Sarepta's 2025 Q1 Earnings Call: Unpacking Contradictions in ELEVIDYS Demand, Sales Expectations, and Manufacturing Capacity

ELEVIDYS demand and access, ELEVIDYS sales and growth expectations, manufacturing capacity and demand outlook, cannibalization and PMO sales, manufacturing capacity and growth plans are the key contradictions discussed in Sarepta Therapeutics' latest 2025Q1 earnings call.



Revenue and Product Growth:
- Sarepta Therapeutics reported total net product revenue of $612 million for the first quarter of 2025, representing 70% growth over the same quarter last year.
- This growth was driven by ELEVIDYS sales, which reached $375 million, up 180% year-over-year, and the PMO franchise with $237 million, up 5%.

ELEVIDYS Challenges and Uptake:
- The company revised its guidance for the year due to challenges in ELEVIDYS uptake, driven by a safety event involving an acute liver failure, administrative issues, delays due to the severe flu season, and insurance changes.
- To address these issues, the company is focused on improving education for the broader physician community, enhancing turnaround times, and expanding site capacity.

Site Capacity and Administrative Processes:
- Sarepta acknowledged a dichotomy across its network, with established sites facing substantial demand, while others have potential to increase their patient volume.
- The company is proactively engaging these centers to expand their capacity and improve overall network utilization.

Pipeline and Data Presentation:
- Sarepta's Head of R&D and Chief Scientific Officer highlighted significant progress in its LMGMD portfolio and upcoming data presentations, including studies on FSHD and DM1 programs.
- This pipeline expansion is leveraging Sarepta's success in neuromuscular therapies, expanding into CNS and pulmonary indications.