2 2026 Financial Highlights1

For the Three Months Ended
June 30,

2026

2025

QTD Change

(in millions, except for per share amounts)

$

%

Total revenues

$

401.3

$

611.1

$

(209.8

)

(34

)%

Operating income:

GAAP

$

13.3

$

115.6

$

(102.3

)

(89

)%

Non-GAAP

$

86.5

$

162.8

$

(76.3

)

(47

)%

Net (loss) income:

GAAP

$

(4.9

)

$

196.9

$

(201.8

)

*

Non-GAAP

$

78.6

$

215.2

$

(136.6

)

(63

)%

Diluted (loss) earnings per share

GAAP

$

(0.05

)

$

1.89

$

(1.94

)

*

Non-GAAP

$

0.64

$

2.02

$

(1.38

)

(68

)%

For the Six Months Ended
June 30,

2026

2025

YTD Change

(in millions, except for per share amounts)

$

%

Total revenues

$

1,132.1

$

1,355.9

$

(223.8

)

(17

)%

Operating income (loss):

GAAP

$

371.7

$

(184.8

)

$

556.5

*

Non-GAAP

$

484.2

$

(86.8

)

$

571.0

*

Net income (loss):

GAAP

$

326.1

$

(250.6

)

$

576.7

*

Non-GAAP

$

464.0

$

(117.3

)

$

581.3

*

Diluted earnings (loss) per share

GAAP

$

2.99

$

(2.57

)

$

5.56

*

Non-GAAP

$

3.79

$

(1.20

)

$

4.99

*

1For an explanation of our use of non-GAAP financial measures, please refer to the “Use of Non-GAAP Financial Measures” section later in this press release, and for a reconciliation of each non-GAAP financial measure from the most comparable GAAP measures, see the table at the end of this press release.

*Not meaningful

As of
June 30, 2026

As of
December 31, 2025

(in millions)

Cash, cash equivalents, restricted cash and investments

$

945.0

$

953.8

  Revenues
Total revenues were $401.3 million for the three months ended June 30, 2026, as compared to $611.1 million for the same period of 2025, a decrease of $209.8 million. This primarily reflects a lower volume of ELEVIDYS sales due to our updated label that only includes the ambulatory patient population for treatment, as well as a decrease of $63.5 million in collaboration revenues related to a milestone payment received from F. Hoffmann-La Roche Ltd. (“Roche”) for the regulatory approval of ELEVIDYS in Japan (the “Japan Approval Milestone”) during the three months ended June 30, 2025, with no similar activity for the same period of 2026. The decrease is partially offset by an increase of $27.4 million in contract manufacturing revenues associated with increased commercial ELEVIDYS supply delivered to Roche as well as the recognition of $10.0 million in license revenue related to the grant of intellectual property rights under a certain license agreement executed during the three months ended June 30, 2026, with no similar activity for the same period of 2025.

Total revenues were $1,132.1 million for the six months ended June 30, 2026, as compared to $1,355.9 million for the same period of 2025, a decrease of $223.8 million. This primarily reflects a lower volume of ELEVIDYS sales due to our updated label that only includes the ambulatory patient population for treatment. The decrease is partially offset by an increase of $189.5 million in collaboration revenues related to the $365.0 million of collaboration revenue recognized related to Roche's declined option for certain program rights and the milestone recognized under the Roche collaboration agreement for the first commercial dosing of ELEVIDYS in Japan during the six months ended June 30, 2026, as compared to $175.5 million of collaboration revenue in 2025 related to Roche’s expiration of an option to acquire a certain program and the Japan Approval Milestone. Furthermore, contract manufacturing revenues increased $41.1 million associated with increased commercial ELEVIDYS supply delivered to Roche as well as the recognition of $10.0 million in license revenue related to the grant of intellectual property rights under a certain license agreement executed during the six months ended June 30, 2026, with no similar activity for the same period of 2025.

Cost of sales (excluding amortization of in-licensed rights)
Cost of sales (excluding amortization of in-license rights) were $149.4 million for the three months ended June 30, 2026, as compared to $152.6 million for the same period of 2025, a decrease of $3.2 million. Cost of sales (excluding amortization of in-license rights) were $258.2 million for the six months ended June 30, 2026, as compared to $290.1 million for the same period of 2025, a decrease of $31.9 million. The decreases in both periods primarily reflect a lower volume of ELEVIDYS sales and corresponding royalty payments, partially offset by an increase in cost of sales related to products sold to Roche, primarily related to increased volume of ELEVIDYS shipments as well as an increase in the write-offs of certain batches of products not meeting quality specifications under the Roche collaboration agreement.

Operating expenses and others
Research and development expenses were $91.3 million for the three months ended June 30, 2026, as compared to $204.4 million for the same period of 2025, a decrease of $113.1 million. The decrease primarily reflects a decrease in manufacturing and clinical expenses primarily due to our decision to reprioritize our pipeline and developmental priorities announced in July 2025, as well as a decrease in compensation, other personnel, and stock-based compensation expenses, all as a result of our restructuring plan announced in July 2025 (the "Restructuring"). For the three months ended June 30, 2026, non-GAAP research and development expenses were $76.7 million, as compared to $181.7 million for the same period of 2025, a decrease of $105.0 million.

Research and development expenses were $245.2 million for the six months ended June 30, 2026, as compared to $977.8 million for the same period of 2025, a decrease of approximately $732.6 million. The decrease primarily reflects the recognition of up-front and collaboration license fees of $583.6 million associated with the licensing, collaboration and stock purchase agreement with Arrowhead Pharmaceutical, Inc. (“Arrowhead”) executed during the six months ended June 30, 2025, with no similar activity for the six months ended June 30, 2026. In addition, there was a decrease in manufacturing and clinical expenses primarily due to our decision to reprioritize our pipeline and developmental priorities announced in July 2025, as well as a decrease in compensation, other personnel, and stock-based compensation expenses, all as a result of the Restructuring. This decrease was partially offset by the $50.0 million annual collaboration license fee incurred and paid to Arrowhead during the six months ended June 30, 2026. For the six months ended June 30, 2026, non-GAAP research and development expenses were $214.2 million, as compared to $930.9 million for the same period of 2025, a decrease of $716.7 million.

Selling, general and administrative expenses were $107.6 million for the three months ended June 30, 2026, as compared to $137.9 million for the same period of 2025, a decrease of $30.3 million. Selling, general and administrative expenses were $216.6 million for the six months ended June 30, 2026, as compared to $271.5 million for the same period of 2025, a decrease of $54.9 million. The decreases in both periods primarily reflect a decrease in compensation, other personnel, and stock-based compensation expenses, all as a result of the Restructuring, as well as a decrease in professional services used related to ELEVIDYS commercialization efforts. For the three months ended June 30, 2026, non-GAAP selling, general and administrative expenses were $88.0 million, as compared to $113.4 million for the same period of 2025, a decrease of $25.4 million. For the six months ended June 30, 2026, non-GAAP selling, general and administrative expenses were $174.1 million, as compared to $220.5 million for the same period of 2025, a decrease of $46.4 million.

Litigation contingency charge was $39.0 million for the three and six months ended June 30, 2026, with no similar activity for the same periods of 2025. We recorded a litigation contingency charge of $39.0 million related to the potential resolution of certain patent litigations. Following the parties' agreement in principle and based on management's assessment of the available information, we determined that a loss was probable and estimable as of June 30, 2026, and recognized our best estimate of the liability. The potential settlement remains outstanding subject to further negotiation and execution of definitive documentation as of the issuance of this release.

Other (expense) income, net for the three months ended June 30, 2026 and 2025 was approximately $(15.0) million and $38.1 million, respectively. Other expense, net for the six months ended June 30, 2026 and 2025 was approximately $30.3 million and $45.1 million, respectively. The change primarily reflects a decrease in our strategic investments as a result of the sale of our investment in Arrowhead in August 2025, partially offset by an increase in interest expense due to our 2030 Notes carrying a higher interest rate than our 2027 Notes during the three and six months ended June 30, 2026.

Income tax expense for the three and six months ended June 30, 2026, was approximately $3.1 million and $15.4 million, respectively. Income tax (benefit) expense for the three and six months ended June 30, 2025, was $(43.3) million and $20.7 million, respectively. Income tax expense for all periods presented primarily relates to state income taxes as a result of taxable profits in certain states requiring the capitalization of research and development costs and states which have suspended or limited the utilization of net operating loss carryforwards.

