At a glance
Sarepta Therapeutics Inc is worth $2.04B. Revenue grew 15.6% to $2.20B in fiscal 2025, at a loss; over 5 years it has grown 32.4% a year. It pays no dividend; it spent $25.0M buying back its shares over FY2021–FY2025. The stock returned −20.2% over the past year with dividends reinvested and −24.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 30.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 1 month after the lows.
The business in plain English
Sarepta Therapeutics develops genetic medicines for rare diseases, mainly Duchenne muscular dystrophy. Duchenne is an inherited disease that mostly affects boys. The body lacks dystrophin, a protein that protects muscle cells, so muscles weaken. Sarepta has four approved Duchenne treatments. EXONDYS 51, VYONDYS 53 and AMONDYS 45 use exon skipping, which helps cells step over a faulty part of the gene and make a shorter but working dystrophin. Each suits only patients with one type of mutation: about 13%, 8% and 8% of Duchenne patients. ELEVIDYS is a gene therapy that uses an engineered virus to deliver a gene for a smaller working dystrophin.
Doctors prescribe the drugs, and Sarepta depends on government programs, managed-care plans and private insurers to cover the cost. Product revenue was $1,864.3 million in 2025, up from $1,788.0 million in 2024 and $1,144.9 million in 2023. Total revenue for 2025 was $2,198.2 million. The business centers on the U.S. Outside the U.S., the exon-skipping drugs have reached patients through an early access program.
With partner Arrowhead, Sarepta is developing siRNA medicines, which silence disease-causing genes, for conditions including myotonic dystrophy type 1 and facioscapulohumeral muscular dystrophy. It is also testing a gene therapy for one form of limb-girdle muscular dystrophy. A July 2025 restructuring aimed to cut costs and suspended its other limb-girdle programs.
Price history
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SRPT -20.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $401.3M, down 34.3% from a year earlier, and net income was $-4.9M (-102.5%).
- For fiscal 2025, revenue was $2.20B (+15.6% year over year; +32.4% a year from FY2020 to FY2025) with a -32.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +32.4% good |
|---|---|
| Operating margin | -31.8% weak |
| Free cash flow margin | -14% weak |
| Return on equity (FY2025) | -62.5% weak |
| Return on assets (FY2025) | -21.3% weak |
| Net cash (cash minus debt) | $86.2M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $540.1M | $-554.1M | $25.3M |
| FY2021 | $701.9M | $-418.8M | $-481.7M |
| FY2022 | $933.0M | $-703.5M | $-356.2M |
| FY2023 | $1.24B | $-536.0M | $-577.1M |
| FY2024 | $1.90B | $235.2M | $-342.7M |
| FY2025 | $2.20B | $-713.4M | $-307.5M |
Valuation snapshot
| Market value | $2.04B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Sarepta Therapeutics’s market value went from $1.50B at the end of 2016 to $2.04B on Oct 28, 2026, up 36%; since the end of 2025 it is down 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.04B | -9.5% |
| 2025 | $2.26B | -80.6% |
| 2024 | $11.61B | +28.8% |
| 2023 | $9.02B | -20.7% |
| 2022 | $11.37B | +45.1% |
| 2021 | $7.84B | -41.7% |
| 2020 | $13.45B | +39.9% |
| 2019 | $9.62B | +31.9% |
| 2018 | $7.29B | +102.8% |
| 2017 | $3.60B | +140.2% |
| 2016 | $1.50B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SRPT price data to Oct 28, 2026 | -10.2% | -20.2% | -43.4% | -24.6% | -7.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.2% |
| 2025 | -82.3% |
| 2024 | +26.1% |
| 2023 | -25.6% |
| 2022 | +43.9% |
| 2021 | -47.2% |
| 2020 | +32.1% |
| 2019 | +18.2% |
| 2018 | +96.1% |
| 2017 | +102.8% |
| 2016 | -28.9% |
| 2015 | +166.6% |
| 2014 | -29.0% |
| 2013 | -21.1% |
| 2012 | +488.7% |
| 2011 | -64.9% |
| 2010 | +45.2% |
| 2009 | +121.9% |
| 2008 | -53.3% |
| 2007 | -55.7% |
| 2006 | -7.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 80.5% over that stretch · deepest drop along the way 84.4%, back to its old high 45.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.7% over that stretch · deepest drop along the way 33.6%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 24% over that stretch · deepest drop along the way 30.7%, back to its old high 1.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($123K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 12, 2026 | Stephen Mayo Director | sell | $123K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.8% | Jun 30, 2026 |
| STATE STREET CORPORATION | 8.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 8.05% | Jun 30, 2026 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.05% | Jun 30, 2026 |
| D. E. Shaw & Co., L.P. | 1.9% | Sep 30, 2025 |
| Capital International Investors | 0.5% | Jun 30, 2025 |
ETFs with the most weight in SRPT
| IBRN iShares Neuroscience and Healthcare ETF | 2.73% |
| PINK Simplify Health Care ETF | 1.46% |
| BBH VanEck Biotech ETF | 1.09% |
| MNTL Tema Neuroscience and Mental Health ETF | 1.08% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.88% |
| WDNA WisdomTree BioRevolution Fund | 0.88% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 0.4% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 0.39% |
What could go wrong
- Gene therapy safety problems and patient deaths. ELEVIDYS has carried a boxed warning, the FDA's strongest, for acute liver injury and failure since November 2025, when its label also dropped patients who cannot walk. Deaths linked to Sarepta therapies drew public attention.
