Why did SRPT's Q3 2024 earnings exceed expectations?

Sarepta Therapeutics (SRPT) reported total revenues of $467.17 million for Q3 2024, which included a revenue surprise of $59.47 million. **Elevidys Sales** were a significant contributor to the revenue growth:

1. **Elevidys Sales**: Sarepta Therapeutics generated approximately $121.7 million from the sales of Elevidys, its gene therapy for Duchenne muscular dystrophy. Although this fell slightly short of expectations, it still represented a substantial revenue stream.
2. **Product Portfolio**: The company's commercial portfolio, which includes three approved RNA-based PMO therapies and Elevidys, saw product revenues increase by 51% year-over-year to $360.5 million. This growth was driven by the demand for these therapies, particularly Elevidys, which received accelerated approval from the FDA last year.
3. **Market Expansion**: Sarepta Therapeutics has been expanding its market reach, with recent authorization approvals from commercial and Medicaid payers for Elevidys. This expansion into broader payer networks likely contributed to the increased revenue.

In summary, Sarepta Therapeutics' Q3 2024 earnings exceeded expectations due to the strong sales of Elevidys and the growth of its product portfolio, despite some misses in specific revenue targets.