Use of Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth in this press release, we have included the following non-GAAP measurements:

Non-GAAP net income (loss) is defined by us as GAAP net (loss) income excluding interest expense/income, net, depreciation and amortization expense, stock-based compensation expense, other items, and the estimated income tax impact of each pre-tax non-GAAP adjustment. Non-GAAP earnings per share is defined by us as non-GAAP net income, as defined previously, divided by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding, adjusted for the inclusion of additional shares under both the treasury stock method and the “if-converted” method, if applicable and not anti-dilutive. Non-GAAP net loss per share is defined by us as non-GAAP net loss, as defined above, divided by the weighted-average number of shares of common stock outstanding as the inclusion of dilutive common stock equivalents outstanding is anti-dilutive. Non-GAAP operating income (loss) is defined by us as GAAP operating income (loss) excluding depreciation and amortization expense, stock-based compensation expense and litigation contingency charge. Non-GAAP research and development expenses are defined by us as GAAP research and development expenses excluding depreciation and amortization expense and stock-based compensation expense. Non-GAAP selling, general and administrative expenses are defined by us as GAAP selling, general and administrative expenses excluding depreciation expense and stock-based compensation expense. Non-GAAP effective tax rate is defined by us as the GAAP effective tax rate excluding the impact of our GAAP to non-GAAP adjustments. The following components are used to adjust our GAAP financial measures into the previously defined non-GAAP measurements:

Interest, depreciation and amortization - Interest expense/income, net amounts can vary substantially from period to period due to changes in cash and debt balances and interest rates driven by market conditions outside of our operations. Depreciation expense can vary substantially from period to period as the purchases of property and equipment may vary significantly from period to period and without any direct correlation to our operating performance. Amortization expense primarily associated with patent costs are amortized over a period of several years after acquisition or patent application or renewal. Stock-based compensation expenses - Stock-based compensation expenses represent non-cash charges related to equity awards we have granted. Although these are recurring charges to operations, we believe the measurement of these amounts can vary substantially from period to period and depend significantly on factors that are not a direct consequence of operating performance that is within our control. Therefore, we believe that excluding these charges facilitates comparisons of our operational performance in different periods. Other items - We evaluate other items of expense and income on an individual basis. We take into consideration quantitative and qualitative characteristics of each item, including (a) nature, (b) whether the items relate to our ongoing business operations, and (c) whether we expect the items to continue or occur on a regular basis. These other items include the loss (gain) on strategic investments, the impairment of strategic investments and litigation contingency charges and may include other items that fit the above characteristics in the future. We exclude from our non-GAAP results: The loss (gain) on strategic investments as the results of such gains and losses are not representative of our normal business operations, which accordingly would make it difficult to compare our results to peer companies that also provide non-GAAP disclosures. The impairment of strategic investments as such charges are not indicative of the performance of our core operations, which accordingly would make it difficult to compare our results to peer companies that also provide non-GAAP disclosures. Litigation contingency charge as such charges are considered to be an infrequent event as it is associated with a distinct, non-recurring litigation matter and is not indicative of the performance of our core operations nor representative of our normal business operations, which accordingly would make it difficult to compare our results to peer companies that also provide non-GAAP disclosures. We use these non-GAAP measures as key performance measures for the purpose of evaluating operational performance and cash requirements internally. We also believe these non-GAAP measures increase comparability of period-to-period results and are useful to investors as they provide a similar basis for evaluating our performance as is applied by management. These non-GAAP measures are not intended to be considered in isolation or to replace the presentation of our financial results in accordance with GAAP. Use of the terms non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted earnings (loss) per share may differ from similar measures reported by other companies, which may limit comparability, and are not based on any comprehensive set of accounting rules or principles. All relevant non-GAAP measures are reconciled from their respective GAAP measures in the attached table “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures.”

About EXONDYS 51
EXONDYS 51 uses Sarepta’s proprietary phosphorodiamidate morpholino oligomer (PMO) chemistry and exon-skipping technology to bind to exon 51 of dystrophin pre-mRNA, resulting in exclusion, or “skipping”, of this exon during mRNA processing in patients with genetic mutations that are amenable to exon 51 skipping. Exon skipping is intended to allow for production of an internally truncated dystrophin protein.

EXONDYS 51 is indicated for the treatment of Duchenne muscular dystrophy (DMD) in patients who have a confirmed mutation of the DMD gene that is amenable to exon 51 skipping. This indication is approved under accelerated approval based on an increase in dystrophin in skeletal muscle observed in some patients treated with EXONDYS 51. Continued approval for this indication may be contingent upon verification of a clinical benefit in confirmatory trials.

EXONDYS 51 has met the full statutory standards for safety and effectiveness and as such is not considered investigational or experimental.

Important Safety Information About EXONDYS 51
Hypersensitivity reactions, including bronchospasm, chest pain, cough, tachycardia, and urticaria have occurred in patients who were treated with EXONDYS 51. If a hypersensitivity reaction occurs, institute appropriate medical treatment and consider slowing the infusion or interrupting the EXONDYS 51 therapy.

Adverse reactions in DMD patients (N=8) treated with EXONDYS 51 30 mg or 50 mg/kg/week by intravenous (IV) infusion with an incidence of at least 25% more than placebo (N=4) (Study 1, 24 weeks) were (EXONDYS 51, placebo): balance disorder (38%, 0%), vomiting (38%, 0%) and contact dermatitis (25%, 0%). The most common adverse reactions were balance disorder and vomiting. Because of the small numbers of patients, these represent crude frequencies that may not reflect the frequencies observed in practice. The 50 mg/kg once weekly dosing regimen of EXONDYS 51 is not recommended.

The most common adverse reactions from observational clinical studies (N=163) seen in greater than 10% of patients were headache, cough, rash, and vomiting.

Other adverse events may occur.

To report SUSPECTED ADVERSE REACTIONS, contact Sarepta Therapeutics, Inc. at 1-888-SAREPTA (1-888-727-3782) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

For further information, please see the full U.S. Prescribing Information for EXONDYS 51 (eteplirsen).

About VYONDYS 53
VYONDYS 53 (golodirsen) uses Sarepta’s proprietary phosphorodiamidate morpholino oligomer (PMO) chemistry and exon-skipping technology to bind to exon 53 of dystrophin pre-mRNA, resulting in exclusion, or “skipping,” of this exon during mRNA processing in patients with genetic mutations that are amenable to exon 53 skipping. Exon skipping is intended to allow for production of an internally truncated dystrophin protein.

VYONDYS 53 is indicated for the treatment of Duchenne muscular dystrophy (DMD) in patients who have a confirmed mutation of the DMD gene that is amenable to exon 53 skipping. This indication is approved under accelerated approval based on an increase in dystrophin production in skeletal muscle observed in patients treated with VYONDYS 53. Continued approval for this indication may be contingent upon verification of a clinical benefit in confirmatory trials.

VYONDYS 53 has met the full statutory standards for safety and effectiveness and as such is not considered investigational or experimental.

Important Safety Information for VYONDYS 53
CONTRAINDICATIONS: VYONDYS 53 is contraindicated in patients with a serious hypersensitivity reaction to golodirsen or to any of the inactive ingredients in VYONDYS 53. Anaphylaxis has occurred in patients receiving VYONDYS 53.

WARNINGS AND PRECAUTIONS
Hypersensitivity Reactions: Hypersensitivity reactions, including anaphylaxis, rash, pyrexia, pruritus, urticaria, dermatitis, and skin exfoliation have occurred in VYONDYS 53-treated patients, some requiring treatment. If a hypersensitivity reaction occurs, institute appropriate medical treatment and consider slowing the infusion, interrupting, or discontinuing the VYONDYS 53 therapy and monitor until the condition resolves. VYONDYS 53 is contraindicated in patients with a history of a serious hypersensitivity reaction to golodirsen or to any of the inactive ingredients in VYONDYS 53.

Kidney Toxicity: Kidney toxicity was observed in animals who received golodirsen. Although kidney toxicity was not observed in the clinical studies with VYONDYS 53, the clinical experience with VYONDYS 53 is limited, and kidney toxicity, including potentially fatal glomerulonephritis, has been observed after administration of some antisense oligonucleotides. Kidney function should be monitored in patients taking VYONDYS 53. Because of the effect of reduced skeletal muscle mass on creatinine measurements, creatinine may not be a reliable measure of kidney function in DMD patients. Serum cystatin C, urine dipstick, and urine protein-to-creatinine ratio should be measured before starting VYONDYS 53. Consider also measuring glomerular filtration rate using an exogenous filtration marker before starting VYONDYS 53. During treatment, monitor urine dipstick every month, and serum cystatin C and urine protein-to-creatinine ratio every three months. Only urine expected to be free of excreted VYONDYS 53 should be used for monitoring of urine protein. Urine obtained on the day of VYONDYS 53 infusion prior to the infusion, or urine obtained at least 48 hours after the most recent infusion, may be used. Alternatively, use a laboratory test that does not use the reagent pyrogallol red, as this reagent has the potential to cross react with any VYONDYS 53 that is excreted in the urine and thus lead to a false positive result for urine protein.

If a persistent increase in serum cystatin C or proteinuria is detected, refer to a pediatric nephrologist for further evaluation.

ADVERSE REACTIONS: Adverse reactions observed in at least 20% of treated patients and greater than placebo were (VYONDYS 53, placebo): headache (41%, 10%), pyrexia (41%, 14%), fall (29%, 19%), abdominal pain (27%, 10%), nasopharyngitis (27%, 14%), cough (27%, 19%), vomiting (27%, 19%), and nausea (20%, 10%).

