Sarepta resets ELEVIDYS ramp, guides caution, still sees 2026 non-GAAP profitability after mixed Q4

 

• Q4 2025 non-GAAP EPS was -3.93, down 362% YoY, missing analyst earnings estimates.
• Q4 2025 revenue was $442.9M, down 33% YoY, beating analyst revenue expectations.
• 2025 revenue was $2.2 billion, +16% YoY, with ELEVIDYS $899 million and PMOs $966 million.
• Q4 ELEVIDYS revenue fell to $110 million, hurt by flu season and infusion rescheduling.
• 2026 net product revenue guided to $1.2–$1.4 billion, and management urges modeling the low end.
• Q1 2026 revenue expected flat to down approximately 15% QoQ, reflecting slow ELEVIDYS start and noise.

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