- Missed trial goal threatens two approvals. AMONDYS 45 and VYONDYS 53 hold accelerated approval, granted before benefit is fully proven. In November 2025, their confirmatory ESSENCE trial missed its main goal. The FDA has expedited procedures to withdraw such approvals.
- Revenue depends on a few Duchenne drugs. All four products treat one rare disease, and each exon-skipping drug fits only a slice of patients. If patient numbers prove smaller than estimated, or ELEVIDYS draws patients from older drugs, sales could suffer.
- Losses, debt and possible share dilution. Sarepta lost $713.4 million in 2025, and its debt was $847.6 million at June 30, 2026. Shares outstanding rose 21.3% from October 2021 to July 2026. Raising more capital could shrink existing holders' stakes further.
- Costly pipeline bets may not succeed. Sarepta is investing significant resources in siRNA and gene therapy candidates. Trials may fail, run late or cost more than planned, and the company may never bring one of these drugs to market.
- Insurers and government may limit payment. Patients need approval from government programs or insurers before treatment and may face repeated re-authorizations. Healthcare reform or other policy moves that restrict pricing, coverage or reimbursement could slow or block sales.
Recent events
- Major agreement signed
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Unregistered sale of shares; Other company announcement
For income and retirement investors
Sarepta pays no dividend and paid none from FY2021 through FY2025, so it offers no income stream. Returns depend entirely on the share price, and over the five years to October 28, 2026, the stock lost 76%. Buybacks, in which a company repurchases its own shares, totaled $25.0 million over FY2021–FY2025, all of it in 2025. They did not offset new share issuance: the share count rose 21.3% from October 2021 to July 2026, shrinking each existing holder's stake.
In the 2008 financial crisis the stock fell 84.4% and did not regain its peak until October 2012. In the 2020 COVID crash it dropped 33.6% but recovered by May 2020. From the market's January 2022 peak to its October 2022 low, it gained 24%, despite a 30.7% slide along the way. Its steepest calendar-year loss, 82.3%, came in 2025, the year of the ELEVIDYS safety setbacks. A single stock like Sarepta carries more risk than a diversified fund.
Questions investors ask
Does Sarepta Therapeutics pay a dividend?
No. Sarepta paid no dividends from FY2021 through FY2025. It spent $25.0 million on share buybacks in 2025, its only buybacks in that period, yet the share count rose 21.3% between October 2021 and July 2026. Investors looking for regular income would get none here. Any return depends on the share price, which fell 20.2% over the year to October 28, 2026.
How does Sarepta make money?
Sarepta makes most of its money from four approved treatments for Duchenne muscular dystrophy, a rare inherited muscle-wasting disease: EXONDYS 51, VYONDYS 53, AMONDYS 45 and the gene therapy ELEVIDYS. Product revenue was $1,864.3 million of its $2,198.2 million total revenue in 2025. Government programs, managed-care plans and private insurers cover the cost for patients, so their payment decisions matter a great deal. Sarepta is also developing gene-silencing siRNA medicines with Arrowhead and a gene therapy for limb-girdle muscular dystrophy.
Is Sarepta profitable?
No. Sarepta lost $713.4 million in 2025. Its only profitable year from 2020 through 2025 was 2024, when it earned $235.2 million. Free cash flow, the cash left after running and investing in the business, was negative $307.5 million in 2025. In the quarter ended June 30, 2026, revenue fell 34.3% from a year earlier to $401.3 million, with a net loss of $4.9 million. Cash and investments of $933.9 million slightly exceeded debt of $847.6 million at that date.
What happened to Sarepta stock in 2025?
It fell 82.3% in 2025. The drop came in a year of setbacks for ELEVIDYS. Safety events were announced in March and June, and shipments for patients who cannot walk were halted. At the FDA's request, all U.S. shipments paused from July 22 until July 31, when shipments for patients who can walk resumed. In November, ELEVIDYS received a boxed warning for liver injury and failure, and the ESSENCE trial for two exon-skipping drugs missed its main goal. The stock fell another 10.2% from the start of 2026 to October 28, 2026.
Who can get Sarepta's Elevidys gene therapy?
ELEVIDYS is approved for Duchenne patients at least four years old who can walk and have a confirmed Duchenne gene mutation, according to Sarepta's annual report filed March 2, 2026. Patients with deletions in exon 8 or 9 cannot receive it. In November 2025, Sarepta removed patients who cannot walk from the label and added a boxed warning for acute liver injury and failure. The company is testing ELEVIDYS with sirolimus, an immune-suppressing drug, in that group and plans to discuss the results with the FDA.