Other adverse reactions that occurred at a frequency greater than 5% of VYONDYS 53-treated patients and at a greater frequency than placebo were: administration site pain, back pain, pain, diarrhea, dizziness, ligament sprain, contusion, influenza, oropharyngeal pain, rhinitis, skin abrasion, ear infection, seasonal allergy, tachycardia, catheter site related reaction, constipation, and fracture.

Other adverse events may occur.

To report SUSPECTED ADVERSE REACTIONS, contact Sarepta Therapeutics, Inc. at 1-888-SAREPTA (1-888-727-3782) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

For further information, please see the full U.S. Prescribing Information for VYONDYS 53 (golodirsen).

About AMONDYS 45
AMONDYS 45 (casimersen) uses Sarepta’s proprietary phosphorodiamidate morpholino oligomer (PMO) chemistry and exon-skipping technology to bind to exon 45 of dystrophin pre-mRNA, resulting in exclusion, or “skipping,” of this exon during mRNA processing in patients with genetic mutations that are amenable to exon 45 skipping. Exon skipping is intended to allow for production of an internally truncated dystrophin protein.

AMONDYS 45 is indicated for the treatment of Duchenne muscular dystrophy (DMD) in patients who have a confirmed mutation of the DMD gene that is amenable to exon 45 skipping. This indication is approved under accelerated approval based on an increase in dystrophin production in skeletal muscle observed in patients treated with AMONDYS 45. Continued approval for this indication may be contingent upon verification of a clinical benefit in confirmatory trials.

AMONDYS 45 has met the full statutory standards for safety and effectiveness and as such is not considered investigational or experimental.

Important Safety Information for AMONDYS 45
CONTRAINDICATION: AMONDYS 45 is contraindicated in patients with a known serious hypersensitivity to casimersen or any of the inactive ingredients in AMONDYS 45. Instances of hypersensitivity including angioedema and anaphylaxis have occurred.

WARNINGS AND PRECAUTIONS
Hypersensitivity: Hypersensitivity reactions, including angioedema and anaphylaxis, have occurred in patients who were treated with AMONDYS 45. If a hypersensitivity reaction occurs, institute appropriate medical treatment, and consider slowing the infusion, interrupting, or discontinuing the AMONDYS 45 infusion and monitor until the condition resolves. AMONDYS 45 is contraindicated in patients with known serious hypersensitivity to casimersen or to any of the inactive ingredients in AMONDYS 45.

Kidney Toxicity: Kidney toxicity was observed in animals who received casimersen. Although kidney toxicity was not observed in the clinical studies with AMONDYS 45, kidney toxicity, including potentially fatal glomerulonephritis, has been observed after administration of some antisense oligonucleotides. Kidney function should be monitored in patients taking AMONDYS 45. Because of the effect of reduced skeletal muscle mass on creatinine measurements, creatinine may not be a reliable measure of kidney function in DMD patients. Serum cystatin C, urine dipstick, and urine protein-to-creatinine ratio should be measured before starting AMONDYS 45. Consider also measuring glomerular filtration rate using an exogenous filtration marker before starting AMONDYS 45. During treatment, monitor urine dipstick every month, and serum cystatin C and urine protein to-creatinine ratio (UPCR) every three months. Only urine expected to be free of excreted AMONDYS 45 should be used for monitoring of urine protein. Urine obtained on the day of AMONDYS 45 infusion prior to the infusion, or urine obtained at least 48 hours after the most recent infusion, may be used. Alternatively, use a laboratory test that does not use the reagent pyrogallol red, as this reagent has the potential to cross react with any AMONDYS 45 that is excreted in the urine and thus lead to a false positive result for urine protein.

If a persistent increase in serum cystatin C or proteinuria is detected, refer to a pediatric nephrologist for further evaluation.

Adverse Reactions: Adverse reactions occurring in at least 20% of patients treated with AMONDYS 45 and at least 5% more frequently than in the placebo group were (AMONDYS 45, placebo): upper respiratory infections (65%, 55%), cough (33%, 26%), pyrexia (33%, 23%), headache (32%, 19%), arthralgia (21%, 10%), and oropharyngeal pain (21%, 7%).

Other adverse reactions that occurred in at least 10% of patients treated with AMONDYS 45 and at least 5% more frequently than in the placebo group were: ear pain, nausea, ear infection, post-traumatic pain, and dizziness and light-headedness.

Other adverse events may occur.

To report SUSPECTED ADVERSE REACTIONS, contact Sarepta Therapeutics, Inc. at 1-888-SAREPTA (1-888-727-3782) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

For further information, please see the full U.S. Prescribing Information for AMONDYS 45 (casimersen).

About ELEVIDYS (delandistrogene moxeparvovec-rokl)
ELEVIDYS (delandistrogene moxeparvovec-rokl) is a single-dose, adeno-associated virus (AAV)-based gene transfer therapy for intravenous infusion designed to address the underlying genetic cause of Duchenne muscular dystrophy – mutations or changes in the DMD gene that result in the lack of dystrophin protein – through the delivery of a transgene that codes for the targeted production of ELEVIDYS micro-dystrophin in skeletal muscle.

ELEVIDYS is indicated for the treatment of ambulatory patients 4 years of age and older with Duchenne muscular dystrophy (DMD) who have a confirmed mutation in the DMD gene.

Limitations of Use

ELEVIDYS is not recommended in patients with:

Preexisting liver impairment (defined as gamma-glutamyl transferase [GGT] > 2 x upper limit of normal or total bilirubin > the upper limit of normal not due to Gilbert’s syndrome) or active hepatic viral infection due to the high risk of acute serious liver injury and acute liver failure. Recent vaccination (within 4 weeks of treatment) due to immunogenicity and potential safety concerns. Active or recent (within 4 weeks) infections due to safety concerns. IMPORTANT SAFETY INFORMATION

BOXED WARNING: Acute Serious Liver Injury and Acute Liver Failure

Acute serious liver injury, including life-threatening and fatal acute liver failure, has occurred. Patients with preexisting liver impairment may be at higher risk.

Prior to infusion, assess liver function by clinical examination and laboratory testing. Administer systemic corticosteroids before and after ELEVIDYS infusion. Continue to monitor liver function weekly for the first 3 months after infusion and continue until results are unremarkable.

Instruct patients to maintain proximity to an appropriate healthcare facility, as determined by the healthcare provider, for at least 2 months following ELEVIDYS infusion.

Obtain prompt consultation with a specialist (e.g., gastroenterologist or hepatologist) if acute serious liver injury or impending acute liver failure is suspected.

CONTRAINDICATION: ELEVIDYS is contraindicated in patients with any deletion in exon 8 and/or exon 9, including a deletion of any portion or the entirety of these exons, in the DMD gene.

WARNINGS AND PRECAUTIONS:
Acute Serious Liver Injury and Acute Liver Failure
See Boxed Warning.

Acute serious liver injury marked by elevations of liver enzymes (e.g., GGT, ALT) and total bilirubin and acute liver failure has occurred with ELEVIDYS. Onset of the liver injury typically begins within 8 weeks of ELEVIDYS administration. In non-ambulatory patients treated with ELEVIDYS, acute liver failure with fatal outcome has occurred in the clinical and post-marketing settings. Life-threatening mesenteric vein thrombosis, complicated by bowel ischemia and necrosis, and portal hypertension have been reported following acute liver injury associated with ELEVIDYS in a non-ambulatory patient. Patients with preexisting liver impairment, chronic hepatic condition, or acute liver disease (e.g., acute hepatic viral infection) may be at higher risk of acute serious liver injury or acute liver failure. Postpone ELEVIDYS administration in patients with acute liver disease until resolved or controlled. Systemic corticosteroid treatment is recommended for patients before and after ELEVIDYS infusion. Adjust corticosteroid regimen when indicated. Serious Infections

Increased susceptibility to serious infections may occur due to concomitant administration of corticosteroid regimen and additional immunosuppressants, and ELEVIDYS. Serious respiratory infections, including with fatal outcomes, have occurred in patients taking immunosuppressant corticosteroids required for ELEVIDYS administration. Monitor patients for signs and symptoms of infection before and after ELEVIDYS administration and treat appropriately. Administer immunizations according to best clinical practices and immunization guidelines prior to initiation of the corticosteroid regimen required before ELEVIDYS infusion. Avoid administration of ELEVIDYS to patients with active infections. Myocarditis

Acute, serious, life-threatening myocarditis and troponin-I elevations have been observed within 24 hours to more than 1 year following ELEVIDYS infusion. If a patient experiences myocarditis, those with pre-existing left ventricle ejection fraction (LVEF) impairment may be at higher risk of adverse outcomes. Monitor troponin-I before ELEVIDYS infusion and weekly for the first month following infusion and continue monitoring if clinically indicated, until results return to near baseline levels or stabilize. More frequent monitoring may be warranted in the presence of cardiac symptoms, such as chest pain or shortness of breath. Advise patients to contact a physician immediately if they experience cardiac symptoms. Infusion-related Reactions

Infusion-related reactions, including hypersensitivity reactions and anaphylaxis, have occurred during or up to several hours following ELEVIDYS administration. Closely monitor patients during and for at least 3 hours after the end of infusion. If symptoms of infusion-related reactions occur, slow or stop the infusion and give appropriate treatment. Once symptoms resolve, the infusion may be restarted at a lower rate. ELEVIDYS should be administered in a setting where treatment for infusion-related reactions is immediately available. Discontinue infusion for anaphylaxis. Immune-mediated Myositis

Immune-mediated myositis, including serious and life-threatening events, has occurred approximately 1 month following ELEVIDYS infusion. Signs and symptoms include severe muscle weakness, including dysphagia, dyspnea, dysphonia, and hypophonia. Severe to life-threatening immune-mediated myositis has been reported in patients with deletions including portions of exons 1-17 and/or exons 59-71 of the DMD gene. Regardless of genetic mutation, advise patients to contact a physician immediately if they experience any unexplained increased muscle pain, tenderness, or weakness, including dysphagia, dyspnea, dysphonia, or hypophonia, as these may be symptoms of myositis. Consider additional immunomodulatory treatment based on patient’s clinical presentation and medical history if these symptoms occur. Preexisting Immunity against AAVrh74

In AAV-vector based gene therapies, preexisting anti-AAV antibodies may impede transgene expression at desired therapeutic levels. Following treatment with ELEVIDYS, all patients developed anti-AAVrh74 antibodies. Perform baseline testing for the presence of anti-AAVrh74 total binding antibodies prior to ELEVIDYS administration. ELEVIDYS administration is not recommended in patients with elevated anti-AAVrh74 total binding antibody titers ≥1:400. ADVERSE REACTIONS

The most common adverse reactions (incidence ≥5%) reported in clinical studies were vomiting, nausea, liver injury, pyrexia, thrombocytopenia, and troponin-I increased. Report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088. You may also report side effects to Sarepta Therapeutics at 1-888-SAREPTA (1-888-727-3782).

Please see the full Prescribing Information for ELEVIDYS, including Boxed Warning and Medication Guide.

About Sarepta Therapeutics
Sarepta is on an urgent mission: engineer precision genetic medicine for rare diseases that devastate lives and cut futures short. We hold a leadership position in Duchenne muscular dystrophy (Duchenne) and are building a robust portfolio of programs across muscle, central nervous system, and cardiac diseases. For more information, please visit www.sarepta.com or follow us on LinkedIn, X, Instagram and Facebook.

Forward-Looking Statements
In order to provide Sarepta’s investors with an understanding of its current results and future prospects, this press release contains statements that are forward-looking. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “may,” “intends,” “prepares,” “looks,” “potential,” “possible” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to our future operations, financial performance, projections and guidance, business plans, market opportunities and potential growth, priorities and research and development programs and technologies; the potential benefits of our technologies and scientific approaches, including our siRNA programs; the timing of our ongoing and planned clinical trials; and our expected plans and milestones, including upcoming data readouts for DM1 and FSHD in the second half of 2026 and for ELEVIDYS, full enrollment of ENDEAVOR Cohort 8 by the end of 2026 and 12-week data from the full cohort in the first quarter of 2027.

These forward-looking statements involve risks and uncertainties, many of which are beyond Sarepta’s control. Actual results could materially differ from those stated or implied by these forward-looking statements as a result of such risks and uncertainties. Known risk factors include the following: different methodologies, assumptions and applications we use to assess particular safety or efficacy parameters may yield different statistical results, and even if we believe the data collected from clinical trials are positive, the results of future research may not be consistent with past positive results, or may fail to meet regulatory approval requirements for the safety and efficacy of our products; success in preclinical and clinical trials, especially if based on a small patient sample, does not ensure that later clinical trials will be successful; we may not be able to reach alignment with the FDA regarding traditional approval for casimersen and golodirsen, including due to any limitations on the FDA’s reliance of real-world evidence; our products or product candidates may be perceived as insufficiently effective, unsafe or may result in unforeseen adverse events; we may observe adverse reactions in our clinical trials or in patients who receive our approved products; our products may not be widely adopted by patients, payors or healthcare providers, which would adversely impact our business; our products or product candidates may cause undesirable side effects that result in significant negative consequences following any marketing approval; we may not be able to comply with all FDA post-approval commitments and requirements with respect to our products in a timely manner or at all; certain programs may never advance in the clinic or may be discontinued for a number of reasons, including regulators imposing a clinical hold and us suspending or terminating clinical research or trials; if the actual number of patients suffering from the diseases we aim to treat is smaller than estimated, our revenue and ability to achieve profitability may be adversely affected; we may not be able to execute on our business plans, including meeting our expected or planned regulatory milestones and timelines, research and clinical development plans, and bringing our product candidates to market, for various reasons, some of which may be outside of our control, including possible limitations of company financial and other resources, manufacturing limitations that may not be anticipated or resolved for in a timely manner, and regulatory, court or agency decisions, such as decisions by the United States Patent and Trademark Office with respect to patents that cover our product candidates; and those risks identified under the heading “Risk Factors” in our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) as well as other SEC filings made by the Company which you are encouraged to review.

Internet Posting of Information
We routinely post information that may be important to investors in the 'For Investors' section of our website at www.sarepta.com. We encourage investors and potential investors to consult our website regularly for important information about us.

Sarepta Therapeutics, Inc.

Condensed Consolidated Statements of (Loss) Income

(unaudited, in thousands, except per share amounts)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2026

2025

2026

2025

Revenues:

Products, net

$

328,689

$

513,123

$

659,204

$

1,124,646

Collaboration and other

72,562

97,968

472,850

231,301

Total revenues

401,251

611,091

1,132,054

1,355,947

Cost and expenses:

Cost of sales (excluding amortization of in-licensed rights)

149,385

152,558

258,153

290,122

Research and development

91,258

204,392

245,218

977,840

Selling, general and administrative

107,600

137,897

216,551

271,526

Litigation contingency charge

39,000

—

39,000

—

Amortization of in-licensed rights

717

667

1,408

1,268

Total cost and expenses

387,960

495,514

760,330

1,540,756

Operating income (loss)

13,291

115,577

371,724

(184,809

)

Other (loss) income, net:

Other (expense) income, net

(15,040

)

38,061

(30,299

)

(45,071

)

(Loss) income before income tax expense

(1,749

)

153,638

341,425

(229,880

)

Income tax expense (benefit)

3,141

(43,254

)

15,356

20,736

Net (loss) income

$

(4,890

)

$

196,892

$

326,069

$

(250,616

)

(Loss) earnings per share:

Basic

$

(0.05

)

$

2.01

$

3.10

$

(2.57

)

Diluted

$

(0.05

)

$

1.89

$

2.99

$

(2.57

)

Weighted average number of shares of common stock used in computing (loss) earnings per share:

Basic

105,431

98,005

105,211

97,685

Diluted

105,431

106,623

122,260

97,685

Sarepta Therapeutics, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited, in thousands, except per share amounts)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2026

2025

2026

2025

GAAP net (loss) income

$

(4,890

)

$

196,892

$

326,069

$

(250,616

)

Interest expense (income), net

13,341

(1,921

)

26,293

(9,846

)

Depreciation and amortization expense

9,692

10,173

19,595

19,550

Stock-based compensation expense

24,472

37,025

53,871

78,453

Loss (gain) on strategic investments

448

(36,721

)

2,160

54,007

Impairment of strategic investment

1,000

—

1,000

—

Litigation contingency charge

39,000

—

39,000

—

Income tax effect of adjustments

(4,477

)

9,728

(4,023

)

(8,870

)

Non-GAAP net income (loss)

$

78,586

$

215,176

$

463,965

$

(117,322

)

GAAP (loss) earnings per share - diluted:

$

(0.05

)

$

1.89

$

2.99

$

(2.57

)

Add: impact of GAAP to Non-GAAP adjustments

0.69

0.13

0.80

1.37

Non-GAAP earnings (loss) per share - diluted1

$

0.64

$

2.02

$

3.79

$

(1.20

)

Weighted average number of shares of common stock used in computing diluted earnings (loss) per share:

GAAP

105,431

106,623

122,260

97,685

Non-GAAP

122,648

106,623

122,284

97,685

1GAAP and non-GAAP earnings per share is calculated using diluted shares whereas GAAP and non-GAAP net loss per share is calculated using basic shares as all other instruments are anti-dilutive.

Sarepta Therapeutics, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited, in thousands, except per share amounts)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2026

2025

2026

2025

GAAP research and development expenses

$

91,258

$

204,392

$

245,218

$

977,840

Stock-based compensation expense

(8,509

)

(15,277

)

(18,786

)

(32,594

)

Depreciation and amortization expense

(6,023

)

(7,397

)

(12,229

)

(14,374

)

Non-GAAP research and development expenses

$

76,726

$

181,718

$

214,203

$

930,872

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2026

2025

2026

2025

GAAP selling, general and administrative expenses

$

107,600

$

137,897

$

216,551

$

271,526

Stock-based compensation expense

(15,963

)

(21,748

)

(35,085

)

(45,859

)

Depreciation expense

(3,669

)

(2,776

)

(7,366

)

(5,176

)

Non-GAAP selling, general and administrative expenses

$

87,968

$

113,373

$

174,100

$

220,491

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2026

2025

2026

2025

GAAP operating income (loss)

$

13,291

$

115,577

$

371,724

$

(184,809

)

Stock-based compensation expense

24,472

37,025

53,871

78,453

Depreciation and amortization expense

9,691

10,173

19,594

19,550

Litigation contingency charge

39,000

—

39,000

—

Non-GAAP operating income (loss)

$

86,454

$

162,775

$

484,189

$

(86,806

)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2026

2025

2026

2025

Total effective tax rate, GAAP

(179.6

)%

(28.2

)%

4.5

%

(9.0

)%

Less: impact of GAAP to Non-GAAP adjustments

188.4

(4.4

)

(0.5

)

(25.0

)

Total effective tax rate, Non-GAAP

8.8

%

(32.6

)%

4.0

%

(34.0

)%

Sarepta Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(unaudited, in thousands, except share and per share amounts)

As of
June 30, 2026

As of
December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$

571,148

$

801,282

Short-term investments

217,341

138,368

Accounts receivable, net

376,824

398,233

Inventory

904,273

914,744

Manufacturing-related deposits and prepaids

48,454

113,455

Other current assets

105,784

171,856

Total current assets

2,223,824

2,537,938

Property and equipment, net

325,991

345,125

Right of use assets

120,847

125,495

Non-current inventory

226,333

184,543

Non-current investments

145,372

1,048

Other non-current assets

146,145

155,554

Total assets

$

3,188,512

$

3,349,703

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

50,982

$

280,841

Accrued expenses

325,232

359,659

Deferred revenue, current portion

110,132

443,397

Other current liabilities

16,562

11,393

Total current liabilities

502,908

1,095,290

Long-term debt

847,623

828,974

Lease liabilities, net of current portion

198,226

199,378

Deferred revenue, net of current portion

110,132

83,910

Other non-current liabilities

1,825

1,529

Total liabilities

1,660,714

2,209,081

Stockholders’ equity:

Preferred stock, $0.0001 par value, 3,333,333 shares authorized; none issued and outstanding

—

—

Common stock, $0.0001 par value, 198,000,000 shares authorized; 106,279,142 and 105,623,500 issued and outstanding, respectively, at June 30, 2026 and 105,615,096 and 104,964,220 issued and outstanding, respectively, at December 31, 2025

11

11

Treasury stock, at cost, 655,642 and 650,876 shares at June 30, 2026 and December 31, 2025, respectively

(25,263

)

(25,263

)

Additional paid-in capital

6,104,530

6,042,586

Accumulated other comprehensive (loss) income, net of tax

(565

)

272

Accumulated deficit

(4,550,915

)

(4,876,984

)

Total stockholders’ equity

1,527,798

1,140,622

Total liabilities and stockholders’ equity

$

3,188,512

$

3,349,703

More News From Sarepta Therapeutics, Inc.

Brutal 2025 for Sarepta—Analysts Still Call for 179% UpsideSarepta Therapeutics NASDAQ: SRPT reported second-quarter 2026 total revenue of $401 million, down 34% from a year earlier, as lower ELEVIDYS sales weighed on results. The company nevertheless posted GAAP operating income of $13 million and non-GAAP operating income of $86 million, while increasing cash and investments by approximately $197 million during the quarter to $945 million.

New Chief Executive Officer Michael Severino, who was hosting his first earnings call in the role, said the company’s approved Duchenne muscular dystrophy portfolio and emerging siRNA pipeline provide a foundation for future growth. Sarepta has four approved Duchenne therapies, including gene therapy ELEVIDYS and its exon-skipping PMO franchise.

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Revenue Guidance Narrowed Sarepta Drops 42% on Fatalities; Markets Eye Solid BiosciencesTotal net product revenue in the second quarter was $329 million, comprising $98 million from ELEVIDYS and $231 million from the PMO franchise. Sarepta also recorded $73 million in collaboration and other revenue, primarily related to contract manufacturing under its partnership with Roche.

The company narrowed its 2026 net product revenue outlook to $1.2 billion to $1.3 billion, from a prior range of $1.2 billion to $1.4 billion. Management said the midpoint of the revised range is the appropriate reference point. Sarepta reported $659 million in net product revenue during the first half of the year.

Pharma Fire Sale: 3 Stocks the RSI Says You Shouldn’t IgnoreChief Commercial Officer Patrick Moss said ELEVIDYS revenue during the first half was supported by patients who entered the treatment pipeline after the late-2024 label expansion and later progressed to infusion. Revenue in the second half is expected to reflect lower enrollment-form activity from before Sarepta completed its expanded commercial initiatives.

As a result, Sarepta expects total net product revenue in the second half of 2026 to be modestly below first-half levels. ELEVIDYS revenue in the third quarter is also expected to decline from the second quarter, though management noted that quarterly variability is inherent in a one-time gene therapy.

Management said enrollment forms for ELEVIDYS improved sequentially during the second quarter, including activity from returning treatment sites and sites outside the company’s existing network. However, Severino said the company generally assumes about six months between an enrollment form and infusion, meaning recent demand trends are expected to contribute more materially to revenue in 2027.

PMO Franchise Remains Stable Sarepta described demand for its PMO exon-skipping therapies as stable, citing adherence rates above 90% and more than 1,800 patients treated worldwide. The company said its commercial infrastructure, reimbursement experience, home-infusion support and real-world evidence base position it to compete as other exon-skipping treatments potentially enter the market.

Severino said any competitive impact on the PMO franchise would likely take time to emerge, potentially later in 2027, because competitors would need to establish reimbursement pathways and patient-support programs. EXONDYS 51 will mark 10 years since its U.S. approval on Sept. 19.

The Food and Drug Administration accepted Sarepta’s supplemental new drug applications seeking to convert AMONDYS 45 and VYONDYS 53 from accelerated to traditional approval. The FDA assigned a Feb. 28, 2027, target action date. Management said the applications are under standard review and that the agency has not indicated plans to convene an advisory committee.

siRNA Readouts Expected This Year Sarepta expects to report interim multiple-ascending-dose data in the second half of 2026 for SRP-1001 in facioscapulohumeral muscular dystrophy, or FSHD, and SRP-1003 in myotonic dystrophy type 1, or DM1.

President of R&D and Technical Operations Louise Rodino-Klapac said the company’s muscle-focused RNA platform uses alpha V beta six integrin targeting to improve muscle exposure and intracellular delivery. SRP-1001 is designed to reduce production of DUX4 protein in FSHD, while SRP-1003 is intended to silence DMPK messenger RNA in DM1.

The upcoming FSHD dataset is expected to include safety, pharmacokinetics, a DUX4-related gene panel, circulating biomarkers, creatine kinase and preliminary functional assessments. Sarepta said the six-month study is intended primarily to establish tissue exposure, target knockdown and biomarker effects rather than definitively demonstrate functional benefit in a slowly progressing disease.

For DM1, Sarepta plans to report safety, serum and muscle pharmacokinetics, DMPK knockdown, a CASI-22 splicing index and additional analyses. Management said the results will help determine dose selection and the path toward registrational studies. The company said it will evaluate accelerated and traditional approval options based on its data, the competitive landscape and discussions with regulators.

ELEVIDYS Safety Study and Expense Outlook Sarepta is enrolling approximately 25 nonambulatory Duchenne patients in Cohort 8 of its ENDEAVOR study, which is evaluating prophylactic sirolimus before and after ELEVIDYS infusion. The study is intended to assess whether sirolimus can reduce acute liver injury, a known risk associated with AAV gene therapies.

The company now expects full enrollment by the end of 2026 and 12-week data from the full cohort in the first quarter of 2027. Sarepta had previously anticipated data by year-end, but Rodino-Klapac said investigators are dosing participants sequentially rather than in parallel. The company plans to meet with the FDA in early 2027 after the data are available.

Chief Financial Officer Ryan Wong said Sarepta tightened 2026 non-GAAP operating expense guidance to $800 million to $850 million, the low end of its previous range. The company increased guidance for collaboration and other revenue to $550 million to $600 million, driven mainly by higher contract manufacturing revenue, though Wong noted that associated cost of goods sold to Roche should rise by a roughly equivalent amount.

Sarepta said it believes its commercial cash flow, cash balance and operating profitability provide sufficient resources to advance its priority commercial and research programs independently.

About Sarepta Therapeutics (NASDAQ:SRPT)Sarepta Therapeutics, Inc is a biopharmaceutical company focused on the discovery and development of precision genetic medicines for rare neuromuscular diseases. Headquartered in Cambridge, Massachusetts, Sarepta's core expertise lies in designing RNA-targeted therapies and gene therapies that address underlying genetic mutations. The company's mission is to transform the treatment paradigm for patients with Duchenne muscular dystrophy (DMD) and related disorders through innovative modalities.

Sarepta's commercial products include several exon-skipping therapies approved by the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Sarepta Therapeutics (SRPT - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $2.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.35%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $0.9 per share when it actually produced earnings of $3.16, delivering a surprise of +251.11%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Sarepta Therapeutics, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $401.25 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 12.85%. This compares to year-ago revenues of $611.09 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Sarepta Therapeutics shares have lost about 23.8% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Sarepta Therapeutics?While Sarepta Therapeutics has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Sarepta Therapeutics was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.55 on $357.8 million in revenues for the coming quarter and $4.77 on $1.83 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

X4 Pharmaceuticals (XFOR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.

This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of +94.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

X4 Pharmaceuticals' revenues are expected to be $2 million, up 1.5% from the year-ago quarter.

The market expects Sarepta Therapeutics (SRPT - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis biopharmaceutical company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of -71.3%.

Revenues are expected to be $355.55 million, down 41.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.53% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Sarepta Therapeutics?For Sarepta Therapeutics, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +9.38%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Sarepta Therapeutics will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Sarepta Therapeutics would post earnings of $0.9 per share when it actually produced earnings of $3.16, delivering a surprise of +251.11%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Sarepta Therapeutics doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAmong the stocks in the Zacks Medical - Biomedical and Genetics industry, Harmony Biosciences Holdings, Inc. (HRMY - Free Report) , is soon expected to post earnings of $0.97 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +42.7%. This quarter's revenue is expected to be $252.54 million, up 26% from the year-ago quarter.

The consensus EPS estimate for Harmony Biosciences has been revised 0.8% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +14.14%.

When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP indicates that Harmony Biosciences will most likely beat the consensus EPS estimate. The company could not beat consensus EPS estimates in any of the last four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Key Takeaways SRPT dropped nearly 10% as Dyne Therapeutics advanced a rival exon 51 skipping DMD therapy toward approval.Sarepta faces added pressure after Elevidys' label restrictions and growing competition in DMD treatments.SRPT trades below the industry P/B average, while 2026 and 2027 EPS estimates have declined. Shares of Sarepta Therapeutics (SRPT - Free Report) fell nearly 10% over the past week. This decline likely reflects growing investor concerns about the company’s position in the Duchenne muscular dystrophy (DMD) landscape following a key regulatory milestone for rival Dyne Therapeutics (DYN - Free Report) .

On Monday, DYN announced that the FDA accepted its regulatory filing seeking approval for the DMD therapy zeleciment rostudirsen (z-rostudirsen, or DYNE-251). The application was granted priority review, with the agency expected to make a final decision by Jan. 21, 2027. If approved, the Dyne Therapeutics drug could emerge as a competitive threat to Sarepta’s Exondys 51, as both therapies target DMD patients amenable to exon 51 skipping.

Exondys 51, approved in 2016, was the first FDA-approved treatment for DMD patients amenable to exon 51 skipping and remains the standard of care for this patient population. However, z-rostudirsen could challenge its market position if approved. Unlike Sarepta’s drug, which requires once-weekly infusions, Dyne’s drug is administered once every four weeks, potentially offering greater convenience for patients and caregivers. Analysts also point to cross-study comparisons suggesting that z-rostudirsen achieved higher dystrophin expression than Exondys 51, further strengthening its competitive profile.

The latest development comes as Sarepta shares were beginning to stabilize following a steep selloff triggered by safety concerns surrounding the company's DMD gene therapy, Elevidys. Investor sentiment deteriorated after two patient deaths following treatment with Elevidys prompted the FDA to significantly restrict the therapy's label to ambulatory DMD patients and add a boxed warning for acute liver injury. With Elevidys representing a key growth driver for Sarepta, the regulatory setback had already raised concerns about the company's growth outlook. Against this backdrop, Dyne's regulatory progress has added to investor concerns about Sarepta's competitive position in DMD.

Growing Competition in the DMD SpaceApart from Dyne Therapeutics, Sarepta faces competition from several other emerging players. These include Regenxbio (RGNX - Free Report) , Wave Life Sciences (WVE - Free Report) and Solid Biosciences, which are developing next-generation RNA or gene therapy approaches for the treatment of DMD.

SRPT’s Price Performance, Valuation & EstimatesShares of Sarepta have underperformed the industry year to date, as seen in the chart below.

Image Source: Zacks Investment Research

From a valuation standpoint, Sarepta is at a discount to the industry. Based on the price/book (P/B) ratio, the company’s shares currently trade at 1.14 times trailing book value, lower than the industry’s average of 3.44.

Image Source: Zacks Investment Research

Over the past 30 days, the Zacks Consensus Estimate for 2026 EPS has declined from $4.84 to $4.77, while that for 2027 has fallen from $3.02 to $2.90.

Image Source: Zacks Investment Research

Sarepta currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SAN DIEGO, July 13, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating potential claims on behalf of current, long-term shareholders of Sarepta Therapeutics, Inc. (NASDAQ: SRPT) against certain of its officers and directors for alleged breaches of fiduciary duty.

Shareholders who have held Sarepta shares continuously since prior to June 22, 2023, may have standing to seek corporate governance reforms, the return of funds back to the company, and a court-approved incentive award, all at no cost to them.

What Should Sarepta Shareholders Do?
If you have held Sarepta shares continuously since prior to June 22, 2023, you may have standing to seek corporate governance reforms at Sarepta, including improvements to internal controls, transparency, and executive oversight.

To learn more, visit: https://www.johnsonfistel.com/investigations/sarepta-therapeutics/ or contact Johnson Fistel, PLLP at [email protected] or (619) 814-4471.

There is no cost or obligation to you.

What Is Johnson Fistel Investigating?
A previously filed class action complaint alleges that Sarepta and certain of its executives made materially false and misleading statements, and/or failed to disclose material adverse facts, concerning the safety profile and regulatory and commercial prospects of ELEVIDYS, the Company's gene therapy for Duchenne muscular dystrophy.

According to the complaint, Sarepta allegedly failed to disclose that ELEVIDYS posed significant safety risks to patients and that the Company's trial regimes and protocols failed to detect severe side effects.

The complaint further alleges that serious adverse events associated with ELEVIDYS would cause Sarepta to halt recruitment and dosing in certain trials, attract regulatory scrutiny, and create greater risks concerning the therapy's existing and expanded approvals. When Sarepta disclosed patient deaths associated with acute liver failure following treatment and subsequent safety and regulatory developments, investors allegedly suffered losses.

About Johnson Fistel, PLLP | Top Law Firm, Securities Fraud, Investor Rights:
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on U.S. exchanges. For more information about the firm and how we may be able to help you recover your losses, please visit www.johnsonfistel.com.

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[email protected] or [email protected]

-

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on June 30, 2026 that were previously approved by the Compensation Committee of its Board of Directors under Sarepta’s 2024 Employment Commencement Incentive Plan, as a material inducement to employment to 30 individuals hired by Sarepta in the second quarter of 2026. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received in the aggregate 151,305 restricted stock units (“RSUs”). One-fourth of the RSUs will vest yearly on each anniversary of the Grant Date, such that the RSUs granted to each employee will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to each such employee’s continued employment with Sarepta on such vesting date. Employees did not receive options to purchase shares of Sarepta’s common stock.

About Sarepta Therapeutics
Sarepta is on an urgent mission: engineer precision genetic medicine for rare diseases that devastate lives and cut futures short. We hold a leadership position in Duchenne muscular dystrophy (Duchenne) and are building a robust portfolio of programs across muscle, central nervous system, and cardiac diseases. For more information, please visit www.sarepta.com or follow us on LinkedIn, X, Instagram and Facebook.

Internet Posting of Information
We routinely post information that may be important to investors in the 'For Investors' section of our website at www.sarepta.com. We encourage investors and potential investors to consult our website regularly for important information about us.

Source: Sarepta Therapeutics, Inc.

More News From Sarepta Therapeutics, Inc.

Back to Newsroom

Sarepta Therapeutics, Inc. (NASDAQ: SRPT), the leader in precision genetic medicine for rare diseases, today announced that the U.S. Food and Drug Administratio

Investors interested in Medical - Biomedical and Genetics stocks are likely familiar with Sarepta Therapeutics (SRPT) and Prothena (PRTA). But which of these two stocks is more attractive to value investors?

SPDR S&P Biotech ETF (NYSEARCA:XBI) is built around a deceptively simple idea: give every biotech company roughly equal footing, regardless of size. That equal-weight structure separates it from cap-weighted peers and creates both opportunity and risk that investors need to understand clearly right now.

The fund carries over $8 billion in assets across 150+ holdings, with 96% of the portfolio in healthcare. XBI is up about 2% year to date, but that calm surface masks a rougher month: shares pulled back roughly 4% over the past 30 days. The one-year picture is far more compelling, with the fund up 46% over the past year. Zoom out five years, though, and the fund is still down about 6%, a reminder of how brutal the 2021-2022 rate-driven selloff was for biotech.

The FDA’s New Leadership Changes the Calculus for Every Holding The single biggest macro factor shaping XBI’s next 12 months is the FDA regulatory environment under its new leadership. Marty Makary was confirmed as FDA Administrator, resolving genuine uncertainty about who would run the agency. That clarity matters because biotech valuations are built almost entirely on the probability of regulatory approval, and an unpredictable FDA is a discount rate in itself.

The concern now is not who sits at the top but what is happening beneath. DOGE-related staffing reductions and broader HHS restructuring have raised questions about review capacity and advisory committee continuity. A slower approval pipeline would compress valuations across XBI’s 150+ holdings simultaneously, hitting small and mid-cap names hardest because they have no commercial revenue to cushion the blow.

Watch the FDA’s published PDUFA action dates and advisory committee calendars monthly. A pattern of delays or unexpected refusals would be the clearest warning sign. A steady approval cadence through mid-2026 would confirm that operational disruption has been contained.

Equal Weight Means Every Clinical Readout Hits the Whole Fund Because each holding starts at roughly the same portfolio weight, a single binary clinical event, whether a phase 3 success or failure, moves the fund in a way that a cap-weighted index would barely register.

Several holdings have high-stakes readouts coming. Moderna (NASDAQ:MRNA | MRNA Price Prediction), currently the fund’s largest position at about 2.3% weight, expects phase 3 norovirus and adjuvant melanoma data in 2026. Moderna is up about 82% year to date, driven partly by a patent settlement that sparked a sharp sentiment reversal on Reddit. A post on r/wallstreetbets titled “Moderna +10% after-hours as Moderna agrees to pay up to $2.25B to settle COVID vaccine patent dispute” captured the mood shift, accumulating 270 upvotes by March 5.

Krystal Biotech (NASDAQ:KRYS) is the fund’s quiet fundamental standout, posting 94% gross margins and $204 million in net income for full-year 2025, with VYJUVEK revenue growing 34% year over year. Phase 3 readouts in corneal DEB and neurotrophic keratitis are both expected before year-end.

Sarepta Therapeutics (NASDAQ:SRPT) is attempting a recovery after ELEVIDYS revenue fell 33% year over year in Q4 2025 following a safety-driven suspension of non-ambulatory shipments. Management expects to return to profitability in 2026, but the path depends on label rehabilitation and a Japan launch that began in February.

The quarterly rebalance is where this mechanic becomes most visible. XBI rebalances in March, June, September, and December, equalizing weights each time: strong performers get trimmed and beaten-down names get topped up. Watch the holdings file after each rebalance to see which names gained or lost weight, particularly whether high-burn, pre-revenue names like Recursion Pharmaceuticals (NASDAQ:RXRX), down 23% year to date amid dilution concerns from a $300 million ATM equity offering, are being added to or reduced from the portfolio.

If the FDA maintains consistent review timelines through mid-2026 and the June rebalance does not materially increase exposure to high-burn names with no near-term catalysts, XBI’s one-year momentum has a credible foundation. If either condition breaks, the equal-weight structure that amplified the upside will amplify the downside just as efficiently.

© PopTika / Shutterstock.com

Oncology M&A activity is accelerating as large pharmaceutical companies race to replenish pipelines facing patent cliffs and seek exposure to next-generation therapeutic platforms. Five biotechs stand out as compelling acquisition candidates, each offering a differentiated mechanism, commercial traction, or platform technology that a deep-pocketed acquirer would find difficult to replicate organically.

Incyte Incyte (NASDAQ: INCY | INCY Price Prediction) tops this list due to its rare combination of commercial scale, cash generation, and pipeline depth. The company posted FY2025 revenue of $5.14 billion, up 21.2% YoY, anchored by Jakafi generating $828.2 million in Q4 2025 alone (+7% YoY) and Opzelura delivering $207.3 million (+28% YoY). With $3.58 billion in cash and 14 pivotal clinical trials underway, Incyte offers an acquirer immediate revenue, margin expansion potential, and a deep oncology pipeline spanning KRASG12D, CDK2 inhibition, and mutCALR.

The stock trades at roughly 14x trailing earnings with an analyst consensus target of $107.14, suggesting meaningful acquisition premium headroom. CEO Bill Meury noted the company enters 2026 with “strong business momentum, an innovative, strategically focused pipeline, and a clear strategy for capital allocation and long-term growth.” The primary risk remains Jakafi patent exposure, but the breadth of the franchise mitigates single-asset concentration.

Alnylam Pharmaceuticals Alnylam Pharmaceuticals (NASDAQ: ALNY) represents the most transformative platform play on this list. FY2025 revenue surged 65.2% YoY to $3.71 billion, with AMVUTTRA generating $826.6 million in Q4 2025 (+189% YoY) following its landmark ATTR-CM approval. The company achieved full-year GAAP profitability for the first time in 2025 with net income of $313.7 million. 2026 guidance calls for $4.9 billion to $5.3 billion in total net product revenues.

At a $43.9 billion market cap and trading down 16.8% YTD, Alnylam’s RNAi platform spanning cardiovascular, neurological, and rare disease indications would deliver unmatched therapeutic breadth to a strategic acquirer. The analyst consensus target is $449.32, implying substantial upside from current levels near $333 a share.

Kymera Therapeutics This company’s targeted protein degradation platform has attracted collaborations from both Sanofi and Gilead Sciences, validating its first-in-class approach. Kymera Therapeutics (NASDAQ: KYMR) stock has surged 204.3% over the past year, reflecting growing conviction in its STAT6 degrader program. Phase 1b data for KT-621 in atopic dermatitis showed results in line with or numerically exceeding dupilumab after four weeks.

The company holds approximately $1.62 billion in cash with runway into 2029 and recently initiated dosing in its KT-579 Phase 1 trial in February 2026, the first IRF5-directed mechanism in the clinic. The CDK2 molecular glue program with Gilead carries up to $750 million in total potential payments and is directly relevant to oncology acquirers. Analysts maintain a consensus target of $119.14, versus a current price near $83 per share.

Arcus Biosciences Arcus Biosciences (NASDAQ: RCUS) holds what management describes as a best-in-class HIF-2α inhibitor in casdatifan, with Phase 1 data showing a 45.2% confirmed ORR and 15.1-month median PFS at the Phase 3 dose in IO-experienced clear cell RCC. CEO Terry Rosen cited “an over $5 billion peak sales opportunity” across IO-experienced and first-line ccRCC settings.

With a $2.7 billion market cap and $1.01 billion in cash providing runway to at least H2 2028, Arcus offers an acquirer a clean balance sheet and multiple Phase 3 readouts ahead. The stock trades well below analyst consensus of $33.80 and is down 9.4% YTD, potentially creating an attractive entry point before PEAK-1 data materializes.

Sarepta Therapeutics The M&A appeal here is rooted in deep valuation compression. Sarepta Therapeutics (NASDAQ: SRPT) stock has fallen 65.9% over the past year, pushing its market cap to roughly $2.3 billion against FY2025 revenue of $2.20 billion. ELEVIDYS remains the only approved gene therapy for ambulatory DMD patients, and its Japan launch by Chugai in February 2026 is expected to trigger a $40 million milestone payment. The siRNA pipeline includes five clinical-stage RNAi programs targeting rare neurological diseases.

CEO Doug Ingram stated the company entered 2026 with “solid financial footing…durable approved therapies…exciting, potentially best-in-class siRNA pipeline.” Regulatory overhang on ELEVIDYS and a deep EPS miss of −$3.58 versus the −$1.05 consensus in Q4 2025 weigh on sentiment, but the price-to-sales ratio of 0.978x reflects a historically rare discount for a commercial-stage gene therapy franchise.

Conclusion Across these five names, several themes emerge: validated novel platforms (RNAi, TPD, gene therapy), oncology pipeline depth, and depressed valuations relative to clinical and commercial potential. The most immediate M&A candidates are Arcus and Sarepta, given their compressed market caps, while Incyte and Alnylam offer scale and revenue durability that would appeal to a larger strategic buyer. Kymera’s platform optionality across oncology and immunology makes it a longer-duration but high-conviction target. Key uncertainties include Phase 3 replication risk for casdatifan, regulatory resolution for ELEVIDYS, and the timing of KT-621 Phase 2b data, all of which could materially shift acquisition premiums in either direction.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, will report first quarter 2026 financial results after the Nasdaq Global Market closes on Wednesday, May 6, 2026. Subsequently, at 4:30 p.m. E.T., the Company will host a conference call to discuss these results. The event will be webcast live under the investor relations section of Sarepta's website at https://investorrelations.sarepta.com/events-presentation.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, today reported financial results for the first quarter 2026. "We entered 2026 with clear priorities—stabilizing the business, restoring growth, maintaining financial strength, and advancing a pipeline that we believe can define Sarepta's next era. In the first quarter, we made meaningful progress against each,” said Doug Ingram, chief executive officer, Sarept.

The headline numbers for Sarepta Therapeutics (SRPT) give insight into how the company performed in the quarter ended March 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Key Takeaways Sarepta posted Q1 EPS of $3.16 and revenues of $730.8M, topping consensus estimates.SRPT's Elevidys sales fell 73% after the suspension to non-ambulatory patients.Sarepta maintained 2026 product revenue guidance of $1.2B-$1.4B amid pipeline progress. Sarepta Therapeutics, Inc. (SRPT - Free Report) reported a first-quarter 2026 adjusted earnings per share (EPS) of $3.16, which beat the Zacks Consensus Estimate of 90 cents. In the year-ago quarter, the company posted a loss of $3.42 per share due to a one-time charge incurred to close the multi-billion-dollar collaboration deal with Arrowhead Pharmaceuticals .

The adjusted figures exclude depreciation and amortization costs, stock-based compensation expenses, gains on strategic investments and certain interest expense/income. Including these items, EPS during the quarter was $2.88 against a loss of $4.60 in the year-ago period.

Sarepta recorded total revenues of $730.8 million, down 2% year over year. This downtick was due to lower sales of Elevidys, its one-shot gene therapy for Duchenne muscular dystrophy (DMD). Yet, the figure beat the Zacks Consensus Estimate of about $468 million.

SRPT’s Stock PerformanceYear to date, Sarepta’s shares have gained 7% against the industry’s 2% decline.

Image Source: Zacks Investment Research

More on SRPT’s EarningsSarepta’s commercial portfolio includes three approved RNA-based PMO therapies — Exondys 51, Vyondys 53 and Amondys 45 — and Elevidys, all targeting DMD. Product revenues fell 46% year over year to $330.5 million.

The company recorded $228.6 million from the product sales of its three PMO therapies, down 3% year over year. The figure beat the Zacks Consensus Estimate of $227 million.

Sarepta generated $102 million from Elevidys sales, down 73% year over year, primarily due to its decision to suspend shipments to non-ambulatory patients in June 2025 amid safety concerns. The therapy’s sales also beat the Zacks Consensus Estimate of $97 million.

SRPT recorded $400.3 million in collaboration and other revenues, compared to $133.3 million in the year-ago period. This increase was primarily driven by higher collaboration revenues related to Roche’s (RHHBY - Free Report) declined option for certain program rights, milestone payments tied to the first commercial dosing of Elevidys in Japan and higher Elevidys supply shipments to Roche.

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

Discussion on SRPT’s Operating CostsAdjusted research and development (R&D) expenses totaled $137.5 million, down 82% year over year. This decline was primarily due to the recognition of $583.6 million in upfront and collaboration license fees paid to Arrowhead in the year-ago period.

Adjusted selling, general & administrative (SG&A) expenses declined 20% to $86.1 million, primarily due to the company’s restructuring plan launched last year in July.

SRPT Reiterates 2026 GuidanceSarepta expects net product guidance to be between $1.2 billion and $1.4 billion.

The company forecasts combined adjusted R&D and SG&A expenses in the $800-$900 million range.

Updates on SRPT’s Pipeline & Other NewsLast month, the company submitted regulatory filings to the FDA seeking to convert the accelerated approvals granted for Vyondys 53 and Amondys 45 into full/traditional approvals. These filings are supported by data from a late-stage confirmatory study and substantial real-world evidence.

In March, SRPT announced that screening and enrollment are underway in cohort 8 of the phase Ib ENDEAVOR study. This cohort is designed to improve the safety profile of Elevidys in non-ambulatory patients by combining it with an enhanced sirolimus-based immunosuppressive regimen. Data from this cohort will be used to determine whether administering sirolimus before or after Elevidys infusion can help reduce the risk of acute liver complications.

In March, Sarepta also reported promising early results from two ongoing phase I/II studies — one for SRP-1001 for facioscapulohumeral muscular dystrophy type I (FSHD1) and another for SRP-1003 for myotonic dystrophy type I (DM1). The data showed that both drugs, which were acquired from Arrowhead last year, achieved high muscle concentrations without dose-limiting toxicity in patients.

SRPT’s Zacks RankSarepta currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank  #1 (Strong Buy) stocks here.

Biotech investors are finally getting something they haven't seen in years: a friendlier macro environment. Interest rates appear to be stabilizing, FDA activity is picking up again, and large pharmaceutical companies are sitting on billions in cash while staring down looming patent cliffs.

That combination is creating a fertile backdrop for smaller biotech companies with strong pipelines, differentiated technology, and upcoming catalysts. Here are my top three biotech stocks for May.

Image source: Getty Images.

Schrödinger Schrödinger (SDGR 1.03%) develops physics-based software and artificial intelligence (AI) tools that pharmaceutical companies use to simulate how drug molecules behave before moving into expensive laboratory and human testing.

Major drugmakers use its platform to accelerate drug discovery in areas such as cancer, autoimmune diseases, and precision medicine. At the same time, the company also advances its own pipeline of internally developed drug candidates.

Worth noting: Schrödinger is one of the few AI-driven biotech companies that actually generates revenue, too. The company reported $256 million in total revenue for 2025, including $200 million in software revenue and annual contract value (ACV) of $198 million. Management is guiding for 10% to 15% ACV growth in 2026, with an expected range of $218 million to $228 million.

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The company's balance sheet also remains solid. Management has repeatedly emphasized that existing cash reserves support operations well into the company's path toward positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of 2028.

What investors are really betting on, however, is the platform's ability to generate successful internal drug candidates. Schrödinger continues advancing oncology and precision medicine programs while maintaining partnerships with major pharmaceutical companies.

This is still a development-stage biotech story in many respects, but the software business gives the company a revenue foundation that most early stage biotech companies simply do not have. And that's not trivial.

Sarepta Therapeutics Sarepta Therapeutics (SRPT +0.93%) remains one of the most controversial stocks in biotech, but it also remains one of the few gene therapy companies generating substantial commercial revenue.

The company reported full-year 2025 net product revenue of $1.86 billion. Of that total, approximately $899 million came from Elevidys, Sarepta's one-time gene therapy designed to deliver a functional version of the dystrophin gene (a protein that helps keep muscle cells strong and stable during movement) to patients with Duchenne Muscular Dystrophy.

Another $966 million came from the company's PMO franchise, which includes a variety of drugs that help certain Duchenne patients produce shortened forms of the dystrophin protein.

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The problem is that safety concerns surrounding Elevidys continue to weigh heavily on investor sentiment. Multiple patient deaths tied to acute liver failure forced the company into shipment pauses, FDA scrutiny, and labeling changes over the past year.

Despite the controversy, Elevidys continues to generate significant commercial revenue. Sarepta treated more than 1,300 patients with Elevidys and maintained its 2026 revenue guidance of $1.2 billion to $1.4 billion.

The market is now trying to determine whether Sarepta can stabilize the safety narrative while continuing to expand its Duchenne Muscular Dystrophy franchise. This stock still carries significant risk. Ongoing regulatory scrutiny has weakened investor confidence, but unlike many biotech companies trading on future possibilities, Sarepta already has a large commercial business generating real cash flow. And a lot of it.

NRX Pharmaceuticals NRX Pharmaceuticals (NRXP 0.77%) remains highly speculative, but the company has begun to generate the kind of regulatory momentum that makes it attractive.

If you're unfamiliar, NRX is a small biotech company developing treatments for severe depression, suicidal bipolar disorder, and other serious central nervous system conditions. The company's lead drug candidate, NRX-101, is designed to help stabilize patients following ketamine treatment while potentially reducing relapse and suicidal risk.

Ketamine is a dissociative anesthetic used to rapidly treat severe depression and suicidal thoughts, particularly in patients who have not responded to traditional antidepressants.

The biggest recent development came in March, when the FDA informed the company it had not identified any major problems with how NRX's preservative-free ketamine performed compared to an already approved version of ketamine. The company now expects a potential FDA decision this summer.

More recently, NRX announced FDA clearance to proceed with a clinical trial combining NRX-101 with robotic-enabled transcranial magnetic stimulation for patients suffering from depression and suicidality.

Unlike larger biotech companies, NRX still carries substantial financing and execution risk. This remains a small-cap biotech company operating in a difficult capital environment.

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But mental health and neuropsychiatric treatment remain major unmet medical needs, and investors are paying increasing attention to companies targeting severe depression, PTSD, and suicidality. If NRX secures regulatory approval or delivers positive clinical data over the next 12 months, the stock could attract significantly more institutional attention.

Biotech investing is never about certainty. Clinical failures happen. Regulatory setbacks happen. Capital raises happen. But Schrödinger has a real software business supporting its AI platform, Sarepta has nearly $2 billion in annual product revenue despite ongoing controversy, and NRX has multiple regulatory catalysts approaching within the next several quarters.

That's why these are my top three biotech stocks for May 2026.

Sarepta Therapeutics, Inc. (SRPT) Shareholder/Analyst Call Transcript

Investors looking for stocks in the Medical - Biomedical and Genetics sector might want to consider either Sarepta Therapeutics (SRPT) or argenex SE (ARGX). But which of these two companies is the best option for those looking for undervalued stocks?